BITCOIN PRICE AT ‘HUGE RISK’ OF CRASHING TO ,300! | XRP Down 16% Since Ripple Swell 2019

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Bloomberg Intelligence commodity strategist Mike McGlone says Bitcoin is set for a major breakout, with the leading cryptocurrency targeting $13,000 in the near term.

McGlone says he expects weeks of consolidation to end as Bitcoin’s volatility hovers at a level where big breakouts tend to erupt.

“Bitcoin a Caged Bull Set for Breakout, Eying $13,000 Resistance — The more disdain from bulls should be for the better, keeping the price tilted upward for the consolidating crypto. Declining Bitcoin volatility reflects maturation toward a digital version of gold.”

In other trending Bitcoin News today:

At This Rate Grayscale Will Own 3.4% of All Bitcoin by January

Grayscale Investments has added 19,879 BTC to its Bitcoin Trust in the last week, purchasing Bitcoin faster than the tokens can be mined.

Grayscale Investments has purchased almost half a billion dollars in Bitcoin since the May block reward halving, and this week bought BTC around three times faster than miners could produce blocks.

According to a June 25 tweet from crypto analyst Kevin Rooke, the investment firm bought 19,879 Bitcoin (BTC) — $184 million worth — in the last week for its Bitcoin Trust, bringing its total number of coins to roughly 400,000.

“Unbelievable. Grayscale added 19,879 BTC to their Bitcoin Trust since last week (53,588 BTC since the halving). Bitcoin miners only produced 7,081 BTC since last week (39,544 BTC since halving). That’s almost 400,000 BTC under management for $GBTC”

Rooke stated that not only is Grayscale buying massive amounts of the cryptocurrency, but it’s now doing so at a rate roughly 280% of the new Bitcoin mined. 

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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:

Unbelievable.Grayscale added 19,879 BTC to their Bitcoin Trust since last week (53,588 BTC since the halving).Bitcoin miners only produced 7,081 BTC since last week (39,544 BTC since halving).

That’s almost 400,000 BTC under management for $GBTC pic.twitter.com/aMtSGHZnz2

— Kevin Rooke (@kerooke) June 25, 2020

#Bitcoin a Caged Bull Set for Breakout, Eying $13,000 Resistance —
The more disdain from bulls should be for the better, keeping the price tilted upward for the consolidating crypto. Declining Bitcoin volatility reflects maturation toward a digital version of gold. pic.twitter.com/2CqGEx95JS

— Mike McGlone (@mikemcglone11) June 26, 2020

Coinbase Will Now Pay You to Learn About These Five Altcoins

https://cointelegraph.com/news/at-this-rate-grayscale-will-own-34-of-all-bitcoin-by-january

https://dailyhodl.com/2020/06/27/mike-mcglone-calls-major-bitcoin-breakout-but-analysts-warn-btc-eth-and-xrp-will-likely-tumble-before-bull-run-begins/

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The increasing institutional interest in Bitcoin is “not hard to see” as U.S. regulators green light custody this week.

The BTC price will pass $20,000 if United States banks invest even 1% of their assets, one analyst believes.

Discussing institutional uptake of Bitcoin on July 23, Capriole digital asset manager Charles Edwards said that it was “not hard to see” the unfolding trend.

“If US banks put just 1% of their assets into Bitcoin as an investment, hedge or insurance… the Bitcoin price more than doubles,” he wrote on Twitter, adding:

“Just 1 NASDAQ stock (Grayscale) already owns 2% of circulating Bitcoin supply today. It’s not hard to see where this is going.”

Edwards uploaded a chart of U.S. banks’ burgeoning asset balances as proof of the potential impact that a lean towards BTC would have on the largest cryptocurrency.

Grayscale, as Cointelegraph reported, is now a giant among Bitcoin hodlers, together with payment company Square responsible for buying up the majority of mined coins this year.

Edwards’ comments are meanwhile timely.

This week, U.S. lenders received the green light from regulators to engage in cryptocurrency custody activities.

Whether an influx from the sector would ultimately benefit Bitcoin as an asset remains a contentious topic.

Previously, concerns circulated that institutional attention in the form of products such as a Bitcoin exchange-traded fund (ETF) would be detrimental to price discovery.

“It’s not a matter of good or bad, it’s just a fact,” Edwards added.

Nonetheless, other recent moves only serve to reinforce the market’s upward trajectory.

Paul Tudor Jones, the maverick investor who has become increasingly bullish on Bitcoin, recently revealed that he had already put as much as 2% of his wealth in BTC.

In other trending Bitcoin News today:

Payments Giant Visa Reveals Roadmap to Supporting Bitcoin (BTC) and Cryptocurrency

Visa is laying out its plan to support Bitcoin (BTC) and the cryptocurrency space at large.

