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July 26th, 2018- In This Issue:
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BITCOIN PRICE ALERT!
BITCOIN UP OVER 35% SINCE OUR LAST NEWSLETTER @ $8,200
It was only a matter of time, for the last 3 months we have been telling our subscribers to "BUY THE DIP" those who have are up over 30% in just the last few weeks.
The best part about the market is that it appears we are heading into a new bull market that many experts believe will see prices eclipse last years highs of almost $20,000
We cannot begin to tell you how happy we are to finally see the market bottom out and turn north once again. It is with the upmost sincerity that we tell you that this is just the tip of the iceberg.
Don't be surprised to see $15,000 - $20,000 again quite possibly by the end of this year.
Rumor has it that a tremendous amount of institutional money is headed towards bitcoin, to top that off its quite possible that a true bitcoin ETF will be available before the end of the year as well.
These two possibilities make bitcoin as attractive of an investment as there has ever been. Don't miss the boat, take advantage of these opportunities to add to your holdings.
As always, buy the dips, hold on to your bitcoins for as long as you can and spread the word. Tell your friends, your relatives and anyone else who will stand around long enough to listen about Bitcoins, believe me you will be doing them a huge favor.
Visit BitvestIRA for information on using your IRA to invest in bitcoin at 20% below spot price. Or call us directly with any questions at 1-844-BIT-VEST (1-844-248-8378)
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For Bitcoin 'Moon,' Just Wait Till
Institutional Investors Show Up
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Bitcoin is going to $14,000, bulls say. That's the tamest call. Tim Draper thinks it goes to $200,000 by 2022. Others in the market, like Forbes
columnist and London's ThinkMarkets strategist Naeem Aslam, think $50,000 by December is double.
They mostly say it is because of news of exchange-traded funds getting closer to getting greenlit by the Securities & Exchange Commission. They also cite market-friendly regulations that make real-money investors think the top cryptos can be traded with investor protections, no different than gold futures and forex. Those regulations give investment advisors with fiduciary responsibility to a client an impetus to put money to work in crypto.
Once Bitcoin is regulated as a security, when institutional investors follow in the footsteps of high-net-worth individuals and hedge funds already in crypto, then this market goes to the moon.
To put it in cryptocurrency cult vernacular: "when moon?" Soon as Harvard and the Ford foundation decide that a quarter-percent allocation to Bitcoin and other top 10 coins is plausible, that's when.
"You already have professors looking at how to value cryptocurrencies like a traditional security," says Bitcoin skeptic and Acadian Asset Management strategist Philip Owrutsky. We were at the Palms in Boston on a fall-like day in June, in sweaters, complaining about the weather. An impassioned debate on Bitcoin kept us warm.
"I'm not convinced Bitcoin eventually becomes the lead, global cryptocurrency," he tells me. "And I'm not convinced that institutional money is going into it. But they are inquiring about it, that is for sure."
On Tuesday, the Securities & Exchange Commission postponed its decision on Direxion's new Bitcoin ETF. The Massachusetts-based fund company, known for its double-leveraged ETFs, will have to wait until September for a decision.
Something is in the water, though.
San Francisco-based Bitwise Asset Management wants to surf Direxion's wake. They filed with the SEC on Tuesday, the WSJ reported.
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Billionaire Investor Marc Lasry: Bitcoin Can Soon Hit $40,000 as Trading Becomes Easier
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Avenue Capital Group co-founder Marc Lasry has said that
Bitcoin
's (BTC) price is going to hit $40,000 n bullish comments to
CNBC.
Institutional investors have become a significant talking point in recent weeks regarding Bitcoin, with commentators eyeing movement towards the crypto sphere from the likes of investment giant
BlackRock as a possible sign major new interest is on the way.
At $40,000, Lasry's prediction is meanwhile conservative in nature compared to figures like those proposed by
Tim Draper, whose 2022 Bitcoin price forecast is
currently set at $250,000.
Controversial crypto personality
John McAfee, infamously bullish, has meanwhile
doubled down on Bitcoin hitting the $1 million price point hitting as soon as 2020.
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Bitcoin (BTC)
futures
average daily volume (ADV) at the Chicago Mercantile Exchange (
CME
) increased by 93 percent in the second quarter over the first quarter of 2018, the company revealed in a
tweet
July 20.
