Recent Comments Could Trigger Massive Bitcoin Buys

Recent Comments From Fed’s Kashkari On Inflation Could Trigger Massive Bitcoin Buys

By Adrian Klent – April 12, 2021

President of the Federal Reserve Bank of Minneapolis Neel Kashkari has said that a 4% inflation rate would not cause him any form of panic.

In an interview sponsored by the Economic Club of New York, Kashkari told American macroeconomist and Harvard professor Gregory Mankiw that his concerns would majorly depend on “why” inflation had hit 4%.

He noted that the most momentous approach would be to define the cause of the inflation—if it is caused by something temporary, “like a blockage in the Suez Canal”, or a factor that would linger for a lengthier period.

A higher inflation rate at this point would influence greater dependence on BTC—it is only logical, and we’ve witnessed it firsthand. 

Additionally, the fact that Neel Kashkari’s primary message reeks of alarming insouciance and points to the possibility of a higher inflation rate could put a lot of people on their toes—especially those who were unconcerned at first—inducing them to flee to a more secure store of value.

Inflation concerns have been among the major proponents of the exodus from traditional fiat currencies to cryptocurrencies. The COVID-19 pandemic fuelled the printing of more money and drastically reduced the production of goods. This raised major inflation concerns and more people trooped to Bitcoin—an asset limited in supply and functions as a decent store of value—for financial security.

A lot of U. S. citizens are flocking to BTC as a result of inflation concerns amid the dispensation of several stimulus packages—a trend that has patently influenced the recent bullish patterns the asset has been seeing.

More precisely, a lot of billionaires and big investors have set their eyes on BTC, diversifying their respective portfolios to accommodate the firstborn crypto. On the list are American hedge fund manager, Paul Tudor Jones; Coinbase CEO, Brian Armstrong; Dallas Mavericks owner, Mark Cuban; Twitter CEO, Jack Dorsey among others.

Now, with recent hints at a higher inflation rate, it would not be inapt to assume these, and more would add more BTC to their portfolios for greater security.

Besides these notable personalities, a good number of U.S. citizens have expressed concerns about the increasing inflation rate in the country according to a CiviScience survey which saw 77% of 2,600 correspondents indicate they were at least somewhat concerned. This has and will quite possibly keep influencing a greater interest in BTC.

Those that have invested in BTC of late have recorded massive gains in short periods of time. Elon Musk’s Tesla made $1 billion from BTC in less than a month of investing $1.5 billion; MicroStrategy stock soared massively in response to its BTC purchases; furthermore, Square reported $4.7 billion in BTC sales in 2020.

While there are other digital assets to be considered, BTC has proven to be one of the best investments of late and will keep attracting more attention.

The global economic woes majorly triggered by the pandemic, the growing inflation concerns, and the favorable yields BTC investments have so far brought are chief contributing factors to more BTC adoption and it is not out of line to presume a significant increase now that there are indications of even greater inflation.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Adrian Klent and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Recent Comments Could Trigger Massive Bitcoin Buys

Recent Comments From Fed’s Kashkari On Inflation Could Trigger Massive Bitcoin Buys

By Adrian Klent – April 12, 2021

President of the Federal Reserve Bank of Minneapolis Neel Kashkari has said that a 4% inflation rate would not cause him any form of panic.

In an interview sponsored by the Economic Club of New York, Kashkari told American macroeconomist and Harvard professor Gregory Mankiw that his concerns would majorly depend on “why” inflation had hit 4%.

He noted that the most momentous approach would be to define the cause of the inflation—if it is caused by something temporary, “like a blockage in the Suez Canal”, or a factor that would linger for a lengthier period.

A higher inflation rate at this point would influence greater dependence on BTC—it is only logical, and we’ve witnessed it firsthand. 

Additionally, the fact that Neel Kashkari’s primary message reeks of alarming insouciance and points to the possibility of a higher inflation rate could put a lot of people on their toes—especially those who were unconcerned at first—inducing them to flee to a more secure store of value.

Inflation concerns have been among the major proponents of the exodus from traditional fiat currencies to cryptocurrencies. The COVID-19 pandemic fuelled the printing of more money and drastically reduced the production of goods. This raised major inflation concerns and more people trooped to Bitcoin—an asset limited in supply and functions as a decent store of value—for financial security.

