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As eventful as 2020 was, 2021 has already been quite a doozy.

Indeed, the year has started off with a bang: in the United States, riots at the federal Capitol building seemed to set off a series of historic events. Privately-owned social media companies have been the subject of much discourse after making the decision to ban the President from using their platforms; at the same time, public concerns about how social media companies are using private data are growing increasingly strong.

Additionally, though we are not even three weeks into the year, Bitcoin has already reached new all-time highs, bringing renewed attention and enthusiasm to the alternative asset space as a whole.

Recently, Finance Magnates sat down with James Butterfill, Investment Strategist at UK-based cryptocurrency investment firm CoinShares, to discuss Bitcoin, centralization, and the future of centralized power.

The following is an excerpt that has been edited for clarity and length. To hear Finance Magnates’ full interview with James Butterfill, visit us on Soundcloud or Youtube.

James told us that one of the most important forces that has brought Bitcoin to this moment is increased accessibility.

“If you think of the ways that you access Bitcoin, it’s different in some ways from the way that you access other financial instruments,” James said. “I’m talking about investors specifically here. If you wanted to access cash, you’d open up a bank account. If you wanted to access Bitcoin, you have to get a digital wallet.”

If you have the necessary technical chops, “that’s quite easy,” James went on. However, “for many people, I think that’s still a challenge, whereas opening a bank account wouldn’t be.”

Additionally, “in the financial world, people operate within a regulatory framework, because they have to,” he said. “Therefore, when they buy financial instruments, they have to be operating within that regulatory framework as well.”

As a result, “you need a certain level of regulatory acceptance or at least financial products that can exist within established regulatory frameworks.”

James explained that this is where CoinShares comes into play. “CoinShares was the first in the world to create a Bitcoin exchange-traded product (ETP) back in 2015,” he said. “Prior to that, there was no real way for investors to add Bitcoin to their portfolios, particularly, something like a pension.”

These products are aimed at retail and institutional investors who want the benefits of Bitcoin without the hassle of being its sole keeper: “there are challenges with Bitcoin when you buy it,” James said.

For example, who will keep custody over your coins? Of course, there is the saying: “not your keys, not your Bitcoin.” At the same time, though, “if you stick your BTC on a USB stick and keep it at home, is that safe?”

Additionally, James explained that the kinds of logistical challenges that Bitcoin is facing today were characteristic of the gold investing landscape in the past. “20 years ago, if you were an investor that wanted to put gold in your portfolio, you would have to arrange for delivery, custody (putting it in some sort of vault), insurance, a whole range of different things.”

Today, the story is quite different: “ETFs and other kinds of gold-based exchange-traded products were created to make that whole process really simple.”

This is what CoinShares does: “we take care of a robust custody process and insurance, and make it very easy to buy and sell. [I think of this] as democratization, we’re not changing the underlying asset at all, we’re just making it accessible to a wider range of people.”

And Bitcoin does seem to be becoming even more attractive to a wider range of people.

Since the start of 2021, the price of Bitcoin has risen considerably. At press time, the price was sitting around $37,000; earlier in the year, though, BTC had risen as high as $41,650.

Over the course of the same time period, the public discourse around centralized control of the spread of information has been growing increasingly intense. An update to WhatsApp’s terms of service caused waves of users to abandon the platform in favor of more privacy-focused apps; a nearly unilateral social media ban on US President Donald Trump also has citizens on both sides of the aisle concerned about centralization of power.

Part of this heightened discussion about privacy, centralization, and control may have fed into the growing popularity of Bitcoin. Twitter CEO, Jack Dorsey specifically named Bitcoin’s decentralization model in a tweet about what he hopes the future of the internet will look like.

— jack (@jack) January 14, 2021

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While this is certainly a big moment for Bitcoin, James pointed out that the increased price, usage and attention on Bitcoin could “pose some real challenges” for the asset in the future.

“There are various government initiatives that compete with Bitcoin, such as central bank digital currencies, and then there’s the Bitcoin protocol itself,” James said. “I do see that there could be a potential conflict between the two.”

“Ultimately, Bitcoin is not centralized, it’s decentralized,” he continued. Therefore, as Bitcoin continues to grow, it could pose an increasing challenge to the centralized power that belongs to the world’s governments.

“I recently read that the US government was thinking about censoring certain Bitcoin transactions,” James said. “With my knowledge of the Bitcoin network, I know that’s not possible, but that was a good example of how the government might want to control things around Bitcoin, but it’s very challenging to do that.”

“This extrapolates over many different concepts across the economy and society: another really good example is what the US Federal Reserve is doing, as well as the Bank of England and the European Central Bank (ECB). They’re printing a lot of money,” he explained.

“You’re reliant on individuals at the ECB, and the Bank of England, and the Fed to be very prudent about how they print money. If they’re too loose with their monetary printing, it could cause inflation and other socio-economic problems.”

“Some people see Bitcoin as the answer: people think of it as something that has a fixed supply, something that is immutable, something that doesn’t allow a human to step in and alter and cause problems with it.”

Therefore, “I think what Jack Dorsey highlighted is perhaps undertones of anti-establishmentarianism, to some extent.”

