- Bloomberg recently released a report that reveals that the company is expecting bitcoin to potentially return to its all-time high of $20,000, if not $28,000…
- The report goes on to suggest that COVID-19 sped up the shore nature of bitcoin as an asset.
Bloomberg recently released a report that reveals that the company is expecting the leading cryptocurrency, bitcoin to look back on 2017 and potentially return to its all-time high of $20,000, if not $28,000…
The report by Bloomberg goes on to suggest that the current pandemic brought on by COVID-19 sped up the shore nature of bitcoin as an asset. It is showing strength and this is all during times of economic turmoil in the world. The report further highlights that the increase in appetite for many institutional investors have/are playing a big role in the future of the leading coin.
“So far this year, its increasing AUM has consumed about 25% of new Bitcoin-mined coins vs. less than 10% in 2019. Our graphic depicts the rapidly rising 30-day average of GBTC AUM near 340,000 in Bitcoin equivalents, about 2% of total supply. About two years ago, it accounted for 1%.”
But can bitcoin return to its all-time high of $20,000, if not higher? That is the question that has been asked in the industry since 2017 and it’s one that we highly anticipated to occur. Following the bitcoin halving event last month, many people expected the King coin to return to this height if not higher but were disappointed in the outcome.
The Bloomberg report highlights that something needs to go really wrong for bitcoin not to increase its value and goes on to say that it will approach its high of $20,000 and could even reach a new one of $28,000. The report states:
“Last year, the high was about $14,000, which would translate into almost double in 2020 if rotating within the recent band, and mean little in the big picture.”
For more news on this and other crypto updates, keep it with CryptoDaily!
If reproduced, please indicate the source: https://www.uucj.net/could-btc-return-to-its-high-of-20000-new-bloomberg-report-suggests-so/
Stock and cryptocurrency trading platform Robinhood has withdrawn its bank charter application with the Office of the Comptroller of the Currency. As CNBC reported on Nov. 27, Robinhood voluntarily decided to withdraw its application with the regulator due to the challenges the company could face in receiving a charter. A spokesperson said that “Robinhood will continue to focus on increasing participation in the financial system and challenging the industry to better serve everyone.” Robinhood applied for a bank charter with the United States Office of the Comptroller of the Currency in April, asserting that it would be the first step towards being able to offer traditional banking products and services. The full-service bank would have operated alongside the mobile-focused trading arm, which enables users to trade crypto, funds and options on their phones and desktops. Regulatory scrutiny and latest developments Previously, Robinhood faced regulatory scrutiny after it rebranded the service’s name to “cash management” and removed references to deposit protection. U.S. politicians reportedly accused the company of failing to offer full transparency its 850,000+ consumers. Linkedln recently ranked the startup…Nov 28, 2019
The dollar price of Ripple’s token XRP has remained relatively flat, with a long-time gradual slide for all of 2019. But the story about price action may be hidden in another pair, XRP/BTC. XRP Closes In on Crucial Level Against BTC XRP may be nearing another crossroad level, though not expressed in terms of dollar price. The Satoshi position of the asset tells another story and reveals the confidence of changing directions. Top TradingView Bitcoin analyst Jacob Canfield, sees this week’s pivotal point for XRP at 2,350 Satoshi. Breaking below that level at close may signal further losses for the crypto asset. A lot of people focus on XRPUSD, but XRPBTC just recently broke the weekly 20MA. It tried to hold it, but failed to this week. A key pivot level for $XRP on the weekly is the 2350 zone. If this breaks and closes, I would look for potential support much lower. pic.twitter.com/j4di1ObHTy — Jacob Canfield (@JacobCanfield) December 20, 2019 The Satoshi price is especially critical, given that XRP proponents expect the coin to eventually replace BTC, by merit…Dec 21, 2019
The partnership between Ripple and Bitso is proving fruitful as millions of Latin Americans can use the service to send cross-border payments and enjoy cheap, fast and efficient transactions. Through a post on the official website, Ripple detailed the benefits and growth of the partnership with Bitso, the largest exchange in Latin America. Thanks to Ripple, since 2018, Bitso has grown to be recognized as the largest money exchange in Latin America. Bitso Head of Finance Barbara Gonzalez Briseno stated: “We have the world’s largest liquidity of Mexican pesos to digital assets and are MoneyGram’s key exchange partner for remittances into Mexico.” Briseno explained that after a decade working in different finance positions, she now clearly understands the challenges of sending money out of Mexico. She noted that, the traditional methods are time-consuming, very expensive for most people and marred by friction and uncertainty With the traditional wire transfers surrounded by processes that require a lot of paperwork in order to be processed, the retail customers who use money on a daily basis are greatly affected by the slow process….Mar 6, 2020
Dan Matuszewski remembers the early days of cryptocurrency trading, just a handful of years ago. It wasn’t the possibility of a market correction that worried him. It was the risk that the whole business might disappear. “There was always a non-zero chance that bitcoin would gap down, die, and never come back,” Matuszewski, 31, said in a phone interview. Matuszewski, who previously oversaw trading at the cryptocurrency-focused financial company Circle, says he’s now confident enough in the market’s future that he’s teamed up with two partners to pool more than $10 million to start a proprietary-trading firm. They are Bobby Cho, 35, former head of trading at brokerage firm DRW’s Cumberland crypto unit, and Julien Collard-Seguin, 31, a former technology executive at Circle. According to Cho, the new company, called CMS Holdings, started trading in October. The business is registered in the Cayman Islands and doesn’t manage money from outside investors, he said. “We deploy strategies much like a hedge fund in the market, except that we’re not structured as such,” Cho said. The plan is to put 30 percent…Nov 13, 2019
