Crypto Guides, Knowledge & Insights

Will Bitcoin hit $100,000 by the end of 2021?

Bitcoin could hit fresh all-time highs of $100,000 by the end of 2021 due to five key important factors driving momentum, according to the chief executive of leading financial advisory and fintech deVere.　　The bullish prediction from Nigel Green, CEO and founder of the deVere Group, comes after a strong end to the week in the crypto sector, with the worlds largest digital currency gaining almost 10.8% on Friday evening over the previous 24 hours.　　On Saturday morning the price was almost $47,800.　　“Last month, I noted in the media that we can expect the price of Bitcoin to hit, or even surpass, its mid-April all-time high of $65,000 by the end of 2021,” said Green.　　“I now think that this is too conservative. I‘m confident that if the current momentum in prices continues, we could see the Bitcoin price hit to-date unknown highs of $100,000. Even though Bitcoin’s place in the global financial system is already assured, this would be a truly landmark moment.”　　The deVere boss believes there are five key drivers of the momentum fuelling the surge in the Bitcoin price.　　First, the Federal Reserve – the world‘s de facto central bank – came out last week and said that the U.S. –

2021-10-04Deep Dive

BITCOIN FOUND SUPPORT AT $40,000

As Evergrande announced insolvency last week, the price of Bitcoin took a hit alongside other cryptocurrencies. With a total loss of more than 10%. Bitcoin crashed from $52, 000, its highest price in months, to $43,000 in less than a week. Coupled with the China currency ban, the price of Bitcoin and other cryptos plunged, driving the price of Bitcoin to $40,000.　　The crypto market is currently in a panic mood right now as the FEDs look to raise interest rates in the US. This will likely leave the currency market in a sideways movement for the next few months as the market readjusts itself.　　Only short-term investment in Bitcoin and other high-priced cryptocurrencies is advisable as the market readjusts itself. The price of Bitcoin is currently in a range on the 4hr chart and will likely continue to range in the short term. The highest price is at $45,000 and the lowest price is now at $40,000. Price is trading at $43,117 at publishing time.　　The $40,000 support level has been tested a few times and will likely continue to hold while price ranges.　　Investors are presently interested in medium to short-term investment in Bitcoin as currency policy changes.

2021-10-04Deep Dive

BTC bull run has 'at least 6 months to go' — 5 things to watch in Bitcoin this week

Bitcoin (BTC) starts a new week fresh from its first attempt to crack $50,000 in over a month — what’s in store next？　　After an encouraging weekend, BTC/USD faces an increasingly bullish macro climate and a host of expectations from analysts who demand that October changes the game.　　Q4, they say, should be unlike anything yet seen in the current Bitcoin bull run, and the latest estimates even argue that there is more than six months left to prove it.　　With “Uptober” set for its first full week, Cointelegraph takes a look at what factors could be next to move the market in the coming days.Markets brace for “tumultuous ride” this October　　Stocks may have had a flat September, but the first few days of the new month have already shown how just a little good news can see Bitcoin outperform the macro pack.　　While the S&P 500 fell 5% in September, BTC/USD closed the month around $4,000 below where it closed out August.　　Since Oct. 1, however, the pair’s fortunes have firmly set a different tone, and against expectations for stocks to rally at the expense of the U.S. dollar, positive headwinds for Bitcoin may well continue.　　“Q4 2021 will likely record a higher-than-average return,” CNBC