“However, I don’t think that Bitcoin necessarily ‘does that,’” James said. “It’s a bit like gold in the 1930s. It highlighted, in a way, the profligacy of the US government at the time. Gold was presented as an alternative, and as a result, they stopped it, regulations prevented it” from taking further hold.

Indeed, in 1933, US President Franklin D. Roosevelt signed Executive Order 6102. The order “forb[ade] the hoarding of gold coin, gold bullion, and gold certificates within the continental United States.”

Nowadays, James believes that this kind of ban is unlikely for something like Bitcoin: “a ban probably isn’t the way forward,” he said.

For example, “if you look at China,” which banned domestic cryptocurrency exchanges several years ago, “four percent of Bitcoin trading turnover comes from China.”

However, a possible big-government effort to quell the growing power of Bitcoin could culminate in the creation of many central bank digital currencies (CBDCs).

And it is possible that the technology that was originally used to build decentralized currencies could be used to create digital currency systems that are even more centralized than the fiat currency systems we have now.

“CBDCs come with their own privacy issues,” Butterfill said. “If I buy something with Bitcoin, people don’t know it’s me. It’s anonymous. Whereas, if I buy something with a CBDC, then the government would know exactly what, where, and when I bought.”

“That comes with lots of privacy concerns,” he said. “In 2021 and 2022, there’s going to be a lot wrangling about just how much the government really needs to know about you, and who controls that information: should it be something that’s completely decentralized, and therefore uninfluenced by some sort of rather jaded political issues?”

“I don’t have all the answers, but I think that Bitcoin–or at least the blockchain-based concept of distributed ledger technology (DLT)–certainly has a really important part to play in dealing with that.”

It is particularly important to be discussing these issues now because of the events of last year.

James explained that previously, there have been some CBDC concepts that were explored by governments and then eventually dropped: “in Sweden, an e-Krona initiative started up in Sweden, but eventually, the conclusion at the time was that DLT was not at a mature enough phase to pursue further.” 

“If there wasn’t COVID-19, the CBDC concept” could have been abandoned elsewhere in the world, too, James said. “What we’ve seen during COVID-19 is a massive move toward cashless societies, which has really kickstarted a lot of central banks into think about CBDCs. They’re much more committed to it than they were in the past.”

Of course, “there are a lot of real merits of having a CBDC,” James said. “But you also need a broad acceptance” of the concept in order for it to work properly.

And, as it happens, “as every ticks by, Bitcoin is rapidly gaining broader acceptance, whereas CBDCs are still locked up in a lot of bureaucracy and structuring. There’s a long day before they’re going to be released.”

Meanwhile, “every day that Bitcoin’s popularity is increasing, CBDCs are losing that race.”

A widely-followed trader and crypto strategist remains long-term bullish on Bitcoin as he says the leading cryptocurrency could pull off a massive 650% increase.

The pseudonymous trader known as Jack Sparrow explains to his 96,300 followers why he believes Bitcoin can potentially rise to as high as $300,000.

“$300,000 Bitcoin is hard to fathom for people, but put in perspective not so much. If store of value/money is a winner takes all proposition and Bitcoin wins, it really is just a matter of time. $300,000 is like only half the gold market cap. It’s conservative (but consider timeline).”

In the near-term, the trader says BTC could rally over 26% even after the dominant crypto asset printed a new all-time high of $41,941, according to CoinMarketCap.

“Bullish continuation of Chop Suey Channel resolves in the next pump to $43,000 and $54,000 in my opinion.”

The trader is looking at one key technical indicator which he says is powering BTC’s monster rally.

“Study the spot volume. It’s brutal. It is clear this rally has incredible power. We’re not done. Buy dips and breakouts… The bid is relentless lol…

Retail isn’t here. Old retail got rekt on leverage and funds are only interested in spot, is my take.”

Although the crypto strategist is bullish on Bitcoin, he believes that the largest crypto asset would be due for a 33% correction after it hits his target of $54,000.

“Less than 3% to target 1.”

As for altcoins, Jack says they will continue to rally in the short term regardless of their inherent fundamental value due to the sheer amount of capital entering the space.

“This is the moment in the market everything pumps just because it has liquidity.

Rationales about what a token does or what is a fair price no longer matter. Stocks been doing it, now crypto Does it have plenty liquidity? Yes? Pump it to buy more until the curtain closes.”

Featured Image: Shutterstock/GrandeDuc

By Dave Liedtka and Eric Lam

(Bloomberg) – Bitcoin jumped to another all-time high on Wednesday as extreme swings continued to buffet the world’s largest cryptocurrency.

The famously volatile digital coin advanced as much as 6% to $35,842, surpassing the previous high set Jan. 3, and was trading at $34,757 as of 8:17 a.m. in New York. It had plunged as much as 17% on Monday. Bitcoin quadrupled in 2020.

A range of factors have been cited for Bitcoin’s ascent, showing how hard it is to pinpoint the proximate cause for the latest bout of volatility. Some traders pointed to a JPMorgan Chase & Co. long-term price forecast of as much as $146,000, while others cited fear of missing out, or FOMO, on the record rally.

