Tag: INSTITUTIONAL

Institutional Interest in Bitcoin Continues to Rise, Pushing BTC Above $50K – What’s Next?

by Blockchain News

Bitcoin’s price has rallied bullishly these past few days, touching $55,000 and retracing shortly after. For the moment it has managed to keep most of its gains.

Analysts have turned to the influx of major institutional investors as an explanation for Bitcoin’s price gains. Recently, Meitu – the Chinese tech company that has established an application geared towards beauty and image editing – announced that it too has joined large-scale financial institutions in backing Bitcoin. The software firm purchased $22.1 million worth of Ethereum (ETH) and $17.9 million worth of Bitcoin (BTC). Paolo Ardoino, CTO at Bitfinex, shared with Blockchain.news:

“Meitu’s purchase of Bitcoin and Ethereum could see more businesses in Asia joining the likes of Tesla and MicroStrategy in adding cryptocurrencies to their balance sheets. This may signal the maturing of crypto in Asia and spark further retail interest across the region.”

He added that in addition to this, Meitu embracing blockchain technology could lead to a boost in cryptocurrency adoption in Asia. Ardoino said:

“Meitu’s plan to integrate blockchain technology into their businesses could lead to even more innovation in crypto and ultimately boost mass adoption in Asia, especially within the region’s emerging markets.”

Bitcoin’s recent market capitalization recently crossed $1 trillion once again. This illustrates a growing demand from institutional investors, as more major companies have been allocating a portion of their balance sheet to Bitcoin.

With the rise in interest in Bitcoin and cryptocurrencies, what is to be expected of the safe-haven asset in the upcoming days?

Bitcoin (BTC) Price Analysis

Source: BTC/USD 4-Hour via TradingView

Bitcoin (BTC) soared higher, reaching $55,855 earlier today. At the time of writing, the price of BTC has pulled back and is trading at $53,522. Currently, the bulls are trying their best to defend the critical level of $54,000.

Bitcoin is currently trading at a price well above $52,000 and the 20-day Exponential Moving Average of $52,145.

If BTC/USD continues to maintain its upward momentum and bulls are able to maintain the price above $54,000, traders will focus on the first upward price target of $56,000. Any further increase may likely result in the price being pushed past the resistance level of $58,000, Bitcoin’s all-time high.

From the four-hour candlestick graph, we can see that Bitcoin rose above the $50,000 resistance zone yesterday. The digital asset touched $52,000, successfully breaking through the neckline of the inverse head and shoulder pattern illustrated above. The neckline is $52,079.

What investors should be aware of is that the breakthrough of the inverted head and shoulders pattern is not always smooth. Generally speaking, it will take more time for digital assets to break through the right shoulder. Successful breakthroughs of the neckline area will also always be accompanied by a rapid increase in trading volume.

However, when looking at Bitcoin, there is no notable increase in trading volume happening at the moment. BTC/USD currency pair may undergo a price correction and retest the previous resistance level of $52,078.

When looking at technical indicators, we can see that the moving average convergence divergence (MACD) line is gaining momentum, indicating that BTC is still in the bullish zone.

So despite the likelihood of a retracement for Bitcoin, the digital asset will likely still uphold above $52,000, which is its current support level.

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Goldman Sachs to Reopen Bitcoin Futures Trading after Three-Year Pause

by Blockchain News

Goldman Sachs has resumed its crypto trading desk after three years of its launch and once again plans to support Bitcoin futures trading, a person familiar with the sources has said. The crypto service offered by Goldman Sachs is said to resume in mid-March this month.

The New York-based bank originally announced plans for a cryptocurrency trading desk in 2018 but then quietly shelved them because of Bitcoin’s price plunge witnessed that year.

The news is highly important since it reflects how big names on Wall Street are turning to view crypto-assets as part of their daily operations.

The crypto desk, which will be part of Goldman’s US Global Market division, forms a wider push into digital assets that may see the bank offering contracts for other crypto-assets like Ether (ETH) in addition to offering Bitcoin.

As part of this initiative, Goldman Sachs is examining the potential for a Bitcoin exchange-traded fund and digital asset custody, the person familiar with the matter stated.