In a new blog post, the payments giant says it recognizes the role of digital assets in the future of money. 

“The concept of digital currency — or a digital version of cash controlled by a private key — was created more than a decade ago, with the launch of Bitcoin. Today, fiat-backed digital currencies, commonly referred to as “stablecoins,” have emerged as a promising new payment innovation, combining the benefits of digital currencies with the stability of existing currencies like the US dollar.”

Visa is already active in the cryptocurrency space, working with crypto platforms Coinbase and Fold.

The company says it plans to extend its services to digital currency wallets through its FastTrack program, allowing fintechs to integrate with Visa’s global network of 61 million merchants.

And in other trending BTC news today:

Top Analyst Bullish on Ethereum and Five Altcoins, Says Bitcoin Won’t Lead Surge in Crypto Market Cap

Crypto trader and analyst Michaël van de Poppe is bullish on Ethereum and a slew of altcoins.

Van de Poppe says ETH, rather than Bitcoin, will lead the way for a breakout in total crypto market cap.

The analyst believes Ethereum is “ready for $500” after recently pushing through the $250 price barrier.

Van de Poppe is also bullish on Chainlink (LINK), Elrond (ERD), TomoChain (TOMO), Perlin (PERL), and LTO Network (LTO).

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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:

$BTCClose above that red line today ($9300) and I might reconsider my short term bearish bias (mid-term bear bias remains).

Close below and I’ll consider shorting more aggressively targeting the green line ($8500) first and green area second (~$7000) pic.twitter.com/ql3cOXKKdQ

— DonAlt (@CryptoDonAlt) July 22, 2020

If US banks put just 1% of their assets into #Bitcoin as an investment, hedge or insurance…… the Bitcoin price more than doubles.Just 1 NASDAQ stock (Grayscale) already owns 2% of circulating Bitcoin supply today.

It’s not hard to see where this is going. pic.twitter.com/i3oqPTcAPl

— Charles Edwards (@caprioleio) July 23, 2020

The total market cap of crypto will break out (most likely) upwards.

That’s not going to be through $BTC.

That’s going to be through $ETH.

As $ETH is very undervalued.

— Crypto Michaël (@CryptoMichNL) July 22, 2020

Why Regulators Allowing US Banks to Hold Bitcoin Is So Positive for Crypto

https://cointelegraph.com/news/bitcoin-price-can-hit-20k-when-us-banks-invest-1-of-assets-analyst

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Bitcoin has broken the $60,000 level and is back in the area of its all-time high (ATH) set in April 2021. Based on a fractal analysis of charts of previous BTC cycles, the peak prediction for the ongoing bull market even reaches the vicinity of $390,000.

Cryptocurrency and Bitcoin market analyst, TechDev has tweeted a series of charts on the possibility of future long-term movement of BTC. They show bullish predictions for the price of the alpha crypto for the next few months, especially at the end of this year.

In other trending Bitcoin News today: ProShares Set for Bitcoin Futures ETF Launch on Monday After Apparent SEC Approval!

The US Securities and Exchange Commission has reportedly greenlit the country’s first Bitcoin futures exchange-traded fund (ETF).

ProShares, an ETF provider, filed a post-effective amendment prospectus on Friday that states the company plans to launch the BTC Futures ETF on Monday, a sign that the SEC has approved the product.

Bitcoin has surpassed the $60,000 mark briefly for the first time since April 2021. The BTC price has been boosted by reports suggesting a Bitcoin futures ETF (Exchange Traded Fund) is likely to begin trading in the United States as early as next week.

Bloomberg senior ETF analyst, Eric Balchunas, is confident that the ProShares Bitcoin Strategy ETF could be the first one launched as the decision deadline is Oct. 18. The Invesco Bitcoin Strategy ETF may be approved the following day barring any further delays by the SEC.

In a tweet on Oct. 15, the analyst stated: “Pretty much done deal. Expect launches next week,” before adding the “odds now over 90% IMO.”

In other trending Bitcoin News today: Bitcoin Could Surge Nearly 10X From Current Price, Predicts ARK Invest’s Cathie Wood – Here’s How

ARK Invest founder Cathie Wood says that Bitcoin (BTC) could reach $500,000 if institutional investors embrace the benchmark cryptocurrency.

Bitcoin is currently trading at $57,327, but according to Financial Review, Wood says that price could surge by nearly 10 times if institutions allocate just 5% of their investment funds to BTC.

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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:

This Bitcoin (BTC) Fractal Could Drive Price to $390,000

https://cointelegraph.com/news/jack-dorsey-s-square-plans-to-build-an-open-source-bitcoin-mining-system

https://cointelegraph.com/news/btc-price-hovers-above-61k-amid-fresh-concerns-over-fate-of-physical-bitcoin-etf