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Microstrategy CEO Michael Saylor in a new interview with Bitcoin Magazine, predicts BTC will hit $10,000,000 per coin. Bitcoin price hit $57,600 this morning, a new five-month high. In todayâs show I share the 5 most important things to watch in BTC market this week. Also in todayâs show: El Salvador to build $4M veterinary hospital using profits from Bitcoin trust. Salvadoran President Nayib Bukele has announced plans to invest part of the $4 million worth of profits the country has amassed from its Bitcoin (BTC) holdings to invest into constructing a new veterinary hospital in the local capital of San Salvador.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://cryptopotato.com/analysis-the-distinction-between-bitcoins-market-cycles-in-2017-and-2021/
https://cointelegraph.com/news/btc-price-hits-57k-five-month-high-5-things-to-watch-in-btc-this-week
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THE AVERAGE BITCOIN TRANSACTION VALUE IS NOW WORTH 1K!! PAYPAL TO OFFER BTC AND CRYPTO PAYMENTS!!
âĄïž Leverage OPM (Other Peopleâs Money): http://100.cryptonewsalerts.net
The average value of Bitcoin transactions has increased dramatically since July this year.Â
The average BTC transaction value was sitting at approximately $25,000 per transaction four months ago, but posted a yearly high on Oct 20 at $151,000 per transfer â representing an increase of more than 500%.
The latest spike, as shown by crypto analytics platform BitInfoChartsâ data, saw the average value of a transaction increase almost $50,000, up from $105,000, in the last 48 hours.
This surge in transaction value comes shortly after Bitcoinâs trading dominance rose to levels not seen since 2017.
The $151,000 average value is 190 times more than Ethereumâs average transaction value of $793, suggesting a significantly greater institutional presence in the Bitcoin markets.
However, the number of daily Ethereum transactions increased by 30% amid the DeFi boom in August, reaching a 2-year high of 1.29 million on Aug 10.
Over the same period, Bitcoin transactions consistently hovered between 300k and 350k, suggesting the Ethereum ecosystem was the primary magnet for new crypto users.
The number of Bitcoin active addresses also showed no significant changes, fluctuating between 650k and 970K over the last 4 months.
Accumulation figures show that institutional investors are starting to take notice as large investment firms, like Grayscale and Microstrategy, increased their accumulation of large amounts of Bitcoin and other cryptocurrencies over the last few months.
By the end of September, Grayscale controlled at least 449,900 BTC or 2.4% of the current supply of Bitcoin, and Microstrategy owned 38,250 BTC.
Two weeks later, Jack Dorseyâs Square purchased 4,709 BTC (approximately $50 million) in Bitcoin.
In other trending Bitcoin News today:
âPayPal To Offer Crypto Payments Starting In 2021â
PayPal announced on Wednesday its entry into the cryptocurrency market, according to multiple reports.
PayPal customers will be able to use cryptocurrencies to shop at any merchant in its large network starting from early 2021, the company said.
The payments will be settled through fiat currencies, similar to many existing crypto merchant solutions like BitPay.
This means that the merchants will be receiving fiat, as PayPal will take care of the conversion.Â
The coins initially supported will include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), the company said.
The payments giant partnered with Paxos to deliver the service, and it obtained a conditional cryptocurrency license from the New York State Department of Financial Services, commonly known as the BitLicense.
In addition to cryptocurrency payments, PayPal users will also be able to purchase crypto directly through the app.
PayPal will thus feature a cryptocurrency wallet, letting users buy, sell and hold crypto via the PayPal apps.
PayPal is one of the largest global payment providers, with 346 million active accounts and $222 billion in volume processed in Q2 2020.
It was one of the initial founding members of the Libra association, though it subsequently dropped out after regulatory pressure mounted for the project.
Rumors of a planned crypto integration surfaced earlier this year.
The company is nevertheless often criticized in crypto circles due to perceived unfair practices and the amount of control it has within its own network.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Finally!PayPal joins the bitcoin space race.+ 346 million users+ 26 million merchants + 20th largest âbankâ by deposits
Between them, Square, and Grayscale, itâs safe to assume that all remaining BTC will be hoovered up by public companies. https://t.co/d3oEk0LLgv
â Ryan Selkis (@twobitidiot) October 21, 2020
https://cointelegraph.com/news/bitcoin-average-transaction-value-increases-500-since-july
https://cointelegraph.com/news/paypal-to-offer-crypto-payments-starting-in-2021
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BITCOIN PATTERNS MIRROR EARLY DAYS OF EPIC 4,400% BTC RALLY!! NEW DEFI CRYPTO NEXT TO EXPLODE!!
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Digital Asset Manager Grayscale says current investment patterns in Bitcoin mirror trends present in early 2016, when BTC kicked off an astronomical 4,400% rally to its all-time high in less than two years.
