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Fundstrat Strategists: Bitcoin Is Likely To Test $90,000

Albert Brown
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Fundstrat Strategists: Bitcoin Is Likely To Test $90,000

After hitting a new all-time high, Bitcoin will likely test $90,000, Fundstrat strategists believe.



Bloomberg has reported that Fundstrat’s strategists have shared the bullish path that the BTC is likely to take next.

They believe this uptrend could lead Bitcoin to test the $89,000 to $ 90,000 price mark.

In its report on Wednesday, Fundstrat said that after breaking the $65,000 level, Bitcoin will likely test $72,500 first and then test $89,000.

Fundstrat wrote:

“Initial upside targets for Bitcoin above $65,000 lie near $72,500, then $89,000, and thought to be definitely within reach on this breakout of former peaks.” 

 

Bitcoin hit a new all-time high of $66,930 earlier this week. The rally came in anticipation of the BTC ETF’s launch, followed by its actual launch by ProShares on the New York Stock Exchange.

Also, major crypto holders, widely known in the market as whales, have bought Bitcoin and moved it from the exchanges to their cold wallets for long-term storage.

Many experts believe Bitcoin to reach $100,000 by the end of 2021.

Bloomberg Reports Walmart Has Introduced Bitcoin ATMs In Over 200 Locations Across U.S.

Albert Brown
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Bloomberg Reports Walmart Has Introduced Bitcoin ATMs In Over 200 Locations Across U.S.

Thanks to a collaboration with Coinstar and Coinme, Walmart now has more than 200 Bitcoin kiosks in its US stores.

Read: JPMorgan Mentioned Main Factor That Triggered A New Phase Of Significantly Fresh Capital Entering Bitcoin Other Than BTC ETF



Bloomberg report Walmart has introduced Bitcoin ATMs in several of its retail stores in the United States. The pilot includes 200 kiosks in Walmart stores.

Kiosks, a venture between BTC ATM maker Coinstar and bitcoin exchange platform Coinme, are the result of a test conducted in conjunction with Walmart.

Read: Forbes Editor, Avik Roy says BitcoinIs Rarer, Profitable, Secure And Better Form Of Sound Money Than Gold

Coinstar and Coinme are working to implement this initiative on a much larger scale, with plans to offer bitcoin at more than 8,000 kiosks. The service will require customers to create a Coinme account and pass a KYC.

Walmart customers can insert cash bills into the machine, for which they will get vouchers holding bitcoins.

 

Bitcoin kiosks are one of the more expensive ways to get bitcoin because they charge a relatively high fee. These kiosks will charge a 4% fee for bitcoin and a 7% fee for cash exchanges.

Read: Houston Firefighters’ Relief and Retirement Fund Buys $25 Million in Bitcoin And Ethereum

Walmart has discussed integrating cryptocurrencies into their business model in the past, although Walmart does not yet offer direct crypto payments. The company has posted job vacancies for crypto-related positions, including a crypto product manager. Walmart has filed an application for a blockchain-based drone in 2019, although there has been no update on this since then.

Russian Billionaire Oleg Deripaska Says Central Bank Of Russia Should Pay More Attention To The Development Of Crypto Market

Mark Brennan
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Russian Billionaire Oleg Deripaska Says Central Bank Of Russia Should Pay More Attention To The Development Of Crypto Market

Russian businessman and billionaire Oleg Deripaska urged that the Central Bank of Russia must pay more attention to the development of the cryptocurrency market.



Oleg Deripaska expressed the opinion that the Central Bank of Russia ignores the growing cryptocurrency market in vain and does not invest in the development of crypto.

According to the businessman, digital payments can not only negate the effects of economic sanctions against Russia but also can become a weapon of economic strength and power against the economies of unfriendly countries.

The businessman remarks were indirectly confirmed by the document of the US Treasury Department on the review of the imposed sanctions, which says:

“They cryptocurrency empower our adversaries seeking to create new financial and payment systems designed to reduce the global role of the dollar. We recognize the risk that, if left unchecked, these digital assets and payment systems could compromise the effectiveness of our sanctions.”

Read Details: US Treasury: Cryptocurrencies Reduce The Effectiveness of Economic Sanctions

 

Deripaska is not the only Russian businessman to express concern about Russia’s technological lag in the development of the cryptocurrency industry.

RACIB President Yuri Pripachkin criticized the government of the Russian Federation for the fact that over the past four years the Russian government was unable to properly attend the domestic segment of the cryptocurrency market. He accused the regulator of a biased attitude towards cryptocurrencies and an artificial slowdown in the development of the Russian crypto industry.

