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eToro Exchange CEO: ‘The Correction Of BTC Is Positive For Long-term Growth’

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The CEO of the major multi-asset trading platform eToro, Yoni Assia, recently stated that the correction of Bitcoin is positive for the health and growth of the crypto market – despite the recent drop.

Meanwhile, Bitcoin recorded its third major correction in 2018 which saw the price falling from $8,500 to $5,850. Currently, Bitcoin is breaking the $6,500 resistance level and is still holding onto its support level of $6,000, according to analysts.

In an interview with NewsBTC, Assia said that the market correction is in order for the crypto market to mature, establishing a foundation for potential rallies in the future. He also pointed to the demand for Bitcoin and cryptocurrencies which has not declined even after the 78% correction of the crypto market.

As he stated:

“In our view, the recent market correction is good for the long-term development of the market. Cryptoassets are still a relatively nascent market; emerging technologies like this often see swings in their value in the early days. Market adjustments like those we have experienced recently help to stabilize prices, and make the industry more robust. Despite these adjustments, however, we have not seen a significant dip in demand for digital assets.”

Assia also added that the demand for Bitcoin will not slow down in the near future, based on the data pulled from the eToro trading platform:

“As the market matures, more investors are expanding their portfolios to include cryptos, while new investors are opening portfolios to trade crypto assets. We do not expect this demand to slow down any time soon, as more people recognize the potential of crypto assets.”

On top of this, he also explained the potential of the blockchain technology and how it aligns with the potential growth of the crypto market, stating:

The potential of blockchain technology is becoming increasingly clear to governments and financial institutions worldwide, as we have seen in recent attempts to incorporate this technology into their existing structures. We also know that institutional investors are waiting for regulatory clarity to move from the side-lines to the centre of the playing field. As we see developments move forward in these areas, we expect the price of Bitcoin and other cryptoassets to climb higher, though we may see some volatility as investors respond to short-term market news.”

Right now, Bitcoin is stable, circulating around the $6,500 level.

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Bitcoin News

Bitcoin’s Problems Can Be Solved By Leaving The Proof-Of-Work System: BIS

According to a research that was published by the Bank for International Settlement (BIS) which we are covering in our bitcoin news today, the problems of the major cryptocurrency can be solved only by leaving the proof-of-work system. The arguments suggest that after bitcoin’s block rewards drop to zero because of the limited number of BTC, the network will become painfully slow and it will make the currency unusable:
 “Simple calculations suggest that once block rewards are zero, it could take months before a Bitcoin payment is final, unless new technologies are deployed to speed up payment finality.”
However, in the study there is little praise for the Lightning Network as well, claiming that it could help but the real remedy for improving the network would be by saying goodbye to the proof-of-work method. Leaving the protocol would likely require a sort of coordination and possible institutionalization. The conclusion is basically that ‘’in the digital age too, good money is likely to remain a social construct rather than a purely technological one.’’ The Bank for Institutional Settlement is basically a group of 60 central banks which account almost 95 percent of the global GDP. BIS issued another report a few weeks ago where it was explained that nearly seventy percent of the central banks in the world are researching the option for a central bank digital currency and how to issue it. The major financial institution found a solid correlation last September between the crypto prices and the news about regulation that swamped the news platforms worldwide.
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Bitcoin News

Bitcoin ATMs Number Keeps On Increasing, The Question Is Why?

