Though these incidents are highly notable due to their sheer magnitude, “pump and dump” schemes are quite common in the crypto world and in the investing world in general. Here’s what you should know in order to avoid this type of scheme.

During a pump and dump, the coordinators behind the scheme purchase a particular cryptocurrency and generate hype around it on social media. Massive demand causes prices to rise, at least temporarily during the initial stages of the plan.

Once prices peak, those who coordinated the pump and dump sell off their assets for profit. This causes the price of the asset in question to drop suddenly, which in turn causes the new investors who were recruited to the scheme to lose money.

Though pump and dumps emerged in the traditional investment sector, pump and dumps are especially commonplace in the crypto market. One study from the University of Technology Sydney found that 15% of all cryptocurrencies experience pump and dumps on a regular basis, and found that the strategy generated $350 million in trading volume during the duration of the six-month study.

Often, there are technical features that are used to attract users. Tiered access to a group allows investors to buy and sell their investments more quickly. Because pump and dump schemes require precise timing for traders to make a profit, the most established leaders generally profit the most from this model.

Anyone can coordinate a pump and dump, including a dishonest project team, individual influencers on YouTube, or a group of investors on social media. Large whale investors can also work to carry out a pump and dump with few participants.

In order to avoid pump and dump schemes, you should avoid certain sources of advice. Social media groups on Telegram and Discord are rarely good sources of investment advice, as the participants have incentives to promote a particular coin.

Likewise, crypto influencers on Twitter and YouTube are not always good sources of information. Though they can provide exposure for little known cryptocurrencies, they may have a vested interest in promoting those cryptocurrencies. Be sure to follow more than one influencer, including those that give different viewpoints.

You should be aware that minor altcoins are vulnerable to pump and dump activity, as low prices make it easy for small groups to impact a minor coin’s value. However, all cryptocurrencies are susceptible to pump and dump schemes. This month’s incidents involved XRP and DOGE, two relatively high-ranking cryptocurrencies.

Be sure to get news from reputable sources. Legitimate news generates lasting demand for cryptocurrency. Stories that appear on sites like Forbes and the New York Times are likely mainstream news. By contrast, smaller cryptocurrency news sites often publish sponsored stories and focus on minor cryptocurrency projects.

Above all, remember that crypto investments are by nature risky. There is no guarantee that even responsible advice will return a profit.

By contrast, the cryptocurrency market is largely unregulated, meaning that pump and dumps are often overlooked if they are performed by a group with little visibility.

Fortunately, the crypto industry is maturing and some high-profile pump and dump schemes have been taken down. Most notably, the SEC charged John McAfee with illegally touting ICOs for payment in cryptocurrency in October 2020.

Restrictions are also coming from the private sector, as sites like YouTube are restricting influencers who promote cryptocurrencies. Though this has been denounced as censorship by some, those restrictions do prevent pump and dump schemes.

It is possible that the events surrounding DOGE and XRP this month will attract greater regulatory scrutiny towards the crypto industry. However, regulators have not announced any plans to combat the issue in a definite way.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.

Accoding to data retrieved from XRPscan, Ripple’s co-founder, Jed McCaleb’s crypto wallet has sold 61.5 million XRP.

Ripple co-founder Jed McCaleb has recently offloaded another 61.5 million XRP, bringing his total holding to below half a billion XRP.

According to data retrieved from XRPscan, Jed McCaleb’s crypto wallet sold 61.5 million XRP.

The co-founder is partly responsible for price not holding for long as it should, as he has over the years been regularly dumping XRP in the crypto market, following his departure from Ripple in 2013.

The value of his most recent sale is now estimated to be worth $36.9 million in XRP, bringing his total holding in that wallet to 442 million XRP.

At the time of drafting this report, XRP traded at $0.606590 with a daily trading volume of $13.3 Billion. XRP is down 4.09% for the day.

Recall about a month ago, Whale Alert reported that McCaleb’s remaining XRP holdings, along with the gains he made selling XRP stood at $1.2 billion, making him one of the richest individuals in the crypto-verse.

