Wall Street Giants Are Suddenly Piling Into Bitcoin And Crypto Amid A $500 Billion Price Pump

Bitcoin and cryptocurrency prices have continued to surge higher in October after struggling through September (proving some market watchers right).

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The bitcoin price has added around 10% over the last 24 hours, climbing to highs not seen since bitcoin hit its all-time highs almost six months ago and pushing the combined cryptocurrency to over $2.3 trillion—up from lows of $1.8 trillion last month.

The surge higher comes after some of the world’s biggest banks renewed their bullish bitcoin and crypto calls, led by Wall Street giant Bank of America BAC , which said bitcoin and crypto have now become “too large to ignore.”

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This week, Bank of America, the second-largest U.S. bank by assets, analysts launched coverage of digital assets, branding the nascent bitcoin and crypto market simply “too large to ignore.”

“It’s difficult to overstate how transformative blockchain technology, digital assets, and the thousands of decentralized apps that have yet to be created could potentially be,” wrote the bank’s analyst team, led by the bank’s head of cryptocurrency and digital asset strategy Alkesh Shah.

“Bitcoin is important,” Shah said in a statement alongside the report, “but the digital asset ecosystem is so much more.”

The cryptocurrency market has been boosted this year by interest in decentralized finance (DeFi)—using crypto technology to recreate traditional financial services—and the non-fungible tokens (NFT) craze. The NFT market grew to a staggering $10.7 billion through the third quarter of the year, up a blistering eight-fold compared with the previous quarter, according to market tracker DappRadar.

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Meanwhile, US Bank this week announced it’s rolling out a bitcoin and cryptocurrency custody service. Earlier this summer, JPMorgan began offering crypto fund support to its wealth management clients, while Citi followed in the footsteps of Goldman Sachs and began exploring trading bitcoin futures.

However, the latest bitcoin price rally has failed to boost the price of many smaller cryptocurrencies with some calling “alt season,” which sees other coins outperform bitcoin, now over. Ethereum, most of its rivals and many decentralized finance (DeFi) tokens have climbed at a faster clip than bitcoin so far this year.

“We expect to see a fresh all-time high in the coming weeks,” Delta Exchange chief executive Pankaj Balani said in emailed comments. “We also expect bitcoin to outperform altcoins and the money to rotate into bitcoin from alts going forward.”


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MetaMask Partners With BitGo, Qredo, and Cactus Custody to Enhance Adoption

MetaMask – the rapidly growing and highly popular Ethereum software wallet – plans to bring DeFi to large crypto-related institutions. They have partnered with three crypto custodians to respond to different organizational needs. Namely, those are BitGo, Qredo, and Cactus.

MetaMask Brings Defi to Major Crypto Companies

ConsenSys – the Ethereum software company that created MetaMask – unveiled the news in a recent blog post. Under the new partnership, institutions will be able to access Web3 and DeFi services through the “MetaMask Institutional (MMI)” wallet. Meanwhile, they will also meet the custodial and regulatory requirements posed by these institutions to safely secure clients’ assets.

According to ConsenSys, meeting operational, compliance, and security needs has been an ongoing struggle for market makers, trading desks, and leading crypto funds. MetaMask institutional was launched in December 2020 to address this issue.

“MetaMask Institutional’s focus is to provide unrivaled access to DeFi even in the face of rigorous institutional requirements,” says Johann Bornman, Product Lead for MMI. “Qualified custodians and custody technology play a fundamental part in these requirements.”

Each crypto custodian that MetaMask has partnered with provides for different organizational needs regarding crypto storage.

  • BitGo is a pioneer of multi-signature wallets and was “the first digital asset company to focus exclusively on institutional clients.”
  • Qredo is a decentralized custody solution secured by Multi-Party Computation, which removes risk around operating private keys.
  • Cactus Custody is a Hong Kong-based Trust Company that offers both warm and cold storage, alongside DeFi connectivity for corporations.

MetaMask’s Rapid Growth

MetaMask has quickly become a staple of the DeFi space in 2021. In one year, it has achieved a 1,800% growth in monthly active users, which now surpasses 10 million.


