Vending machines in Seoul, South Korea, are revolutionizing the traditional concept of buying gold by offering gold bars in various sizes. Situated within convenience stores throughout the affluent Gangnam district and other areas, these machines meet the growing demand for micro-investments among South Koreans. Available in sizes as small as 0.5 grams and priced at […]
Bitcoin News
US Government Could Target Bitcoin, Warns ‘Wolf of All Streets’ Amid Crypto Attacks
Scott Melker, also known as the “Wolf of All Streets,” has cautioned that the same attacks on cryptocurrencies by the U.S. government “would eventually come for bitcoin, regardless of it being a commodity.” His warning followed recent regulatory actions by various government agencies, including the Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), […]
Bitcoin News
‘Wolf of All Streets’ Warns Bitcoin Market Could ‘Cool off Massively’
Scott Melker, also known as the “Wolf of All Streets,” has shared some concerns regarding the bitcoin market. Pointing to his “top signals,” he cautioned that the market could “cool off massively for a few months before hopefully ramping up again in the fall.” This Market Could ‘Cool off Massively’ Scott Melker, also known as […]
Bitcoin News
‘Wolf of All Streets’ Expects Mainstream Crypto FOMO to Return When DOGE Hits New All-Time High
Scott Melker, also known as the “Wolf of All Streets,” has revealed his theory on the potential resurgence of mainstream fear of missing out (FOMO) in the crypto market. He asserted that people seem to forget that the mainstream fervor in the last bull market came through dog coins, like dogecoin, and non-fungible tokens (NFTs). […]
Bitcoin News
‘Wolf of All Streets’ Sees Start of Major Bull Run for Bitcoin and Broader Crypto Market — Warns of a ‘Huge Bubble’
Scott Melker, also known as the “Wolf of All Streets,” believes that we are at the start of a major bull run for both bitcoin and the broader crypto market. “We will likely see a huge bubble and that coins with no fundamental value will also skyrocket before it inevitably pops,” he warned, adding that […]
Bitcoin News
‘Wolf Of All Streets’ Explains Bitcoin Halving Could Send BTC to $240,000
Scott Melker, also known as the “Wolf Of All Streets,” has explained why the upcoming Bitcoin halving could push the price of the cryptocurrency to 0,000. Noting that in the last halving cycle, bitcoin’s price went from the ,000 high to the ,000 high, he stressed that it’s an appreciation of 250.86%. If a similar trend occurs, he said, “we’re looking at bitcoin around 0,000.”
Scott Melker Shares Bitcoin Price Outlook
Scott Melker, also known as the “Wolf of All Streets,” provided insights into the anticipated bitcoin halving event slated for April 2024 in an article published by The Street earlier this week. He also explained why the event could propel the bitcoin price to 0,000. Melker is a well-known trader, investor, writer, and host of the Wolf of All Streets podcast. In 2020, he won the Binance Influencer of the Year Award for North America.
“The bitcoin halving will occur when the number of blocks that are mined reaches 840,000 in April 2024, then the reward per block will decrease from 6.25 to 3.125 bitcoin,” Melker detailed. “This basically means that the new supply being issued is cut in half. It becomes twice as difficult for miners to make money mining bitcoin.”
The Wolf Of All Streets noted that in the last halving cycle, “you go from that ,000 high all the way up to the ,000 high, that’s an appreciation of 250.86%,” adding:
If we even take that next 250% and take it from that ,000 (all-time bitcoin price) high into the next cycle, we’re looking at bitcoin around 0,000.
“I know it might seem like hyperbole to talk about bitcoin being 0,000 or 0,000 or even, one day, million. But if it ain’t broke, don’t try to fix it. This cycle has worked in the past and until I see it not working in the future, I’m going to bet that we see bitcoin over 0,000,” Melker opined.