It’s key to note that McCaleb left Ripple several years ago and went on to launch his own crypto company known as Stellar. As of the start of Q3 2020, he was selling an average of 1.74 million XRP daily which, at that time, was estimated to be worth $547,438.

According to Whale Alert’s research, the co-founder still owns 3.274 billion XRP.

In spite of Ripple’s legal troubles with the powerful American financial regulator, Jed McCaleb was able to gain $411 million in XRP sales throughout 2020, bringing his total gains from selling XRP to $546 million.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.

Hi, Olumide. What are the procedures for one to start cryptocoin business, and how much is the minimum amount to start with,how long before i’ll start making profit and the risk involved

XRP seems to have defied the odds to stay competitive with other Altcoins despite ripples’s challenges with regulators.

Sir please need cryptocurrency with back from Nigeria

Cardano at the time of writing this report was trading at $1.047324, up 20.35% on the day.

Cardano, the sixth most valuable crypto is enjoying impressive gains amid record-buying pressure from crypto investors.

At the time of writing this report, Cardano was trading at $1.047324, up 20.35% on the day. It was the digital currency’s biggest one-day percentage gain since February 20, 2021.

Such appreciation sighted in the fast-rising crypto asset, pushed Cardano’s market value to $32.38 billion, or 2.10% of the total cryptocurrency market value. At its highest, Cardano’s market cap was pegged at $35 million.

READ: Cardano flying on a record high amid top American singer’s buy

Cardano had traded in a range of $0.899630 to $1.047324 for the day.

Over the past seven days, Cardano has seen a rise in value, as it gained 21.56%. The volume of Cardano traded for the day at the time of writing, was $10.583078 billion or 4.48% of the total volume of all cryptocurrencies.

It has traded in a range of $0.8115 to $1.1971 in the past 7 days.

Highly revered crypto analyst/trader, Michaël van de Poppe also recommended the fast-rising crypto asset.

READ: Bitcoin more valuable than any global bank

In a video (titled “Cardano Breaks $1 But $10 Is Possible In This Bull Cycle! Here’s Why!”) released recently the crypto pundit told his followers on Youtube channel that:

“Cardano going towards $10 is not that weird to calculate from here, especially given the fact, and I’ve been saying this in the past week multiple times, especially given the fact that Cardano and mostly all the Bitcoin pairs are just barely waking up. So there’s still much more to gain for the Bitcoin pairs.”

SpaceX, a company founded by Elon Musk is exploring the merits of buying Bitcoin, according to MicroStrategy CEO, Michael Saylor.

MicroStrategy CEO, Michael Saylor, has revealed that SpaceX, a company founded by Elon Musk, is exploring the merits of buying Bitcoin.

Saylor revealed that top representatives from SpaceX were among 7,000 companies represented at MicroStrategy’s recent Bitcoin seminar, which the leading business intelligence company organized to aid companies interested in buying Bitcoin as a treasury asset.

READ: Bitcoin bounces back after losing $13,000 in a space of 2 days

“We had people from SpaceX there. We had people [from] some of Elon Musk’s companies. We had people from Marathon there.

“The ones you would expect were there, but of course, there’s an avalanche of private companies, and there were a decent number of public companies and treasurers and CFOs that were lurking.

“Some don’t want to have their names mentioned, as you can imagine, because it’s a sensitive topic,” Saylor said.

READ: Panic in crypto market as over $140 billion got wiped off

However, a significant number of traditional finance experts are not buying into the flagship crypto bullish run, as they see little value in the digital currency on the account that they believe Bitcoin, and other leading cryptos are just part of a larger speculative bubble.

Recent reports suggest SpaceX raised another $850 million this month from a group of leading institutional investors led by Sequoia Capital.

READ: Tesla loses $200 billion in market value following Bitcoin investment

Micheal Saylor has always been a strong fan of the world’s most popular crypto asset and he thus shares the bias that companies can use Bitcoin to hedge against future fiat inflation and allow them to plug into a revolutionary and superior monetary network.