2021-10-04Deep Dive

IMF recommends CBDC and global crypto standards for financial stability

The International Monetary Fund (IMF) released a set of actionable policies for the emerging markets and developing economies to ensure financial stability amid global crypto adoption. 　　The IMF believes in the potential of crypto assets as a tool for faster and cheaper cross-border payments, citing the dramatic increase in the value of the crypto markets despite the bearish trends from May 2021. The report attributes high returns, transaction costs and speed and reduced Anti-Money Laundering (AML) standards as the primary drivers for crypto adoption.　　To counter the resultant financial stability challenges as a result of increased trading of crypto assets, IMF recommends:“Policymakers should implement global standards for crypto assets and enhance their ability to monitor the crypto ecosystem by addressing data gaps. Emerging markets faced with cryptoization risks should strengthen macroeconomic policies and consider the benefits of issuing central bank digital currencies.”　　The IMF report shows that the crypto market valuation has expanded beyond Bitcoin (BTC) along with a sharp increase in stablecoin offerings. Three years of IMF data suggests that risk-adjusted returns of non-stablecoin crypto assets such as Bitcoin are comparable to other mainstream benchmarks like S&P 500, as detailed in the figure below:　　Besides CDBC issuance, the IMF further recommends “proportionate

2021-10-03Deep Dive

Risk-averse Ethereum traders use this options strategy to increase exposure to ETH

On Oct. 1, the cryptocurrency market experienced a 9.5% pump that drove Bitcoin (BTC) and Ether (ETH) to their highest levels in 12 days. A variety of reasons have been attributed to the price move, including the U.S. consumer price index, exchanges diminishing supply, and a “cup and handle” bullish continuation chart formation.　　Traders are not likely to find an explanation for the sudden move, apart from investors regaining confidence after the Sept. 19 drop was attributed to contagion fears from China-based property developer Evergrande.　　The Ethereum network has been facing some criticism due to the $20 or higher transaction costs caused by the nonfungible token (NFT) sales and decentralized finance (DeFi) activity. Cross-chain bridges connecting Ethereum to proof-of-stake (PoS) networks have been partially solving this issue, and Fridays Umbrella network oracle service launch shows just how fast interoperability is advancing.　　It is also worth noting that Chinas announced even stricter rules last week had a positive impact on the volumes seen at Decentralized exchanges (DEX). Centralized crypto exchanges, including Huobi and Binance, announced service suspension for Chinese residents, and a significant outflow of coins followed this. At the same time, this increased movement on Uniswap and the decentralized derivatives exchange dYdX.　　Even with

2021-10-03Deep Dive

Building a better stock market: Tokenized shares bridge trading gap on blockchain

The dramatic short squeeze of the stock of video game retailer GameStop this January was the moment when r/WallStreetBets finally transformed from a humble Reddit forum into a financial force that can no longer be ignored. But lost among the memes, trading app drama and hand-wringing over the sanctity of the stock market was one surprising outcome: GameStop‘s share price didn’t just rise — the company actually listened to its many new retail investors and aggressively ramped up its strategy to focus on e-commerce. Rather than just a one-off market glitch, the investments made by r/WallStreetBets users resulted in the real transformation of a company that many in Wall Street had been predicting the demise of.　　Youd think Wall Street types and their fan club in Congress would be hailing this as a rare triumph of market evangelism. But the wrong people made money out of this event so, in their eyes, the GameStop episode was a dangerous fluke.　　The stock market remains in the hands of self-dealing and corrupt institutions. But just because the traditional market is rigged with rules that shift with the elites‘ moods doesn’t mean that everyday retail investors should cede all shareholder control and abandon trading equity

2021-10-03Deep Dive

Actions speak: China’s crypto ban may reveal digital yuan CBDC goals

Chinese regulatory authorities gave yet another shock to the cryptoverse by imposing a ban on all cryptocurrency transactions on Sept. 24. This measure came just as the market was beginning to recover from the governments June prohibition on cryptocurrency mining activities.　　The fear, uncertainty and doubt (FUD) that resulted from the ban caused Bitcoin (BTC) to crash nearly 9% within five hours, from exchanging hands in the $45,000 range to bottoming out at $41,142. Soon after, Alibaba announced that it would be banning any sale of cryptocurrency rigs and related accessories starting Oct. 8.　　However, the flagship cryptocurrency has since recovered to trading above pre-ban levels of around $45,000. At the time of writing, BTC is exchanging hands in the $47,300 range. This recovery could be on the back of two favorable developments: the chairman of the United States Federal Reserve, Jerome Powell, mentioning that there is no intent to ban Bitcoin or cryptocurrencies in the United States and Irans lifting of its temporary Bitcoin mining ban.　　This is not the first time that BTC or the market as a whole has recovered from FUD caused by China. As per an analysis by Cointelegraph, the cryptoverse has bounced back from Chinas crypto bashing