Many investors are optimistic that the halving will boost the price of bitcoin. Skybridge Capital founder Anthony Scaramucci expects the halving to push the price of BTC to 0,000. “If bitcoin’s at ,000 on the halving, where it roughly is right now, it’ll be 0,000 by mid- to late 2025,” he said. Standard Chartered predicted earlier this month that BTC could hit 0,000 next year. Meanwhile, venture capitalist Tim Draper recently doubled down on his BTC prediction, expecting the price of bitcoin to reach 0,000 this year. The billionaire also envisioned a moment when people don’t want the U.S. dollars anymore.
Do you think the price of bitcoin will hit 0,000 after the halving? Let us know in the comments section below.
BRICS Summit Looms: Expert Warns of ‘Dramatic’ Shifts, US Dollar’s Wane, and Wall Street’s Blind Spots
Market expert Peter Grandich is urging the masses to keep a close eye on the BRICS bloc of burgeoning countries, hinting that specific partnerships might usher in “dramatic” ramifications. In just five days, the much-awaited BRICS Summit will convene, and Grandich believes the strategic economic plays of the organization could very well “rival the industrial revolution.”
Peter Grandich Predicts Game-Changing BRICS Alliances and Challenges for the U.S. Dollar
In under a week, the heads of the BRICS nations – Brazil, Russia, India, China, and South Africa – are gearing up for their upcoming summit from August 22-24 in Johannesburg, South Africa. During a recent video interview with Kitco News’ lead anchor and editor-in-chief, Michelle Makori, market analyst Peter Grandich delved deep into the BRICS dynamics. He emphasized that a potential alliance between China and oil-abundant Saudi Arabia might set the stage for “dramatic” shifts.
Grandich believes that the magnitude of impending transformations might be underestimated by many. “What is happening with BRICS nations is going to rival the industrial revolution because I don’t think people understand how many countries are moving away from working with the United States or using its dollar,” Grandich asserted. His perspective echoes the sentiments of former president Donald Trump, who sounded the alarm in an interview this week about the diminishing strength of the U.S. dollar.
In the midst of Grandich’s insights, there’s also been buzzing chatter about China’s deflationary challenges. Numerous analyses spotlight China’s uphill battle against deflationary pressures, and Grandich emphasized the potential global ramifications if China spirals downward. “When people start to suffer, governments like to take their minds off it. And one of the ways governments take minds off it is by getting themselves involved in wars,” Grandich remarked. The market pundit further elaborated:
This could expedite whatever their long-term plans were regarding Taiwan. And that would be another geopolitical firestorm I don’t think the United States is even close to handle.
As bond markets send distress signals, Grandich underscores that Wall Street might be ill-prepared for the looming curveballs. Following the U.S. central bank’s move to hike rates to a two-decade peak at their July gathering, the bank may likely want a trimester of dwindling economic metrics before considering rate reductions, Grandich outlined.
Grandich contends that Wall Street has become overly reliant on the Fed’s habitual backing of the equity market. He expressed skepticism, asserting that Wall Street might be erring in its expectation that the Federal Reserve will maintain its support or even cut the key rate in the year ahead.
In a related turn of events on Thursday, all four U.S. benchmark indices suffered setbacks, gold weakened against the U.S. dollar, and the crypto realm wasn’t spared from the downturn either. Bitcoin (BTC) dropped under the K range for the first time since June and gold is trading for under ,900 at ,889 per unit.
What do you think about Grandich’s opinion about the BRICS nations? Share your thoughts and opinions about this subject in the comments section below.
Blood In The Streets: Crypto Market Becomes Fearful As Bitcoin Dives
Making its way up to the higher levels of its current range, Bitcoin records a 5.6% profit in 24 hours. BTC’s price took a heavy loss, as the implementation of its legal tender status in El Salvador became a “buy the rumor, sell the news” event.
At the time of writing, the first cryptocurrency by market cap trades at ,529 with an 11.8% loss in the 7-day chart.
BTC with moderate profits in the daily chart. Source: BTCUSD Tradingview
Previous to this event, Bitcoin made a quick move to the ,000 zone. This moved the Fear & Greed Index back to the green area, as the general sentiment in the market turned bullish.
