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Bitcoin Shrugs Off Bubble Burst Fears To Record $2,500 Single Day Gain

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Bitcoin Bubble

Bitcoin defied chatter about a bubble ready to pop, as it went on to record its biggest gain in a single day of $2,500. The cryptocurrency topped record highs of $14,400 after a stunning 18-hour run that saw it jump from under $12,000.

However, not everyone is convinced that Bitcoin gains are here to stay even as Institutional investors prepare to take positions. Nordea Bank CEO, Casper von Koskull, has already called the rally a ‘joke’ as the head of Denmark’s largest pension fund insists they are not comfortable with the spike. Amidst the sentiments, bitcoin has continued to surge.

The price of bitcoin can now buy more than 11 ounces of pure gold after a jaw-dropping tear the entire year.

 Bitcoin Immediate Catalysts

The scorching cryptocurrency is up by more than 1500% for the year as it shows no signs of slowing down. Growing chatter about the launch of bitcoin futures contracts is believed to be the latest catalyst driving the digital currency’s price.

CBOE is set to launch bitcoin futures over the weekend as CME Group prepares for a similar launch on December 18, 2017. NASDAQ will launch futures trading in the summer of next year. JPMorgan Chase is set to launch its own future contracts despite the firm’s Chief Executive Officer taking a swipe at the cryptocurrency a few weeks back.

The sale of Futures contract poses the biggest test to bitcoin impressive run for the year. The derivatives is set to attract a flood of new capital, more so, from institutional investors who for the better part of the year have been on the sidelines.

 Red Flags

Amidst the excitement about the Futures contracts, some investors have warned that such derivatives could have serious repercussions. Interactive Brokers CEO, Thomas Petterfy, has warned that the derivatives could trigger a 2008 style financial crisis.

Coutts Investment strategist, Lillian Chovin, has also warned about the instability the cryptocurrency faces given that its blockbuster rally is not based on any underlying fundamentals. Coutts is not only worried about bitcoin bursting but concerned that it could be part of a wider tech bubble.

“Our view at Coutts is that, as an investment asset, electronic currencies like Bitcoin have nothing but sentiment backing them up. We, therefore, have no current plans to include them in our investment strategy,” said Ms. Chovin.

The concerns have done little to sway investor’s sentiments on the digital currency. Reports indicate that exchanges are in the process of processing mountains of applicants waiting on verifications of new deposits. Once these new funds hit the market, the price of bitcoin is expected to rise as most of them are expected to enter long positions.

We will be updating our subscribers as soon as we know more. For the latest updates on Bitcoin, sign up below!

Image courtesy of zacktionman via Flickr

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

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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Bitcoin

Wisebitcoin Launches Professional-Grade Crypto Exchange

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Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.

In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.

For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750. 

Beyond leverage, Wisebitcoin additionally offers a simple and…

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Bitcoin

ISW Holdings Continues to Transition Cash Assets into Bitcoin with $20K Purchase Ahead of Mining Launch

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ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company”), a global brand management holdings company, is pleased to announce that it is in the process of converting $20,000 of the Company’s cash holdings into Bitcoin. The Company also announces that it will be regularly conducting similar transactions on a quarterly basis to convert a percentage of cash flows into Bitcoin.

Management expects this transaction to be completed this week. The Company began transitioning cash resources into Bitcoin with an initial transaction in March 2019 at approximately $4,000/Bitcoin.

“We believe in the future of Bitcoin and digital payment systems, and cash represents an unproductive asset given the degree of monetary expansion, stimulus, and debt dragging down traditional currency systems,” commented Alonzo Pierce, President, and Chairman of ISW Holdings. “We are also on schedule to launch mining operations through our Pod5 solution at the Bit5ive renewable energy project by the end of January.” 

The Company formed a joint venture partnership with Bit5ive, LLC, (“Bit5ive”) in May to build and deliver an elegant, powerful, and efficient data center pod design. The Proceso Pod5ive Datacenter is the result. Designed in partnership with Bit5ive, and geared primarily for the cryptocurrency mining industry, the Proceso Pod5ive Datacenter offers next-generation dynamic self-management functionality, plug-and-play operation, virtually non-existent maintenance needs, and an industry best-in-class 1.06 Power Usage Effectiveness score.

The Company’s first mining pod is set to…

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