There is no time when the Bitcoin price isn’t a hot topic. Whether it’s surging or sinking, the leading cryptocurrency is the most popular topics of all in the crypto space.
With the recent surge to over $8,000 Bitcoin got into the eyes of many investors, traders and experts who are having another say on the cryptocurrency’s future. According to analysts, there may be a sudden surge in demand from institutional investors, making the price of Bitcoin grow a lot by the end of this year.
A couple of days after the billionaire venture capitalist and SpaceX investor Tim Draper said that Bitcoin price is likely going towards $250,000 by the end of 2022, we are all curious to see what the short-term growth will be.
Speaking of which, the mid-term is what is more interesting for many analysts. One of them is the Wall Street analyst and Fundstrat founder Tom Lee, who stated that the Bitcoin price will achieve $25,000 by the start of 2019. He also said that this is a major correction, noting:
“We still feel pretty confident that bitcoin is a great risk-reward and we think it could reach $25,000 by the end of the year,”
The Bitcoin price recorded a 15% increase in only 3 days – rising from $6,900 to $8,000. If the momentum is being kept, Lee’s predictions may turn out true and overcome the previous all-time high.
At this point, the major breakdown happens with the question – does Bitcoin have the potential to evolve into a major currency that is used by millions of users, merchants, retailers, restaurants, cafes, and businesses?
If this is possible, then the mid-term price prediction is more than likely to happen – and the long-term goals of $250k are definitely something that could happen (even sooner than 2022). In the end, we are about to see what happens with the current regulation going on.
Coinbase Announces New Regulatory Approval For Listing Security Tokens
The major US cryptocurrency exchange Coinbase has apparently received a new regulatory approval to acquire several securities firms. The move could eventually see it supporting trading in tokens which are deemed as securities.
The news comes from a spokesperson who spoke to Bloomberg on behalf of the exchange, stating that both the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have approved the recently revealed acquisition deals for the regulated firms.
In June 2018, Coinbase announced its plans to purchase three companies (Keystone Capital Corp., Digital Wealth LLC, and Venovate Marketplace) as the means to become a regulated platform for trading security tokens – as well as tokenizing traditional financial assets.
The chief operating officer and president of Coinbase, Asiff Hirji, also indicated that the exchange is seeking licenses as a broker-dealer, an alternative trading system as well as a registered investment adviser.
What’s interesting is that this move comes at the right time, according to many. A time when the US is beefing up scrutiny over cryptocurrency projects (especially ICOs) and could position the firm for a future when current legal gray areas have been regulated under new laws.
As SEC reported, it is currently investigating dozens of token projects. In a public hearing, the chairman Jay Clayton said that he believes that every ICO he has seen so far is a security.
The general manager at Coinbase, Dan Romero, previously told CoinDesk that he wants to add new digital assets requested by customers. According to him:
“When we get to a point that we know which digital currencies and assets are securities, which ones are commodities, money or currency, it would be immensely helpful.”
A couple of days ago, Coinbase also announced its plans for the potential listing of five additional cryptocurrencies on its platform, which positioned many assets in a new surge.
US: A New $20 Million Crypto Fund Has Been Set Up By Indian Investors
India’s strict stance towards cryptocurrencies did not stop one group of entrepreneurs and blockchain enthusiasts to set up a fund within the United States. The group of influential investors from the country raised $20 million and launched B1T Capital which is an US-based incubator that is solely focused on cryptocurrencies.
According to records from SEC, the fund was registered at the end of June in Salt Lake City, Utah. Moreover, the fund raised “close to million dollars” from undisclosed investors with the sole purpose of investing in cryptocurrency startups that are registered in the US via private presales.
According to one B1T Capital partner Utsav Somani, this move was a straightforward choice, knowing the lack of regulations in India. This is why B1T chose the US as a highly-favorable regulatory and technological environment in the US.
As Somani said in an interview with the local publication Inc42:
“There are going to be 500 new crypto funds in 2018 globally. Interestingly, none are from India. B1T Capital is a step towards changing that. India is the most emerging market geography that projects will need access to at some point in their maturity curve.”
He also added that B1T aims to open India’s crypto ecosystem and expand it further. Even though the fund is new, B1T Capital has invested a lot in Orchid which is a distributed marketplace that aims to create a framework for digital citizenship, closing another investment this month.
A New 6% Loss For BTC, ETH,XRP, EOS And BCH, Market Loses $13 Billion
The strong rally and increased volume on the crypto market recently corrected, leading to a new loss for the cryptocurrencies including Bitcoin, Ripple, Bitcoin Cash, Ethereum, and EOS – all recording large losses against the US dollar.
Even though Bitcoin only declined by 1%, Ripple, Bitcoin Cash, and EOS (which are the 3rd, 4th and 5th largest cryptocurrencies by valuation) all lost 6% of their value over the past 24 hours.
This led to a total market cap loss of $13 billion. However, what’s interesting is the fact that the volume of Bitcoin and Ether have both increased. While BTC increased its volume to $4.9 billion, ETH increased to $1.8 billion respectively (from $3 billion and $1 billion last week).
This is why the four-day stability reassured many analysts that the price of Bitcoin will move by a large margin, whether on the upside or the downside. A fall from this level to below $6,000 would force the market to enter a minor correction for the second time in the past month.
Still, analysts think that Bitcoin can break above the $6,700 mark in the next 24 hours. If that happens, the downtrend can transform to a short-term rally. Still, a break above $6,700 is at the time highly unlikely to happen.
When asked about the current market situation, investors are still optimistic.
The CEO of BitMEX, Arthur Hayes, said that Bitcoin will achieve $50,000 by the end of this year but will correct and drop from $3,000 to $5,000 in the short-term.
Clem Chambers, who is the CEO of ADFN (financial data provider) also said that he expects the price of BTC to fall to the $2,000 mark before rebounding and moving back to the all-time high of $20,000 as in December 2017.
Top 4 Blockchain Careers
As this technology upgrades and grows, we can expect to see many career options that are really well paid. In this article, we will tell you about a few possible careers options.
This is probably the best way to start a career in the blockchain. Taking an internship will teach you how to design and develop blockchain solutions, software for blockchain platforms, learn about the distributed ledger technology and much more. It is best before starting as an intern to at least have some knowledge of NodeJS, Java, C++, Solidity, and HTML.
Companies are most interested in this technology. In order to improve and optimize the business process, each business needs to find a blockchain company that can meet their needs. This is why each blockchain company needs to have a manager. The manager is planning and supervising the execution of the project. Also, the manager is the first person business contact when they want a certain blockchain project done.
With the technology growing, company owners are interested in keeping their blockchain-based business legal and have a legal service in any time they need. Attorneys say that in the past few years many clients want advice on how to manage ICOs. Potential clients want advice on how to merge the crypto-system with the existing financial system and create legal agreements.
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