The trading desk comes at a time when rising interest from institutions on Bitcoin gains momentum as the crypto price increased more than 470% over the previous year. Investors and some firms see the leading cryptocurrency as a hedge against inflation as central banks and government turn on fiscal stimulus packages.

Futures are derivatives contracts that obligate purchasers to buy an asset at a predetermined future date and price. They are used both for speculation and for hedging against price swings and serve to increase liquidity in a given market.

Goldman’s announcement makes the cryptocurrency and other related derivatives attractive for investors willing to take riskier short or long positions as they hunt for yield in a low-interest-rate environment.

Investors Riding the Bitcoin Wave

Bitcoin price has increased significantly over the previous year. While the crypto remains highly volatile, its value has climbed to $58,000 on February 21, then declined by as much as 25% but has recovered some lost ground. This indicates a mature market infrastructure for Bitcoin and other large crypto assets. Such developments have assisted in attracting more mainstream firms to the industry, ranging from those offering cryptocurrency services to institutional or retail investors to firms opting to hold Bitcoin on their balance sheets.

Last month, Tesla electric vehicle manufacturer announced that it had purchased $1.5 billion worth of Bitcoin. Bank of New York Mellon also stated that it had created a new unit to assist clients in holding and transferring digital assets. Goldman Sachs is set to join other financial giants such as Fidelity, Interconnectional Exchange Inc., and CME Group Inc that offer Bitcoin futures contracts. However, Goldman’s decision is likely to spur further interest in the cryptocurrency markets and reflects a bullish sign for Bitcoin. 

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MicroStrategy Scoops Up another $1 Billion Worth of Bitcoin

by Blockchain News

MicroStrategy has announced that it has just invested another $1 billion in Bitcoin, purchasing the digital asset as it was trading around $52,765.

With its recent addition of approximately 19,452 Bitcoins, MicroStrategy’s total Bitcoin reserve now stands at 90,531. The business intelligence firm’s BTC investments are worth approximately $4.59 billion at press time. Undoubtedly one of the leading figures that has paved the way for institutional adoption of Bitcoin with his creative Bitcoin evangelism, CEO of MicroStrategy Michael Saylor now explained its BTC acquisition strategy:

“The Company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding bitcoin. The company now holds over 90,000 bitcoins, reaffirming our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, can serve as a dependable store of value.”

Saylor further added that MicroStrategy intends to continue purchasing more Bitcoin in the future with “excess cash” the company manages to raise through debt and equity securities issuance.

Previously, MicroStrategy hosted a $600 million private offering and used the proceeds to buy more Bitcoin. The $600 million private offering sale featured convertible senior notes, which are low-risk bonds that investors can then convert into shares of MicroStrategy.

Michael Saylor: Bitcoin as a safe haven asset

Saylor had previously explained that the reason why MicroStrategy was scooping up Bitcoin by the billion was due to the cryptocurrency providing higher and better returns than traditional stores of value such as gold. Just like other Bitcoin whales, Saylor also asserted that BTC was the perfect hedge against inflation, with its supply capped at 21 million.

MicroStrategy’s Bitcoin purchase is preceded by Square, who announced via its Q4 report that it had invested another $170 million in Bitcoin, as the cryptocurrency was trading around $50K.

Waves of institutional support have backed Bitcoin, with Tesla’s $1.5 billion purchase sending it to its recent high of $58K. Although Bitcoin has since dropped to the $50K level, market experts are saying that this pullback is inevitable, and is needed before the cryptocurrency surges higher.

If Bitcoin fails to sustain above $50,000 and drops below $47K, market experts are saying that a correction to the $41k level may be imminent.

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Square Invests another $170 Million in Bitcoin as Wave of Institutional Support Floods Crypto

by Blockchain News

Square has optimized on the temporary Bitcoin dip and scooped up more of the digital asset, buying approximately 3,318 Bitcoins when the cryptocurrency’s price was trading around $50,000.

According to Square’s Q4 report, Square’s total treasury reserve now has 5% of it dedicated to Bitcoin. Per the digital payments company:

“Cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future.”

The company’s statement went on to mention that it believed in Bitcoin’s potential as an investment by saying:

“The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis.”

