Why I Didn't Choose to Become a Bitcoin Maximalist: Hedera Co-Founder Jordan Fried

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Stansberry Research 13 October, 2021 - 12:46pm

Bitcoin, Ethereum, Dogecoin Flat And Analyst Sees Buying Opportunities Ahead - Benzinga

Benzinga 13 October, 2021 - 07:27pm

The free PS5 upgrade for Quake is available now. Anybody who purchased the PlayStation 4 version of the game can now upgrade to the native PlayStation 5 version for free. The only catch is there’s a temporary issue preventing PS5 players from accessing the Quake 64 add-on, although the team is currently working on finding a solution.

The native PlayStation 5 version of Quake offers 4K maximum resolution, 120 fps, and DualSense controller features like Adaptive Triggers and integrated speaker support. Players can purchase Quake PS5 directly from the PlayStation Store now. Alternatively, those who own the PS4 version can upgrade to Quake PS5 for free following one of the two methods below:

This remastered version of Quake includes the original game and two of the original expansions, The Scourge of Armagon and Dissolution of Eternity. There’s also MachineGames’ Dimension of the Past expansion previously only available on Steam and a brand new Dimension of the Machine expansion. Finally, there’s a variety of “free, curated, fan-made and official mods and missions” including the Quake 64 add-on. Unfortunately the Quake 64 add-on is currently unavailable on PS5 due to a technical issue, although Bethesda says they “apologize for the inconvenience and appreciate your patience while we work on resolving this issue.”

[Source: Bethesda]

Are Bitcoin & Ether Maintaining Low Key Before Hitting Record High?

Analytics Insight 13 October, 2021 - 07:27pm

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After facing an ominous collapse from their all-time highs in April, major cryptocurrencies have bounced back to their upwards trend in October. Most of them are even experiencing a 200-300% surge in the past six months. While bitcoin is occupying the headlines for ita back to track moves, ethereum is also slowly and steadily making its crucial moves. In a nutshell, bitcoin & ether are anticipated to reach record prices before the end of 2021.

Both bitcoin & ether are in the middle of their fifth major price surge in 2021. The duo is anticipated to hit a new all-time high before the end of the year. Every time major cryptocurrencies undergo a massive fall, they mostly tend to revive to their original state in the coming months. That is what bitcoin & ether are up to right now. But to everybody’s surprise, analysts suggest that the top cryptocurrencies could climb up the hill with unprecedented prices in the coming days. It is not the first time ethereum and bitcoin prices are following the trend. Bitcoin went on an overhaul to reach US$64,900 on April 2021, before hitting its recent low of US$28,600 in May. Similarly, Etherem was also traded at a record US$4,384.43 on May 2021 before falling to US$1,700 in June. Although these major price surges and plummets represent the volatility of the cryptocurrency market, bitcoin & ether manage to maintain a moderate stance at the end of the day.

Despite facing back-to-back hits from China and Elon Musk, bitcoin investors didn’t lose hope. First, the crypto enthusiasts, Musk, shun down Tesla’s door to accept bitcoin payment citing its extreme energy consumption. For a similar reason, China also banned bitcoin mining initially and later, rolled out a complete crypto ban in the country. These moves came as a major blow in the face for bitcoin. Consequently, bitcoin pierce started falling drastically and almost neared a death cross.

Fortunately, the scenario changed since the beginning of September. El Salvador made bitcoin a legal tender in the country, signaling a positive response to befall. Following that, the bitcoin price has jumped more than 90% since a low in July. On a positive note, predictions suggest that the digital token could go up to US$80,000-85,000 in the coming months. Many experts also suggest that bitcoin’s fall was a part of its journey towards the top. This is not the first time such a trend has taken place. Even in the past, before hitting record-high prices, bitcoin experienced a downward trend. Even the all-time highs are not stable. Whenever bitcoin reaches record pricing, it is an indicator that a price fall is up the line.

But what is triggering this surge? Many reasons including market adoption and growth in market capitalization could be the reason for growing bitcoin price. According to a chart created by Economic Times, bitcoin has created a neckline breakout trend that could help the cryptocurrency reach US$79,000. The chart further suggests that bitcoin’s short-term momentum has crossed above the long-term trend already. These are minor heads-up signs that indicate bitcoin’s upcoming record highs.

