Kategorie: Bitcoin News

Bitcoin news about the Bitcoin (BTC) blockchain and its crypto ecosystem.

Veröffentlicht am

SoFi CEO holds Bitcoin and Ethereum among other crypto assets

SoFi Technologies owns the naming rights of the home stadium of Super Bowl LVI champions the Los Angeles Rams

Anthony Noto said his family owns Bitcoin and Ethereum but advises that volatility continues to hinder greater adoption of the crypto asset class.

SoFi Technologies Inc. CEO Anthony Noto has revealed that his family holds crypto, including Bitcoin, Ethereum and several other digital assets.

Noto, speaking to CNBC in an interview on Monday, however, noted that the family’s crypto holdings make just a small portion of the total family investment.

Stating that the family is invested in crypto, the SoFi CEO added.

“We own Bitcoin, we own Ethereum, we own some of the more obscure and different cryptocurrencies, but it’s a very small part of what we own.”

Noto said that companies that do not invest in blockchain technologies might be making a mistake. Such companies risk being left behind, he noted. In his view, companies need to look at how to include innovation in their business, including the use of crypto “as a technology platform.”

Despite his positive remarks about investing in crypto or integrating the underlying blockchain technology, Noto points out why he thinks one should not have crypto as the majority of their portfolio. 

He notes that the crypto market is highly uncertain and volatile, aspects that he says mean it should only form a small part of the portfolio.

In other remarks, Noto talked about SoFi’s big bet on the naming rights for a stadium that is now the home of reigning Super Bowl champions the Rams

He noted that the desire to see SoFi grow into a household name, and being part of the NFL was behind its move for the deal.

“It’s all played out the way that we had thought and then some,” he said.

SoFi Technologies has also made huge strides in getting all the necessary regulatory boxes ticked, the executive explained. These include the US Federal Reserve, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp (FDIC) all key to the firms’ move to offer crypto-related services.

The company has a bank charter through its acquisition of Golden Pacific Bancorp Inc. and offers access to Bitcoin among other 30 digital assets.

The post SoFi CEO holds Bitcoin and Ethereum among other crypto assets appeared first on Coin Journal.

Veröffentlicht am

Wells Fargo says crypto is headed for hyper-adoption

  • Bitcoin’s adoption is at an early stage, according to Wells Fargo

  • Like the 1990s, when the internet saw an explosion in mass adoption, crypto is set on a similar trajectory

  • Marcus Sotiriou, an analyst with London-based digital asset trading platform GlobalBlock, says “it’s only a matter of time” before major banks and companies still on the sidelines join the crypto bandwagon.

Multinational financial services firm Wells Fargo this week published a report that was highly bullish on cryptocurrencies, suggesting that it’s only a matter of time before we see an explosion in crypto adoption.

The banking giant looked at the adoption of the internet in the 1990s and the current trend for Bitcoin and other digital assets to conclude that crypto is on a path to exponential growth and adoption.

According to the company, crypto’s “adoption percentages” today mirror those recorded during the nascent years of the internet. With use cases in the digital asset space getting the recognition that they deserve across the globe, Wells Fargo predicted that people are quickly embracing the technology.

But at just 3% of the global population, or about 221 million people, the future is bright for crypto should the trend hold and reflects that seen with the internet, the report added.

Chart showing internet usage compared to crypto user growth. Source: Wells Fargo

While Wells Fargo expects crypto to “hit a hyper-infliction point” not far in the future, its call also includes a warning that many projects will likely also fail.

Sotiriou: Just a matter of time

Some of the world’s largest banks still hold a negative outlook for Bitcoin and other cryptocurrencies. 

But Marcus Sotiriou, an analyst with UK-based GlobalBlock digital asset trading firm, believes this won’t be the case for long.

According to him, the likes of Bank of America will soon take a different stance on crypto as did JPMorgan, led by its CEO Jamie Dimon.

Institutional investors are already increasingly interested, the analyst points out. This week, KPMG Canada became the lasted when it revealed it had added Bitcoin and Ethereum to its treasury.

Bitcoin price

Bitcoin could be a primary beneficiary of the massive adoption, GlobalBlock’s Sotiriou noted on Friday. 

Bitcoin’s retreat from highs of $45,500 this week means bulls are facing prospects of further weakness. The outlook, according to Sotiriou, is likely to be exacerbated by the broader sentiment across markets following yesterday’s hotter than expected US inflation data.

He also notes that the rejection after BTC/USD jumped nearly 40% since its January lows suggest bulls need will to bounce above this week’s intraday highs and hold off sellers to confirm a bullish continuation.