“Clear bull market, and we’re not getting 30% to 40% drops like in 2017,” said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore. “The market is more mature with bigger buyers. Keep in mind though that we’re in a parabolic phase and they do top out.”

While the latest price swings may be reminiscent of past boom and bust cycles, Bitcoin’s ability to reverse its slide so quickly this week suggests institutional investors are not abandoning the space, said Matt Long, head of distribution and prime products with crypto brokerage OSL in Hong Kong.

“Monday’s dip was instructive as institutional investors used the opportunity to buy in,” he said. “Institutional investment is firmly in the digital asset sector, and potentially accelerating.”More institutions and noted investors, from Paul Tudor Jones to Scott Minerd and Stan Druckenmiller, have either started allocating funds into Bitcoin or have said they’re open to doing so.

“The chase higher is back on based on the notion that bigger main street investors are interested in building longer-term positions,” said Stephen Innes, chief global market strategist with Axi. “This is all about the new age embrace of blockchain technology to which Bitcoin is so uniquely intertwined.”

Some argue that the cryptocurrency offers a hedge against dollar weakness and inflation risk in a world awash with fiscal and monetary stimulus.

“If inflation picks up, or even if it doesn’t, and more companies decide to diversify some small portion of their cash balances into Bitcoin instead of cash, then the current relative trickle into Bitcoin would become a torrent,” Bill Miller of Miller Value Partners LLC wrote in a blog post.

But others say retail investors and trend-following quant funds are pumping up an unsustainable bubble.

“Bitcoin is better at being gold than gold is at being gold,” Anthony Scaramucci, founder and managing partner of SkyBridge Capital, said in an interview Tuesday. The firm is the latest to get on the Bitcoin bandwagon, launching a crypto-centric fund this week.

Read also:

Bitcoin has traded above $35,000 for the first time, rising to a high of $35,879 and extending a rally that has seen the digital currency rise more than 800 percent since mid-March.

Bitcoin jumped nearly 12 percent on Tuesday to top the previous record high of $34,544.94 after a dizzying climb.

Bitcoin's latest surge comes as results from the Senate runoff election in Georgia are coming in. Some a speculating a Democrat-controlled Congress could exacerbate current inflation concerns shared by many bitcoin investors.

READ MORE: JPMorgan: Bitcoin emergence as digital gold could lift price to $146,000

Consecutive new records

Bitcoin's record-breaking and volatile 2020, aided by increased popularity among individual investors, could be set for calmer times according to specialists, despite the new year starting with more sizeable swings.

Having quadrupled in price last year also on strong institutional interest, the leading virtual currency soared by 20 percent in just 72 hours to reach an all-time high $34,792 on Sunday.

On Tuesday around 1630 GMT it stood at $32,570.

Since mid-December, "you finally saw (individual)... investors come in", noted Antoni Trenchev, co-founder of specialist cryptocurrency platform Nexo.

Price swings

Bitcoin purchases have opened up to the wider public thanks to the ability to buy fractions of one whole unit, while Paypal account holders can now use the virtual currency for online transactions.

But even buying fractions of one bitcoin can leave small investors with big losses.

"If you want to get caught up in day-to-day movements, you need to be a pro with the stomach for stormy waters," Trenchev told AFP.

"There's no certainty in any asset class, bitcoin least of all," he cautioned.

The cryptocurrency's recent highs were achieved at weekends and during the festive period when many brokers were away from work.

In its 12-year history, bitcoin has suffered several wild price swings with rebounds not always immediate.

Debate rages over the status of the digital asset, launched in late 2008, as to whether it should be considered a form of money, an asset or a commodity.

READ MORE: Bitcoin continues winning streak, sets another record

The price of the cryptocurrency bitcoin soared past $40,000 for the first time on Thursday, rising $10,000 in just five days.

The price of bitcoin was $40,380 at roughly 1820 GMT, having jumped 10.4 percent during the trading session.

It later lost some ground and Factset data valued it at $38,950 dollars, up 6.52 percent on the day, at 1850 GMT.

The cryptocurrency, which has known wild swings in value, passed $30,000 for the first time just on Saturday.

"Investors continue to hop on the cryptocurrency train which appears to be gaining more interest now that the US economy is poised to deliver more stimulus in Biden's first 100 days," said market analyst Edward Moya at currency trading platform Oanda.

But its latest meteoric rise is already fuelling talk of a new correction.

Fellow Oanda analyst Craig Erlam warned that even if a correction does not seem imminent, once one emerges "it's going to hurt".

And one European analyst who wished to remain anonymous told AFP that "it's starting to get worrying -- it's no longer at all the market of a few weeks back -- a correction is inevitable."

Others, at Societe Generale, said if a large fall does materialise people will likely look back at "bitcoin's pandemic bubble."

Just 12 years old, bitcoin has seen a meteoric rise since March, when it stood at $5,000, spurred by online payments giant PayPal saying it would enable account holders to use cryptocurrency.

After PayPal's announcement in October, analysts at investment banking giant JPMorgan Chase compared the cryptocurrency to gold -- and this week predicted the unit could rise to $146,000, if not higher.

"Bitcoin could compete more intensely with gold as an 'alternative' currency over the coming years given that millennials will become over time a more important component of investors' universe," they said.