Mike Belshe – CEO of BitGo – asserted that many of their clients are looking to participate in DeFi and that MetaMask is their premiere solution:

“MetaMask is the gold standard of DeFi wallets and the integration of MetaMask Institutional with BitGo wallets allows for key management and custom policies to remain in BitGo, while MMI acts as an interface between our wallet platform and all dapps.”


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Cardano Investors In Japan Come Under Fire For $6 Million In Underreported Taxes

Cardano investors in Japan have come under scrutiny after authorities reported that investors in the asset had underreported their taxes from their trading activities. It was reported that multiple cities in the country had seen profits from trading in Cardano’s native token ADA but had not reported the earnings made from investing in the digital asset.

Authorities are now beginning to strengthen taxation laws around cryptocurrencies given that citizens have taken to using digital assets as a way to evade tax liabilities. Japanese citizens are investing more in cryptocurrencies and avoid paying taxes on them due to their legality being yet to be determined.

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Cardano Investors Cutting Corners

A report from Japanese publication Nikkei revealed that tax authorities had carried out a simultaneous audit of a number of regions in the country. The large-scale tax audit uncovered 1.6 billion yen in under-reported taxes from profit from digital assets. $12.6 million in missing taxes were identified to be from dozens of people who had not reported their earnings from digital currencies.

Cardano price chart from TradingView.com

Cardano price chart from TradingView.com

ADA price struggling around $2.1 | Source: ADAUSD on TradingView.com

The report also showed that the tax evasion techniques were not limited to individual investors alone. Companies had also taken advantage of these “tax-saving measures” by investing in cryptocurrencies. Of these cryptocurrencies investors had chosen, Cardano ranked as the top choice for investors. According to the report, about half of the missing taxes, $6 million, were attributed to profits made from investors who had bought ADA.

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Japanese tax authorities are carrying out investigations on proper ways to acquire tax information to enable them to process the taxes due from crypto investors. It has although brought to light how important it is for there to be legal clarifications surrounding cryptos as they are still a legal grey area in the country.

Getting Listed In Japan And Subsequent Rally

It is important to note that up until two months ago, Japanese investors could not directly access Cardano in their country. This is because the country’s rules for listing cryptocurrencies on exchanges are quite stringent. So investors had to rely on overseas exchanges like Binance in order to gain access to the digital asset. ADA had finally been listed in Japan after five years since the asset was created and Japanese investors could now directly buy and sell the cryptocurrency on their native exchanges.

Related Reading | Grayscale Report Shows The Good, The Bad, And The Ugly Of The Cardano Network

At the time of the listing, ADA was still trading low around $1.2. The months following the listing had then seen the price of the digital asset rally. ADA had then grown about 200% from the time of listing to its peak at the start of September, and the $6 million in underreported taxes from Japanese investors were said to be mostly from the bull rally that occurred about a month after the listing.

Tax authorities continue to monitor trading activities in Cardano, known as “Japanese Ethereum”, in the country. Audits have been carried out in six assets so far, but authorities are paying more attention to ADA given the volume of underreported taxes from its investors.

Featured image from Ethereum World News, chart from TradingView.com


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$6,000,000,000 Hedge Fund Boss Hints at Bitcoin Holdings, Says Bitcoin Officially Mainstream

The top executive of a hedge fund owned by famed billionaire George Soros says that Bitcoin (BTC) has turned a crucial corner and burst into the mainstream.

In a new interview with Bloomberg Live, Soros Fund Management CEO Dawn Fitzpatrick says that both the digital asset market cap and user count are signals that crypto is normalizing in the public eye.



“I’m not sure Bitcoin is only viewed as an inflation hedge here. I think it’s crossed the chasm to mainstream. Cryptocurrencies now have a market cap of over $2 trillion, there’s 200 million users around the world, so I think this has gone mainstream from our perspective.”

Fitzpatrick reveals that the $6,500,000,000 fund owns some Bitcoin, but they are more interested in the use cases that crypto provides, rather than the coins themselves.

“We own some coins, not a lot, and the coins themselves are less interesting than the use cases of DeFi (decentralized finance) and things like that.”

Earlier this year, Fitzpatrick said that Bitcoin is siphoning buyers away from gold, a sentiment recently shared by Social Capital founder Chamath Palihapitiya.

