Brian Kelly, founder and CEO of BKCM, a digital currency investment firm, stated that while he is still unsure about the imminent approval of a spot ether EFT, he trusts that it will be approved “at some point in time.” In an interview on CNBC, Kelly specified that solana (SOL) might be the next asset […]
Bitcoin News
Fast Money’s Brian Kelly Remains Bullish On Bitcoin, Here’s Why
Fast Money trader Brian Kelly was on the show recently to talk about Bitcoin’s recent price surge. The surge which had happened at the end of the weekend had seen the price of Bitcoin rise over 10% to surpass ,000, gaining over ,000 within a day.
Brian Kelly agreed with show host Melissa Lee saying that the short-covering contributed to the price surge. Kelly explained that a high number of short coverings around the asset saw the price shooting up as the weekend drew to a close. A lot of factors have been speculated to have given rise to the price spike.
Related Reading | Bitcoin To Reach New All-Time Highs, Market Strategist
Rumors of Amazon integrating Bitcoin on its platform had been the front-running theory behind the price spike. But Kelly explained that the rumors were only part of the reason that the digital asset had seen significant movement. Outlining other factors that contributed to the rally.
Catalyst For Price Spike
Brian Kelly addressed the speculations of the Amazon news being the main catalyst for Bitcoin’s price surge. Kelly explained that the Amazon news had been out in the market about a week before the momentum picked up.
According to Kelly, the high amount of shorts coupled with the news of Amazon and Tether’s news led to a “big short squeeze” as the weekend drew to a close, which is when the market is usually less liquid than usual.
BTC price breaks ,000 for the first time in over a month | Source: BTCUSD on TradingView.com
The short squeeze had seen over trillion shorts liquidated in a matter of 24 hours as the price surged. With Bitcoin contributing over 70% of this amount, seeing over 0 million shorts liquidated in the same period of time.
Following the short squeeze has been a bounce-back of the trading volume and volatility levels of Bitcoin, which had been trending at yearly lows for about a month. The digital asset has since picked up momentum and the market seems determined to ride out this wave for as long as possible.
Still Bullish On Bitcoin
Kelly responded to a question regarding the price of the asset bouncing back before reaching ,000. Saying that the bounce had come as no surprise. Kelly personally remains bullish on bitcoin. “The real game here is whether or not it is going to be adopted as an institutional asset,” Kelly said. “And I don’t see anything that has changed my mind on that.”
Continuing on, Kelly added the decision of the federal bank and federal reserve to keep printing money could be a determining factor. To which Kelly said, “By my score, I don’t see how they cannot continue to print.”
Related Reading | Bitcoin Price Drops ,000 In 12 Hours After Amazon Dispels Bitcoin Integration Rumors
The rate at which the Fed prints fiat money continues to be a concern for investors. This could lead to inflation if the amount of paper money being printed is not controlled. To this end, Bitcoin becomes an attractive asset for investors who are worried about inflation. Given the limited supply of the asset, there is simply no way for an individual or government to print or make more coins. Hence, fighting inflation.
Bitcoin continues to see bullish movement. At the time of this writing, the asset price has now broken ,000 and continues to trend upward.
Featured image from NBC News, chart from TradingView.com
Visa to enable Bitcoin purchase, says CEO Al Kelly
In an interview for the Fortune’s Leadership Next podcast, Visa’s CEO Al Kelly reveals their efforts to integrate Bitcoin into their payment platform.
Their plans are for their millions of clients worldwide to be able to trade in BTC but also convert those funds into fiat. Kelly claimed:
We’re trying to do two things. One is to enable the purchase of Bitcoin on Visa credentials. And secondly, working with Bitcoin wallets to allow the Bitcoin to be translated into a fiat currency and therefore immediately be able to be used at any of the 70 million places around the world where Visa is accepted.
Visa’s long-term goal is to become a bridge between Bitcoin owners and more traditional payments methods. For that, Kelly believes stablecoins have a “strong potential”. He asserted:
(…) currencies that are fiat-backed, but we’re allowing this translation, if you will, into a fiat currency and in a wallet where there’s a Visa card, and again that Visa card can be used with the translated digital currency over to the fiat currency to purchase at any one of our 70 million locations.
