Bitcoin claims a new 2019 high since investors that did not generate any returns in 2019 are looking into buying the largest cryptocurrency. We take a closer look into the price analysis in the coming altcoin news below.
Over the weekend, btc reached a new high to nearly $9,400 and the other assets were having trouble following it. The gains across the stock market and commodities are pale in comparison to Bitcoin so the investors are now sorry for not investing in the crypto. There is also no explanation of what fuels the price of the number one cryptocurrency despite the many claims that this could be a consequence because of the U.S.-China trade war or Facebook’s new stablecoin.
The Wall Street Journal explained the disparity in returns saying that BTC is up by 150% year-to-date but the broader stock market is far behind. Bitcoin’s gains seem to be taking the market share away from the precious metal-gold and as previously reported, even the most stubborn gold supporters turned bearish on this commodity in 2019 while bitcoin continues to shine with no signs of ever slowing down.
One of the people that shook things up for gold is the CEO of Digital Currency Group Barry Silbert. His company is behind the #dropgold campaign and it seems that there couldn’t have been a worse time for this precious metal. Digital currency group’s bitcoin trust reached a value of $2 billion which Silbert says this was roughly the size of Bitcoin’s value in 2014. He noted:
“The asset class is here to stay…I think it’s now being looked at potentially as an important part of a diversified portfolio…I think the asset class is really ready for the next phase.”
Silbert also pointed out to the crypto industry that its infrastructure including the ‘’institutional grade custody solutions trading software’’ is one big sign for the maturing of the ecosystem. There are multiple catalysts that show how big the demand from institutional investors is but not one includes geopolitical tensions between the US and China. Bitcoin claims still the position that it holds as one of the best-performing assets. As noted in the latest cryptocurrency news, Anthony Pompliano noted:
“In May, BTC had a nearly perfect negative correlation with the S&P 500.”
Bitcoin Retests The $11,000 Range Holding A Strong Low Volume
Bakkt BTC Futures Reached “Critical Mass” And Expected To Launch Soon
"We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE… #bitcoin #BTC #ETH," one of the tweets which went viral on many best cryptocurrency news sites reads.As per analysis from Sam Doctor of Fundstrat, institutions and other entities in attendance were not only bullish on Bakkt but the broader Bitcoin and cryptocurrency market, too. In a recent Fundstrat research note to Twitter, Doctor explained that his first-hand experience of the event slated to be the first US regulated vehicle of its sort that is physically delivered. He pointed out to the Bakkt BTC futures, saying:
“As we have written before, Bakkt tackles many of the barriers to adoption for traditional investors seeking to expand their mandate to include crypto.”He also went on to write that there “appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch,” noting that the firm's sales team is starting to ramp up discussions with everyone from brokers and market makers. The news comes hot on the heels for Bakkt BTC futures. Earlier this year, the company made a series of hire as their "Careers" page noted. One job listing called for a mobile app developer which sparked a further discussion about Bakkt's plans post-Bitcoin futures. An excerpt from Bakkt.com reads:
“Whether between consumers and merchants or peers, the ability to conduct transactions in digital assets holds promise as a these new global currencies evolve beyond a store of value or speculative assets, and as distributed ledger technology scales. Bakkt is working with leading merchants who recognize the potential of digital assets.”Earlier reports have suggested that Starbucks may be one of the users of Bakkt's eventual payments solution which is most likely to involve Bitcoin. Currently, the Bitcoin and altcoin news show stability on the market after the wide breakout.
Bitcoin Retook $11,000 But Dropped Overnight
"If $btc goes to $100, it is game over. IT WON’T. It’s already established itself as a store of value. Stop wasting your time with these tweets and go outside and enjoy the summer. $btc is consolidating before its next move higher. Let it work for you."Hopefully the fan took the former hedge fund trader's advice because the price of Bitcoin rose about 5% at its best levels today. What's also hot in the altcoin news is Libra's pain which is seen as Bitcoin gains. The long-expected cryptocurrency and the rumors around it made a lot of waves in the community, leading Bitcoin to surge, fall, surge and fall. Even though many think that David Marcus has been the face of Libra, CNBC recently reported that a 26 year old named Morgan Beller is the actual head of strategy at Calibra (Libra's wallet) and was the main inspiration behind Facebook's crypto aspirations. The fact that Bitcoin retook the $11,000 level is also somehow linked to this. “Morgan was really the first one, at least to my understanding. She’s done a fantastic job of getting other people in the cryptocurrency communities to get on board with Libra. She has a very outsize value-add from that alone.” one researcher at CNBC stated. The Bitcoin price is off the highs on the day and is right now hovering at $10,600 on many exchanges which is why it is featured on many best cryptocurrency news sites.
Banks Are Afraid Of BTC And They Are Chasing Their Customers Away
“[Our] recent experience with RBC has been nothing short of horrible, and we just can’t deal with all the nonsense anymore.”Apparently, the user was very disappointed for a longer period of time and the banks deciding to stop serving users that make business with bitcoin was the last drop for the user. The email continues with more frustration saying:
“We need our bank to be a partner we can rely on who will help us be successful both personally and in business.”According to the client, banks are afraid of Bitcoin and the RBC was the perfect example of it. The person than listed the problems that he faced with the bank including the prolonged process involved in day-to-day checking on top of the difficulties during the process of opening an account for a family trust that runs a daycare. After sharing his story, he noted that the bank flagged him as suspicious since he owned cryptocurrencies and then he wrote:
“There is absolutely no way we can continue doing business with an institution who believes [they] can dictate what we can and cannot do with our money. Ironically, banks have been fined billions of dollars over the last few years over this.”As noted in the latest cryptocurrency news, Anthony Pompliano’s tweet received more than 3,000 likes and 900 retweets.
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- Big BTC Price Boom Will Bring To Consolidation: Market Experts
- Coinbase Closes Its Bundle Product After 8 Months On The Market
- Bitcoin Retests The $11,000 Range Holding A Strong Low Volume
- Facebook’s Head Of Blockchain Expects Libra To Be Governed By Swiss Law
- Bakkt BTC Futures Reached “Critical Mass” And Expected To Launch Soon
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