A number of central banks have meanwhile responded to the rise of cryptocurrencies and the dwindling global use of cash by announcing plans for bank-backed digital units.

Several central banks including those of China and Sweden -- but also the US Federal Reserve -- are also testing digital applications in response to Facebook's recent moves to produce its own digital unit, Libra.

Unregulated by any central bank, bitcoin emerged as an attractive option for investors with an appetite for the exotic -- although criminals have also picked up on its under-the-radar appeal.

Debate has meanwhile raged over the status of the digital asset, launched in late 2008, as to whether it should be seen as a form of money, an asset or a commodity.

After the unit -- worth a handful of cents in late 2008 -- surpassed $1,000 for the first time in 2013, it increasingly began to attract the attention of financial institutions and has experienced wild price swings.

as always, the market newsletter is split into two parts: Bitcoin outlook by Joseph Young and on-chain analysis by Cole.

The market sentiment around Bitcoin is still overwhelmingly positive despite the abrupt overnight drop.

On Tuesday (January 5), Anthony Scaramucci, the White House Director of Communications, announced his hedge fund SkyBridge bought $300 million worth of Bitcoin from November to December 2020.

Institutions are continuing to show more interest in Bitcoin as an inflation hedge, and this is evident in the trading activity of key institutional trading platforms.

The open interest of the CME Bitcoin futures market remains the biggest in the world, surpassing Binance Futures and OKEx.

Grayscale now has $22.8 billion in assets under management, with $19.1 billion parked in the Grayscale Bitcoin Trust.

Grayscale is an important gauge of the institutional interest in Bitcoin. Unlike Canada, there is no Bitcoin exchange-traded fund (ETF) in the U.S.

The Grayscale Bitcoin Trust is the only alternative to a Bitcoin ETF that is available in the U.S.

Source: bybt.com

But, one flawed argument is that “institutions never sell” or “high net worth investors never sell.”

Bitcoin is up nearly 9-fold since the March crash and large investors who bought early on could take profit and rebalance their portfolios.

For example, DeVere Group CEO Nigel Green said he sold half of his Bitcoin holdings at $25,000.

Bitcoin sold off heavily yesterday and it dropped 16% in six hours.

Source: TradingView.com

Right before the drop, South Korea’s biggest exchange Bithumb saw a $100 million deposit.

I talked to several major fund managers in South Korea. They all agreed that it was probably a team of whales trying to arbitrage the Kimchi Premium.

Yesterday (January 4), Bitcoin was trading 5% higher in South Korea. Coincidentally, that is when $100 million was moved to Bithumb.

Bitcoin dropped quite hard down to $28,100 during the Asia session. But, as the U.S. came online, Bitcoin began to recover.

The Coinbase premium reappeared as Bitcoin began to recover, which is a good sign.

This means high-net-worth investors in the U.S. took advantage of the drop and began to buy Bitcoin.

I swing longed $29,113 yesterday, as I wrote on Twitter, but I closed it at $32,000.

Bitcoin’s fast recovery from $29,000 confirms that the momentum is too strong for a big correction to happen.

The Bitcoin futures market was very over-leveraged and overcrowded before the drop.

Now, the market is less overheated, as shown by the funding rates.

Source: Bybt.com

The Bitcoin futures funding rate is fee traders have to pay every 8 hours. If the market is dominated by longs or buyers, then buyers pay sellers a fee, and vice versa.

The funding rate normally averages at 0.01%. So the market is not as overheated as before.

So what do I see in the market?

Personally, I like to use 5-day, 10-day, and 20-day moving averages (MAs) on the 4-hour and daily candle chart to gauge market structure and momentum.

I think that Bitcoin has another go at the $34,300 resistance level eventually.

But, there is big selling pressure continuously coming from Asia. Hence, the range would likely be $29,500 to $34,300.

$34,300 is a resistance area because many sell orders are stacked up at that level.

Binance currently shows $34,300 to $34,500 as a big sell area.

Source: Material Indicators

Alex Wice: [Top trader on FTX leaderboard] shorted the top, said funding was too high. Probably closed.

Alex Wice @AWice

Ki Young Ju: [CryptoQuant CEO] “The bull market isn't over and the funding rate seems to return back. So I just bought more $BTC and $ETH.”

Kyle Davies: [Three Arrows Capital co-founder] “$ETH shorters will be fried into a fatty bacon”

Bitcoin Jack: [Predicted $4k bottom, called $19k rally] “Spot bid is back up - speculators shorting again Idk - wild dynamics We probably return back to 34K, flush everyone once more and then go on a mindblowing rally.”

CL: [High ranking trader on Binance Futures leaderboard] “20% move a day, keep the mental stability away.”

Theta Seek: [High-profile options trader] Predicted the top. Said “Taking most of the profits on ETH, BTC and other longs here. Local top IMO” on Jan 3.

Light: [Well-recognized large-size trader] “Reset derivatives premium”

The crypto market is entering an unprecedented growth phase, with Bitcoin leading the way as it plows through all supposed resistance levels and begins closing higher time-frame candles above key levels — like $30,000.

This growth is far different than that seen in year’s past, with a relative absence of retail mania signaling that individuals are not the main force backing this movement, but rather so-called “smart money” like institutions.