A lot of U. S. citizens are flocking to BTC as a result of inflation concerns amid the dispensation of several stimulus packages—a trend that has patently influenced the recent bullish patterns the asset has been seeing.

More precisely, a lot of billionaires and big investors have set their eyes on BTC, diversifying their respective portfolios to accommodate the firstborn crypto. On the list are American hedge fund manager, Paul Tudor Jones; Coinbase CEO, Brian Armstrong; Dallas Mavericks owner, Mark Cuban; Twitter CEO, Jack Dorsey among others.

Now, with recent hints at a higher inflation rate, it would not be inapt to assume these, and more would add more BTC to their portfolios for greater security.

Besides these notable personalities, a good number of U.S. citizens have expressed concerns about the increasing inflation rate in the country according to a CiviScience survey which saw 77% of 2,600 correspondents indicate they were at least somewhat concerned. This has and will quite possibly keep influencing a greater interest in BTC.

Those that have invested in BTC of late have recorded massive gains in short periods of time. Elon Musk’s Tesla made $1 billion from BTC in less than a month of investing $1.5 billion; MicroStrategy stock soared massively in response to its BTC purchases; furthermore, Square reported $4.7 billion in BTC sales in 2020.

While there are other digital assets to be considered, BTC has proven to be one of the best investments of late and will keep attracting more attention.

The global economic woes majorly triggered by the pandemic, the growing inflation concerns, and the favorable yields BTC investments have so far brought are chief contributing factors to more BTC adoption and it is not out of line to presume a significant increase now that there are indications of even greater inflation.

ecosystem for entrepreneurs
Markethive Advertisement

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Adrian Klent and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Topps baseball card maker and MLB will issue official NFTs

Topps baseball card maker and MLB will issue official NFTs

A set of Topps Series 1 Baseball nonfungible token collectibles will be issued by the major card maker in partnership with Major League Baseball and MLB Players Inc.


Image courtesy of CoinTelegraph

            APR 12, 2021

A set of nonfungible tokens will be issued by the United States’ leading trading card maker Topps in partnership with Major League Baseball and MLB Players Inc.

Topps’ flagship annual baseball card collection, now to circulate in NFT form, reflects the company’s pivot toward a digital transition and awareness of the growing and significant appeal of blockchain-based collectibles.

To help bridge between the traditional and digital worlds of collectors, artwork from the physical versions of this year’s Topps Series 1 baseball release will be reimagined and enhanced for the officially licensed Topps MLB NFT set.

A range of cards of varying degrees of rarity from “common” to “legendary,” as well as limited edition and platinum anniversary cards, will be available for purchase; moreover, the company is making use of motion graphics and what it dubs “nostalgic card templates” and “other digital flourishes” to increase the allure of the new digital set. Evan Kaplan, managing director of MLB Players, said:

“As collectibles enjoy a breakout moment with NFTs and blockchain technology, we can’t think of a better way to honor the legendary players from years past and look forward to the incredible careers ahead of today’s stars and breakout rookies.”

Topps is no stranger to blockchain and has long shown its willingness to bring a traditional hobby into the digital age. Alongside its series of officially licensed Topps collectibles on a blockchain, the company has expanded its suite of mobile sports and entertainment digital collectibles apps, including its Topps Bunt baseball app.

In a recent interview, Topps chairman Michael Eisner said the sports and entertainment side of the company is already 25% digital and is growing fast. As the company now plans to go public, he singled out blockchain and NFTs in particular for their wide appeal, noting that they offer Topps an opportunity to participate in the secondary market.

In the wider U.S. baseball world, Cointelegraph recently reported that MLB’s Oakland Athletics has this year begun accepting Bitcoin (BTC) as payment for home season suites and intends to hold onto the cryptocurrency obtained from any suite sales. Meanwhile, blockchain sports firms, such as Chiliz, have also been eyeing the MLB fanbase via sports fan tokens.

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Original article posted on the CoinTelegraph.com site, by Marie Huillet.