Related Reading | TA: Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below K
According to a recent Arcane Research report, the Index has flipped red, back to fear levels once again. Bitcoin has experienced a week of volatility, mostly to the upside, but the violent bearish price action has made investors fearful, as seen below.
Source: Arcane Research
Arcane Research found that most of the action is taking place in the derivatives sector. The BTC Spot to Futures Volume indicates a decline in the trading volume for the spot market.
This doesn’t necessarily suggest a rise in the trading volume for futures, but a steady dropped in spot trading over a period of 5 months, as derivatives trading volume remains stable.
Source: Arcane Research
As NewsBTC reported, much of the recent price action and volatility is related to an increase in over-leverage positions for futures. This correlates with periods of bearish momentum, retail futures traders fuel the liquidation cascade that leaves the crypto market open for downside risk.
Two Possible Scenarios For Bitcoin As Fear Re-Enters The Market
On the other hand, analyst Ben Lilly from Jarvis Labs recently examined Bitcoin’s price action. The cryptocurrency has been trading in a crap-like PA indicating before yesterday’s sudden move to the upside and downside, almost immediately.
This corresponds with an increase in liquidity around those levels. Thus, Ben Lilly argued that market movers or large players attempt to push BTC’s price into a specific direction to grab the liquidity and eventually exhausted.
Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course
The market is currently at that stage, as seen below, “bone dry” out of liquidity. In this case, the analyst recommended trading in the spot market, as derivatives could continue moving without a clear direction.
Source: The Kingfisher via Ben Lilly
This is the best-case scenario, a sustain crab-like PA for a few weeks, as Bitcoin prepares for another retest of the ,000 mark. Before that, the market could see another sweep at yesterday’s low:
And this scenario is currently the one we are leaning towards. Meaning we think a retest of kish might be in the cards.
The worst-case scenario could occur by the end of this month with a return to BTC’s previous range in the ,000 mid-area. Ben Lilly said:
This type of price action would be vicious. It will create a lot of liquidity lower very fast. It’s often times known as exit liquidity.
Late 2020 to 2021 sell-off fractal. Source: Jarvis Labs via Ben Lilly
NewsBTC
Could Bitcoin Benefit From Wall Street’s Quarter-End Rebalancing?
A migration of billions of dollars is set to happen from stocks to bonds by the end of March as US-based asset management firms rebalance their portfolios. And it could have a direct or an indirect impact on the Bitcoin market.
Nikolaos Panigirtzoglou, a cross-asset research analyst at JPMorgan & Chase, noted that pension funds, insurers, and similarly large investment groups will sell their stock positions to seek exposure in the bond market. The move, according to Mr. Panigirtzoglou, would appear as investors seek to go back to the classic 60/40 mix, a portfolio strategy that prompts asset managers to keep 60 percent of their capital in stocks and 40 percent in government bonds.
“It should be happening as we speak,” Mr. Panigirtzoglou told the Financial Times. “The rebalancing could already help to explain the stronger bond market performance so far this week, as the transfers are typically concentrated in the last two weeks of the quarter.”
US bond prices declined of late, led by the fall in the US 10-year Treasury note, which sent its yields up from 0.917 percent at the start of 2021 to around 1.617 percent on March 25. Meanwhile, the MSCI index of developed market equities surged 2.63 percent in the same period.
Given the divergence between equities and bonds, analysts expect the quarter-end rebalancing to be large as more capital moves into fixed-incomes.
Will Bitcoin Suffer?
According to Australia’s Future Fund and Singapore’s GIC Pte, two of the world’s biggest sovereign wealth funds, it is now tougher for investors to generate returns from bond markets as yields on them remain historically low.
Central banks in developed economies have created an artificial demand for government debts as a part of their strategy to safeguard their economies from the coronavirus pandemic’s aftermath.
As a result, the 60/40 strategy has lost its charm. More investor money now sits in riskier assets and even newbie financial assets like Bitcoin that the global financial experts once rejected as too fishy, or an outright scam.