A dive into on-chain data supports this notion, and also provides some insights into the sustainability of this movement over several time frames.

As has been mentioned in previous editions of this newsletter, miners have immense influence over Bitcoin’s price action, making spikes in selling activity from these groups potentially dire for the cryptocurrency’s price action.

CryptoQuant data, however, shows that there have been no abnormal spikes in selling pressure from these groups. In fact, a closer look even shows a tempered decline from activity seen just a couple of months ago.

Source: CryptoQuant

The lack of any abnormally large spikes (which are typically seen once or twice each month) signals that miners aren’t too keen on offloading their BTC at the moment.

This is likely due to Bitcoin’s immense strength.

Whales naturally play a large role in guiding Bitcoin’s price action, and a look at the cryptocurrency’s Whale Map (courtesy of Whalemap.io) shows that BTC is currently trading at a pivotal price region.

The three short-term levels with significant whale activity are: $29,300, $32,200, and $32,900.

Source: Whalemap

BTC is currently trading between the latter two of these levels, making this a pivotal region that could offer serious insights into where the entire market will trend over a short to mid-term time frame.

As Bitcoin’s price swings grow wilder and wilder, the derivatives market is playing a heightened role in market movements.

This may be the primary cause behind the immense volatility seen as of late, with BTC seeing multi-thousand dollar price swings on a daily basis.

Data from CryptoQuant indicates that funding swings in both directions are now providing directionality for swings.

For instance, aggregate positive funding for long positions spiked to one-year highs yesterday right before Bitcoin’s price nuked below $30,000.

Source: CryptoQuant

Going forward, traders ought to watch for drastic funding swings for insights into short-term price movements.

About Us:

Joseph Young is a cryptocurrency analyst who has been in the space since 2014. He contributes to Forbes, CoinTelegraph, and a host of other top crypto news sites. Over his 6+ years in the space, he has built countless connections with industry leaders and has amassed over 100,000 followers on Twitter.

Nick Chong is a passionate crypto researcher who specializes in identifying and extracting conclusions from trends within the rapidly emerging DeFi-space. He has been involved in the crypto markets since 2016, and sources deals for a Vancouver-based crypto venture fund. 

Cole Petersen first learned about Bitcoin in 2013, and began working in the space in 2017. While on a gap year as a student at the University of California, Irvine, he now leads LINKPAD, a DAO-owned venture capital fund and does part-time work as an associate at BlockVenture.

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It look like I have to pay more attention to the funding rate levels, could have been a great short :) Always learning, great article guys!

GUANGZHOU, China — Bitcoin and other digital coins tanked on Monday, wiping some $150 billion off the cryptocurrency market.

The market capitalization or value of the cryptocurrency market was $931 billion around 6:00 p.m. ET, down from $1.08 trillion a day earlier, according to Coinmarketcap.

Bitcoin, the largest cryptocurrency, fell over 10% from a day earlier to $34,200, according to Coin Metrics data. It earlier sank to an intraday low of $30,863. Ether, the second-largest cryptocurrency, was down 15% to $1,060. It briefly tumbled below $1,000, hitting an intraday low of $945.

The sell-off in cryptocurrencies comes after a huge rally and perhaps signals some profit-taking from investors. Bitcoin is still up over 300% in the last 12 months and last week hit an all-time high just below $42,000.

"The correction we saw was expected as we believe the BTC price surge recently from under $20,000 to $40,000 in the past four weeks will induce sell pressure," said Simons Chen, executive director of investment and trading at cryptocurrency financial services firm Babel Finance.

The $40,000 mark could have been a trigger for profit-taking, Chen said.

Bitcoin's resurgence has been attributed to a number of factors including more buying from large institutional investors.

And it has also been likened to "digital gold," a potential safe-haven asset and a hedge against inflation. In a recent research note, JPMorgan said bitcoin could hit $146,000 in the long term as it competes with gold as an "alternative" currency. The investment bank's strategists noted, however, that bitcoin would have to become substantially less volatile to reach this price. Bitcoin is known for wild price swings.

But some bitcoin critics — such as David Rosenberg, economist and strategist at Rosenberg Research — have called bitcoin a bubble.

Long-term bullishness around bitcoin remains however.

Jehan Chu, founder of cryptocurrency-focused venture capital and trading firm Kenetic Capital, said the pullback in bitcoin could be a buying opportunity for new investors.

"This short term correction is both natural and needed, and is a great entry point for long-term investors as we quickly reach $50k this quarter and $100k by year's end," Chu told CNBC.

Last week, Social Capital's Chamath Palihapitiya said bitcoin could go above six digits.

"It's probably going to $100,000, then $150,000, then $200,000," Palihapitiya told CNBC's "Halftime Report." "In what period? I don't know. [Maybe] five or 10 years, but it's going there."

Good morning. 

Welcome to Saturday Sats, part of our new series: BitPinas Daily. We will look at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad. 

Market Price as of January 9, 2021:

Bitcoin closed January 8, 2021, at $40,816 per BTC. We’re up 37% in the last 7 days and 38% since the year began. This is a new all-time high.