Article re-posted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Topps baseball card maker and MLB will issue official NFTs

Topps baseball card maker and MLB will issue official NFTs

A set of Topps Series 1 Baseball nonfungible token collectibles will be issued by the major card maker in partnership with Major League Baseball and MLB Players Inc.


Image courtesy of CoinTelegraph

            APR 12, 2021

A set of nonfungible tokens will be issued by the United States’ leading trading card maker Topps in partnership with Major League Baseball and MLB Players Inc.

Topps’ flagship annual baseball card collection, now to circulate in NFT form, reflects the company’s pivot toward a digital transition and awareness of the growing and significant appeal of blockchain-based collectibles.

To help bridge between the traditional and digital worlds of collectors, artwork from the physical versions of this year’s Topps Series 1 baseball release will be reimagined and enhanced for the officially licensed Topps MLB NFT set.

A range of cards of varying degrees of rarity from “common” to “legendary,” as well as limited edition and platinum anniversary cards, will be available for purchase; moreover, the company is making use of motion graphics and what it dubs “nostalgic card templates” and “other digital flourishes” to increase the allure of the new digital set. Evan Kaplan, managing director of MLB Players, said:

“As collectibles enjoy a breakout moment with NFTs and blockchain technology, we can’t think of a better way to honor the legendary players from years past and look forward to the incredible careers ahead of today’s stars and breakout rookies.”

Topps is no stranger to blockchain and has long shown its willingness to bring a traditional hobby into the digital age. Alongside its series of officially licensed Topps collectibles on a blockchain, the company has expanded its suite of mobile sports and entertainment digital collectibles apps, including its Topps Bunt baseball app.

In a recent interview, Topps chairman Michael Eisner said the sports and entertainment side of the company is already 25% digital and is growing fast. As the company now plans to go public, he singled out blockchain and NFTs in particular for their wide appeal, noting that they offer Topps an opportunity to participate in the secondary market.

In the wider U.S. baseball world, Cointelegraph recently reported that MLB’s Oakland Athletics has this year begun accepting Bitcoin (BTC) as payment for home season suites and intends to hold onto the cryptocurrency obtained from any suite sales. Meanwhile, blockchain sports firms, such as Chiliz, have also been eyeing the MLB fanbase via sports fan tokens.

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Original article posted on the CoinTelegraph.com site, by Marie Huillet.

Article re-posted on Markethive by Jeffrey Sloe

Record BTC weekly close

Record BTC weekly close, Ethereum all-time high: 5 things to watch in Bitcoin this week

It’s a sea of green across cryptocurrency on Monday as all-time highs come back within reach for Bitcoin.


Image courtesy of CoinTelegraph

            APR 12, 2021

Bitcoin (BTC) is back with a vengeance this week as a new day’s trading gets underway with a fresh attack on $60,000.

After a weekend in which the largest cryptocurrency avoided a correction, Monday is looking bullish — but what could shape price action in the short term?

Cointelegraph presents five factors to keep an eye on for Bitcoin traders as the market inches closer to historic all-time highs.

Stocks reflect coronavirus mayhem

The macro picture is a tale of two coronavirus moods this week.

With the United Kingdom exiting lockdown, sentiment among business leaders has bounced to highs, indicative of pockets of optimism surfacing in the West still battered by coronavirus restrictions.

The picture is muddied by eurozone main players France and Germany, in which the picture is much less rosy, while the United States is also a patchwork of policy when it comes to the virus.

As such, stocks are broadly flat as the week begins, while elsewhere, a looming lockdown is sending sentiment plummeting in India, Monday’s main downward mover.

The controversial measures from Delhi “are unnerving markets and no one is sure whether lockdowns will help bring cases under control,” Deepak Jasani, head of retail research at HDFC Securities told Bloomberg.

“The incentive to try and bottom-fish at this point is limited for traders.”

Markets commentator Holger Zschaepitz, meanwhile, described a “busy” week for equities, noting new highs for mainstream risk assets on Friday — something which increasingly includes Bitcoin.

Breakout on the cards for Bitcoin

The signal of the moment within Bitcoin is finally tied to the spot market.