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Roses are red,

Violets are blue,

Bitcoin hit record highs on Valentine’s Day,

And suffered a nasty correction too.

The weekend was dominated by a bullish surge upwards for the world’s biggest cryptocurrency, which managed to hit highs of $49,487.64 on Feb. 14.

But unfortunately for optimistic pundits who have repeatedly predicted that Bitcoin is about to crack $50,000, a dramatic drop soon followed. Within hours, BTC tumbled 6.34% to lows of $46,347.48 — taking some traders by surprise.

The sell-offs were more pronounced in the altcoin markets. Ether briefly tumbled to lows of $1,683.91, but later managed to recover lost ground and return to $1,823.41. Some coins with a smaller market cap dropped by up to 30%.

Pepperstone’s head of research Chris Weston told Reuters said that BTC’s sudden pullback from $50,000 might have been caused by one or two big funds deciding to cash out and take profit:

National holidays in major Asian markets to bring in the Lunar New Year wouldn’t have helped matters, as this would have contributed to lower trading volumes.

Bitcoin has started to recover from this sharp correction. At the time of writing, prices stood at $48,225.92 — with a market cap of $896,759,446,035.

It’s also interesting to note that Bitcoin’s dominance — its percentage of the total market cap of cryptocurrencies — has continued to slide over the past month. This stood at 68.3% in mid-January, but has now slipped to 60.3% as the likes of Cardano, XRP, Polkadot, Binance Coin and Litecoin outperformed over the past seven days.

Check out all of the day’s top crypto stories — and take part in our interactive poll — in the free CoinMarketCap newsletter.

TL;DR Breakdown

Bitcoin’s price quadrupled since 2020 and its price has risen to more than 60% since the start of this year. The market value of Bitcoin surged to an all-time high of $49,951 late Monday, just inches away from the $50,000 level, according to the data from CoinDesk.

The leading cryptocurrency has gotten a big boost from news of large firms like Tesla, MicroStrategy, and MasterCard warming to cryptocurrencies. 

Research by commodity futures trading commission shows a decline in hedge fund interests in the precious metal as focus shifts on rising nominal yields and the prospects of a better-than-expected US economic recovery. The data also revealed a drop in Gold futures short positions by 2,191 contracts to 47,093. The survey period saw an uptick in the Gold price as it attempted to push past its resistance level of $1,850 an ounce. Nevertheless, the market lacked enough inside momentum, which prompted the precious metal to correct lower in the afterwards sessions. 

According to Morgan Stanley, Gold price expects to go under $1,800 by the end of 2021. The bank said that the precious metal faces the prospects of a faster-than-expected US economic recovery and weaker inflation, which would reduce its demand against better bond yields. 

As at now, Bitcoin price has spiked from $29,000 to as much as $48,912 amid hopes of booming institutional adoption led by Tesla’s $1.5bn investment and MasterCard and BNY Mellon’s announcement to launch crypto-enabled services later this year. This recent development will lead bulls to see the cryptocurrency at tropospheric levels like $60,000, $75,000, and even possibly, $100,000.

According to data from XRPscan, in the past two days, co-founder of Ripple, Jed McCaleb moved roughly 40 million XRP from his “tacostand” wallet, which was named and activated when McCaleb was still working with Ripple. 

The former tech chief is very active when it comes to selling his XRP; a fact earlier noted by the Whale Alert team. As of December last year, McCaleb’s estimated total XRP holdings sales were $1.2 billion – at $0.20 per XRP. Over the years, his combined totals for XRP sold for USD are 2.25 billion XRP or $546 million. 

In addition, the crypto tracking business found more than 90,000 transactions last year and tracked around 8 billion XRP moved between Ripple, a settlement account, and McCaleb’s personal accounts.  It should be noted that ever since the exec departed Ripple, the firm has been transferring significant amounts of XRP to McCaleb’s wallet as part of the settlement agreement that compensates him for his role as founder. 

However, last year in December a researcher pointed out that McCaleb stopped selling his XRP on 24 December, a day after the SEC lawsuit against Ripple became public. 