Phil Bonello, Grayscaleâs director of research, reports that there is a growing number of investors holding on to their Bitcoin.
In Grayscaleâs Holder vs. Speculator Index, the percentage of holder coins â BTC that have not moved in one to three years â is on the up and up. Meanwhile, the percentage of speculator coins â BTC that have moved in the last 90 days â is on a decline, much like in 2016.
According to Bonello, an increase in holder coins is a potential bullish indicator, while an increase in speculator coins looks bearish.Â
Bonello also notes that there has never been a higher level of Bitcoin held for more than one year.
âThis metric indicates a strong conviction in Bitcoin by its current investor base. While this is a supply-side metric, it also demonstrates the demand for Bitcoinâs use case as a store of value â rather than trading, it appears investors are interested in holding Bitcoin despite its volatilityâŠ
This report is intended to help investors visualize why Bitcoin may be more important than ever; we explore Bitcoinâs value indicators, delineate its substantial supply/demand imbalance, and extrapolate how these factors may create a tailwind for Bitcoinâs adoption and price. This analysis indicates that the current Bitcoin market structure parallels that of early 2016 before it began its historic bull run.â
The researcher does caution that significant off-chain activity may decrease the efficacy of these metrics.
Bitcoinâs price in January 2016 stood at about $434.
In less than 24 months, the king crypto went on to skyrocket over 4,431%, en route to its all-time-high of $19,665, according to CoinGecko.
In other trending Bitcoin News today:
New Crypto Asset Could Be Next DeFi Unicorn to Explode, Says Bitcoin Analyst Nicholas Merten
DataDash founder and Bitcoin analyst Nicholas Merten says a new crypto asset is poised to become the next decentralized finance (DeFi) unicorn to erupt.
Merten says heâs betting big on Ampleforth (AMPL) as he believes the coin is relatively undervalued.
The crypto strategist highlights that AMPL has already gone through close to an 80% correction in terms of market capitalization.
Merten says the pullback has put AMPL in a position to restart its bull cycle as the DeFi asset is flashing bullish signals.
Based on Mertenâs chart, the coinâs market cap can explode over 430% in the coming months.
Ampleforth bills itself as an âadaptive base-money.âÂ
According to Merten, the number of AMPL in circulation adjusts based on demand.
âThe balance of Ample can increase or decrease and it uses a very similar kind of mechanism some might be familiar with in regards to DAI⊠In this case, as price goes up, they increase the overall supply in the network and along with that as well, when you see a decrease in price, in this case, the overall supply decreases as well. Itâs supposed to provide [the] pressure of limiting the supply on the market and vice-versa.
When price goes up, you have more coins in the market. People are actually, as theyâre holding it, not only is price going up, maybe above the peg but along with that, theyâre getting extra coins. In this case, thereâs a pressure to sell.â Â
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
If you put $1.25M into $BTC today you could literally have $70M in three yearsIt’s a mathematical fact, don’t question it The 6 figures / day you make in the stonk market will seem irrelevant
also the magnet is there for more than just a cosmetic affect pic.twitter.com/ZQ9c0Y6o0N
â RookieXBT đ§Č (@RookieXBT) August 22, 2020
Just to clarify I put in 1.25 million and lost 20k. My money was just better at work in the real stock market where I make 6 figs everyday. https://t.co/5v7Jg2SZYo
â Dave Portnoy (@stoolpresidente) August 22, 2020
https://grayscale.co/wp-content/uploads/2020/08/Grayscale_Valuing_Bitcoin.pdf
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BITCOIN WILL HIT $300K BY END OF CURRENT BOOM CYCLE SAYS TOP CRYPTO STRATEGIST!! TRADER CHEAT SHEET!
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Widely-followed crypto strategist and trader Michaël van de Poppe is looking at the bigger picture to analyze the state of the Bitcoin bull market.
According to the psychology of a market cycle, the disbelief phase is the earliest stage of the bull market, where market participants believe that the rally will abruptly end.
Van de Poppeâs current sentiment that BTC is in the early stages of a bull market aligns with his prediction that Bitcoin will hit $300,000 by the end of the current boom cycle.
In other trending Bitcoin News today:
Asset Giant Charles Schwab Exploring Support for Bitcoin and Crypto Markets
Investment services firm Charles Schwab is keeping an eye on the developments in the crypto space as the company with over $7 trillion in client assets says the doors are open for supporting Bitcoin and crypto markets.
In the companyâs newest business update, Charles Schwab CEO Walt Bettinger says that the company is looking very closely and cautiously at the crypto market.
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Trezor: âș http://trezor.cryptonewsalerts.net
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Asset Giant Charles Schwab Exploring Support for Bitcoin and Crypto Markets
https://cryptopotato.com/2-on-chain-metrics-suggest-bitcoin-bullish-bias-intact/
After The Crash: Why Bitcoin Could Have More Upside Potential
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