“I think when you look at gold’s price action in the context of a fairly robust inflation narrative of late, it’s struggled getting traction and I think that’s because Bitcoin is taking some of its buyer base away.”

Bitcoin is exchanging hands at $54,796 at time of writing, a 9% increase from its 24-hour low, according to CoinGecko.

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Looking to Work for a New DAO? There’s a Discord Bot for That

In brief

  • Digitalax is using Wayfare to help people find DAOs, and DAOs find people.
  • Bots have become essential to Discord servers, and DAOs are taking full advantage.

The cool kids in crypto say that DAOs will replace companies as the way we work. In fact, lots of people in crypto are already looking to DAOs to earn all or some of their income.

So how do you find one to work for and invest in?

Well, there’s a DAO for that—or rather, a DAO aggregator. Wayfare, which launched on Discord last week, is helping people find DAOs—and DAOs find people. 

“It’s the dream we all share,” said Emma-Jane MacKinnon-Lee, one of the principals behind Wayfare. “But finding our tribe or the correct path to follow to move into this space is a lot more challenging than many of us would hope.”

Wayfare relies on Discord bots to help match people and their interests to the 100-plus DAOs that maintain hubs on the social media platform. Users answer questions about their likes and dislikes, and then bots send them on scavenger-hunt like “quests” to relevant DAOs, encouraging them to connect with like-minded people. 

The growing love affair between bots and DAOs was only natural.

The first Discord bots came online in December 2015 after a group of developers reverse-engineered the Discord API. Since then, bots have been an integral aspect of Discord server life. Thousands of bots are active on Discord, such as Chipbot, which streams music, MEE6, which provides social media alerts, and IdleRPG, which lets users play games with friends. Other bots automate memberships, welcome new members, remove trolls, and level up roles. 

During the past year or so, Discord has become the social network that most DAOs use—DAOList counts more than 100 DAOs in existence, with new ones popping up daily. With the influx of DAO users has come new bots that cater to their needs.

Collab.land, for instance, is a community management system that relies on bots and can monitor member activity in a DAO. For instance, say a potential member must hold a specified amount of a DAO’s token to join. The bot can check that like a robotic doorman; if the member sells her tokens and falls below a threshold, the bot can remove the member.

MacKinnon-Lee said that Wayfare was designed and engineered at Digitalax, a Web3 protocol built on the Ethereum and Polygon networks focusing on fashion, gaming, and design, and where she is a CEO. 

“It’s about actually serving the needs of DAOs so that these communities can flourish,” Mackinnon-Lee said. 

She listed a few ways people could use Wayfare: “For example, say someone’s looking for a solidity engineer that is really hard to find without a direct personal reference, or they need articles written on [Ethereum-based blogging platform] Mirror that are actually engaging to read and come from an informed source, or maybe someone’s looking for the best way to get into FWB.”

So why not just use Google or LinkedIn instead of Wayfare?

“Ultimately, it’s not for generic information that users can find through a Google search,” she said, “but rather, the latent information, connections, opportunities and economic value that we all have, but don’t realize that other people can make use of in a well coordinated time.”


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Real Vision’s Raoul Pal Says Crypto Will Spark the Largest Generation of Wealth in the Shortest Period of Time

Real Vision CEO and macro guru Raoul Pal thinks crypto’s overall market cap still has a gigantic amount of room to grow.

Pal says in a new interview with Anthony Pompliano that the crypto market is growing at a faster rate than the internet did.



“I’ve just got a chart of adoption of the internet, and crypto matches it beautifully, except the internet was growing 63% a year when it had 150 million users, which crypto has now. So it was growing at 63% a year [and] crypto is growing at 113%, so this is double the adoption rate of the fastest adoption of technology in all recorded history.

We’ve never seen anything like this. Extrapolate the math, you get out to 1 billion people by 2024. So this is going to happen really, really fast. By the end of the decade, you’re probably at 3.5-4 billion people, so most of the world.”

The global cryptocurrency market cap is $2.31 trillion at time of writing, according to CoinGecko.

Pal notes that most major asset classes, including equities, bonds, and real estate, sit within the $150-300 trillion range.