— Leonidas Hadjiloizou (@LeoHadjiloizou) December 25, 2020

McCaleb resumed selling XRP in January. His wallet now shows a balance of 499,599,172.60537 XRP in total.  At press time, XRP was trading at $0.52 and registered a 6% hike in price in the past 24 hours. 

Polkadot Price Analysis: 11 February

Why these metrics will be key to Bitcoin’s near-term performance

Alisha is a full-time journalist at AMBCrypto. Her interests lie in blockchain technology, crypto-crimes, and market developments in Africa and the United States

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The CEO of Tesla and the man with the highest net worth in the world, Elon Musk, continues his morning DOGE discussion.

Earlier today, he poured criticism on the uneven wealth distribution of Dogecoin and encouraged crypto whales to sell their coins.

This tweet pushed the meme-crypto down approximately 20 percent.

Now, Musk has tweeted that he is actually prepared to pay whales if they void their accounts. Some commenters under the tweet have assumed that Musk offers to take large DOGE amounts off the hands of whales who currently hold the coins.

Some are also criticizing Musk for impacting the price of DOGE negatively and manipulating the market with his tweets.

Earlier, Elon Musk referred to DOGE as the crypto of the people and the future currency of the Earth.

It is an open question whether Musk himself owns any DOGE or Bitcoin — despite him openly tweeting that he supports both coins.

Also, on Feb. 8, Tesla announced that it had allocated a jaw-dropping $1.5 billion into Bitcoin and, since then, this investment has risen 40 percent.

Though Bitcoin’s price appeared to taper off , it’s now back on the rise. Bitcoin’s latest all-time-high comes after traditional finance piled into the coin. 

Digital payment services Venmo, Apple Pay, and PayPal (UK) also announced plans to include a Bitcoin payment option—a move that’s bound to increase Bitcoin adoption, overcoming the common criticism that Bitcoin is useless. 

And if investors want to cash out during a bear market, they can seek temporary refuge with stablecoins without leaving the exchange, knowing that each stablecoin is conveniently tied to one US dollar. 

The effects of the stablecoin inflow on the price is hard to ascertain, as with other factors, but it is plausible to think that the recent uptake for stablecoins has helped Bitcoin’s all-time-highs, since Bitcoin’s most common pairing is with USDT , the most popular US dollar stablecoin. 

Today’s not just Valentine's Day, but also the third day of the sixteen-day Chinese New Year. It is normally a period when the Bitcoin’s price drops as Chinese investors dump coins en masse . 

However, as analysts told Decrypt last week, there’s no sign of the great Chinese dump happening this time; it’s the institutional Western investors that set the mood these days.

— Assad Tannous (@AsennaWealth) February 14, 2021

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Bitcoin achieved yet another record high in a price rally that has already seen it surging by more than 1,100 percent from its March lows last year. Incidentally, gold, which many consider Bitcoin’s top safe-haven rival, painted a death cross pattern on its daily chart.

A recent run-up in the long-dated Treasury yields, prompted by a sell-off in the US bond markets following investors’ gravitation towards riskier assets, pressured the spot gold prices lower. The precious metal dropped by almost 9 percent from its year-to-date high of $1,959 an ounce.

…all the three Wall Street indexes notched their historic highs. Bitcoin, which tends to behave as a safe-haven amid market uncertainties, joined the risk-on mood after Tesla, Mastercard and BNY showed support in its favor. In particular, Tesla revealed that it now holds $1.5 billion worth of Bitcoin units and plans to use cryptocurrency as a payment mode for its services and products.

On the other hand, mainstream investors dumped gold to seek positions in other commodities. BlackRock, the world’s largest asset manager, revealed in its SEC filings that it sold 2.7 million SPDR Gold Shares and reallocated the proceeds to purchase 1.18 million shares of iShares Silver Trust (SLV).

In January, BlackRock granted two of its funds the ability to invest in bitcoin futures.

Holger Zschäpitz, senior editor of finance at Germany daily Die Welt, noted the possibility of investors dumping their gold positions to seek returns in the Bitcoin market.