Bitcoin’s market capitalization stands today at $747,487,614,111 which is 69.29% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,081,375,840,101.

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Why is Bitcoin going up, and will it crash soon? What’s next as price doubles to $40K

Coindesks breaks down the key reasons why the price of Bitcoin is increasing: Demand from institutional buyers, U.S. dollar’s decline in foreign exchange  markets, retail purchases. 

As to how and why a pullback will happen, these are the possible scenarios or reasons: 1) extreme volatility could shake people, 2) there has always been a 25% pullback, 3) Bitcoin could rally two to three times more before falling back, 3) wild swings, 4) regulators and governments coming in, 4) profit taking. (Bradley Keoun, Muyao Shen, Coindesk)

Bitcoin market cap now nearly 7% of gold

Gold’s market cap is $10.6 trillion. Bitcoin is $747 billion. 

(Michael McSweeney, The Block)

Morgan Stanley now has 10% stake in MicroStrategy

Per a filing with the Securities and Exchange Commission released on Jan. 8, investment bank Morgan Stanley had acquired 792,627 shares in business intelligence firm MicroStrategy. The investment represents a 10.9% stake in a firm that has made massive investments in Bitcoin over the past several months. (Kollen Post, Cointelegraph)

Altcoins take a hit as Bitcoin corrects from latest all-time high

The price of Ethereum, which yesterday hit highs of $1,282, has fallen by 6% to its current price of $1,198. Litecoin fell 4% to $179, XRP fell 12% to $0.31, Cardano (ADA) fell 8% to $0.29 and Polkadot (DOT) fell 9% to $9.11. More losses: Bitcoin Cash fell 7.12% to $441, Stellar (XLM) fell 12.29% to $0.29 and Chainlink fell 11% to $15. (Robert Stevens, Decrypt)

Spock, not his real name, who manages a crypto hedge fund in real life, has participated in the BitPinas Year in Review. One of the most insightful pieces you can read here in this website, please do check it out:

This article is published on BitPinas: Saturday Sats: Bitcoin, Gold, Corporate

If the recipient of a U.S. stimulus payment in April invested the check into Bitcoin, the check would now be worth $6,495.

Since April, in merely nine months, the price of Bitcoin has rallied 441%, posting one of its strongest rallies in recent history.

— $1200 Stimulus Is Now Worth (@BitcoinStimulus) January 13, 2021

Bitcoin has been rallying ever since central banks globally have begun to aggressively inject capital into the financial market.

Central banks have been trying to alleviate the pressure from both financial institutions and investors. As a result, concerns regarding inflation have intensified, leading gold and Bitcoin to appear more attractive to investors.

Dan Tapiero, the co-founder of 10T Holdings, said that U.S. Twin Deficits fell to the worst level in 40 years. With interest rates unable to rise, Tapiero said that this is the perfect backdrop for gold and Bitcoin. He said:

“Most important macro chart of the month. Bernnnie takes over budget with total deficit worst in 40 years. Interest rates cannot rise with massive debt load. #Dollar bear market must continue or #equities will suffer. Perfect backdrop for #gold and #Bitcoin.”

The interest in Bitcoin and decentralized systems has also increased following the recent controversy at U.S. Capitol.

Jack Dorsey, the CEO of  Twitter, said he has “so much passion for Bitcoin” in a tweet thread explaining the firm’s stance on suspending Donald Trump’s Twitter account. He said:

“The reason I have so much passion for #Bitcoin is largely because of the model it demonstrates: a foundational internet technology that is not controlled or influenced by any single individual or entity. This is what the internet wants to be, and over time, more of it will be.”

The combination of the improving perception of Bitcoin as a store of value and the overall interest in decentralized services is causing the value of BTC to rise.

If the U.S. sees another stimulus package in the foreseeable future, it would likely act as a major catalyst for BTC.

Similar to stocks, retail investors are generally compelled by Bitcoin and the derivatives market.

BTC is significantly more volatile than most major stocks, which could make it attractive for retail traders.

In the near term, traders and analysts are generally optimistic about the short-term trajectory of Bitcoin.

Scott Melker, a cryptocurrency trader, said that a break above $36,000 would likely result in a new all-time high. That level has since broke convincingly, as BTC rose above $38,000. Melker wrote before the rally:

“Ascending triangle, at resistance. A break through the top line should send this back to the all time high. Would also be a local higher high after making higher lows. Watching closely.”

Bitcoin has stagnated over the past few days after peaking at $19,950 at the start of December.

US citizens seemed to be taking a liking to Bitcoin and other cryptocurrencies, two recent reports suggest.

The past few months have been the worst months for many economies around the world since the Great Depression.

After weeks and weeks of promises, the past few days have seen millions of tax-paying Americans receive their $1,200 (or less if you’re a high-income earner) tax-free checks from the United States government.

In response to the growing scrutiny of the world’s central banks amid the ongoing recession, CBS’ world-famous show “60 Minutes” on Sunday ran a segment on the Federal Reserve and its chairman, Jerome Powell.

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Today sees the Bitcoin bulls mounting a fightback following the weekend slide.

The price of Bitcoin is hovering under $37,000 after the correction from $40,000 in the past 72 hours.

