The U.S. Securities and Exchange Commission (SEC) is seeking nearly billion in fines from Ripple Labs in the ongoing XRP lawsuit. “There is absolutely no precedent for this,” exclaimed Ripple’s CEO regarding the billion fine. “We will continue to expose the SEC for what they are when we respond to this.” SEC Wants […]
Bitcoin News
Bank of New York Mellon: ‘Clients Are Absolutely Interested in Digital Assets’
Bank of New York Mellon (BNY Mellon) has revealed that its clients “are absolutely interested in digital assets.” Emphasizing the need for clear crypto regulation, the bank’s head of digital assets noted: “We need responsible actors who can offer reliable services that live up to investors’ trust.”
BNY Mellon’s Clients Are ‘Absolutely’ Interested in Digital Assets
Bank of New York Mellon’s head of digital assets, Michael Demissie, said Wednesday at Afore Consulting’s 7th Annual Fintech and Regulation Conference that digital assets are “here to stay,” Reuters reported. The executive was quoted as saying:
What we see is clients are absolutely interested in digital assets, broadly.
Demissie cited a BNY Mellon client survey conducted in October last year which showed that more than 90% of clients expected to invest in tokenized assets in the near future.
The bank’s head of digital assets added that deeper crypto regulation is required, the publication conveyed. “It’s important that we navigate this space in a responsible way,” he stressed, elaborating:
We absolutely need clear regulation and rules for the road. We need responsible actors who can offer reliable services that live up to investors’ trust.
BNY Mellon was among the first banks to enter the crypto space. The bank announced in February 2021 that it has formed a new digital assets unit to build the industry’s “first multi-asset digital platform.” Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon, detailed at the time: “BNY Mellon is proud to be the first global bank to announce plans to provide an integrated service for digital assets … Growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field.” In September 2021, the bank wrote: “Digital assets have clearly entered the mainstream.”
Last week, the bank appointed Caroline Butler as the CEO of its digital assets division. Regelman commented:
As institutional adoption of digital assets continues to evolve, we are committed to being a trusted provider of services to the broader financial ecosystem.
What do you think about the statement by Bank of New York Mellon’s head of digital assets? Let us know in the comments section below.
Is $500k Bitcoin a Pipe Dream? This Chart Says Absolutely Not; Here’s Why
Bitcoin investors were pleased to find yesterday that BTC’s bulls have come out swinging and are now pushing the cryptocurrency’s price towards the psychologically critical price level of ,000, which is just a hair above its current price.
Although in the short-term Bitcoin is certainly bullish, over the long run it is incredibly bullish, and one chart even points to the possibility that it will one day be trading at 0,000.
Bitcoin Climbs to ,850, But Faces Some Resistance
At the time of writing Bitcoin is trading up over 5% at its current price of ,850, up significantly from 24-hour lows of ,300.
This massive upwards momentum marks a continuation of the buying pressure that BTC first incurred in early-April that led it to surge from lows of ,000. It is now abundantly clear that the cryptocurrency is currently in the throes of a bull market, but in order for it to surge higher it is critical that it breaks above ,000 in the near-future.
Late-yesterday, the crypto quickly surged to highs of ,900 where it faced some levels of resistance that pushed it down slightly.
Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about the resistance that lies between BTC’s current price and ,000, noting that bulls will have to decisively push its price above ,948.
“$BTC #Bitcoin Daily – Moving like a champ – In order to hit ,000 this will have to break the May 5th 2018 high of 48,” he explained.
$BTC #Bitcoin Daily – Moving like a champ – In order to hit ,000 this will have to break the May 5th 2018 high of 48 pic.twitter.com/9kaDQHDnjU
— Big Cheds (@BigCheds) June 21, 2019
Analyst: Don’t Be Surprised if BTC’s Price Surge Exceeds Expectations
Although ,000 remains a short-term battle for BTC, long-term it may have significantly further gains in store, and one chart is signaling that a move to 0,000 is not only possible, but plausible.