— Holger Zschaepitz (@Schuldensuehner) February 17, 2021

In his market outlook to clients published earlier this month, Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, also stressed Bitcoin’s potential to mousetrap gold’s market in the coming sessions. Excerpts:

“In a world going digital, it’s logical to expect more funds to flow toward Bitcoin and away from precious metals. Outflows from gold exchange-traded funds and inflows for products tracking the benchmark crypto support a potential paradigm shift. Volatility metrics also solidify Bitcoin’s price foundation and potential for a 100x resistance threshold vs. gold.”

As bond yields surge higher, anticipations of massive stimulus package rise, and the Federal Reserve continues to stay on its dovish course, investors would most likely prefer to inflate the risk-on market bubble. That could stress gold further to the downside.

“We remain positive on equities,” Bastien Drut, senior strategist at CPR Asset Management, told FT “because although bond yields have room to rise further, the rise in yields and the rise in equities are coming from the same place, which is economic growth.”

Bitcoin, buoyed by its integration into Wall Street firms as a backup to cash, could see further adoption from gold and the US dollar dumpers. Nonetheless, the cryptocurrency has climbed too far too quickly, which amounts to a certain degree of a downside correction.

— Michael A. Gayed, CFA (@leadlagreport) February 16, 2021

The cryptocurrency was trading at $51,011 at the press time.

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The reference here is to Dogecoin , the “meme coin” created by two bored tech workers back in 2013 as a sort of commentary on the trust-as-value proposition underpinning the broader cryptoverse. 

Named after a meme involving a friendly Shiba Inu, the currency’s value was self-consciously artificial—the point was more to mime the logic of viral image macros than to revolutionize the financial system. After its brief moment in the sun, Dogecoin more or less faded into the background during the second half of the 2010s, as crypto networks like Bitcoin and Ethereum continued to dominate.

— Elon Musk (@elonmusk) December 20, 2020

But thanks to Musk’s endorsement (and a string of increasingly unhinged subsequent endorsements), the price of a single Dogecoin has fluctuated wildly. His tweets about Bitcoin have also caused market movements.

Now that Tesla is $1.5 billion deep in Bitcoin, Musk publicly sharing his perspective on the crypto markets is somewhat more complicated. Musk's penchant for seemingly spontaneous tweets will always have the potential to cause trouble, but lawyers tell Decrypt that he’s still probably within legal bounds.

— Elon Musk (@elonmusk) February 4, 2021

Musk, who has 46 million followers on Twitter, has clarified that his Dogecoin posts are “really just meant to be jokes,” but according to a recent study from the Blockchain Research Lab, they still exert significant influence over the market: one December tweet sent the price up 8% in five minutes.

And the same goes for Bitcoin—when Musk added the Bitcoin hashtag to his Twitter bio , the market pumped nearly 20%.

Since Tesla announced its $1.5 billion investment in Bitcoin earlier this week, the question of whether Musk can continue to tweet reckless things about cryptocurrencies is less clear-cut.

So, can Musk keep arbitrarily inflating the crypto market? CEOs such as Twitter’s Jack Dorsey and MicroStrategy’s Michael Saylor, both of whom are heavily invested in crypto, promote Bitcoin on Twitter all the time, but lawyers tell Decrypt it probably couldn’t hurt to exercise a little more caution.

“Now that Tesla is known to have substantial holdings in Bitcoin, a greater degree of caution would be advisable when Tesla officers speak about Bitcoin on Twitter,” said Preston Byrne, a partner at Anderson Kill.

“CEOs of companies with substantial Bitcoin holdings will need to be very careful before talking their Bitcoin books in a fashion that might move the markets to ensure their statements are not part of anything which might be viewed as a manipulative or deceptive device or contrivance in the context of either the commodity or securities domains,” he said.

One example of a “deceptive device or contrivance” might be a typical “pump-and-dump” scheme, which involves talking up a particular asset, suckering in new buyers to raise the price, and then exiting your positions before the inevitable crash. In Bitcoin's case, such schemes would be handled by the Commodity Futures Trading Commission (CFTC), rather than the SEC, since Bitcoin isn’t considered a security. Other cryptocurrencies, such as Ethereum-based tokens (such as those sold in ICOs ), could be considered securities and regulated by the SEC.