A large narrative over the past few months is the introduction of institutional capital to the Bitcoin space.

In the wake of pro-Trump supporters storming the Capitol in a historic insurrection, Bitcoin surged past $40,000 to notch a fresh record high on Thursday, as the total value of the entire cryptocurrency market crested $1 trillion for the first time, keeping crypto ETF dreams alive.

According to data from Coin Metrics, the digital coin hit an all-time high of $40,188 at around 1:15 p.m. ET, just several hours after crushing the $39,000 level.

Social Capital’s Chamath Palihapitiya projects even more upside after its already momentous rally.

“It’s probably going to $100,000, then $150,000, then $200,000,” Palihapitiya told CNBC’s “Halftime Report.” “In what period? I don’t know. [Maybe] five or 10 years, but it’s going there.”

“The reason [it’s going there] is because, every time you see all of this stuff happening, it reminds you that our leaders are not as trustworthy and reliable as they used to be,” he said. “So, just in case, we really do need to have some insurance we can keep under our pillow that gives us some access to an uncorrelated hedge.”

The news headlines may be helping the cause for a Bitcoin ETF, something that issuers like VanEck continue to champion.

“All indications from the SEC are that a bitcoin ETF still faces an uphill battle,” said Nate Geraci, president of the ETF Store, an investment advisory firm. “That VanEck has the confidence to file for a Bitcoin ETF might indicate some shifting viewpoints within the SEC. Clearly, a key to watch as this drama continues unfolding is whom President Biden taps as SEC chair.”

The value of the entire cryptocurrency market, which is made up of bitcoin and other digital coins like ether and tether, surpassed $1 trillion for the first time earlier on Thursday, according to data from Coinmarketcap. Bitcoin is by far the most dominant cryptocurrency, with a market value of over $700 billion.

Many bitcoin proponents consider the crypto to be akin to “digital gold,” a possible safe-haven asset and protection against inflation.

In a recent research note, JPMorgan said bitcoin could hit $146,000 in the long term as it competes with gold as an “alternative” currency. The investment bank’s strategists noted that bitcoin would have to become substantially less volatile to reach this price, however, as the crypto is known for its extreme volatility and wild swings.

“This latest bull run in January is sure to attract the asset managers’ attention to diversify even more of their assets to crypto as they are keen on finding alternative investments, such as cryptocurrency or gold, to hedge inflation and geopolitical risks,” Simons Chen, executive director of investment and trading at cryptocurrency financial services firm Babel Finance, told CNBC.

“A large number of retail investors have also joined the race recently as they fear to miss out on opportunities to make easy, quick gain from the latest bull run,” he added.

For more market trends, visit  ETF Trends.

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Dubai: Just Hold.

Or ‘Hodl’, as anyone even remotely connected with the world of Bitcoins – or any other cryptocurrency – would say in their lingo.

This is the as-direct-as-it-gets advise Khurram Shroff, Chairman of IBC Group and a big-time player in alternate currencies, has for any Bitcoin investor looking at the wild swings the asset has been showing in recent days.

Hitting a new high of a near $42,000? Bitcoin’s done that.

Dropping 10 per cent or more in value in a day? Yes, it’s been through that as well.

And to think Bitcoin prices were at $23,000 just a month ago.

In these circumstances, it takes quite a bit of inner strength for most investors to think of holding on. But Shroff says: “Relax and Hodl – and if investors don’t want to ride the Bitcoin waves, they can get refuge from price volatility in any stablecoin.”

Now, for the uninitiated, stablecoins are cryptocurrencies – but pegged any other ‘real’ asset such as currencies or traded commodities such as gold. What this does is reduce the volatility of the crypto currency.

“I anticipate the current bull run to continue given the massive inflationary pressures at play in the global economy,” said Shroff. “Much like more traditional investments, cryptocurrencies can also be approached with a diverse set of strategies.

“For instance, investor priorities depend on whether they intend to hold on to a cryptocurrency, as a sort of ‘digital gold’, much like bullion holdings, or as a great savings mechanism.

“If the seller has volatility related concerns about their transactions, they can easily transfer their crypto to a stablecoin of their choice, or immediately trade their holdings for currency that they prefer.

“Ultimately, the seller can take a best-of-both-worlds approach, leveraging the strengths of cryptocurrencies to act on a strategy that they prefer.”

But Bitcoin has its critics, and Christine Lagarde, who heads the European Central Bank, is the latest high-profile one to wade into the debate. Calling it a “funny business”, Lagarde wants cryptocurrencies to come under heavy government regulation. And stop being the free-wheeling currency that it has been so far.

“Blockchain is a superior technology undoubtedly - but it’s equally clear that no monetary system will survive in private sector hands,” said Sameer Lakhani, Managing Director at Global Capital Partners. “This will then relegate Bitcoin to the status of a speculative asset until the inevitable launch of currencies based on blockchain by governments.

“More than 75 per cent of ICOs (initial coin offerings) have failed over the last 3-4 years. Another 5-10 per cent trade at less than 10 per cent of their launch price.”

Bitcoin’s 330 per cent surge in the last 12 months was what convinced more investors they shouldn’t keep away from playing this market. Even those who had reservations are starting to get convinced this is too good an opportunity to miss out.