On Monday, $60,000 is back after BTC/USD last passed the significant price level early on Saturday.

The weekend saw the largest weekly close in Bitcoin’s history at around $60,000.


BTC/USD 1-week candle chart (Bitstamp). Source: Tradingview (Click image for larger view)

At the time of writing, the BTC/USD pair is targeting $61,000 again, less than $1,000 from all-time highs. Among analysts, expectations of Bitcoin reentering uncharted territory are predictably high.

“Another breakout attempt,” on-chain analytics service Skew summarized.

A look at order book activity on major exchange Binance shows sellers lined up at $60,500, $61,500 and $62,000 before orders begin to dry up. On the buy side, $59,000, $58,000 and $57,000 remain strong areas of interest.

The resulting constriction of volatility, with Bitcoin sandwiched between major buy and sell interest, is a classic signal for the final stages of price consolidation. At 50 days, Bitcoin has now been in such a consolidatory regime since hitting $58,300 for the first time in the last week of February.

For popular Twitter trader Crypto Ed, the latest move is surprising, as just last week, more bearish signals filled the low-timeframe landscape. Sunday, in addition, was pointing to an incoming drop.

“Surprising PA this morning invalidating this idea,” he commented.

Coinbase punctuates booming on-chain indicators

Cointelegraph has often reported on the strength of Bitcoin on-chain indicators this year, these consistently demanding a continuation of the bull market throughout 2021.

Despite the past weeks’ consolidation, nothing has changed for fundamentals, which show that Bitcoin is not yet near the bull cycle peak, for example like that of December 2017.

For Twitter account Byzantine General, which produced a comprehensive overview of indicator data this weekend, there is thus no reason to be bearish at $60,000.

“Summary: – derivs a bit overheated – constant strong spot bid – institutional driven flow – no peak retail euphoria yet – mainstream adoption getting very real – Coinbase IPO could be volatility catalyst,” it concluded.

Many of those points refer to material already covered by Cointelegraph, while Coinbase’s upcoming direct listing on Nasdaq (Wednesday) may provide a rare counterpoint narrative this week.

Specifically, listing day can often see a sell-off for companies going public, and this Wednesday may therefore see temporary volatility.

“Coinbase’ google searches suggest that normies haven’t caught on yet,” Byzantine General added.

“It seems to be only crypto nerds that are aware and even among us there’s disagreement on what this event entails.”


BTC/USD performance compared to previous cycles. Source: Ecoinometrics/ Twitter (Click image for larger view)

Ether sees fresh historic peak in altcoin surge

It’s not just Bitcoin shooting for the moon on Monday — altcoins are setting records, indicative of a broader leg up for cryptocurrency interest.

These are being led by Ether (ETH), the largest altcoin by market cap, which has hit new all-time highs on the day, currently at $2,190.


ETH/USD 1-day candle chart (Bitstamp). Source: Tradingview (Click image for larger view)

Long tipped to be targeting $5,000 and even $10,000 this cycle, ETH/USD has gained 7% in the past week, frequently outperforming Bitcoin itself.

That performance nonetheless pales in comparison to other major cap altcoins, notably Binance Coin (BNB), which is up 70% in seven days and nearing $600.

“I think $BNB is headed to $600. Pennant break. All time high break. Price discovery. A lot to like. Looks insane on $BTC pair as well,” analyst Scott Melker commented on the action last weekend in a timely prediction.

As Cointelegraph reported, “alt season 2.0” is expected to hit its stride only in summer and reaching hitherto unknown proportions. Fellow analyst Filbfilb, co-founder of trading suite DecenTrader, believes altcoins’ time is already here.

Coinbase outflows reinforce institutional buy-in narrative

Finally, another event that cast the spotlight on Coinbase, this time, involving users rather than the company itself.

According to on-chain monitoring resource Glassnode, Sunday saw a sudden spike of $750 million in outflows from Coinbase’s books.

While not unequivocally indicative of a major buy-in, such an event would not be unheard of in the current environment, but would be significant in terms of size.

Institutional investors continue to both buy and champion Bitcoin as an investment, while rumors swirl of more famous names reportedly eyeing an allocation.