CME also stated that the rate of open interest (OI) or the number of open contracts on Bitcoin futures has exceeded 2,400, which amounted to 58 percent increase in Q1.
One of the biggest global exchanges, CME Group launched Bitcoin futures trading on Dec. 17, following the launch of BTC futures by the Chicago Board Options Exchange (CBOE), the largest U.S. options exchange, on Dec. 10.
In May, the Federal Reserve Bank of San Francisco published an Economic Letter alleging that the Bitcoin price decline following the $20,000 all-time high in December was the result of the introduction of Bitcoin futures. The Fed claimed that "the rapid run-up and subsequent fall in the price" after the launch of BTC futures trading "does not appear to be a coincidence."
Earlier this month, the largest exchange-traded fund (ETF) supplier in the world BlackRock, announced it is forming a working group to consider whether the company should invest in Bitcoin futures. Considering Bitcoin futures represents a U-turn for BlackRock, which has previously been critical of cryptocurrencies.
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Coinbase Launches Crypto Gift Card Service
in Europe
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U.S.-based cryptocurrency exchange Coinbase now offers a way for customers to purchase retail goods and services using crypto assets, thanks to a new partnership with a digital gift card startup.
According to a
report
from Bloomberg on Wednesday, Coinbase has integrated its wallet services with WeGift, a London-based online gift card platform, and now allows users to purchase gift cards with cryptocurrency stored in their Coinbase wallets. Currently, the exchange supports bitcoin, bitcoin cash, litecoin and ethereum, with more likely
to be added
soon.
Based on information provided by WeGift's website, gift cards purchased by cryptocurrencies can be used in over 120 retailers that accept WeGift, including Tesco, M&S, Uber, Carrefour, Google Play and Costa.
The service is so far only available in the U.K., France, Spain, the Netherlands and Italy.
In 2013, Coinbase also partnered with a New York-based digital gift card firm called eGifter to offer crypto gift cards.
The move comes just months after the exchange secured an e-money license authorized by U.K. markets watchdog, the Financial Conduct Authority. As previously reported by CoinDesk, the license gave the company the ability to provide payment services and issue digital cash alternatives in the country, which can then be used to make card, internet or phone payments.
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Novogratz's Galaxy Digital Leads $52.5 Mln Fundraising Round for Crypto-Lending Firm
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Crypto-focused merchant bank Galaxy Digital has recently led a $52.5 million fundraising round for crypto-lending firm BlockFi, according a
blog post
by the company July 24.
Galaxy Digital CEO and founder
Mike Novogratz
confirmed in a
tweet
that he is, "excited to get into the crypto lending business." With the new round of investment, the startup will reportedly be able to expand its business outside the
U.S.
and to support
BlockFi, featuring "loans backed by your cryptoassets," offers corporate and retail loans on their digital asset holdings. BlockFi currently offers loans on Bitcoin (BTC) and Ethereum (ETH).
The New York-based firm was launched in January 2018 by Zac Prince, a former senior vice president of lease payments operator Cognical, according to Business Insider. BlockFi raised money in two rounds this year, receiving $1.55 million from ConsenSys Ventures, SoFi, and Kenetic Capital in February.
Prince stated that the recent investment by Novogratz is a "strategic step towards BlockFi delivering credit across the crypto ecosystem," stressing the company has faced a high demand on crypto-lending services.
"The support we've seen from existing clients and investors highlight the strong demand for leveraging Bitcoin or Ether for low-cost USD loans. We look forward to expanding our services to support more cryptocurrencies and more geographic markets in the near future."
Last week, Novogratz predicted that mass adoption of crypto and blockchain is "still five to six years away." The Wall Street exec said that more institutions will enter the industry "in the next two to three years," claiming that "without that, we will be running in circles."
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Up 45%: Is Bitcoin's Price Preparing for a
Bull Market?
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Bitcoin's (BTC) 45 percent month-on-month rally has likely put the leading cryptocurrency on the path to a long-term bull market, technical studies indicate.
As of writing, BTC is changing hands at $8,300 on Bitfinex, having clocked a two-month high of $8,507 on Tuesday.
A month ago, it was all gloom and doom in the bitcoin market, as the cryptocurrency had created back-to-back long-term bearish chart patterns in the months of May and June. Consequently, BTC looked primed for a move lower to $5,000.