But at what price are they getting in? Anyone who bought after Bitcoin went past $28,000 or even $30,000 had paid a high risk premium.

“My view is that Bitcoin is still a pretty illiquid asset,” said Roberto d’Ambrosio , CEO of, Axiory Global. “The vast majority is still in the hands of few players, who are not participating – or doing so marginally - in the market.

“Thus, a relatively low amount of the market cap is being moved, so that an increase in demand or offer, even if not sizable, can produce huge movements of the price.”

“Once again, the extreme volatility of cryptocurrencies is confirmed - caution must be exercised in trading such instruments. Investors must carefully size their position and avoid being blinded by excessive greed.”

Will existing investors follow that bit of advice? And just keep 'hodling'?

A visual representation of the cryptocurrency Bitcoin on November 20, 2018 in London, England.

Jordan Mansfield | Getty Images News | Getty Images

GUANGZHOU, China — Bitcoin and other digital coins tanked on Monday, wiping some $200 billion off the cryptocurrency market.

The market capitalization or value of the cryptocurrency market was $880 billion at 9:20 a.m. ET, down from $1.08 trillion a day earlier, according to Coinmarketcap.

Bitcoin, the largest cryptocurrency, fell over 12% from a day earlier to $32,576, according to Coin Metrics data. It earlier sank to an intraday low of $30,863. Ether, the second-largest cryptocurrency, was down 23% to $1,005. It briefly tumbled below $1,000, hitting an intraday low of $945.

The sell-off in cryptocurrencies comes after a huge rally and perhaps signals some profit-taking from investors. Bitcoin is still up over 300% in the last 12 months and last week hit an all-time high just below $42,000.

“The correction we saw was expected as we believe the BTC price surge recently from under $20,000 to $40,000 in the past four weeks will induce sell pressure,” said Simons Chen, executive director of investment and trading at cryptocurrency financial services firm Babel Finance.

The $40,000 mark could have been a trigger for profit-taking, Chen said.

Bitcoin’s resurgence has been attributed to a number of factors including more buying from large institutional investors.

And it has also been likened to “digital gold,” a potential safe-haven asset and a hedge against inflation. In a recent research note, JPMorgan said bitcoin could hit $146,000 in the long term as it competes with gold as an “alternative” currency. The investment bank’s strategists noted, however, that bitcoin would have to become substantially less volatile to reach this price. Bitcoin is known for wild price swings.

But some bitcoin critics — such as David Rosenberg, economist and strategist at Rosenberg Research — have called bitcoin a bubble.

Long-term bullishness around bitcoin remains however.

Jehan Chu, founder of cryptocurrency-focused venture capital and trading firm Kenetic Capital, said the pullback in bitcoin could be a buying opportunity for new investors.

“This short term correction is both natural and needed, and is a great entry point for long-term investors as we quickly reach $50k this quarter and $100k by year’s end,” Chu told CNBC.

Last week, Social Capital’s Chamath Palihapitiya said bitcoin could go above six digits.

“It’s probably going to $100,000, then $150,000, then $200,000,” Palihapitiya told CNBC’s “Halftime Report.” “In what period? I don’t know. [Maybe] five or 10 years, but it’s going there.”

Free America Network Articles

As Bitcoin’s price rallies there are a few traders wishing for one last price drop so they can fill their bags. This isn’t what retail traders would conventionally ask for, but back in 2017, there were nearly 7 opportunities for buying more Bitcoin, before the price skyrocketed to the ATH. 2020 didn’t exactly see a lot of these opportunities and there is a demand for the same in 2021.

Popular trader and crypto Twitter influencer @asiahodl wished for Bitcoin to crash nearly 30% for one last time before another pump. Most responses on this Twitter thread were hilarious, since wishing for a drop isn’t conventional for a trader.

Back in 2013, the bull run didn’t exactly fly off the charts, however, in 2021, the bull run is driving prices higher in full swing, to the extent that it has outdone the 2017 bull run in nearly all aspects. The two price rallies are entirely different from each other and the difference is more fundamental than technical.

The drivers and adopters this time around have renewed faith due to institutional investors. The charts may see a sentiment check, since the last time the market experienced a bull run, there was a drop in the sentiment which in turn gave way to a cascading drop in price. Traders are closing leveraged exposure unsure of the direction that the price trend will take while ePlan B’s S2F model works like clockwork:

When the 2017 top shrinks further, what do we expect to see until the next halving? A drop or sideways movement? Another interesting phenomenon witnessed in this rally is the increasing number of bitcoin whales. The 100 largest Bitcoin transactions in the past 24 hours amounted to 1262327 BTC, or a little over 51% of all Bitcoin transactions, based on data from bitinfocharts.  Looking at the increased whale activity, the rally of 2017 is shrinking in front of the new top discovered in 2020 and the first week of 2021. 

Polkadot, Monero, Ethereum Classic Price Analysis: 08 January

Key metric suggests Bitcoin is about to cross a vital threshold

Ekta is a full-time journalist at AMBCrypto and her specialization lies in spot markets. Currently pursuing her MBA, she is passionate about trading, fintech, and everything decentralized.

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