Everyone can agree on the fact that Bitcoin today is not what it used to be. Ten months ago, when 2018 was only a few days young, the leading cryptocurrency started losing its value, thus beginning a 2018 bear market. Since then, Bitcoin’s value continued to gradually drop from its all-time high of $20,000 per coin to today’s $6,600
Of course, this was not the lowest that BTC has reached this year, and at one point, it even dropped below $5,800. However, most analysts and crypto experts agree that the current price of $6,637.39 per coin can be considered Bitcoin’s bottom.
Still, a lot of investors and analysts remain optimistic, with some of them claiming that Bitcoin is about to experience a huge price surge. The most notable one among them is crypto traders Ran Neuner, who firmly believes that BTC is about to explode, according to his recent tweet.
I just bought Bitcoin for my parents. It’s too obvious that it’s about to explode…
— Ran Neuner (@cryptomanran) October 7, 2018
Is Bitcoin about to go on a bull run?
Neuner’s confidence in Bitcoin has grown significantly as the date of US SEC’s Bitcoin ETF decision is approaching. This is a decision that has been postponed several times so far, and it can easily be considered an event that has been anticipated throughout 2018.
Last year,around this time,BTC went from $6691 (Nov 11) to $20000 (Dec 17) in 5 weeks.This on the back of the expectation and launch of a cash settlement BTC futures contract. An ETF is a way bigger deal & requires actual purchase of BTC.2 looming SEC decision deadlines ahead.
— Ran NeuNer (@cryptomanran) October 7, 2018
Convinced that the decision will be a positive one, Neuner draws a parallel with Bitcoin today and Bitcoin from a year ago. Back then, a bull run that has brought the entire crypto market to new heights started just before CBOE launched Bitcoin futures after it was allowed to do so by US CFTC. The CME received the same decision on December 17, which was the final push for Bitcoin to hit its historic $20,000 per coin.
Now, a similar event is expected, as Neuner believes that the SEC will say yes to Bitcoin ETF applications. Furthermore, he believes that BTC ETF is a “way bigger deal” than the futures contract, which is why BTC might reach entirely new heights.
The future depends on the US SEC’s decision
Apart from allowing Bitcoin to reach an even higher value than last year, BTC ETF also has a potential to push the coin toward an even broader recognition. According to some experts, this may even mean allow Bitcoin to officially join Wall Street.
The fact that Bitcoin ETF decision is a long-anticipated one needs no confirmation. The SEC is currently tasked with reviewing, and possibly approving, as much as nine applications, submitted by three applicants. Because endorsing BTC ETF is such a huge deal, the SEC clearly wanted to take its time with deciding what to do. This is additionally supported by the fact that the decision-making was postponed several times, with the latest deadline being November 5.
Of course, many remain a skeptic of the decision, not believing that it will be a positive one. These individuals are quick to point out that the SEC rejected numerous BTC ETF applications already, with the most notable one being submitted by the Winklevoss twins. Their requests were rejected several times, first in March 2017, and then in July 2018.
Even so, Neuner remains optimistic about it this time, and so do numerous other investors, experts, and analysts. A favorable decision would make a big difference for Bitcoin today, and it might even spark the real mainstream adoption of cryptocurrencies.
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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.
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Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
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.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
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…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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. One of the ways to have a successful trading…
Wisebitcoin Launches Professional-Grade Crypto Exchange
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…