Day: August 5, 2021

Bitcoin Set To Outperform In Second Half Of 2021, Bloomberg Analyst

by NEWSBTC

As Bitcoin continues its tumultuous run through the market, analysts continue to see big things in store for the cryptocurrency. Bloomberg analyst Mike McGlone recently said in the August Edition of the Bloomberg Galaxy Crypto Index (BGCI) that the coin was set to outperform in the second half of the year. Already one month into the second half of the year, the market has seen the price of bitcoin breaking $40,000 for the first time since the market crash.

The report said bullish fundamental underpinnings would improve this second half. Likely relating to the continuous growth of the digital asset over the past two weeks. Continuing upward trends have put the digital asset at bullish trends that see the asset price increasing higher.

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The report sees the current trends enduring, which would most likely push the assets to continue to outperform as the second half of the year plays out.

Bitcoin Reasserts Leadership Of Crypto Market

Bitcoin continues to be the number one cryptocurrency in the market. A large share of crypto market dominance continues to be held by the digital asset. With over 45% of market dominance belonging to bitcoin. This puts the digital asset at the top of the food chain when it comes to the cryptocurrency market.

The report points out that the pioneer cryptocurrency recently reasserted its dominance in the market with the recent 10% in the price, following the weekend rally that saw top crypto coins across the board gaining significant numbers in their price.

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Bitcoin price chart from TradingView.com

Bitcoin price chart from TradingView.com


BTC price moves into downtrend | Source: BTCUSD on TradingView.com

Bitcoin was tied in with gold and long bonds as the top assets that were set to outperform this second half of the year. Pointing out their decades-long advancement and recent price dips as an enhancement for their current relative values.

Ethereum In Resting Bull Ark

The report also touched on the current movement of Ethereum along with bitcoin. Explaining that the continuing growing nature of the digitalized finance market will bring about an uptrend in the price of Ethereum.

Related Reading | Ethereum Set To Explode According To Market Dominance, Crypto Analyst

Ethereum has continuously outperformed in the market since its inception. So it is not a stretch to believe that the asset is set to outperform, following behind bitcoin. Ethereum still commands the second largest market cap in the crypto market. And is gaining more and more market share as the coin continues to gain more value. With upgrades set to happen on the network, ETH is going to be even more valuable than ever.

The report pointed out that adoption will increase for both Bitcoin and Ethereum. While dollar dominance will continue to remain a prominent theme in the market.

Featured image from Markets Insider, chart from TradingView.com

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Crypto Market Price Suddenly Soars Toward $2 Trillion—Could Ethereum Be About To ‘Flip’ Bitcoin?

by Forbes

Ethereum’s major upgrade, code-named London, went live earlier today—helping the ethereum price record gains of 20% over the last week and sending bitcoin back over $40,000.

The ethereum price boost, pushing ether tokens toward $3,000, has caused the combined crypto market to climb to almost $1.7 trillion, up from recent lows of $1.2 trillion in July (subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover crypto blockbusters poised for 1,000% gains).

As ethereum’s rally accelerates, leaving the bitcoin price in the dust, some in the crypto industry are predicting ethereum could overtake bitcoin as the world’s biggest cryptocurrency by value.

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MORE FROM FORBESCrypto Price Prediction: Bitcoin Could Be Left In The Dust By Ethereum In 2021By Billy Bambrough

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“Ethereum could flip bitcoin as the world’s number one cryptocurrency,” Tim Sabanov, the chief technology officer at Scotland-based bitcoin and crypto platform Zumo, said in emailed comments ahead of ethereum’s scheduled upgrade.

Ethereum’s London upgrade aims to help the blockchain scale and make surging transaction fees more manageable. The upgrade is part of ethereum’s long-awaited move away from the energy-intensive proof-of-work model used by bitcoin to proof-of-stake—allowing users to generate new ether tokens via their existing holdings—and known as ethereum 2.0. The entire upgrade isn’t expected to be fully realized until well into 2022.

“What ethereum has done is look at something that already exists—bitcoin—and made it better,” said Sabanov. “It has an extremely vibrant developer community and that means that the ecosystem is growing at astonishing speed.”

Ethereum bulls point to the network recently overtaking bitcoin in a number of closely-watched metrics and its price performance relative to bitcoin over the last year as justification of their predictions. Ethereum has soared 600% over the last 12 months, compared to bitcoin’s 250% increase.

“The crypto giant recently surpassed bitcoin in the total number of active daily addresses, and that momentum shows no signs of slowing as the network continues to power key DeFi and NFT trends,” Sabanov added.

Decentralized finance (DeFi), using crypto technology to reinvent traditional financial products like loans and insurance without the need for banks, and non-fungible tokens (NFTs), unique digital crypto tokens tied to online media, have both become multi-billion dollar markets over the last couple of years. Almost all DeFi funds and NFTs are currently based and traded on ethereum’s blockchain.

Ethereum’s upgrade will also see some ethereum tokens destroyed, or “burned”—limiting new tokens coming onto the market and, in theory, making the tokens more scarce.