Given the reallocation prospects by the end of this quarter, Bitcoin continues to flash itself as a viable alternative to gold. Its provably scarcer features attract investors who need a hedge against faster inflation rates. Billionaire investors Ray Dalio, Paul Tudor Jones, and Stan Druckenmiller are some of the topmost names that have taken positions in Bitcoin because other safe-havens like bonds do not offer higher returns.
Goldman Sachs said in its recent report that 40 percent of its almost 300 clients have gained exposure in Bitcoin, showing that the asset’s price volatility is now the least of their concerns. Of late, Morgan Stanley also started offering three Bitcoin funds to its wealthy clients, raising hopes that all the money that would flow out of the stock market won’t end up in bonds only.
Nonetheless, Bitcoin remains highly valued like stocks. It could lead the cryptocurrency lower in the short-term based on its technically overbought merits.
Cover Photo by Tech Daily on Unsplash
Investor: Ethereum Is Poised To Replace Wall Street’s Archaic Back End
Ethereum has been among the frontrunners in the crypto market in terms of year-to-date performance. The number two cryptocurrency rose over 100% at the start of the year, fueled by the rapid growth of the decentralized finance movement.
The smart contract-based cryptocurrency is showing so much promise in the category, that one analyst believes that it will eventually replace Wall Street’s aging backend with its neutral settlement layer.
ETH Kicks Off 2020 With Strong Rally Following DeFi Milestone
Ethereum has been one of the best performing cryptocurrency assets of 2020. And before the coronavirus outbreak and stock market collapse set the entire crypto asset class back, the largest altcoin in the space had an ROI of 100% year-to-date.
But a fear-driven sell-off has pushed Ethereum prices back to yearly lows, and because a recession may be around the corner, these new assets are taking a serious beating.
Related Reading | What’s Really Triggering This Epic Ethereum Rally? 3 Key Factors Behind Upsurge
However, Ethereum may have significant long-term value that will help the cryptocurrency survive whatever is to come in the financial world.
Although Ethereum is a cryptocurrency like Bitcoin, it shares only a few similarities. Bitcoin is designed for payments, storing wealth, and transferring said wealth.
Ethereum, however, is a smart-contract platform with nearly infinite potential use cases.
During the crypto hype bubble, Ethereum was used to launch initial coin offerings, helping to drive it to an all-time high price of ,400.
But once that use case dried up, Etheruem’s value fell.
The enormous growth in the decentralized finance movement, however, has revived interest in Etheruem, and given it its best potential use case yet: replacing Wall Street’s back end.
How Ethereum Could Replace Wall Street’s Aging Back End
In a groundbreaking first, a million dollar bond was issued on Ethereum as part of a capital infusion into the Fatburger restaurant brand.
Related Reading | Over 359 Companies Are Building The Future On Ethereum
The deal also marks the first time that investment ratings firm DBRS Morningstar has ever rated securities issued on a blockchain. These securities are “digital representations” of ownership, coded via smart contracts.
Not only does the blockchain digitally provide a record of all transactions, but Ethereum is also now infused into the Bloomberg Terminal allowing anyone to look up who the company’s securities holders are, and quarterly interest payments are even issued directly from the Ethereum blockchain and into a wallet.
Last week a m bond was issued on Ethereum
0m more in the pipeline
The bonds are tokens
Interest paid via stablecoin to Eth address
Bloomberg terminals integrated with Ethereum
Ethereum will replace Wall Street's backend w/ its neutral settlement layer
Just watch
— Ryan Sean Adams – rsa.eth (@RyanSAdams) March 10, 2020
According to the founder of Mythos Capital, another 0 million in bonds are in the pipeline for Ethereum and says the trend is likely to continue until the number two cryptocurrency completely replaces Wall Street’s back end.
Doing so could help Ethereum set a new all-time high in the months ahead as DeFi continues to grow.
Featured image from Shutterstock
NewsBTC