Per Square’s Q4 report, the company has already made $1.76 billion from Bitcoin trades that occurred in the last quarter of 2020. This translates to a 1000% increase from Q4 of the previous year, as Bitcoin’s price went from $10,500 to hit $28,600 in just the fourth quarter.

Back in October, when institutional investment was washing into Bitcoin wave after wave, Square had been among the first institutional-sized firms to announce that it was adding Bitcoin to its balance sheet, along with MicroStrategy. Square started off with a $50 million purchase of Bitcoin. Since then, Bitcoin’s price has more than quintupled, leading to a mass profit for Square and other institutional investors.

In the last quarter of 2020, Square reported a gain of $987 million from its seller business and $2.17 from its Cash App, which enables users to send peer-to-peer payments and trade equities and Bitcoin. More than 4 million customers were reported to have used Square’s Cash App to trade Bitcoin in 2020, a significant increase from previous years as demand for Bitcoin continues to grow.

Institutional BTC adoption

Square’s recent Bitcoin purchase is echoed by MicroStrategy announcing its intention to scoop up more Bitcoin through the revenue gained from its private offering. Additionally, Tesla’s $1.5 billion Bitcoin purchase has set the pace for institutional investors to consider adding BTC to their balance sheet as well. The wave of institutional adoption backing the cryptocurrency has served to send it on an all-time high run to $58,000 over the weekend.

However, Bitcoin has since plummeted, falling below $50K just as Tesla’s CEO Elon Musk remarked that he thought the price was too high. Currently trading at around $49,732 at the time of writing, Bitcoin is still expected to go up, per data from market analysts. However, if it fails to rally higher and it falls below $47,000, analysts have predicts that we could see BTC retest the $41K level in the upcoming days.

Institutional interest in crypto not just limited to BTC

Bitcoin has served to attract more investors to the cryptocurrency industry, but research shows that investor appetite may not just be limited to Bitcoin. Recently, Chicago Mercantile Exchange announced that it will now be offering Ethereum Futures on its platform, having previously made Bitcoin futures available as an alternative for investors.

Additionally, Goldman Sachs, JP Morgan, and UBS announced that they purchased the first exchange-traded product (ETP) on the market that provides exposure to Polkadot’s DOT cryptocurrency. The purchase was made with Switzerland exchange 21Shares. Bitcoin has certainly been a gateway for institutional investors when looking at cryptocurrencies, and this may serve to accelerate cryptocurrency adoptions as a whole in the long run.

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Tesla Has Cashed in $1 Billion from its Bitcoin Investment, says Analyst

by Blockchain News

Daniel Ives, an analyst at Wedbush Securities, has disclosed that Tesla is smiling all the way to the bank after cashing in approximately $1 billion in profits from its Bitcoin (BTC) investment. 

Tesla is going to make more Bitcoin profits

Earlier this month, the American electric carmaker revealed a purchase of Bitcoin worth $1.5 billion, and this move was propelled by its quest for more flexibility to further diversify and maximize returns. Moreover, Tesla stated that it may start accepting payments in BTC in exchange for its products. 

Ives believes this decision has paid off because the company will continue making more profits from this investment. He noted:

“The company is on a trajectory to make more from its Bitcoin investments than profits from selling its EV (electric vehicle) cars in all of 2020.”

Bitcoin has been on overdrive because it soared to a new all-time high of $58K on the weekend. This bull run is attracting more institutional investments. Currently, the ones that have already bought Bitcoin have had their returns maximized, as evidenced by Tesla’s move. Furthermore, this parabolic price run has pushed the leading cryptocurrency’s market capitalization above $1 trillion. 

The effect of institutional BTC investments

Ives trusts that Tesla’s decision to join the Bitcoin bandwagon is a wise investment plan. He acknowledged:

“While the Bitcoin investment is a sideshow for Tesla, it’s clearly been a good initial investment, and a trend we expect could have a ripple impact for other public companies over the next 12 to 18 months.” 

It looks like the future is bright for the top cryptocurrency because with a projection of 1 billion people using BTC in the next four years, as acknowledged by crypto analyst Willy Woo, Dan Tapiero, the co-founder of fintech and digital asset firm 10T Holdings, believes this trend will push Bitcoin’s price above $500,000.