HornHairs, another popular crypto analyst, shared an overwhelmingly bullish sentiment in a recent tweet, explaining that if the next bull movement mirrors that seen in 2017, then Bitcoin could soon be surging way past its previously established all-time-highs.
“The last time price pierced the bearish cloud on the weekly for the first time after the end of a bear market, price went on to increase >5000%. Should history repeat, that would put price at 0k at the end of next cycle. Sounds ridiculous, but so did k,” he explained while referencing the below chart.
The last time price pierced the bearish cloud on the weekly for the first time after the end of a bear market, price went on to increase >5000%.
Should history repeat, that would put price at 0k at the end of next cycle.
Sounds ridiculous, but so did k… $BTC #Bitcoin pic.twitter.com/5X9VKfg100
— HornHairs
(@CryptoHornHairs) June 21, 2019
Although it is too early to get excited about the possibility of there one day being a 0k Bitcoin, in the near-term it does seem as though bulls are in full control, which likely means that the world will soon see BTC one again break into the five-figure price region.
Featured image from Shutterstock.
The post Is 0k Bitcoin a Pipe Dream? This Chart Says Absolutely Not; Here’s Why appeared first on NewsBTC.
Wikipedia Co-Founder: “The Crypto World is Absolutely, Definitely in a Bubble”
The co-founder of Wikipedia has once again publicly denounced cryptocurrency. James Wales told a European blockchain conference that the entire digital currency space was in a bubble that was certain to pop.
James Wales: “Right Now, We are in a Bubble”
The Wikipedia co-founder was speaking at a blockchain conference held in Berlin. During his ‘top secret’ presentation at the Blockshow event today, Wales slammed cryptocurrency, stating that it was in a bubble that would inevitably pop. According to MarketWatch, he said:
“Right now, we are in a bubble. The crypto world is absolutely, definitely in a bubble. I don’t think there’s many people who would deny that.”
The co-founder of the planet’s largest free reference site went on to state that the cryptocurrency industry was lacking ‘real journalism’ and that the entire sector should be prepared for a shock when the market eventually crashes.
According to another report of the conference in tech publication SeekingAlpha, Wales went on to indicate that he had no idea when the bubble would burst:
“The thing about bubbles is that you never know when they’re going to end.”
Despite their co-founder’s pessimism, those behind the Wikipedia platform are still happy to accept donations in Bitcoin. The page dedicated to funding methods reads:
“As of late April 2018, our Bitcoin processor has deprecated their services, and we are searching for alternatives. We apologize for the inconvenience, and hope to have the Bitcoin option available again soon.”
Also today, Wales spoke to the U.K.’s Evening Standard about Brexit and the opportunity it presents the British Isles to attract technology startups to the nation. He stated that it was important that government ministers did not turn London into a ‘hostile place’ for tech specialists to work in after the scheduled 2019 split with the EU.
He went on to express concerns that the likes of Berlin could offer a more welcoming environment for developers and startups alike. However, the likes of CryptoUK are working towards ensuring that British regulators can create a framework that both protects investors whilst allowing the rapidly evolving industry to continue to innovate on their shores.
Wales joins the likes of Warren Buffet, Charlie Munger, and Jamie Dimon in his criticism of cryptocurrencies. However, unlike these household names of traditional finance, he has yet to resort to petty, baseless name calling to voice his scepticism of the digital currency space.
Meanwhile, there remains several prominent names in the crypto bulls camp. Tom Lee, the Fundstat co-founder believes that Bitcoin will reach ,000 by the end of 2018 and once bullish momentum begins, it will only take a few days to get there.
However, such predictions look minuscule when compared to that of Reddit co-founder Alexis Ohanian. Earlier this month, he stated that he thought ,000 per Ether coin and a return to Bitcoin’s all-time highs of almost ,000 were likely. That would represent around a 27 times increase on today’s ETH prices.
Featured image from Shutterstock.
The post Wikipedia Co-Founder: “The Crypto World is Absolutely, Definitely in a Bubble” appeared first on NewsBTC.