Ripple failed to stay above the $0.2200 support and declined recently against the US Dollar. XRP price is showing bearish signs and it could continue to dive towards $0.2000. Ripple price topped near the $0.2269 level and declined recently against the US dollar. It is now trading well below the $0.2200 pivot level and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $0.2185 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is likely to continue lower towards the $0.2000 support level in the near term. Ripple Price Could Extend Losses After a steady rise, ripple struggled to continue above the $0.2260 and $0.2280 levels. XRP formed a short term top near the $0.2269 level and recently started a strong decline. There was a break below the key $0.2200 support and the 100 hourly simple moving average. More importantly, there was a break below a key bullish trend line with support near $0.2185 on the hourly chart of the XRP/USD pair. Ripple Price The…May 4, 2020
According to a study released by the G-20’s Financial Stability Board on April 14, stablecoins pose a pertinent risk to the financial stability of the global economy and therefore need to be regulated in a manner that is not only meticulous but also future ready. Additionally, as per data released by the FSB, members of the G-20 have been advised to make use of their existing financial rules — especially those related to money laundering and terrorism funding — in regard to any stablecoin offerings that may be available within their respective borders. The G-20 seems to be particularly hostile toward Facebook’s Libra project, as the cryptocurrency holds an enormous amount of potential for instant adoption. However, the board is not too concerned about other projects like Dai, saying they are too small to pose any sort of systemic risk to the local economy of any nation. Continuing the dialogue To get a more in-depth understanding of the matter, Cointelegraph reached out to Daniel Burstein, the general counsel and chief compliance officer of Paxos, which is the platform behind several…Apr 18, 2020
London-based cryptocurrency exchange Coinfloor will delist all cryptocurrencies but Bitcoin (BTC) to focus on Bitcoin only services in January. The United Kingdom’s oldest crypto exchange will delist all cryptos including the second-biggest altcoin Ether (ETH) and Bitcoin Cash (BCH) in conjunction with the 11th anniversary of Bitcoin’s launch on Jan. 3, 2020, Coinfloor said in a blog post on Dec. 17. Bitcoin is the only cryptocurrency that is proven so far, Coinfloor CEO says Obi Nwosu, CEO and founder of Coinfloor, said that Coinfloor’s move comes in line with the company’s vision to focus on cryptocurrencies that are “proven” so far. In an interview with Cointelegraph on Dec. 17, Nwosu argued that Bitcoin is the “only game in town,” because the major cryptocurrency is doing great with its mission to provide a new form of store of value, or digital gold. According to the executive, Ethereum technology has not been proven to date because it has yet to overcome major changes including the network’s transition to Ethereum 2.0, which is also expected to take place in January 2020. In the…Dec 17, 2019
Apr 20, 2020 at 11:02 // News Today, Bitcoin is still hovering above $7,100 after being resisted at $7,200. Surprisingly, BTC has earlier surged above $7,000 resistance and remained stable for two days. The bulls were fighting as Bitcoin almost reached a high of $7,300. Unfortunately; buyers find penetration difficult at the $7,300 resistance. The intention of buyers is to breach the resistance levels of $7,200 and $7,400. Thereafter, to reach out to the target price of $8,000. Regrettably, the hopes of the bulls are dashed as Bitcoin faces rejection at the $7,200 again. The bulls and bears are still tussling with prices above the $7,000 resistance level. Eventually, if Bitcoin fails to move up, a downward correction will follow. As price falls, the market will revisit the lows of $6,800, $6,600 and $6,400. Bitcoin will move up again if any of this support holds. Bitcoin Indicator Reading With its recent upward move, Bitcoin is above the 60% range of the daily stochastic. The market is rising approaching the overbought region of the market. The EMAs are sloping upward indicating…Apr 20, 2020
President of the European Central Bank (ECB) Christine Lagarde has announced that the ECB has assembled a task force to look into and analyze the feasibility and potential outcome of establishing a Central Bank Digital Currency (CBDC). Lagarde explained that this was aimed at ensuring the European Central Bank plays an active role in fostering cheap and speedy payment transactions, likewise exploring the benefits of having a CBDC. With this development, Europe would join the rest of the world in their pursuit of having a central CBDC. Currently, China, Bahamas, alongside some other countries, are championing the cause of launching their own CBDC with China making progress already. Ahead of Europe, China has begun implementing laws on cryptographic password. This is to enable the development of the cryptography business and ensuring the security of cyberspace and information. Digital currency, central banks’ hot topic The issue of CBDC to be tapped by central banks has been a hot topic. Lagarde speaking on the prospect of the European Central Bank creating one said a special task force had been assembled. The goal of the task force,…Jan 13, 2020
The Berkeley Blockchain Xcelerator, an incubator program for distributed ledger technology, or DLT, startups run out of UC Berkeley, has welcomed Snark Health into its spring cohort. Snark Health seeks to combat COVID-19 by “building a framework for data-driven discussions and shared learnings” to enable the “rapid dissemination of information to improve patient outcomes.” Health startup fighting coronavirus joins UC Berkeley blockchain incubator Snarks platform aims to facilitate the sharing of best practices and information regarding the coronavirus pandemic between individuals, non-governmental organizations, and government agencies at local, state, and national levels. Snark’s website states: “There remain many unanswered questions in regards to the clinical, operational and financial aspects of the COVID-19 pandemic. Through the process of answering these critical questions, we are building a new framework while simultaneously laying the foundation for global triage support, improved access to health care services and clinical research.” ‘Hippocratic Coin’ monetizes medical data for patients and healthcare workers Snark is currently in the process of rolling out an Unstructured Supplementary Service Data system for distribution information to communities that do not have access…Mar 30, 2020