When it comes to ethereum network, the crypto platform is well known for hosting thousands of other tokens besides ether, smart contracts, and apps. The recent ethereum price surge came at a time when the platform announced the unleash of Ethereum 2.0, which could reduce energy consumption drastically.

Currently trading at a range of US$3,400 per coin with a market capitalization of US$400 billion, ethereum houses more than 18% of the total crypto market cap. On a short-term analysis, ethereum has no chance of going down. Even if the price falls a bit, the crypto investors will buy a massive number of coins in order to stake up and will bring the value back on track. When it comes to long-term analysis, we should remember that ethereum started 2021 with a price of US$750 per coin and reached all-time high in the same year. The market scenario represents the potential of ethereum in a long run. Besides, many analysts say that ether can overtake bitcoin in the coming years if it maintains its moderate value. With a user-friendly and easy to transact nature, ethereum has everything it needs to be on the top.

The approval of SEC for crypto ETFs is a much-anticipated event in the near future. Analysts say that the green light could signal a major price spike on both bitcoin & ether.

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Why Is Coinbase Stock Trading Lower in 2021?

The Motley Fool 13 October, 2021 - 07:27pm

Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.

Coinbase Global (NASDAQ:COIN) picked an auspicious day to go public earlier this year. The leading cryptocurrency trading exchange's market debut on April 14 coincided with what continues to be the all-time high for Bitcoin (CRYPTO:BTC).

It wasn't just Bitcoin hitting a high-water mark that day; Coinbase also peaked on its first day of trading. Hitting the market at a reference price of $250, the shares nearly fetched almost $430 before going on to give back all of those upticks in subsequent months. Coinbase is essentially back to where it was when it all started, closing on Tuesday 0.3% below its $250 starting line. Bitcoin has been rallying in recent weeks, but it's still 13% below its springtime peak. 

Why is Coinbase now trading slightly in the red for 2021? What has to happen for it to get back above its debut price? Let's kick the tires to see what went wrong -- and what can still go right for Coinbase in the final few months of the year.

Coinbase is huge. It has 68 million verified users. There was a whopping $462 billion in crypto trading through its exchange in its latest quarter. Divide that into the $180 billion in assets on its platform and you can see the power of trigger-finger speculators buying in and out of hot and cold crypto denominations. 

Its growth is explosive for a stock that's essentially been a roundtrip to nowhere in its brief tenure as a public company. Revenue soared 11-fold -- up 1,042% -- in its latest quarter. Coinbase is also ridiculously profitable, and its bottom line is growing even faster than the top line with its highly scalable model.

If everything is so rosy, why is Coinbase trading flat in 2021? With Bitcoin starting to pick up steam again, why isn't Coinbase going along for the ride? 

Investors were puzzled in the second quarter when Coinbase stock held up better than the crypto market. They also can't explain why the tables turned in the third quarter, with Coinbase stock sliding 10% as Bitcoin popped 25% higher. 

Well, Coinbase is a bet on crypto trading -- and not necessarily its ascent. Volatility is what ignites trading fees that add up in volume. Coinbase has also had a couple of stumbles between the jaw-dropping financial updates. Reports of Coinbase's iffy customer service -- in the thankfully rare cases where hackers drain user accounts -- aren't helping. The Securities and Exchange Commission blocking a plan for Coinbase to offer a 4% yield on its dollar-pegged stablecoin nixed a plan that could've drawn income investors to the platform's front door.

Coinbase isn't moving on buzzword-heavy news. The stock isn't getting a boost when it introduces trading available for a meme crypto. The announcement this week that it's launching a platform for NFTs also didn't light a fire under the shares. 

The moment of truth for Coinbase will come when it reports third-quarter results next month. We've seen trading volume for crypto slow sequentially, and Coinbase will lack that one-time earnings boost it had as a tailwind in its previous report. These are negative points that will weigh on the actual results, but this also means that expectations are low. Analysts see revenue declining by roughly 25% sequentially, with earnings per share plummeting by more than 75% from the second quarter. With sentiment still lukewarm, even a modest beat can turn things around. Coinbase also has a plan in place to improve its customer support, and it's perpetually rolling out new offerings. 

All bets are off if crypto craters to the point where trading activity dries up, but that doesn't seem likely. Too many major financial tastemakers are legitimizing crypto and embracing Bitcoin. There seems to be more upside than downside here, and Coinbase is likely to move higher in the current quarter than lower.

