The CEO of the global Bitcoin payment provider BitPay is in the daily cryptocurrency news. From what he said in a recent interview, he doesn’t seem worried about the downward moves in the price of the largest cryptocurrency by market cap.
According to Sonny Singh who is a prominent influencer in the crypto space, Bitcoin will likely surge towards the $15,000 to $20,000 area over the next year as institutional investors launch blockchain-powered products.
BitPay’s Singh talked in an interview with Bloomberg, in which he said that “we shouldn’t look at the price so much” since what really matters right now is what is happening behind the scene. As he believes, there won’t be any significant price movements in BTC (up or down) until institutional names come to market with their own products.
He pointed out to the financial services company Fidelity as one of the examples announcing that it would be launching a crypto subsidiary focused on custody and trade execution. Aside from this, he also mentioned future products by Bakkt, Square and Blackrock as potential drivers of an upcoming bullish move in BTC trading.
Despite Singh’s statement, Bitcoin is still in a mode of free falling and repeating a series of yearly lows, day after day.
BitMEX CEO Arthur Hayes: ‘Traditional Traders Are Under Pressure’
“Some of the practices in our market are going to be mimicked in traditional trading [...] All these things about being somewhere and trading something and physically reconciling records is all going to go out the window. Once you get away from that and understand that everything will be digital in the next 10 years, you realize that Bitcoin isn’t such a strange idea.”It remains to be seen how labor organizations which were crucial in the adoption of weekends, the 40-hour workweek and mandatory break - will respond to the claims of the BitMEX CEO Arthur Hayes and especially if his prediction passes. On September 18 and before this, the CEO of BitMEX was in the news for predicting that Bitcoin (BTC) could soon shoot to $20,000 as a result of emergency measures from the United States Federal Reserve. The comments by Hayes came right after the Federal Reserve swooped in and decided to decrease interest rates on some loans which reached more than 10% or four times its target. More than $53 billion was pumped in the economy through the quantitative easing (QE) measures.
“QE4eva is coming. Once the Fed gets religion again, get ready for #bitcoin $20,000,” the BitMEX CEO Arthur Hayes tweeted back then.The latest Bitcoin and altcoin news show a new correction on the market. The total market cap is now at $267 billion and Bitcoin is again below $10,100.
McAfee Believes Bakkt Launch Could Jumpstart Widespread Adoption
“BAKKT goes live tomorrow. It is an institutionalized exchange so I won’t be using it, but institutions will feel a level of trust that they had not had. It could jump-start Ctypto adoption. But remember – it is the opposite of freedom’s movement."https://twitter.com/officialmcafee/status/1174999327917297666 McAfee also said that the date of the platform's launch mixed up - and the Bakkt actually launches on Monday and not tomorrow. The coming altcoin news sum up a lot of stances from the community. One of them is the viewpoint of Thomas Lee, a prominent cryptocurrency analyst and a notable Bitcoin bull. While John McAfee believes there could be a bull run soon, Lee said that the Bakkt launch will improve the institution trust of the crypto markets.
“I am very positive on @Bakkt and its ability to improve trust with institutions to crypto,” Lee explained.https://twitter.com/fundstrat/status/1174894754250838016 Assuming that everything goes well and the Bakkt launch proceeds with great success and utilization, it could lead to an influx of fresh capital in the markets. This could also boost the performance of crypto for the second half of 2019. The best cryptocurrency news sites today report about the falling price of Bitcoin over the past several days. The sideways trading, however, may soon come to an end as McAfee believes - mostly because of the upcoming Bakkt launch.
CME Group Will Launch Bitcoin Options Early In 2020
“Based on increasing client demand and robust growth in our Bitcoin futures markets, we believe the launch of options will provide our clients with additional flexibility to trade and hedge their bitcoin price risk. These new products are designed to help institutions and professional traders to manage spot market bitcoin exposure, as well as hedge Bitcoin futures positions in a regulated exchange environment.”CME Group also detailed that since their 2017 launch, there have been more than 20 "successful" futures expiration settlements and more than 3,300 individual accounts trading the contracts. Close to 7,000 CME Bitcoin futures contracts are traded on average each day, the company stated. Meanwhile, the coming altcoin news in March this year showed that CBOE abruptly changed the tack and halted its futures product. Now that CME Group will launch Bitcoin options and CME won't (for now), this gives a massive advantage to CME as the sole provider of Bitcoin futures in the US. However, it seems like CME will have a new rival from Monday. The rival is the Intercontinental Exchange (ICE) and is subsidiary Bakkt - both of which are preparing to offer a new BTC futures product. Unlike CME and its cash contracts, ICE will be offering a physically settled product which means that its customers will receive actual Bitcoin (BTC) instead of the cash equivalent.
Bitcoin Avoids Posting Seven Consecutive Red Daily Candles
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