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Bitcoin’s Bull Run Above $50K Has Led to Profits for 99% of BTC Addresses

by Blockchain News

Following a week of new milestones for Bitcoin (BTC), the cryptocurrency has soared by 5.56% in the past 24 hours. On a seven-day period, the digital asset has gained by 16.50% to reach a new all-time high (ATH) of $52,533.91 on CoinMarketCap. 

Achieving new all-time highs has a frequent phenomenon for Bitcoin. It is undoubtedly rewarding for investors who have taken a long position with the cryptocurrency. A recent Glassnode data showed that as much as 99.081% of addresses holding the digital currency are currently in profits, by virtue of the new push beyond the $52,000 price level.

This investment win is to be expected as Bitcoin has surprised everyone with its meteoric growth this year. The coin ended 2020 with a growth of over 600% on a yearly basis, adding over $300 billion to its market capitalization in that same period. The impressive growth momentum has been sustained in 2021, with the cryptocurrency already at a 435.2% growth year-to-date according to data from CoinGecko. At this pace, BTC may outpace the 2020 growth before mid-year.

Big Investors Remains The Biggest Beneficiaries

While there are more retail investors holding Bitcoin than institutional investors, the latter is arguably the biggest beneficiaries of the ongoing bull run cycle. Take Tesla, for instance, the electric vehicle manufacturer who purchased $1.5 billion of Bitcoin. This has now translated to more than $700,000,000 in profits, a profit margin that is more than the firm has ever made in any year of selling cars.

The same applies to MicroStrategy, Michael Saylor’s business intelligence and software firm that pioneered the institutional embrace of Bitcoin in the United States. With the opportunities BTC presents, an influx of more retail and institutional investors are bound to enter the crypto market in the upcoming days.

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Gold Bull Peter Schiff Changes Bitcoin Price Prediction as BTC Smashes New Record of $50,000

by Blockchain News

Bitcoin has achieved a new record high of $50,000 as institutional support has continued to pile onto the cryptocurrency.

Institutional support backing Bitcoin

Currently, although it has pulled back slightly from its highs of $50K, market experts are expecting Bitcoin (BTC) to breach the $50,000 level again and soar to new heights. The amount of institutional investors backing Bitcoin has served to propel its value higher. At the moment, MicroStrategy, one of the leading institutional figures to add Bitcoin to its balance sheet, has announced that it intends to use the proceeds from its $600 million private offering to acquire more Bitcoin. Additionally, Canada’s Ontario Securities Commission has approved its second Bitcoin ETF by Evolve, which will be traded on the Toronto Stock Exchange.

The cherry on top of it all may be that Tesla has announced a $1.5 billion BTC purchase, which has served to draw renewed interest in the digital asset. Tesla founder Elon Musk’s support of Bitcoin has been monumental for the cryptocurrency industry, Coinfund head of liquidity investments Seth Ginns asserted. He shared with Bloomberg:

“The tailwind here is the continued institutional look at adding Bitcoin to the balance sheet, and Tesla is a game-changer in my view.”

While many market bulls have praised Bitcoin and have been excited about the new milestone, other skeptics have been persistent in keeping a more conservative outlook on the digital asset.

Peter Schiff not a Bitcoin fan

Gold bull Peter Schiff figures among the seemingly few who have not converted to Bitcoin. Previously, the renowned investor had said that “Bitcoin would never hit 50K.” Although Schiff is still far from being a Bitcoin pioneer, he has conceded that the digital asset may potentially reach a price mark up of $100,000 in the long run. Schiff said:

“Now that #Bitcoin has hit $50,000 I must admit that a move up to $100,000 can’t be ruled out. However a move down to zero can’t be ruled out either.”

He added that if investors wanted a safe bet they should “buy gold.”