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Bitcoin could surge past its all-time high to hit $100,000 as inflation picks up, according to CoinShares. Here are 3 factors crypto investors should watch with the token on the cusp of institutional adoption

Business Insider 13 October, 2021 - 12:00am

Institutional adoption would help bitcoin to surpass that landmark and make a run towards $100,000, according to a new report by CoinShares. The digital asset manager identified three factors that could help to push bitcoin's price into six figures.

"Many have been speculating whether the recent technical analysis suggests [bitcoin] is setting up to push past the previous all-time high of $64,000," a research team, consisting of associate director Alex Laughton-Scott and investment strategist James Butterfill, said. "What we consider to be more important is that there are a number of material factors in the digital asset industry that have not co-existed until now."

"Together these lead us to the question of whether we may be on the cusp of institutional adoption," they added.

This year, financial institutions including Visa, Paypal, Morgan Stanley, and Bank of America have upped their involvement in the cryptocurrency space. Laughton-Scott and Butterfill said this could point to an impending surge in bitcoin adoption.

"Coming towards year-end, it is clear there are a range of potentially price-supportive events," they said. "These factors are beginning to tick all the boxes for greater institutional investor participation in the asset class."

Insider breaks down the 3 factors that CoinShares say could trigger increased institutional involvement and a price run past bitcoin's all-time high to $100,000.

US regulators appear to have softened their stance on bitcoin in recent weeks. Federal Reserve Chair Jerome Powell and SEC head Gary Gensler both said they do not intend to follow China's lead in banning cryptocurrencies on September 30 and October 5, respectively.

"The world looked to the United States for clarity from the regulators and lawmakers over their stance towards cryptocurrencies," CoinShares' report said. "A picture is beginning to emerge that the world's most influential regulator is starting to warm to crypto (within reason)."

The asset manager also cited recent reports the SEC could approve a bitcoin futures exchange-traded fund as early as October 18. This would grant institutional investors access to a $51 billion market that has surged 236% year-on-year.

"There has been a lot of optimism about relying on futures markets to launch the first ETFs," Laughton-Scott and Butterfill said. "Should the SEC approve a bitcoin ETF for the first time, institutional investors will take comfort from a proverbial greenlight, with many expecting investor flows into the space to follow."

Laughton-Smith and Butterfill compared bitcoin to the early days of the internet.

"Both supporters and detractors have recently been likening bitcoin to the internet in 1997," they said. "Bitcoin has been growing at an annual rate of 113%, versus the internet's growth at that time of 63%."

They pointed out that, even if bitcoin's adoption rate slowed towards that 63% level, the token would still have 1 billion users by 2024 and 4 billion by 2030.

El Salvador's adoption of bitcoin as legal tender triggered an initial global sell-off, but CoinShares said the Central American nation was leading the way in encouraging other countries to legalize cryptocurrencies. An estimated 50% of El Savadorans are now using the government's Chivo crypto wallet, exceeding the 30% with access to traditional bank accounts.

"There has long existed a narrative that cryptocurrencies can provide a solution to banking the unbanked," Laughton-Scott and Butterfill said. "Approximately 1.7 billion people remain without access to a bank account, however 1.1 billion of those own a mobile phone."

The CoinShares research team cited Brazil, Cuba, Paraguay, and Ukraine as other countries that could soon legalize bitcoin and other cryptocurrencies.

Wall Street firms are beginning to worry about inflation and 'stagflation', which is a combination of sustained price rises and sluggish economic growth. The US annual inflation rate is sitting at a 30-year high of 5.3%.

Investors have traditionally bought gold as a hedge against inflation. However, CoinShares data indicated bitcoin increasingly represents an alternative 'store of value' commodity.

"Investment fund flows imply that bitcoin has begun to cannibalize gold's market share," Laughton-Scott and Butterfill said. "We have recently seen Gary Gensler acknowledge that bitcoin is now 'a store of value', which further establishes its identity as a real asset."

Bitcoin currently represents 9.1% of gold's market share. If that figure rose to 17%, bitcoin would hit $100,000 in a scenario CoinShares described as "not outlandish."

Check out: Personal Finance Insider's picks for best cryptocurrency exchanges

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