BTCUSD was trending around $43,643 at the time of writing.

The post Wells Fargo says crypto is headed for hyper-adoption appeared first on Coin Journal.

Veröffentlicht am

10 Best Cryptocurrencies to Buy in February 2022

The following list contains the ten best coins you should invest in before February runs out.

1. Bitcoin (BTC)

 Amidst the environmental concerns, some countries are already legalising Bitcoin and using it as a store of value. Bitcoin is worth $44,199 with a market cap of $841 billion. The available supply is 2 million lesser than its total supply. Due to the halving that occurs every four years, experts predict that its price will surge between now and the next halving in 2024.

2. Ethereum (ETH)

 Ethereum is the first smart contract platform and has since been enjoying the first-mover advantage. Due to the concerns around the proof of work mining model, there are plans to move the blockchain to the proof of stake consensus algorithm. A move that experts believe would do its adoption and price good. It costs $3,193.3 as of today, with over 110 million in circulation, having peaked at $4,878 in November 2021.

3. Binance Coin (BNB)

 This is the native token of the giant exchange- Binance. It is used for settling transactions and staking purposes. It has a market cap of $70.8 billion with a unit price of $421.05. For a coin that is regularly burnt, it has maxed out its entire supply.

4. Polkadot (DOT)

 Polkadot is a blockchain of blockchains that run at low costs and high speed. It is aimed at combating the three key issues of pioneer blockchains. DOT peaked at $54.98 in November 2021 but is worth $21.95 right now. DOT is used to run the network.

5. Polygon (MATIC)

 Polygon is a layer-2 blockchain created to solve the problems of the Ethereum blockchain. Asides from that, it supports Ethereum Virtual Machine. MATIC is used to run the platform and participate in governance. It costs $2.03 right now, with a market cap of $13.8 billion.

6. Tether USD (UST)

 UST is the stablecoin created by Terraform Labs on the Terra blockchain. Unlike most popular stablecoins, it is stabilised by smart contract algorithms. It is used to avoid the volatility of other cryptocurrencies during bear runs. It costs $1.00 with an available supply of 11.3 billion.

7. Monero (XMR)

 Monero is the biggest privacy blockchain that supports private and censorship-resistant transactions. Ring signatures, stealth addresses, and ring CT are some tools used to make its transactions confidential and untraceable. XMR, the native token, has an available supply of 18.1 million. It costs $183.52 right now, with a market cap of $5 billion.

8. Terra (LUNA)

 Terra is a DeFi platform that enables users to create stablecoins. These stablecoins are stabilised by LUNA and smart contract algorithms. LUNA can be staked and used to participate in the platform’s governance. It costs $57.22 right now but peaked at $103.34 in December 2021.

9. Ripple (XRP)

Ripple is a blockchain that supports borderless transactions among banks, with over 200 banks already using it. It is faster and less costly than the traditional method. XRP is used to provide liquidity for these transactions. It costs $0.89 with a total supply of 100 billion and a market cap of $42.6 billion.

10. The Sandbox (SAND)

 The Sandbox is a metaverse that enables creating and monetising gaming experiences. SAND is used to power the platform and to settle transactions. It experienced a price increase of over 7000% and costs $4.78 right now. It has a market cap of $4.9 billion, with over 1 billion currently in circulation.

 While all these coins have great potential, you shouldn’t go ahead and invest in them without proper research. Cryptocurrency investment is very risky, so deal wisely.

The post 10 Best Cryptocurrencies to Buy in February 2022 appeared first on Coin Journal.

Veröffentlicht am

Bitcoin eases off resistance above $45,000: Here’s what top analysts are looking at for BTC price

  • Bitcoin dipped alongside stocks after US inflation came in hotter than expected at 7.5% year over year

  • After dipping below $44k, BTC price recovered to within $45k as analysts outlined potential movements for the flagship cryptocurrency.

The price of Bitcoin broke above a key barrier and traded as high as $45,201 overnight Wednesday, before retreating as the broader market fell during early trades after US markets opened.

Analysts’ take on Bitcoin’s outlook

The drawdown seen earlier took shape as investors digested fresh US inflation data that came in at 7.5% against an expected 7.3% year-over-year. Risk-on assets such as crypto and equities reacted lower, with all eyes now on the Federal Reserve’s rate hike slated for March.

The S&P 500 was down 0.23% and the Nasdaq composite -0.18%, while the Dow Jones Industrial Average stayed just above the flatline.