Both the SEC and CFTC, as well as the US Department of Justice, have the ability to investigate and bring forth charges should they suspect fraud — even with regard to crypto assets, said Byrne.

Eric Goldman, a law professor at Santa Clara University, explained that questionable tweets, however, offer some wiggle room, thanks to what he called “the fast-and-furious nature of online discourse.”

“In general, courts routinely assume that most readers of Internet content—especially in a forum like Twitter—do not take social media posts seriously,” he said, adding that former President Trump has avoided lawsuits on this basis. “Having said that, market regulators—especially organizations like the Securities and Exchange Commission—are very much alert to the risks of pump-and-dump schemes.” 

According to Goldman, Musk’s adding the Bitcoin hashtag to his Twitter bio “is probably nowhere close to that line.”

While Musk may be safe from government regulators for now, his addiction to erratic, meme-based posting remains a potential liability—though, who among us can’t relate?

Following a tweet from Elon Musk criticizing the distribution of Dogecoin, the value of the digital asset plunged by 23% on February 15.

Early on Monday morning, the world’s richest man drew the attention of his 46.9 million Twitter followers to the vastly unequal distribution of DOGE. A tweet was all the motivation major holders needed to dump their assets. Within a few hours, the price of DOGE dropped from $0.063 to $0.048.

Speaking of the distribution of Dogecoin, the digital asset has one of the most unequal token distributions in the crypto industry. Nearly 50% of the coin’s entire supply is in the possession of the top-12 holders. Furthermore, a single individual (or entity) currently holds about 28.7% of Dogecoin’s supply.

Musk has promised to give the meme-coin his full backing if the major holders sell most of their coins.

As reported by BTC PEERS, Musk has repeatedly hyped Dogecoin, dubbing it “the people’s coin.”

DOGE’s 23% drop may not be entirely due to Musk’s tweet. Bitcoin along with other top cryptocurrencies were swimming in a sea of red on Monday morning. About the same time that DOGE dropped, $105 billion left the total market cap of the crypto sector. Losses of over 20% were also recorded by other cryptocurrencies.

As of press time, DOGE had recovered slightly and was trading at $0.059.

A mysterious Dogecoin address has managed to accumulate more than 27% of the altcoin’s entire market supply. 

DOGE, a meme coin that has been around since 2013, has continued to gain market attention thanks to high-profile Twitter mentions by Tesla and SpaceX founder Elon Musk. A recent study found that Musk’s tweets involving DOGE had a significant impact on the altcoin’s price and trading volume. 

Pop artist Soulja Boy also contributed to the media hype for DOGE, asking his 5.2 million followers last week whether they preferred BTC or DOGE. 

Crypto community members have now uncovered a single Dogecoin address holding more than 36 billion DOGE ($2.5 billion). The anonymous address is in control of 27% of all DOGE, with the top twenty addresses holding in aggregate 50% of the coin’s total supply. 

The mysterious Dogecoin address has notably been seemingly hiding messages in transaction it has been sending out. On Reddit, via the r/cryptomarkets and the r/dogecoin subreddits, users have managed to decipher one, which contained the birthdate of Tesla CEO Elon Musk.

Some have even speculated the address could belong to Elon Musk, based on the timing of Musk’s tweets about the meme cryptocurrency and on the transactions the address has been making.

Deciphering a series of transactions from binary code, users managed to get a string reading “?NOLEUOYTISI.” The string reads “IS IT YOU ELON?” backwards.

One Twitter user warned investors the disproportionate holdings for DOGE could lead to a price meltdown in the event the whale addresses begin dumping. 

Changpeng Zhao, CEO of cryptocurrency exchange Binance, also issued a similar warning over DOGE’s skewed supply, in addition to calling the project “abandoned.”

