Your Cryptocurrency Newsletter for 05 December,2020

If you are interested in cryptocurrencies, this newsletter is for you. [img]  [Learn more about RevenueStripe...](   [Learn more about RevenueStripe...]( [img]( [FeedBinary Newsletter]( [The Time is Now for Cryptocurrencies, PayPal CEO says]( PayPal CEO Dan Schulman sees a silver lining amid the chaos of the COVID-19 pandemic: It’s accelerating cryptocurrency adoption at a rapid clip, potentially by years.Speaking in front of a digital audience at the 2020 Web Summit, Schulman added that he’s optimistic about the future of cryptocurrencies:I think that if you can create a financial system, a new and modern technology that is faster, that is less expensive, more efficient, that’s good for bringing more people into the system, for inclusion, to help drive down costs, to help drive financial health for so many people. […] So, over the long run, I’m very bullish on digital currencies of all kinds. His bullishness might be unsurprising, considering PayPal is among the latest fintech companies to move into the cryptocurrency space. In October, PayPal announced that users would soon be able to buy, sell, and hold cryptocurrencies “directly through PayPal using their Cash or Cash Plus account.” That went into effect in November, and the company plans to extend it to Venmo users in 2021. The move came shortly after the payments company Square invested $50 million into Bitcoin, and after Fidelity announced that it was opening a Bitcoin fund into which qualified purchasers could invest (minimum investment: $100,000). Together, this institutional backing might have something to do with Bitcoin’s recent surge back to near its 2017 price peak of $19,783. But more importantly, it suggests cryptocurrencies might soon have the opportunity to prove themselves in real-world use cases. After all, skeptics have long doubted the ability of cryptocurrencies to go mainstream as a form of everyday payment. But people seem increasingly comfortable with digital payment systems. The entire world is going to come into digital first,” Schulman said at Web Summit, adding that PayPal’s services already go hand-in-hand with cryptocurrencies. “As we thought about it, digital wallets are a natural complement to digital currencies. We’ve got over 360 million digital wallets and we need to embrace cryptocurrencies.”Sanja Kon, vice president of global partnerships at the cryptocurrency payments processor company UTRUST, also spoke at Web Summit about the increasing adoption of digital payments: Physical cash is becoming more and more obsolete. And the next step in the evolution is digital currency.”Kon noted some of the inherent advantages of cryptocurrencies, namely ownership.For many people, this is really the main benefit of cryptocurrency: Users owning cryptocurrencies are able to control how they spend their money without dealing with any intermediary authority like a bank or a government, for example,” Kon said, adding that there are no bank fees associated with cryptocurrencies, and that international transaction fees are significantly lower than wire transfers of fiat currency. Kon said cryptocurrencies have unique growth opportunities in areas where people aren’t integrated into modern banking systems:With cryptocurrencies and blockchain, with the use of just a smartphone and access to internet, Bitcoin and cryptocurrencies can be available to populations of people and users without access to the traditional banking system. Bitcoin as ‘digital gold’ Still, it could take years for people to start using cryptocurrencies for everyday purchases on a large scale. Despite this, many cryptocurrency advocates see digital currencies, particularly Bitcoin, as a way to store value—digital gold, essentially.I don’t think Bitcoin is going to be used as a transactional currency anytime in the next five years,” billionaire investor Mike Novogratz recently told Bloomberg. “Bitcoin is being used as a store of value. […] “Bitcoin as a gold, as digital gold, is just going to keep going higher. More and more people are going to want it as some portion of their portfolio.” There are obvious parallels between gold and Bitcoin: Both are mined, do not degrade over time, are finite in supply, and aren’t directly tied to the value of fiat currency, making them relatively invulnerable to inflation. The obvious objection is that the price of Bitcoin, and cryptocurrencies in general, is far more volatile than gold.But for investors who believe the inherent value of cryptocurrency technology will prove itself over the long term, these price fluctuations are just bumps on the long road to the future of currency.It’s no longer a debate if crypto is a thing, if Bitcoin is an asset, if the blockchain is going to be part of the financial infrastructure,” Novogratz said. “It’s not if, it’s when, and so every single company has to have a plan now. [Read Full News]( The post [The Time is Now for Cryptocurrencies, PayPal CEO says]( first appeared on [Feed Binary](. [Read Full Story]( ------------------ You Might Like     [Learn more about RevenueStripe...]( ------------------ [The Bitcoin & Crypto Bull Run is Just Getting Started!]( Bitcoin has undoubtedly had an amazing week having made new all time highs on the largest bitcoin exchange by way of volume CME Group. The fact Bitcoin did not make a new all time high on retail exchanges and only on institutional trading platforms like CME points to who is really driving this bull run and why the Bitcoin bull run in my opinion is just getting going.This week we have had record institutional volume coming from institutions as CME surpassed OKEX as the largest crypto derivatives platform. This recent surge in volume has been caused by a lack of trading on Thanksgiving last week causing a slow end to the week followed by major news events such as the Guggenheim Partners $295 billion investment fund making a $500m investment into Grayscales GBTC, and of course the recent launch of Ethereum 2.0 bringing new eyes onto the crypto market as people really begin to understand that crypto is not fairy dust but in fact it is real, with real world value. So all of this begs the question, what comes next? Well as a Cryptocurrency Trader and market analyst, from my perspective Bitcoin is far from done with its almighty rise yet. In fact I believe that we are just at the start of this bull run. This week Bitcoin made the significant move of breaking the high set last week and thus continuing the bullish trend. Since making its new high at 11am on December 1st, the price of bitcoin has been consolidating