Schiff’s son Spencer, who has long been a Bitcoin advocate, responded to his father’s tweet and quipped playfully at Schiff’s inability to admit that his BTC price prediction was wrong. He jokingly tweeted, “Future tweet: ‘Now that Bitcoin has hit $500,000 I must admit that a move up to $1,000,000 can’t be ruled out. However…”

Bubble territory won’t dampen Bitcoin growth

Although Schiff admitted that he was wrong about Bitcoin never reaching $50,000, he still remains a huge Bitcoin skeptic. The gold bull called “Bitcoin the biggest bubble of them all.” Schiff would not be the only one that has ever doubted cryptocurrencies, as the volatility surrounding digital assets have driven away more than one Wall Street investor.

Previously, Shark Tank entrepreneur Mark Cuban had commented on the cryptocurrency sector’s volatility, comparing it to the internet stock bubble that occurred in the late 1990s. Although he thinks that many cryptocurrencies will be flushed out once a bubble burst occurs, Cuban predicts that Bitcoin and Ethereum will be among the few that will survive and rise to new heights of innovation.

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Revenue from MicroStrategy’s $600M Private Offering Will Be Used to Buy Even More Bitcoin

by Blockchain News

MicroStrategy will host a $600M private offering and the revenue will be used to buy more Bitcoin.

MicroStrategy will be offering a $600 million private offering to qualified institutional buyers. The $600 million private offering will feature the sale of convertible senior notes, which are essentially low-risk bonds that investors can convert into MicroStrategy shares.

Along with the convertible senior notes, investors will have the option of purchasing an additional $90 million aggregate principal amount of the notes. With the revenue generated from the private offering, MicroStrategy intends to purchase even more Bitcoin.

Currently, MicroStrategy’s balance sheet indicates that the company has invested more than $1.3 billion in Bitcoin, under its CEO and renowned Bitcoin bull Michael Saylor’s guidance.

The philanthropist has long taken it upon himself to educate investors on the benefits of hedging with Bitcoin. Recently, he even hosted a 12-hour course dubbed “Bitcoin for Everybody” to educate others on the budding potential of the cryptocurrency, as he believes that mainstream adoption of BTC is fast approaching.

Bitcoin driven by institutional interest

Saylor had disclosed that in comparison with traditional stores of value such as gold, Bitcoin was a lot more compelling, since it provided higher returns. Additionally, he thinks that Bitcoin is a perfect hedge against inflation and a far better one than gold, as its supply is finite and capped at 21 million.

Corporate giants like MicroStrategy, Square, Grayscale have served to drive institutional interest in Bitcoin higher. Recently, the announcement of Tesla securing a $1.5 billion purchase of Bitcoin under its belt has also served to push the cryptocurrency closer to mainstream adoption.

With bullish sentiment surrounding the digital asset, Bitcoin recently spiked to a new all-time high, hitting $50,000 on leading exchanges. As more and more institutional interest is expected to back BTC, the cryptocurrency will undoubtedly soar to new highs as its bullish momentum has been steady lately.

Currently, the digital asset is trading around $49,000, but market experts expect its pullback from the $50K mark to be temporary.

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Will CME’s Ethereum Futures Launch Send Ether Price Higher?

by Blockchain News

Ether has been in a short-term downward trend ever since the crypto hit its ATH on the weekend and is now trading just above the $1600 support level. With the launch of CME’s Ethereum futures contracts imminent, what can we expect from the Ether price?

Ethereum’s price has been grabbing headlines after Ether hit a new all-time high (ATH) over $1700 and the imminent launch of CME Ethereum futures contracts.

Ethereum, the second-largest cryptocurrency by market value after Bitcoin has seen its native crypto Ether’s price soar by more than 25% this week to record highs above $1,760.

Ethereum Institutional Interest

Ethereum is finding more institutional interest than ever before and on Feb. 8 exchange operator CME group will launch its first Ethereum futures contract on another offering in the crypto market alongside its bitcoin futures and options.

Grayscale Investment has also reopened its Grayscale Ethereum Trust, after having closed the fund to new investors in late December. In this week alone, the trust has seen inflows of nearly 100,000 ETH. Grayscale now manages nearly $5 billion in Ethereum.