Coinbase outflows chart. Source: Glassnode (Click image for larger view)

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Original article posted on the CoinTelegraph.com site, by William Suberg.

Article re-posted on Markethive by Jeffrey Sloe

Institutional adoption to push Bitcoin price to 400k Bloomberg analyst

Institutional adoption to push Bitcoin price to 400k – Bloomberg analyst

By Muhaimin Olowoporoku — April 11, 2021 in Bitcoin News 2 min read

TL;DR Breakdown

  • BTC price to hit 400k.
  • BTC vs Gold just like comparing digital and analog.

Bloomberg analysts in their recent Bitcoin price prediction have said the price of the number one crypto could surge by over 350 percent to hit $400,000. The analysts in their analysis explain that Bitcoin could be replacing gold more suddenly than gradually.

In the Bloomberg monthly report led by senior commodity strategist, Mike McGlone, they outlined that the baseline support for the asset is now at $50,000. The analysts also acknowledge $60,000 as a key resistance level for the coin but believe the resistance won’t be there long anymore especially after breaking through two times and adoption of institutional investors like Morgan Stanley, Visa, Goldman Sachs, Tesla among others.

In Bloomberg’s monthly report, it notes that the entry of large institutional investors would accelerate and underpin the price for the foreseeable future. The report also sights the approval of several Bitcoin ETFs in Canada, Brazil, and other countries would eventually make US regulators act the same way. They describe it as another bullish milestone.

Considering a potential repeat of history regarding Bitcoin price, Bloomberg notes that a significant surge could be around the corner. Should the asset indeed mimic even the more modest price surge, its value could approach $400,000, based on the “regression since 2011 high.”

How Bitcoin is replacing gold

The analysts in their report doubled down on the fact that BTC is actually replacing gold calling the precious metal old guard thereby predicting a gradual replacement process. However, they note that replacing the precious metal does not paint a bearish run for it (gold). Going further, Bloomberg described a comparison between BTC and gold as digital vs analog tipping Bitcoin price for a bullish run in the future. JP Morgan agreed with Bloomberg’s point noting that BTC and crypto already have taken a giant share of gold’s market.

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The original article was written by Muhaimin Olowoporoku and posted on Cryptopolitan.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

ADA is Best-Performing Crypto Of The Past Year

And The Best-Performing Cryptocurrency Of The Past Year Is… Cardano(ADA), With Incredible 3,290% Returns

By Brenda Ngari – April 11, 2021

Cardano (ADA) has enjoyed a meteoric rise over the last year. The cryptocurrency is up by over 3,200% and is outshining every other crypto-asset, including the flagship cryptocurrency, bitcoin.

Despite the massive upsurge that Cardano has registered over the last couple of months, analysts believe there’s more growth ahead.

Amazing! ADA Outpaces All Other Cryptocurrencies

It might come as a shock to you but Cardano’s ADA is way ahead of other major cryptocurrencies in terms of the past year’s performance. The feat was pointed out by Compound Capital Advisors’ CEO and founder, Charlie Bilello. Bilello compiled the performances of the top ten cryptocurrencies over the past year and shared the findings in a tweet on April 10. He also included the performances of the U.S. dollar and gold.


ADAUSD Chart By TradingView (Click image for larger view)

The CEO noted that Cardano, which is now sixth-ranked on the cryptocurrency leaderboard, raked in 3,290% gains in the last year. Unsurprisingly, Binance Coin (BNB) comes second with a return of 3,058%. The coin has performed exceptionally well lately, in part due to the success of the Binance Smart Chain which supports decentralized finance (DeFi). BNB is followed by Polkadot (DOT) which has an annual return of 1,353%.

In contrast, bitcoin has amassed 728% gains over the same time frame. Its physical counterpart, Gold, has gained only 3%, while the greenback is sitting on 8% losses.

Analyst And YouTuber Ben Armstrong Expects ADA To Hit $8 By End October

According to prominent YouTuber and crypto strategist Ben Armstrong, ADA will mock the shorters and skeptics as it continues to surge in the coming six months.

Armstrong forecasts that the cryptocurrency will reach the coveted $8 mark by October 31, 2021 before succumbing to profit-taking.