Earlier this week, Dan Morehead, the founder of $2.8 billion crypto-focused investment fund Pantera Capital, reportedly predicted ethereum would eventually flip bitcoin—despite expecting the bitcoin price to hit a whopping $700,000 per bitcoin in just ten years.

“You’ll see a transition of people who want to store wealth, doing it in ether rather than just bitcoin,” Morehead told the Reuters Global Markets Forum on Monday, it was reported by Cointelegraph.

In June, the chief investment officer at $100 million digital asset investment manager Two Prime, Nathan Cox forecast ethereum will eventually “flip” bitcoin.

“In the long, long, multi-year timeline, yes, ethereum will flip bitcoin,” said Two Prime’s Nathan Cox. “It’s just now starting to be understood by the second-tier adopters. Ethereum’s utility alone will outstrip anything else.”

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MORE FROM FORBESCrypto Price Prediction: Why Bitcoin Could Hit $700,000 In Just 10 YearsBy Billy Bambrough

Earlier this year, long-time cryptocurrency bull Mike Novogratz, the chief executive of crypto investor Galaxy Digital, also predicted ethereum could one day become the “biggest cryptocurrency.”

Meanwhile, many in the cryptocurrency space have expressed their support of ethereum’s upgrade, claiming it will be broadly beneficial to the crypto industry and market.

“For the many cryptocurrencies and DeFi applications tied to it, this is a large boost to better efficiency, so good for the overall crypto ecosystem,” Diogo Monica, the cofounder and president of crypto bank Anchorage Digital, said via email.

“We are confident that [ethereum’s] network upgrade will succeed in an overhaul of the network’s transaction fee market and other parameters such as gas refunds,” Paolo Ardoino, the chief technology officer at both crypto exchange Bitfinex and stablecoin issuer Tether Limited, said in emailed comments. “This will have a positive impact on DeFi usage on ethereum and help the network to realize its huge potential.”

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Bitcoin Analyst Says ‘Young’ BTC Is on the Move – Here’s What It Could Mean for the Markets

by Dailyhodl

On-chain analyst Willy Woo says that Bitcoin (BTC) has entered a period of “maximum noobishness.”

Woo tells Scott Melker in a new interview that BTC is now in a zone where the “smart money” has essentially stopped selling.

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The coins that are currently moving among investors are “young” assets that were recently acquired, says Woo.

The analyst relies on a metric called “cumulative value-days destroyed” (CVDD), also known as “destruction.” According to Woo, destruction is a ratio that expresses the duration of a held asset to the age of the market.

Woo says that he sees bullish signs when destruction bottoms and young coins are rampant.

“You can look at the age of the coins moving per volume, moving between investors. And whenever it reaches a low of destruction, meaning those coins that are moving between investors are young, that means the sellers are newbs.

We’re at maximum noobishness and whenever that bottoms, that’s a time to buy. And it’s just bottomed in this last week. We’re at max noob selling and the OGs are not selling. They’re buying.”

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The analyst also points to Bitcoin’s massive network growth as a potential sign of strength.

“If you wind back the clock to 2018 to now, the network growth in terms of users you can see on the blockchain – it’s gone parabolic.

I’m talking about parabolic on a log chart like we’re used to. Normally it grows and then the growth rate starts to taper off. For the last three years the growth rate has been going parabolic. Never been seen before.” 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Elena11

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Marvel Will Launch Spider-Man NFTs on Saturday

by Cryptobriefing

Key Takeaways

  • VeVe will begin to sell Marvel superhero NFTs this weekend.

  • The first series of non-fungible tokens will feature five variations on Spider-Man, priced between $40 and $400.

  • Future VeVe collectibles will feature Wolverine, Iron Man, and Captain America as well as digital comic books.




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Comics giant Marvel and its NFT partner VeVe have announced that the first Spider-Man cryptocollectibles will go on sale this weekend.


Five Spider-Man Collectibles are On Sale

The first series of Marvel non-fungible tokens will feature Spider-Man, and each item will include a digital three-dimensional model.


There are five different variations on the comics superhero, with prices ranging between $40 to $400 per collectible.

VeVe’s distribution model also includes secondary market fees. This means that sellers can earn 8.5% of each collectible’s sale price in VeVe’s “Gems” currency if the item is resold.

VeVe will begin to sell the items on Aug. 7 at 8 AM PST.

VeVe has minted these and other NFTs on Immutable X, a second-layer network for the Ethereum blockchain.

More Marvel Items to Come

Marvel originally announced its line of NFTs at the end of June, when it revealed its partnership with VeVe on its website.

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Future Marvel collectibles will feature Wolverine, Iron Man, and Captain America. The NFT lineup will also include digital comic books, according to earlier announcements from Marvel.

VeVe is also working with other popular media brands including DC Comics, Ghostbusters, and Jurassic Park.

Marvel CEO Dan Buckley has stated that NFTs are a way of “extending [the collector’s] experience for our fans over the years to come.” Meanwhile, VeVe co-founder and COO Dan Crothers has said that the effort aims to “imitate the physical world of collecting” in a way that is “exciting, authentic, and sustainable.”

