Big Game Investors rushing into Bitcoin
CryptoTT Friday Update – Bitcoin adoption by high-stake investors is once again on the agenda following the recent $250 million BTC purchase by MicroStrategy. Corporations plugging into Bitcoin are expected to provide prominent tailwinds to push BTC valuation to new heights.
With the coronavirus pandemic adversely impacting economies around the globe, investors appear to be looking toward safe haven assets. Attention focused on BTC and gold is causing a significant coupling of their respective price actions, given that central banks continue to pursue aggressive quantitative easing. With a firm like MicroStrategy hedging with Bitcoin, it appears this trend might now spread to Wall Street.
Reports of the Trump administration looking to delay the collection of Social Security payroll taxes are also impacting decisions in the United States. The expected result of this executive order is more money being printed to fund the country’s social security, which by itself means further U.S. dollar uncertainty.
CryptoTT Friday Update
The influx of institutional money into Bitcoin will cause the spot price to climb further. In a note to Cointelegraph, Nisa Amoils, managing partner at crypto hedge fund Frontier Capital, summed up the investment thesis of BTC:
“People are looking for a way to protect their wealth or that of their shareholders. Bitcoin has always served as a great tool for that purpose. It is sound money built for a digital world. The provable scarcity of Bitcoin will lead to a higher US dollar value as demand for the artificially capped supply sees material increases in demand.”
Wider BTC Adoption in developing countries
Based on data from Blockchain.com, Peru, India, Indonesia and Nigeria are among the countries with the biggest increase in crypto wallet creation.
Nigeria has been the most trending country in recent months, with a 60% increase since April.
Despite the uncertain regulatory climate, India ranks second in a global survey of rise in crypto usage for July vs June.
CryptoTT Friday Update
Blockchain.com revealed the most trending countries based on its web wallet creation.
“In July we saw a number of countries increase their fraction of total Blockchain wallet transactions, most notably Peru, India, and Indonesia,” the company described. Other countries that made the top 10 list of increased transactions are Côte d’Ivoire, Nigeria, Japan, the Philippines, Venezuela, Bangladesh, and Bulgaria.
CryptoTT Friday Update 14.08. ETH
Stable Growth for Ethereum
The value of open Ethereum futures contracts has grown twice as fast as Bitcoin’s over the past six months. Ethereum futures open interest has reached $1.5 billion.
The overall growth of the futures volume combined with the rising price of ETH, which is currently up roughly 9% on the day and trading at around $428, signifies a strong market amid an upward trend, as quoted by Bobby Ong, a co-founder of crypto metrics platform CoinGecko.
CryptoTT Friday Update
“Ethereum has been on fire lately. The industry of tokenization and new-wave finance seems to be in a sort of consolidation around this network and continue to build a vast majority of new crypto-fanlged projects on the Ethereum blockchain,” summarized Mati Greenspan, a popular analyst and the founder of Quantum Economics, speaking to Decrypt.
Gas Fee Concerns Rejected
The surging popularity of decentralized finance (DeFi) protocols on Ethereum (ETH) has contributed to skyrocketing fees, with the network processing an all-time high of $6.87 million in total fees yesterday.
Yield Farming on DeFi platforms is one reason ETH fees are high. Some users of Ethereum believe such high fees are unsustainable. Ethereum (ETH) has however sidestepped the fud and broken the $400 price ceiling.
Meanwhile both Kyberswap and Uniswap have replied to us that although the projects are of course entirely dependable on the Ethereum blockchain and can not avoid the gas fees at the moment, they are looking into internal updates and enhancements in order to ease the situation.
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Disclaimer: Trading currencies, coins and tokens (or any other financial market) involves substantial risk, and there is always the potential for loss. Your trading results may vary. No representation is being made that any associated advice or training will guarantee profits, or not result in losses from trading. All trading pairs are fixed on the price at the time this article is published.