According to a report that reached our crypto news today, the number of Bitcoin ATMs around the world has officially surpassed 4,000 and it continues to grow. Analysts ask why. The rise in the number of the Bitcoin ATMs comes at a time when cryptocurrency businesses are implementing strict Know-Your-Customer protocols and Anti-Money laundering policies. For example, ShapeShift, the Swiss-based crypto exchanges received 18 subpoena requests in 2018 from US authorities only. The number in requests, however, is far less that one of Kraken which as one of the most popular crypto exchanges worldwide, received 315 subpoena requests from the US government in 2018. The United States government filed a stunning 65 percent of all of the subpoena requests that Kraken received. The increasing demand for Bitcoin ATMs relates to the G20’s efforts to try and regulate cryptocurrencies and make regulation stricter. Many crypto markets such as Japan and South Korea have already implemented new crypto policies in regards to user surveillance and fraud protection even in 2017. The ATMs are an alternative to strictly regulated exchanges where crypto users or more specifically buyers and sellers are able to purchase cryptocurrencies like Bitcoin with almost no identification. There are some downsides to ATMs as well. For example, the higher fees are one of the reasons why users don’t tend to use them. They also have low daily limits which make impossible for users to buy and sell larger amounts of bitcoin. The managing partner of Straight Up Capital, Sean Keefe, says that bitcoin has a huge potential to become the major tool for the e-commerce sector and that this will also lead for an increase in the demand for BTC ATMs.
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Altcoin News

UN Thinks Bitcoin & Crypto Are “The New Frontiers” In Finance, Focusing On Ripple And IOTa

The year-end report on the global economy by the United Nations is in the cryptocurrency news, particularly because of its focus on crypto and Bitcoin as "the new frontiers" in digital finance. As the UN wrote, crypto and blockchain technology have a massive potential to create new and revolutionary business models that cut red tape as well as increase the efficiency. However, this is not the first time that UN has expressed its interest in digital assets. Before this, the United Nations Office for Project Services (UNOPS) announced its collaboration with IOTA in order to "explore how the innovative technology behind IOTA which provides a distributed ledger for data management is going to increase the efficiency of UNOPS operations." On top of this, UNOPS is also exploring Ripple's cross-border payment solutions suite, as one report from the Association for Financial Professionals from late 2017 revealed. The new report, however, puts UN's interest for crypto in the focus. Titled “World Economic and Social Survey 2018” it dives in the many benefits of crypto, blockchain and distributed ledger technology.
“Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, bitcoin being a well-known example, can keep track of digital transactions. They enable value to be exchanged and can give rise to new business models which would otherwise require significant regulatory and institutional commitments." the report states.
According to the UN, blockchain and crypto have many use cases. As it is explained in the document:
"For example, a value token called ClimateCoin is being considered as a basis for creating a global market for carbon emissions, allowing peer-to-peer exchange of carbon credits and a direct connection with the Internet of Things. It would then be possible for devices to calculate their own carbon emissions and purchase carbon credits to offset those emissions."
The document also focuses on innovation and how it comes from inherent trust, citing that "the innovativeness of this system lies in the way in which the various parts combine to create the trust and guarantees that the traditional financial system derives from institutions and regulation."
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Bitcoin News

Wall Street Investors Need ETNs To Join The Crypto Space: CBOE President

Ed Tilly who is the CEO, president and chairman of the Chicago Board Options Exchange (CBOE) has recently declared that there is a major need for Bitcoin (BTC) exchange-traded notes (ETNs) as a major incentive for Wall Street institutional investors to join the crypto space. Tilly made the Bitcoin news today with this statement, predicting that the growth of Bitcoin may be held because of this reason. As one article on Business Insider reported, Tilly declared that the growth of Bitcoin in listed markets is still hamstrung by the lack of a trading product geared toward mom-and-pop investors.” He also said that Bitcoin futures did not see a substantial growth mainly because of the lack of a note or tracker tied to BTC that retail customers could trade on. In the article, we can see an elaboration about Bitcoin futures and exchange-traded notes (ETNs) which according to Tilly, are both important for offering access points to Wall Street-type investors. Tilly explained ETNs as a more accessible option to the average investor, saying:
“The power of having that future there is also having an ETN that is more attractive to retail, and then institutions can lay that risk off on the listed futures market. [...] Absent that leg and introducing trackers or notes, I think we will be in this, 'It trades every day, but it is not the story.'”
He also said that the main reason why regulators did not approve a Bitcoin exchange-traded product such as the (still-pending) ETF applications is that the regulators cannot protect investors from manipulation on a market. “You answer that question, you get your first ETN,” the president of CBOE concluded.
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