Is Every ICO a Fraud? ‘Absolutely Not’ Says SEC Chief
U.S. SEC chairman Jay Clayton addressed ICOs and enforcement actions taken against them during a talk at Princeton University.
CoinDesk
NK Absolutely Amassing Bitcoin, South Korean Exchange Bankrupted By Hack
n North Korea is absolutely creating stockpiles of Bitcoin according to one cybersecurity CEO. NEWSn
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
IOTA Interview Trust Systems Are Absolutely Pivotal Today
n After IOTAs recent run up in market cap, Cointelegraph sat down with IOTAs co-founders in order to understand more about the company.n
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Absolutely Insane!
When I made this video yesterday about Bitcoin it was literally just above k… https://www.youtube.com/watch?v=1S58ZgGg66E.
BitNewz.net
Bitcoin Price Goes Absolutely Parabolic
We’re sure you’re used to us posting these kinds of articles by now – after all, we’ve had all-time highs just about every week for some time. However, today Bitcoin did something that it’s never done before. It increased in price by a massive ,500 in one day. To put that into perspective, that’s over billion pouring into the market in a 24 hour period. Or, to put it the most exciting way:
We’re above ,500…*
What exactly is driving this sudden surge in demand for the world’s hottest cryptocurrency is unclear. Is this the surge of “institutional money” that we’ve been hearing about since about 2013? Or, is there something else that’s got people clamouring to get their hands on the planet’s first digital and scarce asset? Is it that Bitcoin has proved itself as a worthy store of value, and a way for people to escape the bonds with which central banks bind them?
There has been a lot of news that seems to legitimise Bitcoin as a worthy investment for institutional types recently. The Chicago Mercantile Exchange declared that they’d launch what they presumed would be the world’s first Bitcoin Futures market on December 18. There was already talk of the Chicago Board Options Exchange following suit, but on Monday, they announced that they would beat the CME Group to offer the financial product. They’ve undercut their rivals and declared their market will go live on December 10.
In addition, the planet’s second largest stock market, the NASDAQ, and now the Tokyo Financial Exchange also has a plan to launch Bitcoin Futures in early 2018. Meanwhile, the Cantor Fitzgerald exchange has declared their intention to launch a Bitcoin derivative. Clearly traditional investors are waking up to the idea of Bitcoin as a more mainstream trading option.
However, there’s likely more to it than just people trying to beat the big money into the market. Bitcoin itself appears stronger than ever before, irrespective of the price. On several occasions throughout 2017, we’ve had trying times. We faced the early setback of the Winklevoss ETF getting denied in the early part of the year, the takeoff and subsequent slowdown of Ethereum’s Ether token in the spring, the summer’s hard fork drama, the September China crisis, and recently, the insanity that was Segwit2x. Each time, Bitcoin has emerged stronger. It successfully demonstrated resistance to government regulation, infighting, and contentious forks. You name it, in 2017, Bitcoin dealt with it.
After such an incredible year, it seems fitting that Bitcoin is getting its recognition in the institutional sphere. Whether or not this bodes well for its long term future remains to be seen. Bitcoin has the potential to be much more than just a tool for the rich to play around making and losing millions with. Hopefully, 2018 will be the year in which we see the world’s first permission-less, trust-less cash system help to bail out the citizens of the earth from the toxic banking system that has been strangling it for so long now. For now, we can just celebrate this momentous all-time high.
* All figures have been taken from industry price monitoring website Coinmarketcap and are accurate as of the time of writing.
Image: PixaBay
The post Bitcoin Price Goes Absolutely Parabolic appeared first on NEWSBTC.
Bitcoin Price Goes Absolutely Parabolic
We’re sure you’re used to us posting these kinds of articles by now – after all, we’ve had all-time highs just about every week for some time. However, today Bitcoin did something that it’s never done before. It increased in price by a massive ,500 in one day. To put that into perspective, that’s over … Continue reading Bitcoin Price Goes Absolutely Parabolic
The post Bitcoin Price Goes Absolutely Parabolic appeared first on NEWSBTC.