However, the inverse head-and-shoulders breakout seen earlier this month confirmed a short-term bearish-to-bullish trend change. Furthermore, the convincing break above $8,000 seen this week appears to have set the stage for a major bull run.
To start with, the pennant breakdown witnessed on June 9 had signaled a revival of the sell-off from the record high of $20,000 reached in December 2017.
However, the ensuing sell-off ran out of steam at $5,755 (June 24 low) and the subsequent recovery established a falling channel (bearish pattern marked by circles), which has been breached to the higher side this week.
So, what we have is an upside break of the four-month-long falling channel, i.e. a long-term bearish-to-bullish trend change.
The short-term outlook also remains bullish as indicated by the rising channel (higher highs and higher lows). Still, there is merit in being cautious as the above chart also shows a bearish relative strength index (RSI) divergence, which could yield a price pullback.
Read More...
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BITMEX SHATTERS INDUSTRY RECORD WITH DAILY TURNOVER OF 1 MILLION BITCOIN
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Seychelles -
July 2018 - BitMEX, one of the world's leading crypto-coin trading platforms, has broken the industry record for Bitcoin trading volume, with more than 1 million Bitcoin traded on the platform in 24 hours for the period closing July 24, 2018. The 1,041,748 Bitcoin traded on BitMEX shattered its previous record of 800,000 Bitcoin traded within 24 hours. The landmark moment for the cryptocurrency industry comes as the Bitcoin price continues its upturn to more than $8,000 USD.
BitMEX CEO and Co-founder Arthur Hayes said: "The astronomical surge in trading volume, coupled with the steadily rising price of Bitcoin, is reflective of the market's increasingly sophisticated understanding of the potential of Bitcoin to redefine global markets. The achievement was also largely thanks to ongoing capacity increases accomplished by scaling our engine architecture.
"The record that BitMEX has set marks a major milestone in the cryptocurrency industry's overall path to maturation. I am delighted that BitMEX's easy-to-use and highly secure trading application has helped to onboard yet another tidal wave of people from all around the world to the crypto market and given them the confidence to participate on the largest scale ever seen," added Hayes
The record-breaking 24 hours follows news of BitMEX becoming the first crypto-coin trading platform to hit a daily trading volume over $1 billion USD. In addition to Bitcoin, the trading platform also lists futures contracts on a number of other crypto-coins, such as Bitcoin Cash, Ethereum, Tron, and Ripple.
The company's XBTUSD market is notably the most liquid in the world, with 1500% more Bitcoin to USD liquidity than any other platform.
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'Any number of catalysts could send bitcoin exploding higher,' says
blockchain
venture capitalist
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Bitcoin
has seen strong gains over the last week - trading at about $8,200 as of the earlier hours of Thursday.
But
the largest digital currency by market cap still isn't close to its December, 2017 high of $19,783.21. Now, market watchers are waiting in anticipation for the next jump - or decline.
"Any number of catalysts could send bitcoin exploding higher," Spencer Bogart, a partner at Blockchain Capital, told CNBC on "Fast Money" Wednesday.
"Bitcoin is kind of a tinderbox right now, waiting for reasons to go higher," said the venture capitalist.
In May, even as bitcoin continued to fall, Bogart said it was the only digital coin worth buying, as more banks and large institutions were beginning to accept the coin, and urged long-term investors to get on board.
Other cryptocurrencies, he said, were "over-promising and under-delivering. Meanwhile you have a few that are kind of excelling at their use cases. Bitcoin being one of them." He said bitcoin, which was priced around $7,400 at the time, would likely go lower before hitting at least $10,000 by the end of 2018. The coin fell below $6,000 the following month.
On Wednesday, Bogart said bitcoin may have hit its bottom for the year, but that he was "definitely expecting to see new highs" and told investors to expect more regulatory approval of the space in the coming year.
"The cat's already out of the bag," Bogart said, adding that "innovation is going elsewhere if the SEC doesn't get on board soon."
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Copyright © 2018. All Rights Reserved.
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. BitvestMint LLC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred
BitvestIRA suggests that you research and evaluate the risks and rewards associated with investing in digital currencies before you make your purchase. Information on the website represents past performance and may not represent future results. BitvestIRA's representatives are not licensed as investment advisers and, accordingly, cannot offer investment advice regarding client's personal investment portfolios..
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