JPMorgan Analyst’s estimate that the CME’s Ethereum futures initial volumes are likely to be low. Lead analyst Nikolaos Panigirtzoglou said last week:

“The listing of CME bitcoin futures coincided with all-time highs in bitcoin prices, and researchers at the San Francisco Fed suggested that, by providing a market where bearish positions could be more readily expressed, the listing of these futures contributed to the reversal of bitcoin price dynamics […] In a similar vein, it may be that this week’s listing of Ethereum futures contracts will be followed by negative price dynamics by enabling some holders of physical Ethereum to hedge their exposures.”

Ether Price Analysis

eth1.PNG

Source: ETH/USD TradingView

Ethereum’s daily chart shows that Ether‘s price is currently moving in an upward channel and is currently fluctuating within this channel. There is currently no sign that the Ether price will break through the upper-pressure line—although the recent closing price is above the 9 day Moving Average (MA) however from the perspective of trading volume, it is currently in a low volume area.

The 9 MA has turned into a support line. The chart indicates the  price will test the strength of 9-MA support level. If Ether’s price closes below the 9-MA line, it will then move to test the upward channel. The support line is currently in a short-term downtrend. Investors need to pay close attention to whether the daily chart can rebound upward after touching the channel support line.

eth (1).PNG

Source: ETH/USD TradingView

It can be seen from the MACD chart that the golden cross was formed on February 3. The MACD line (green line) and the signal line (yellow line) have formed an opening and gradually decrease in a state of convergence, but from the perspective of transaction volume, the trading volume is decreasing indicating that in the near future, a dead cross may be formed. If the Ethereum price falls below the support line of the upward channel and forms a dead cross with a greater trading volume, there will be a relatively large drop in the Ether price in the short term. 

At the time of writing the Ether price is $1627 according to CoinMarketCap. If Ethereum closes the day below the 9-day MA, we will likely see a drop to $1500 before a rebound back towards the top of the ascending channel. 

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NYDIG Expects to Hold $25 Billion In Bitcoin for Institutions by End of 2021

by Blockchain News

Ross Stevens, the founder and CEO of New York Digital Investment Group (NYDIG) has predicted that the firm could significantly increase the amount of Bitcoin it holds under management by the end of this year to $25 Billion in BTC. 

Stevens said that at the MicroStrategy’s World 2021 Conference event where he revealed that while currently the NYDIG has $6 billion in Bitcoin assets under management, the amount could reach $25 billion by the end of 2021 because the company already has adequate institutional buy orders lined up to push its holdings to such levels.

Stevens had a conversation with MicroStrategy CEO, Michael Saylor, during the conference where he said:

“I believe that the most important decision that CEOs will make in the next ten years will be deciding to allocate to Bitcoin.”

Stevens disclosed that NYDIG has seen all customers continuing to build up their initial investments to date. He said:

“My partners bought more Bitcoin in 2020 than in 2013-2019 combined. As our fiat businesses continue to inflate and accelerate, I expect we will buy more bitcoin in the next two years.[…]We are capital allocators. If we didn’t believe we would make money off this, we wouldn’t invest a penny.”

Currently, NYDIG manages $6 billion in Bitcoin for its 280 institutional customers, with more than 96 more on the waiting list. Steven said that the company can onboard at least 75 clients a month.

Bitcoin the Next Big Treasure

In the past, Bitcoin’s immature financial ecosystem, legal ambiguities, and extreme volatility made it inappropriate for anyone but speculators. However, since falling from its initial peak seen in December 2017, the cryptocurrency’s financial infrastructure has significantly matured. A recent price spike witnessed in 2020 has seen a return of the volatility that has attracted a rising number of investors.

The COVID-19 pandemic has made an enormous impact. The response by central banks and sovereign treasuries has been worrisome to investors. As more dollars are printed by the Federal Reserve, talks of additional stimulus being injected into the US economy is on the rise and the threat of inflation looms. This explains the reasons why major companies with cash reserves are doubtful about the long-term stability of the US dollar and looking to a hedge to build their wealth and protect their assets. This apparently explains the increasing trend of public companies adding Bitcoin to their balance sheet. MicroStrategy started the trend and followed by Square Inc.

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Bitcoin (BTC) $ 26,420.08 0.69%
Ethereum (ETH) $ 1,616.41 1.58%
Litecoin (LTC) $ 63.75 0.02%
Bitcoin Cash (BCH) $ 235.78 9.54%