The former Goldman Sachs executive thinks the crypto market cap will surge by 100x to match those other sectors.

“I think a roughly fair value to fit in with the other asset classes is $200 trillion. So it’s 100x. We’ve never had an asset do 100x of that kind of magnitude in all recorded history.

We’ve never seen it before, none of us have lived through this. So this is, I think, going to be the largest generation of wealth that the world has seen in the shortest period of time.”

Watch the full interview here.

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Pro traders cut their EOS longs, but retail FOMO and $50K+ BTC could tip the scale

EOS began a descending trend 53 days ago and despite the recent 27% weekly gain, the altcoin is not showing any signs of a reversal. As a result, investors are questioning whether the former top-5 cryptocurrency has what it takes to turn around after Daniel Larimer, CTO of the development company behind EOS, resigned in late 2020.

EOS price at Bitfinex in USD. Source: TradingView

The emergence of competing proof of stake smart contract platforms like Solana (SOL), Polkadot (DOT) and Avalanche (AVAX) possibly weighed on this 2017-era project. One potentially bullish catalyst could be the fact that Block.one, the company responsible for the EOS token launch, owns over 160,000 Bitcoin (BTC) according to data compiled by BitcoinTreasuries.net.

EOS might not be the preferred smart contract network of the day, but a handful of working finance, games, exchanges, and decentralized social applications are running. The transaction cost for the user is either negligible or usually covered by the wallet or application, which makes it a great contender for non-fungible tokens (NFT) and social networks.

The top decentralized apps on EOS. Source: DappRadar.com

Having deep pockets is an excellent strategy to land some heavy partnerships and Block.one secured over $300 million from investors, including Peter Thiel, Mike Novogratz and Alan Howard. The EOSIO developer reportedly came up with another $100 million cash injection for Bullish exchange, which completed its seven-week testnet on Sept. 15.

According to its website, all Bullish exchange transactions and states will be validated and stored on EOSIO-based blockchains, enabling instant auditing and upholding integrity. Moreover, the company expects to make $3 billion of assets available to the Bullish liquidity pools.

Retail traders lost confidence after September’s crash

To understand how confident traders are on EOS holding the recent $4.50 support, one should analyze the perpetual contracts futures data. This instrument is the retail traders’ preferred market because its price tends to track the regular spot markets. Unlike quarterly futures, there is no need to manually roll over the contracts nearing expiry.

In any futures contract trade, longs (buyers) and shorts (sellers) are matched at all times, but their leverage varies. Consequently, exchanges will charge a funding rate to whichever side demands more leverage, and this fee is paid to the opposing side.

Neutral markets tend to display a 0% to 0.03% positive funding rate, equivalent to 0.6% per week, indicating that longs are the ones paying it.

EOS perpetual futures 8-hour funding rate. Source: Bybt.com

Data reveals a complete absence of bullish bets since Sept. 19 when the cryptocurrency market plunged and caused EOS to drop from $5.25 to $4.15 in less than two days. However, the recent rally’s inability to boost leveraged longs can be explained by the EOS price being 25% below the $6.40 peak just 30 days ago.

Top traders sold during the recent rally

To understand how whales and arbitrage desks may have positioned themselves during this period, one should analyze the top traders’ long-to-short ratio.

This indicator is calculated using clients’ consolidated positions, including spot, perpetual and quarterly futures contracts. This metric provides a broader view of the professional traders’ effective net position by gathering data from multiple markets.

OKEx top traders’ EOS long/short ratio. Source: Bybt.com

As shown above, the 1.90 long-to-short ratio seen on Oct. 3 still favors longs but is the lowest level since the Sept. 19 price crash. Interestingly, the recent 27% weekly gains happened while the top traders were reducing their bullish positions. Meanwhile, the current 3.0 long-to-short indicator sits slightly below the previous 30-day average of 3.50.

Both retail and pro traders seem unconvinced that the Bullish exchange launch will be enough to break the prevailing bearish trend initiated in mid-August. For EOS to regain investor confidence, it seems essential to show that their decentralized applications are gaining traction as the competition gains ground in NFT and DeFi sector.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.