In February, several Marvel comic artists independently sold their artwork through the NFT platform Portion.io. Those sales are unrelated to Marvel’s official NFT efforts.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins and did not hold any NFTs.

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NFT Collectors are Flipping Parallel Cards for Six Figures

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Has Crypto Entered “NFT Summer”?

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Coca-Cola Brings First NFTs to Ethereum Metaverse

The auction will begin at 12:01 am UTC on Jul. 30, and close at 8:00 pm UTC on Aug. 2. Coca-Cola Adopts NFT Technology Coca-Cola is stepping into the NFT…



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Coinbase to Acquire the Cryptocurrency Start-up Zabo

by CryptoPotato

Zabo announced that it would join the digital asset platform Coinbase. However, the statement did not specify the terms of the deal, and the amount paid remains unrevealed.

Coinbase’s New Acquisition

According to a blog post, Zabo – a Dallas-based cryptocurrency data aggregator – will become part of the Nasdaq-listed exchange Coinbase. The Co-Founders of the start-up Christopher Brown and Alex Treece, commented:

“We are very excited to join Coinbase, which has done more than perhaps any other company in advancing the mission of bringing cryptocurrency mainstream.”

The two executives revealed that the deal should be closed in a matter of weeks but did not inform how much Coinbase will pay for the acquisition. They added that working side-by-side with the trading venue would be beneficial for many people dealing with virtual currencies as they would have the necessary financial freedom:

“We look forward to working as part of Coinbase to increase economic freedom for billions of people.”

Zabo is founded in 2018 in Dallas, Texas, and is an application programming interface (API) for connecting to any digital asset exchange, wallet, account, or protocol. Furthermore, it allows cryptocurrency users to share data, including balances, deposit addresses, and transaction histories.

Coinbase Started Trading on Nasdaq

The giant cryptocurrency exchange Coinbase marked a significant milestone this year as it became the first major trading venue to have its shares publicly traded.

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According to the official website of Nasdaq, COIN shares’ opening price was $381 giving. At that time, the market valuation stood at around $100 billion. It’s also worth noting that the opening price was significantly higher than the initial reference price of $250. However, the stocks price has dropped since then and currently trades around $240.

Shortly after its direct listing, Coinbase announced intentions to raise $1.25 billion to speed up its growth after its share price started sliding.

The platform outlined that the offering would be private and accessible only to institutional investors who comply with Rule 144A promulgated under the Securities Act of 1933. It means that only those managing at least $100 million in securities issued by other companies can apply.

Additionally, Coinbase continued its expansion in April as it agreed to acquire Skew – the popular analytics company providing various data about cryptocurrencies.

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Lead Republican behind infrastructure bill negotiations supports crypto amendment

by Cointelegraph

Senator Rob Portman, one of the lead Republican voices for negotiations over an infrastructure bill in the U.S. Senate, said he supports an amendment clarifying the intent of a cryptocurrency provision.

In a Tweet today, Portman encouraged his colleagues in the Senate to vote on an amendment proposed this week by Ron Wyden, Cynthia Lummis, and Pat Toomey which suggests striking the definition of brokers in the infrastructure bill to no longer include developers, miners, or blockchain firms in the crypto space.

The senator’s stance is somewhat surprising given he has previously supported the language used in the bill, saying on Aug. 3 that the legislation “does not impose new reporting requirements on software developers, crypto miners, node operators or other non-brokers” and calling the section on brokers a “common-sense provision.” Ted Cruz, the junior senator from Texas still under scrutiny for his alleged role in the Jan. 6 attack on the U.S. Capitol, also reportedly put forth an amendment to strike the provision.

The bill, HR 3684, includes funding for roads, bridges and major infrastructure projects, as well as proposes implementing tighter rules on businesses handling cryptocurrencies, expanding reporting requirements for brokers, and mandating that digital asset transactions worth more than $10,000 are reported to the Internal Revenue Service. Majority leader Chuck Schumer is reportedly planning to attempt to keep the Senate in session — the government body is scheduled to be in recess from Aug. 9 — to vote on key amendments.

While the intent behind the bill seems to require crypto exchanges to report certain transactions, many lawmakers and opponents to the legislation immediately criticized the language, implying reporting requirements could potentially be extended to developers, node operators and miners.

Related: Ohio senator wants clarity for crypto tax reporting in proposed bill

According to digital rights advocacy group Fight for the Future, more than 9,000 activists have called to voice their support of the amendment proposed by Wyden, Lummis, and Toomey. Industry membership body Global Digital Finance also said they would also welcome the clarifying language, noting 114 signatories from the crypto and blockchain space had attached their names to a letter expressing support for the amendment.

Jeff Bandman, a board member of Global Digital Finance, said:

“Assuming the amendment is approved, it would serve to raise revenues from appropriate actors, promote regulatory certainty and allow innovators to continue to develop new financial products, many of which could enhance financial inclusion in the U.S., without fear of unwarranted tax liabilities.”

The amendment would require 60 votes to be added to the legislation. With Portman’s support, the amendment may be more likely to receive Republican votes in a U.S. Senate split evenly along party lines.