Featured Image Credit: Photo via Pixabay.com

Source: Read Full Article

It has been widely reported in recent days that Elon Musk has purchased $1.5bn in BitCoin and this has at least in part driven the recent and unprecedented surge in BitCoin. He also added that he had every intention of using BitCoin in the near future as a form of payment (personally I'm not convinced this could work - StableCoin yes but BitCoin probably not).

It's hard to believe that in September the same Bitcoin that cost £7,500 was hovering around £35,000 earlier this week.

Musk is well-known for his fast and lose Tweets that in many ways make Donald Trump's tweeting pastime look conservative. The fact is that unlike most of us who have at best moderate Crypto portfolios Musk is able to shift such huge amounts of currencies around that he can have a direct influence on the market and who knows probably can even create the ultimate pump and dump scenario.

In this Musk is probably the world's largest whale.

However, according to an article that appeared on Forbes website, questions have been raised about how Musk's online activity affects the Crypto-Market and in particular Bitcoin.

Musk has openly declared that he is a bit fan of BitCoin by saying:

"I am a supporter of bitcoin. I am late to the party but a supporter. I think bitcoin is on the verge of getting broad acceptance by conventional finance people,"

And if anybody is in any doubt about his influence on the market, his recent support of DogeCoin has also led to it seeing unprecedented growth.

Ok so, so far I have pretty much regurgitated what the article (referenced below) has said so it is important that I add some original analysis which I will provide in the form of bullet points often in the form of a question.

As you can see I have raised many questions - and honestly I don't know the answers. It'll be interesting to know what others think.

Have a nice day and stay safe and warm (-12c here today!)

The price of Bitcoin has been recording new ATHs this week and many have an opinion about how high the popular digital asset may rise this bull run. Former White House Director of Communications, Anthony Scaramucci is one of them.

The financier recently shared his opinion on where Bitcoin will be heading. “I do think we will see $100K in Bitcoin before the year end,” Scaramucci said in an interview at CNBC Squawk Box on 17 February. According to him, “it’s just a supply and demand situation.”

He echoed the popular theory on bitcoin’s top that many others have reiterated. A month ago, Morgan Creek Digital’s Anthony Pompliano appeared on the same platform to explain his prediction of Bitcoin’s $1 million price target. Pompliano believed that amid the US dollar’s weakness, both publicly traded and private corporations will put Bitcoin in their treasuries, creating a wall of demand.

As Scaramucci stated, Bitcoin has a fixed supply and high demand from financial entities and especially referred to how MicroStrategy’s $900 debt in securities would allow them to acquire more BTC.

Though Scaramucci cautioned investors, he remains bullish on Bitcoin for the rest of the year. The financier’s fund has more than half a billion dollars worth of Bitcoin.

In contrast, economist and Bitcoin critic Nouriel Roubini, said that Bitcoin’s price was reaching new ATHs because of “pump and dump schemes.” He believed that the asset will never be used as a currency for making transactions.

At press time, Bitcoin was trading at $51,327 and has been up by 0.2% in the past hour and by 6.7% in the 24 hour time frame.

— Squawk Box (@SquawkCNBC) February 17, 2021

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XRP price – XLM price – BTC, ETH, ADA, XRP, DOT, BNB, LTC, BCH, LINK, XLM By Fintech Zoom | Fintech Zoom

XLM price – BTC, ETH, ADA, XRP, DOT, BNB, LTC, BCH, LINK, XLM By Fintech Zoom

price analysis 2/15: BTC, ETH, ADA, XRP, DOT, BNB, LTC, BCH, LINK, XLM

A large part of the current crypto bull run has been driven by institutional demand. But for the first time, the institutions may be stepping back. According to CryptoQuant, the Coinbase Premium Index — the difference in Bitcoin’s ( BTC ) price on Coinbase Pro and Binance — has turned negative, which suggests that pro traders may be taking profits.

The institutional selling needs to be monitored closely because roughly 3% of the in circulation is held by these investors. If they start to dump their positions, that could result in an exodus by other traders, leading to a sharp pullback.

Continue Reading on Coin Telegraph

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