Bitcoin on top of Visa’s network
Visa’s CEO revealed they are working with 35 partners in the crypto industry to materialize their objective. Amongst their partners is Circle, the company behind USD Coin (USDC), BlockFi, Fold, and others.
Kelly claimed BTC is still in its early stages so he is not certain cryptocurrencies “will take off and become a big deal”. However, Visa is planning to be at the center of the crypto industry to “help move that money”. At the same time, the executive outlined a possible future where “there are no winners and losers” between Visa’s or Bitcoin’s network.
The payment company’s executive sees Bitcoin as a solution for the businesses affected by the Covid-19 pandemic, particularly the travel industry. With a declining usage of cash, Visa is looking to accelerate the “digitization of the economy”. In the next 3 years, Kelly said they will try to “digitized” 50 million small businesses.
In mid-2020, Visa published their first report which directly mentioned BTC and revealed their efforts to “advanced” their approach to the digital currency. Ultimately, the payment company’s vision is for every transaction across multiple blockchains to be settled on top of Visa’s network.
We continue to think of Visa as a network of networks. […] Blockchain networks and stablecoins, like USDC, are just additional networks. So we think that there’s a significant value that Visa can provide to our clients, enabling them to access them and enabling them to spend at our merchants.
Trump Isnt Sold on Bakkt CEO Kelly Loeffler Becoming US Senator
n Georgias Governor is expected to appoint Bakkts CEO for a United States Senate seat next weekn
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Upcoming Supply Cut Will See Bitcoin Prices Rise Further, Brian Kelly Predicts
n An upcoming supply cut could help bitcoin prices rise further in the coming months, crypto fund manager Brian Kelly saysn
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Brian Kelly Says Next Target for Bitcoin is $6,000, With Crypto Markets Bottoming
n Crypto bull and commentator Brian Kelly said that the next target for Bitcoin is ,000n
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Brian Kelly: Bitcoin Cash Hard Fork Caused “Crypto Civil War”
Brian Kelly, founder and CEO of cryptocurrency investment firm BKCM, has said the market is experiencing a “crypto civil war” as the announced “hard fork” in Bitcoin Cash failed to gain consensus among peers in the community.
The disagreement is behind the plunging digital currency market, with Bitcoin losing the ,000 handle on Wednesday, Kelly argued.
Crypto Market Sell-Off is “Probably an Opportunity,” Says Brian Kelly
The relatively low volatility found in the Bitcoin secondary market in recent months gave way to a price drop of nearly ,000 in a day as the Bitcoin Cash community debates the upcoming “hard fork.”
“Things exploded” on Wednesday as Bitcoin dropped below ,000 and is gradually approaching the ,000 mark. The imminent software upgrade of Bitcoin Cash – born out of a Bitcoin hard fork by developers wanting to increase Bitcoin’s block size limit – is to blame, Kelly told CNBC.
“When you do a software upgrade, everybody usually agrees. But in this particular case, everybody is not agreeing. So, we’ve got ourselves a ‘crypto civil war’ […] People started selling. That triggered stops. Everybody got concerned. And that’s what happened today — the entire market sell-down.”
Related Reading: Bitcoin Cash War Begins: Hash Power of BCH Increasing Rapidly
The price of Bitcoin Cash also suffered from concerned market participants as it dropped approximately 0 to trade just above 0. Kelly explained traders are worried that Bitcoin and Bitcoin Cash markets would run into “chaos” after the “hard fork.”
His digital currency investment firm has already bought the dip as he expects both markets to settle in the “very short-term,” but warned inexperienced cryptocurrency traders of its risks.
“I think it’s probably an opportunity. In fact, we did some buying at my fund […] If you don’t understand what a ‘hard fork’ is, do not jump into that pool right now. It is the deep end.”
The cryptocurrency market is experiencing a downward momentum because of Bitcoin’s dominance (52.7 percent, according to CoinmMrketcCp.com) and very thin trading in most digital assets. Meltem Demirors, CEO of cryptocurrency research firm CoinShares, told CNBC that some investment funds have taken “some money off the table” after a number of events piled up.
