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A $250,000 – $500,000 Bitcoin price is conservative according to CMDX Smart Currency founder Tom McMurrain.
In this exclusive interview with our sponsor, Tom shares his thoughts on the future of BTC and the Cryptocurrency market.
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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.
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BITCOIN ‘SUPPLY SHOCK’ UNDERWAY AS BTC WITHDRAWAL RATE SPIKES TO 1-YEAR HIGH, WARNS CRYPTO ANALYST!!
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As Bitcoin continues sideways inside the $30,000-$40,000 range, new data is emerging about the potential for a bullish breakout. The supply shock is being unnoticed similar to Q4 2020 before the BTC price skyrocketed, says Willy Woo.
Willy Woo, an on-chain analyst, anticipates a potential supply shock in the Bitcoin market as long-term holders continued raking BTC supply from short-term ones. Woo stated in his July 2 newsletter that the process might push more Bitcoin out of circulation.
“It reminds me of the supply shock that went by unnoticed by the market in Q4 2020,” wrote Woo. “Pundits were debating whether BTC was an inflation hedge in a post-COVID world when the data was pointing to long term investors stacking BTC at a fast pace.”
In other trending Bitcoin News today: Bitcoin miner revenue jumps by 50% in 4 days after the BTC network saw its biggest-ever record difficulty drop, data shows. According to figures from monitoring resource Blockchain.com, daily revenues have surged by over 50%.
“Whilst the protocol’s now issuing the same number of coins as it regularly does, having difficulty wound down, we’re now in a situation where half the network has doubled their income and the other half of the network is essentially producing nothing.”
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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://cointelegraph.com/news/russian-lawmakers-prepare-legal-amendment-to-confiscate-crypto
https://cointelegraph.com/news/janice-mcafee-can-t-accept-the-suicide-story-about-john-s-death
https://cointelegraph.com/news/ufc-inks-175-million-sponsorship-deal-with-crypto-com
TA: Bitcoin Consolidates Below $35K, What Could Trigger Fresh Rally
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THE AVERAGE BITCOIN TRANSACTION VALUE IS NOW WORTH 1K!! PAYPAL TO OFFER BTC AND CRYPTO PAYMENTS!!
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The average value of Bitcoin transactions has increased dramatically since July this year.
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 — representing an increase of more than 500%.
The latest spike, as shown by crypto analytics platform BitInfoCharts’ 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 Bitcoin’s trading dominance rose to levels not seen since 2017.
The $151,000 average value is 190 times more than Ethereum’s 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 Dorsey’s Square purchased 4,709 BTC (approximately $50 million) in Bitcoin.
In other trending Bitcoin News today:
“PayPal To Offer Crypto Payments Starting In 2021”
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.
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 “bank” by deposits
Between them, Square, and Grayscale, it’s safe to assume that all remaining BTC will be hoovered up by public companies. https://t.co/d3oEk0LLgv
— 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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TOP NEW YORK EXECUTIVE SEES BITCOIN AT $150K BY END OF THIS YEAR!! SUPER BULLISH BTC PREDICTIONS!!
💰 BlockFi: Up To $250 Bitcoin Bonus: https://blockfi.com/cryptonewsalerts
There is nothing stopping Bitcoin from attempting to become a six-figure asset, the Magnetic managing director William E. Quigley professed in an interview with CNN Business.
The New York-based senior executive listed a string of reasons behind his bullishness on Bitcoin, the world’s leading decentralized cryptocurrency whose rates surged from as low as $3,858 just shy of $58,500 in the previous 12 months.
They included Bitcoin’s scarcity and growing demand among mainstream corporate houses that look for alternative store-of-value assets for their balance sheets.
A pre-embedded algorithm within the Bitcoin blockchain’s source code reduces its supply rate by half every four years or after every 210,000 block—an event known as “halving.” Meanwhile, there can only be 21 million BTC tokens in existence, making the cryptocurrency scarce, making it more valuable in the long-term if the demand for it rises.
Bitcoin has had three halvings in the past. The November 2012 and June 2016 supply cuts saw the BTC/USD rates jumping from about $12 to nearly $1,150 and $650 to almost $20,000.
Meanwhile, the third halving—that took place in May 2020—has followed up with up to 558 percent rise so far. It prompted Mr. Quigley to see a bullish fractal.
“We are about halfway through the post-halving bull run,” the executive noted. “So, by my judgment, we have a lot more to go with Bitcoin. Certainly a hundred thousand and quite possible a $150,000 by the end of this year to maybe Q1 next year.”
BITCOIN DEMAND GROWS
That explains why even corporates have started embracing the flagship cryptocurrency as an alternative to cash. Tesla, the world’s leading electric carmaker, revealed in February that it added $1.5 billion worth of bitcoin in its balance sheet, noting that it would also start accepting the cryptocurrency for its services and products.
MasterCard, a credit card giant, announced that it would integrate crypto tools into its services in the same month. Bank of New York Mellon, the US’s first banking firm, joined the ranks by announcing that it would offer bitcoin custodianship via the same platform that its clients use for traditional securities and cash.
“The latest survey I saw showed that 5 percent of the public-traded companies in the US would consider adding Bitcoin to their balance sheets,” said Mr. Quigley. “And the reason they are thinking that is that corporates have trillions of dollars in cash—and where do they put it? There are government bonds but $17 trillion of them yield negative returns.”
In other trending Bitcoin News today:
Experts Divided on BTC Predictions: Bullish or Super Bullish?
Despite the current battle between Bitcoin bulls and bears around the $50,000 price mark — and an 8.7% pullback over the past 24 hours — a raft of analysts and commentators have got out their crystal balls to tip a glittering future for Bitcoin prices.
On Mar. 4, Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone pointed to historical data to suggest that Bitcoin is on the way to $100,000.
“Grayscale Bitcoin Trust Discount May Signal March to $100,000 – Bitcoin’s end of February price disparities on U.S. regulated exchanges portend a firming price foundation, if history is a guide, and are evidence of just how nascent the crypto is.”
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🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:
Trezor: ► http://trezor.cryptonewsalerts.net
Ledger: ► http://ledger.cryptonewsalerts.net
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Today is the two year anniversary of my #Bitcoin Halving Reward Era Price analysis chart.It is by far the most accurate, long-term chart prediction I’ve ever seen for Bitcoin.
I still trust it.$BTC will hit $200K+ this cycle. pic.twitter.com/jwUcOpHeXC
— K A L E O (@CryptoKaleo) February 13, 2021
Bitcoin is more likely to hit $1,000,000 than $0.
— Dan Held (@danheld) March 4, 2021
https://bitcoinist.com/top-new-york-executive-sees-bitcoin-price-at-150000-by-q1-2022/
https://cointelegraph.com/news/experts-divided-on-btc-predictions-bullish-or-super-bullish
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