By the end of, you know, the altcoin cycle, I think it will be around Halloween, I can see Cardano reaching $8. I can see a lot of people wanting it to get to $10. And I think between $8 and $9, people will start taking profits, – and that will kind of be the end.”

His prediction is based on the fact that ADA will stand the test of time owing to the increased institutional appetite for the asset. “We’re seeing now some institutions are looking at Cardano. And I think there’s a reason for that. They understand the long-term play, the slow roadmap,” Armstrong posited. 

ADA is presently valued at $1.26. To hit Armstrong’s audaciously bold price target, it would have to appreciate by over 650%. 

Learn all about Cryptocurrency
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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Institutional adoption to push Bitcoin price to 400k

Institutional adoption to push Bitcoin price to 400k – Bloomberg analyst

By Muhaimin Olowoporoku — April 11, 2021 in Bitcoin News 2 min read

TL;DR Breakdown

  • BTC price to hit 400k.
  • BTC vs Gold just like comparing digital and analog.

Bloomberg analysts in their recent Bitcoin price prediction have said the price of the number one crypto could surge by over 350 percent to hit $400,000. The analysts in their analysis explain that Bitcoin could be replacing gold more suddenly than gradually.

In the Bloomberg monthly report led by senior commodity strategist, Mike McGlone, they outlined that the baseline support for the asset is now at $50,000. The analysts also acknowledge $60,000 as a key resistance level for the coin but believe the resistance won’t be there long anymore especially after breaking through two times and adoption of institutional investors like Morgan Stanley, Visa, Goldman Sachs, Tesla among others.

In Bloomberg’s monthly report, it notes that the entry of large institutional investors would accelerate and underpin the price for the foreseeable future. The report also sights the approval of several Bitcoin ETFs in Canada, Brazil, and other countries would eventually make US regulators act the same way. They describe it as another bullish milestone.

Considering a potential repeat of history regarding Bitcoin price, Bloomberg notes that a significant surge could be around the corner. Should the asset indeed mimic even the more modest price surge, its value could approach $400,000, based on the “regression since 2011 high.”

How Bitcoin is replacing gold

The analysts in their report doubled down on the fact that BTC is actually replacing gold calling the precious metal old guard thereby predicting a gradual replacement process. However, they note that replacing the precious metal does not paint a bearish run for it (gold). Going further, Bloomberg described a comparison between BTC and gold as digital vs analog tipping Bitcoin price for a bullish run in the future. JP Morgan agreed with Bloomberg’s point noting that BTC and crypto already have taken a giant share of gold’s market.

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The original article was written by Muhaimin Olowoporoku and posted on Cryptopolitan.com.

Article reposted on Markethive by Jeffrey Sloe

And The Best-Performing Cryptocurrency Of The Past Year Is…

And The Best-Performing Cryptocurrency Of The Past Year Is… Cardano(ADA), With Incredible 3,290% Returns

By Brenda Ngari – April 11, 2021

Cardano (ADA) has enjoyed a meteoric rise over the last year. The cryptocurrency is up by over 3,200% and is outshining every other crypto-asset, including the flagship cryptocurrency, bitcoin.

Despite the massive upsurge that Cardano has registered over the last couple of months, analysts believe there’s more growth ahead.

Amazing! ADA Outpaces All Other Cryptocurrencies

It might come as a shock to you but Cardano’s ADA is way ahead of other major cryptocurrencies in terms of the past year’s performance. The feat was pointed out by Compound Capital Advisors’ CEO and founder, Charlie Bilello. Bilello compiled the performances of the top ten cryptocurrencies over the past year and shared the findings in a tweet on April 10. He also included the performances of the U.S. dollar and gold.


ADAUSD Chart By TradingView (Click image for larger view)

The CEO noted that Cardano, which is now sixth-ranked on the cryptocurrency leaderboard, raked in 3,290% gains in the last year. Unsurprisingly, Binance Coin (BNB) comes second with a return of 3,058%. The coin has performed exceptionally well lately, in part due to the success of the Binance Smart Chain which supports decentralized finance (DeFi). BNB is followed by Polkadot (DOT) which has an annual return of 1,353%.