“I think all other assets that are not Bitcoin are in the midst of a liquidity crisis. What we’re seeing across the board is asset prices are down 75 percent or more, in some cases 95 percent. We’re now at a point where projects are running out of money. They’re going to need to start firing employees. They’re going to need to cut costs. You’re going to see consolidation, and some of these assets, inevitably, will get marked to zero.”
On Bitcoin’s recent downward market pressure, Demirors highlighted the stability of the digital currency which continues to trade within a range.
Featured image from Shutterstock.
The post Brian Kelly: Bitcoin Cash Hard Fork Caused “Crypto Civil War” appeared first on NewsBTC.
Brian Kelly ICOs Here to Stay, but Days of a Whitepaper and a Dream Are Over
n The founder of crypto investment firm BKCM LLC Brian Kelly told Cointelegraph that ICOs will continue to be valuable as a fundraising tool, but with some changesn
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CNBC’s Analyst Brian Kelly Says Bitcoin ETF Approval Likely by February 2019
n CNBC analyst Brian Kelly has predicted that approval of a Bitcoin BTC exchange-traded-fund ETF will likeliest and earliest come in February 2019n
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Brian Kelly: When Bitcoin ETFs Will Actually Hit the Market, Possible Roadblocks
The US Securities and Exchange Commission (SEC) rejected 9 Bitcoin Exchange-Traded Funds (ETFs) from three applicants – ProShares, Direxion and GraniteShares on August 22, which is yet another reminder of the fact that Bitcoin-based products being proposed by different entities have not been able to address concerns of consumer protect adequately.
The three applicants had filed the ETFs in conjunction with the New York Stock Exchange (NYSE) ETF exchange NYSE Arca, and the SEC rejected them citing their non-compliance with “the requirements of the Exchange Act Section 6(b)(5), in particular the requirement that a national securities exchange’s rules be designed to prevent fraudulent and manipulative acts and practices.”
Bakkt Emphasizes on “Price Discovery” for Cryptocurrency Market
The scope for price manipulation is a major factor impeding the acceptance of Bitcoin ETFs, and Bakkt has come up with a way of ensuring transparent price discovery. Bakkt, the digital asset platform from Intercontinental Exchange backed by Starbucks, BCG and Microsoft, tweeted that trusted price information is fundamental for advancing the promise of cryptocurrencies. The company released details of its upcoming cryptocurrency trading platform recently, which is expected to establish new standards for cryptocurrency trading.
Bakkt will reportedly offer robust infrastructure compliant with existing regulations and institutional quality pre-and post-trade infrastructure to promote institutional investment. The platform will also facilitate a transparent and efficient system for price discovery, which is a major problem that the crypto industry is grappling with presently.
According to Bakkt’s CEO, Kelly Loeffler, the platform will only offer fully collateralized and pre-funded Bitcoin sales, and not allow margin trading. The platform, whose aim is to institutionalise digital currencies is set to launch in November.
February 2019 Likely to be the Earliest for Bitcoin ETFs says Brian Kelly
Brian Kelly, the Bitcoin Televangelist with CNBC, says that February 2019 is likely to be when the SEC approves the first Bitcoin ETF. Kelly is of the view that before the SEC approves a Bitcoin ETF, it will be imperative for it to accurately survey the market, which will help in identifying possibilities of market manipulation and trading fraud, and mitigating them. The crypto permabull also feels that the Bitcoin futures industry, which isn’t of a “significant size” as yet according to the SEC, needs to mature for the SEC to put its full trust into the crypto futures sub-industry.
The SEC, while it has rejected 9 ETFs from ProShares, Direxion and GraniteShares, and one from the Winklevoss brothers, it has not closed its doors to products associated with digital currencies. However, in order to approve a Bitcoin ETF, the SEC demands that the market needs to comply with regulations, have a significant size and be equipped with robust tools for the monitoring and surveillance of cryptocurrencies.
The post Brian Kelly: When Bitcoin ETFs Will Actually Hit the Market, Possible Roadblocks appeared first on NewsBTC.