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Is Bitcoin finally becoming money?

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Bitcoin

As we all know the current year has been terrible for the cryptocurrency market. After reaching 19,783 USD, Bitcoin has kept falling down and it’s at 6,487 USD at the time I write this. That kind of loss in value doesn’t seem like a great thing, but is it really that bad?

Over the last month, something happened to Bitcoin that is making even traditional investors notice it: it’s been stable. It’s been in between 6,200 and 6,600 for a full month, which means it’s been even less volatile than the stock market and most of the world’s fiat currencies. And that is a good thing.

For the first time in its short history, Bitcoin is showing signs of achieving stability which was one of the main criticisms held against it by detractors. It’s gone low all year for sure, and it’s been driving the market down. But there’s just a slight possibility that this is where the market should have been from the beginning, and that it’s found the level at which it can remain stable and reliable. And that would be the point in which traditional (and, usually, fearful) investors come in and start driving the market up again slowly but steadily?

How do we know all this? Well, the charts are there, for a start. But there is also an interview with Michael Moro, CEO of Genesis that was broadcasted by CNBC recently. Genesis is a company that gives out loans in digital assets and he had a lot to say about the current market both for loans and for cryptocurrencies.

For a start, Mr. Moro was very clear that Bitcoin still reigns supreme in all markets. Most of Genesis portfolio is indeed Bitcoin (60%) with Ripple’s XRP second at 18%. He then explained that many of those loans are used to short-sell Bitcoin, which is what has been happening all year thus driving the prices down. He also said that shorters are correcting their postures now, according to market behavior, and are buying back in.

It’s too soon to say that the market crisis we’ve seen since last December is over (but we’ve reported many times on signs of an imminent bullish run). Beyond that, the stability the market has seen recently has always been one of the signs that traditional financial analysts have been waiting to give the crypto market a vote of confidence. And it could be that stability has arrived at last.

When Mr. More was asked “Is Bitcoin digital gold at last?” he answered without hesitation that it’s not yet, but it’s on its way to be. And that is a lot more likely that the token will reach 10,000 USD before it reaches 5,000.

This is all good news. The cryptocurrency markets in the world are finding organic ways to become stable, even if it’s happening at low prices and many traditional institutions (even in Wall Street) are starting to go into Bitcoin and the cryptosphere in general, and see how it goes, which was just unthinkable a few years ago.

So make no mistake, the Bitcoin game is a long-term game, don’t let a run of low prices (however long it could be) throw you off. Cryptocurrencies are gaining mainstream adoption slowly but surely, and the market is now even tamer than the stock market. We’re all on the right path. Patience is the key.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of TheDigitalArtist/Pixabay

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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