In contrast, bitcoin has amassed 728% gains over the same time frame. Its physical counterpart, Gold, has gained only 3%, while the greenback is sitting on 8% losses.

Analyst And YouTuber Ben Armstrong Expects ADA To Hit $8 By End October

According to prominent YouTuber and crypto strategist Ben Armstrong, ADA will mock the shorters and skeptics as it continues to surge in the coming six months.

Armstrong forecasts that the cryptocurrency will reach the coveted $8 mark by October 31, 2021 before succumbing to profit-taking.

By the end of, you know, the altcoin cycle, I think it will be around Halloween, I can see Cardano reaching $8. I can see a lot of people wanting it to get to $10. And I think between $8 and $9, people will start taking profits, – and that will kind of be the end.”

His prediction is based on the fact that ADA will stand the test of time owing to the increased institutional appetite for the asset. “We’re seeing now some institutions are looking at Cardano. And I think there’s a reason for that. They understand the long-term play, the slow roadmap,” Armstrong posited. 

ADA is presently valued at $1.26. To hit Armstrong’s audaciously bold price target, it would have to appreciate by over 650%. 

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

This 17 Billion Hedge Fund Is Holding Bitcoin With Coinbase

This $17 Billion Hedge Fund Is Holding Bitcoin With Coinbase

By Steven Msoh – April 10, 2021

New York-based hedge fund Third Point Management is the latest multi-billion dollar firm to reveal it has delved into the cryptocurrency industry. According to its latest filings with the securities regulator, it holds a significant amount of crypto on Coinbase.

Founded by billionaire investor Daniel Loeb, Third Point currently holds crypto from five of its investment funds with Coinbase, regulatory documents filed with the SEC show. Some of these funds hold billions of dollars in assets. However, the documents don’t reveal how much of this is in crypto, which coins it has invested in, or for how long it has held them.

The documents further reveal that Third Point invests in crypto both directly and indirectly and even considers staking.

“The Accounts may invest in virtual or cryptocurrencies and related digital asset transactions. The Accounts’ cryptocurrency transactions may include, but are not limited to, direct investment on a spot basis, indirect investment involving derivative contracts referencing cryptocurrencies (including but not limited to cryptocurrency futures), and income generated through, activities such as staking and lending.”

Third Point acknowledged that investing in crypto is risky. With the industry being rather nascent, “new risks may emerge at any time.” In addition, they are very volatile as their value “depends partially on the growth and acceptance of distributed ledger technology by investors, market participants and regulatory authorities more broadly.” The crypto market is also opaque and subject to the risk of fraud and manipulation, the hedge fund stated.

Daniel Loeb, the Latest Billionaire Interested In Bitcoin

The public disclosures on Third Point’s crypto interest come just a month after its founder expressed an interest in crypto. Loeb made his first public comments on crypto last month on Twitter. “I’ve been doing a deep dive into crypto lately. It is a real test of being intellectually open to new and controversial ideas,” he stated.

Loeb advocated for “healthy skepticism” while deepening one’s understanding of crypto. He further revealed that for him, one of the greater conflicts in determining the timing of his entry into the crypto industry.

He explained, “Another conflict to overcome is the idea that being late to the crypto party will inevitably lead to one taking the sucker seat at a high stakes poker table versus this still being early days in what is just now being adopted in the mainstream.”

Loeb, who is worth $3.5 billion, is the latest billionaire to dive into crypto. He joins some of the world’s most elite investors and innovators who have continually warmed up to Bitcoin. Elon Musk, the world’s second-richest man, is among crypto’s biggest advocates. The Tesla CEO has been vocal about not just Bitcoin, but also Dogecoin, DeFi, and NFTs. His company showed great belief in Bitcoin by purchasing $1.5 billion worth of Bitcoin. It also accepts payments in BTC for its electric cars.

Mark Cuban, the billionaire Dallas Mavericks owner, is also a big fan of Bitcoin as a store of value. He has, however, criticized BTC as a currency, claiming Ether is closer to a currency than Bitcoin. The Shark Tank star owns BTC, SushiSwap, Aave, and Ether.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Steven Msoh and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

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