Beyond Words
Gold is experiencing outflows as investors embrace cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), according to Bloomberg commodity strategist Mike McGlone.
In a recent note, JPMorgan analysts claim that Ethereum is seeing “much healthier” institutional demand compared to archrival Bitcoin.
Today, global markets tumbled as Evergrande stock price lost another 10%, sending Bitcoin well into the red with a decrease of around 8% in the past 24 hours alone. But is the pain over?
According to a new poll of 9,700 eligible voters conducted by Redfield & Wilton Strategies, 37% of Texans would vote to make Bitcoin legal tender.
“It will look very different 25 years from now.”
The crypto commentator said that deflation can taper off the value of BTC and altcoins to the tune of 80% from their ATHs. Nevertheless, he prescribed, accumulating crypto was the way to go. In the past six months, as inflation was on the rise, in the U.S., several investors stuck to crypto as a hedge against price rise. With a deflationary trend expected by year-end, the commentator suggested not giving in to the FUD.
Bloomberg Intelligence chief commodity strategist Mike McGlone has maintained that Bitcoin still has the potential of hitting the $100,000 target by the end of the year.
There is a reluctance to sell among long-term holders of Bitcoin (BTC) as ‘HODLing behavior’ rises, according to the latest data from on-chain analytics platform Glassnode.
In the Bitcoin market, the biggest question on any investor’s mind is this – “When should I invest?” And, that’s a fair question, especially since profitability is the only driving factor for an investor.
Top on-chain analyst Willy Woo says the entire ecosystem of Bitcoin buyers is telling him that the BTC market remains largely bullish.
Notably, with time BTC’s number of addresses, unique exchange users, and unique on-chain users have seen a steady increase. As adoption rates continue to grow, this number will only go higher. But when it comes to Bitcoin and cryptocurrencies in general, there is a lot of risk-talk and skepticism in the market.
Several largest U.S.-listed bitcoin mining firms with operations predominantly in North America have collectively mined over 10,500 BTC year to date with nearly 40% of the output coming from the past two months.
The infamous whistle-blower Edward Snowden has commented on the recent acknowledgment of Bitcoin as legal tender by El Salvador. He believes that it is now important for other nations to adopt BTC as well.
It’s a bullish leap of faith as Monday begins, with Bitcoin above $51,000 resistance and set to become an official national currency for the first time ever.
After the China’s ban on mining, other countries around the world opened up avenues for mining activities which are now picking up again. Now, in terms of mining revenue, BTC miners generally dominate the front. However, as per CoinShares Research, the trend has seemingly reversed in the last three months. As a result, ETH miners maintained a lead over BTC miners in gross revenue, of late.
The e-commerce portal offers the option to pay with Bitcoin, Ether, Dogecoin as well as several major dollar-pegged stablecoins.
El Salvador’s Legislative Assembly has passed legislation creating a $150 million Bitcoin Trust and supporting the development of crypto infrastructure and services.
This narrative is perhaps as old as the cryptocurrency itself. In fact, comparisons between Bitcoin and Gold have continued through the bull and bear cycles of the past year too. That being said, however, the fundamentals have also changed significantly since.
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