2021-10-03Deep Dive

NFT for the win: Grandmaster Magnus Carlsen chases a nonfungible trophy

An international chess tournament, Meltwater Champions Chess Tour (MCCT), has announced to mint nonfungible token (NFT) trophies and collectibles for preserving the games most defining moments for infinity. 　　The winner of the MCCT will be awarded an NFT trophy, marking the mainstream crypto involvement from the international chess community. The tournaments finals will see participation from grandmaster Magnus Carlsen and other nine professional chess players including Wesley So.　　According to the official statement, Chess Champs will mint two editions of the Champions Trophy NFT, allowing fans to obtain a replica of the trophy through an online auction. Moreover, the company will also release a series of NFT collectibles attributed to “the moves, the moments and the players” on the chess tour.　　Carlsens interest in crypto can be traced back to a recent chess tournament hosted by FTX crypto exchange, where the World Champion won 0.6 Bitcoin (BTC) along with the $60,000 prize in cash.　　In addition to awards, the chess community is exploring blockchain use cases to prevent cheating in online tournaments amid the COVID-19 restrictions. Running parallel to the postponement of the 2020 Chess Candidates Tournament in Ekaterinburg, Russia, World Chess has previously explored the possibility of moving matches online via blockchain

2021-10-02Deep Dive

Bitcoin investors 'no longer fearful' — watch this BTC price level next

Bitcoin (BTC) stayed higher on Oct. 2 after a “fantastic” break to the upside upended market sentiment.　　BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTrader eyes $45,000 BTC price floor 　　Data from Cointelegraph Markets Pro and TradingView followed eerie calm on BTC/USD after Fridays sudden upside volatility saw $3,000 added in an hour.　　The classic “short squeeze” saw no significant pushback into the weekend, with Bitcoin preserving levels above the August close.　　For Cointelegraph contributor Michaël van de Poppe, it was now a question of what form a consolidation period could take in the coming days.　　“If we want to get any corrective move at all, I think you dont want to see it go that far down,” he warned in a YouTube update Friday.“I think the deepest you want to see it go is this level around $45,000.”　　Van de Poppe nonetheless added that he favored bullish continuation as the conclusion to short-term price action rather than a deeper drop towards levels from earlier in the week.　　A look at buy and sell levels on major exchange Binance meanwhile revealed incremental resistance in place beginning at $48,000.　　BTC/USD buy/ sell levels (Binance) on Oct. 2. Source: Material Indicators“Extreme fear precedes financial opportunity”　　Equally optimistic was trader and analyst

2021-10-02Deep Dive

The focus of the blockchain climate discussion is missing the point

As the nonfungible tokens craze took off at the start of the year, many climate-conscious artists vocalized their disapproval of Ethereums energy consumption. In May, Elon Musk then derailed Bitcoin (BTC), citing the energy consumed by Bitcoin as cause for Tesla to withdraw its plans to accept BTC as payment for its electric cars.　　Both of these events have provoked a surge of debate from inside and outside the blockchain community. In particular, the arguments tend to focus on two areas: Bitcoins energy consumption and its dependency on climate-damaging fossil fuels versus renewables and, secondly, the benefits of one blockchain platform over another — generally focusing on consensus models and promoting proof-of-stake as the greener option.　　Each debate is overflowing with arguments for both sides. If the IPCC is right, then the need for drastic action to help reverse some of the damage cannot be overstated. To do that, the focus ought to be on the positive applications of blockchain.Leveraging blockchain‘s strengths　　One significant way that blockchain’s impact is already substantial is in its ability to crowdsource large amounts of otherwise wasted energy — which is aggregated and reignited for further utility. Crowdsourcing wasted energy is in keeping with the principles of a

2021-10-02Deep Dive

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