between the $18,500-$19,500 level as we experienced large amounts of volatility that made for a great start to the week’s trading. Since this point as the volatility has reduced and the price has consolidated to the upside. Going forward into the weekend Bitcoin will more than likely continue this consolidation period causing attentions to fade on bitcoin as institutions take the weekend off. Much of the attention will more than likely divert back to the Altcoin space that has consistently every weekend recently experienced huge price increases on most altcoins. I trade Altcoins just as frequently as I trade Bitcoin because due to the increased volatility they experience I find just holding Altcoins in a bull market to be preferable to holding any stablecoin alternative. With the launch of Ethereum 2.0 this week there has been a lot more eyes on the Altcoin space and more will follow, Ethereum 2.0 will not cause the prices of everything to go to the moon overnight. The updated protocol will have a delayed price effect as applications like coinbase safely install the staking functionality within their app. This will allow holders of 32 Ethereum or more to stake in a coinbase wallet and earn passive income on their holdings. You can stake without going via a centralised exchange like coinbase but most users of cryptocurrency generally avoid anything complex such as depositing into the Ethereum deposit contract for fear of losing funds. There are currently 1,003,906 Ethereum in the Ethereum deposit contract proving that people are adopting ETH 2.0 but not on a mass scale with that being approximately 1/113 of the total supply of ethereum. When staking ethereum becomes more accessible to the every day cryptocurrency holder, this is when I expect the price of ethereum to go crazy, much like the price of bitcoin started to go crazy when institutional demand began to outpace supply on a grand scale. We are simply waiting for the balance to tip and the new tokenomics model to kick in, when the number of staked ethereum rises, the volatility on the markets will increase due to a reduced amount of liquidity making small buy orders more powerful and thus the balance will tip in favour of demand outpacing supply due to the passive income that can be earned from staking. So going forward into the next week, what do I expect to happen? After Bitcoin completes its daily close today I expect a fairly slow weekend followed by a bullish breakout next week by all cryptocurrencies. Buying power is far larger than selling pressure at the moment, Grayscale added over 7,000 Bitcoin to their trust just this week. I believe if Bitcoin drops below $18,200 then we will close the CME gap that formed at $16,925 but any kind of dip would be short lived as institutions just cannot get enough bitcoin at the moment! If Bitcoin breaks above $19,625 then we will more than likely head in for a retest of the all time high, and third time lucky we should break through! [Read Full News]( The post [The Bitcoin & Crypto Bull Run is Just Getting Started!]( first appeared on [Feed Binary](. [Read Full Story]( ------------------ You Might Like     [Learn more about RevenueStripe...]( ------------------ [Here’s why Bitcoin is like ‘Lebron James,’ according to MicroStrategy CEO]( MicroStrategy CEO Michael Saylor draws a comparison between Bitcoin and NBA star Lebron James.In an interview with economist Marc Friedrich, MicroStrategy CEO Michael Saylor said that Bitcoin is not the same as it was in 2015 or 2017. According to Saylor, the arguments against Bitcoin (BTC) that were relevant four years ago are no longer applicable. How is Bitcoin like Lebron? Bitcoin has grown exponentially since the 2017 peak in terms of infrastructure, fundamentals and adoption. In the past year, institutions have started to increasingly see BTC as a store of value and an inflation hedge.In 2017, critics said Bitcoin was too volatile and that there was a risk it could drop to zero because it was an asset in a nascent phase. Saylor emphasized that these arguments are less relevant now because BTC has evolved significantly in three years. Saylor emphasized that Lebron James played basketball from ages 8 to 18, but he matured to evolve into one of the all-time greats. He said Bitcoin went through a similar period, stating: I also thought it was important to address head on the fears and anxieties of the original Bitcoin and the crypto community that have all these tropes, like ‘oh it’s risky, it’s volatile, might go to zero,’ and they are still living in the 2012, 2015, and 2017 timeframe. And what I want to say to them is Lebron James played basketball from age 9 to 18, and he was talented but irratic and volatile. But then he grew up and from age 18 to 28, he destroyed everybody and everything in his way. One of the major changes Bitcoin has seen since 2017 is its market structure. Three years ago, retail platforms like BitMEX were the dominant players in the derivatives market.As Cointelegraph reported, institutional platforms such as the Chicago Mercantile Exchange (CME) have consistently processed volumes similar to leading retail-focused exchanges. As of Dec. 4, the CME BTC futures market has an open interest of $1.14 billion, which is higher than Binance Futures, Bybit, Huobi and BitMEX.On-chain data also show a considerable increase in institutional growth based on large transactions on the Bitcoin blockchain. Large BTC transactions doubled this year According to data from IntoTheBlock, the number of transactions valued at above $100,000 has increased twofold over the past year. This is indicative of the increase in institutional activity on the Bitcoin blockchain, the analysts said.Considering the noticeable change in volume trends and on-chain data in the past 12 months, the analysts wrote that Bitcoin is seeing high institutional growth. They wrote:The number of transactions of over $100,000 recorded on the Bitcoin blockchain on a daily basis has more than doubled from a year earlier. Furthermore, the total volume transferred in these has experienced even larger growth with 6x over the same period. Based on a variety of factors, including the fact that there is significant institutional involvement in the Bitcoin market, investors like Saylor remain confident that BTC is evolving into an established store of value and that this is improving its perception with mainstream investors. [Read Full News]( The post [Here's why Bitcoin is like 'Lebron James,' according to MicroStrategy CEO]( first appeared on [Feed Binary](. 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