Crypto trader and analyst Michael van de Poppe observed:

“The Consumer Price Index (CPI) results for the U.S.A. are coming in at 7.5% year-over-year, the expectations were 7.3% year-over-year.$DXY is shooting up and risk-on assets are dropping down like Bitcoin & equities.Likelihood that the FED will start rate hikes in March.”

Crypto trader Cantering Clark says Bitcoin’s dip from intraday highs has brought it back into range. He suggests the cryptocurrency will resume its recent upside momentum if the slip in stocks has also seen a low. For him, the key is for BTC to hold above $43k.

Another analyst, Rekt Capital, says the recent rally may not be over based on the Fear & Greed investor sentiment metric. He notes that at the moment, sentiment towards Bitcoin “is neutral.”

“Extreme Greed precedes local tops. So just based on sentiment alone, this BTC rally may not be close to being over just yet. Key levels such as $43100 & the 50-week EMA flipping into support would confirm this,” he tweeted.

Looking at the BTC/USD weekly chart, the 50-week exponential moving average (EMA) is currently at $44,200.

BTC/USD weekly chart. Source: TradingView

If Bitcoin recovers from today’s slump and breaks above the highlighted EMA and $45k level, analyst Ali Martinez says the main barrier will be around $48,000. Above that, the psychological $50,000 would come into play.

Bitcoin’s inflation hedge status

Bitcoin’s plunge on Thursday alongside stocks saw it continue the high correlation it’s shown with the traditional finance markets since its peak at $69,000 in November 2021. Some analysts say this means BTC is not a better hedge against inflation or as a store of value.

On Tuesday, Bank of America pointed out that Bitcoin was no longer a “good” inflation hedge given its volatility and lockstep trading with the S&P 500 and Nasdaq.

But Gemini co-founder Cameron Winklevoss believes Bitcoin is still the best hedge against inflation, adding to various such calls from within the crypto community and even mainstream investors.

At the time of writing, the BTC/USD pair was hovering around $44,900, about 2% up in the past 24 hours. The cryptocurrency remains positive over the week too, with roughly 22% in gains.

The post Bitcoin eases off resistance above $45,000: Here’s what top analysts are looking at for BTC price appeared first on Coin Journal.

Veröffentlicht am

Bitcoin price: Analyst highlights next steps for BTC if this level turns into support

  • Crypto trader and analyst Rekt Capital says the 200-day EMA is a key level for bulls, currently around $47,000.

  • Data from CoinGecko shows Bitcoin reached a high of $45,300 on Tuesday before retreating sharply to the $43,400 area.

Bitcoin (BTC) has retreated from its intraday highs of $45,300 reached on Tuesday and is currently hugging the area at around $43,450. The bounce low has seen the momentum seen since the weekend look to slow down.

However, with sentiment bullish about the flagship cryptocurrency’s short-term price movement, crypto analyst Rekt Capital says another melt-up is likely.

He says the BTC/USD pair is eyeing a key level, which if reached and turned into support, would suggest the outlook from long-term investors has shifted positive. The optimism could be a catalyst for further buying, likely aiding bulls push for the elusive breakout to the psychologically important level at $50,000.

Here’s what the pseudonymous analyst noted as BTC price flirted with resistance around $45,300:

“BTC is slowly approaching the 200-day EMA (black) Flip the EMA into support and this will be an indication that long-term investor sentiment is shifting back to being bullish on Bitcoin.”

He shared the chart below, which shows Bitcoin’s recovery after last month’s rout and the potential for a breakout to $47,000.

Chart showing BTC rebound towards the 200 EMA. Source: Rekt Capital on Twitter.

This level represents the 200-day exponential moving average, which Rekt Capital highlights as one of the key indicators of long-term investor sentiment towards Bitcoin.

 “The black 200 EMA is a long-term gauge of investor sentiment towards BTC. The 200 EMA currently represents a price point of ~$47000,” he said.

While the analyst is optimistic on BTC/USD, he points to the chart and the 200 EMA versus current price levels to note that bulls might have to struggle a bit before flipping the line into support.

If Bitcoin price turns $43k into support and breaks above the supply zone above $45k, then it’s likely to continue higher with the highlighted range ($43,100-$51,900). 

Crypto analyst Scott Melker holds a similar view and says that the benchmark crypto has “tapped” the zone. He is positive about BTC/USD price above this level.

Bitcoin has also painted a similar recovery as that seen during the last correction (May-July 2021), by breaking higher from the lower Bollinger Band on the weekly log. The last time it happened, BTC rallied to its all-time high of $69k.

Bitcoin price is up more than 12% this past week.

The post Bitcoin price: Analyst highlights next steps for BTC if this level turns into support appeared first on Coin Journal.