Houston Firefighters’ Relief and Retirement Fund Buys $25 Million in Bitcoin And Ethereum

Mark Brennan
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Houston Firefighters’ Relief and Retirement Fund Buys $25 Million in Bitcoin And Ethereum

The Houston Firefighters’ Relief and Retirement Fund (HFRRF), the pension fund for the City of Houston’s firefighters, Texas, which represents 6,600 firefighters and survivors, purchased $25 million worth of Bitcoin and Ethereum.



The fund’s head of investment said in a press release as the fund believes in the disruptive power of cryptocurrencies.

Business Insider covering the topic writes the investment was made with the help of the New York Digital Investment Group (NYDIG).

The Houston firefighters’ pension fund manages about $5.5 billion in different assets, and according to the fund, the crypto investment was part of a long-standing plan that was under consideration for some time.

Ajit Singh, the fund’s chief investment officer, said the investment directly expresses management’s belief in the power of cryptocurrencies and the innovativeness of digital currencies.

“We are excited to take this first step forward into the world of digital assets. This investment expresses our belief in the disruptive potential of distributed ledger technology for the development and democratization of value accumulation through disintermediation, We have been studying digital assets’ transformative potential for some time, and we are pleased to have a partner of NYDIG’s caliber to ensure secure, robust and efficient execution, and enhanced compliance as we enter this new market.”

 

Nate Conrad, NYDIG’s head of global asset management, said this step is an important turning point for Bitcoin, Ethereum, and their public view, particularly in relation to pensions and retirement plans.

“This investment represents a watershed moment for bitcoin and its place in public pensions,”

BTC and ETH continue to have great momentum and with many believing, we are nowhere near the top, these pension funds can have an even brighter future with these investment decisions.

More Than 130,000 People Had Their Eyes Scanned To Get Free Crypto

Mark Brennan
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More Than 130,000 People Had Their Eyes Scanned To Get Free Crypto

Financial Times (FT)  reports more than 130,000 people had their eyes scanned to get free crypto.



Worldcoin is a project that intends to distribute cryptocurrencies fairly. To prevent identity spoofing, the company’s plan is to scan people’s retinas and then save the data in the blockchain.

Testing began in May this year and according to the Worldcoin website, more than 130,000 people have already had their eyes scanned to receive the free cryptocurrency. The average is 700 new people per week, with a maximum peak of 1,400 people.

According to the company, it adopts strict privacy policies, where the retinal images are permanently erased after being transformed into a code, which serves to verify the attempt of double registration.

Alex Blania, the co-founder of Worldcoin said that the project uses high standards to protect users’ privacy.

He told FT:

“Even if I would have your iris code in one form or another, I would have no chance to find out who you actually are on the blockchain,”

Scanning is done through a sphere which they call “Orbs” that contains high-resolution cameras, as shown in the image below, and is already found in four continents, including Asia, South America, Europe, and Africa.

worldcoin free tokens

 

Worldcoin’s plan is to bring billions of people into the world of cryptocurrencies. Worldcoin estimated that if people continue to signup at the current rates, they will be able to reach 1 billion people in two years’ time.

Worldcoin will issue 10bn tokens, with 10 percent tokens will be reserved for company investors, 10 percent for the foundation to develop the orbs and network, and 80 percent will be distributed to users.

According to FT, the company raised 25 million dollars from various industry giants, such as Coinbase, Andreessen Horowitz of a16z, Digital Currency Group, and even Reid Hoffman, co-founder of LinkedIn. Today the company is valued at $1 billion.

 

Associated Press (AP) To Utilize Chainlink Smart Contracts To Put Its Journalistic Information On Blockchain

Mark Brennan
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Associated Press (AP) To Utilize Chainlink Smart Contracts To Put Its Journalistic Information On Blockchain

The Associated Press (AP) has historically been known as one of the most reliable sources of news data. This week, the AP has announced that they are launching a Chainlink node to make a variety of different datasets available to leading blockchains.



The AP has continued to be aggressive in utilizing blockchain technology to provide data in the quickest and most reliable way possible.

The move is designed to help developers writing blockchain-based applications implement AP’s data and information through AP’s Chainlink node, which connects the off-blockchain sources to blockchain-based smart contracts. Such information could include financial data, sports data, or election race calls integrated into blockchain-based apps.

“Because AP is such an important source for fact-based and trusted information around the world, we see this as an opportunity to provide blockchain users with data and info they can trust. We believe that blockchain networks are a fundamentally important technology because they not only allow but demand veracity,” wrote Dwayne Desaulniers, AP’s director of blockchain and data licensing, in a statement.

As the AP notes in their press release, this isn’t their first endeavor into crypto and blockchain technology. The company partnered with blockchain-based encyclopedia Everipedia last year to publish U.S. political race calls last year during a fiery election season.

Argentine Real Estate Agency Now Accept Shiba Inu

Mark Brennan
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Argentine Real Estate Agency Now Accept Shiba Inu

Shiba Inu is seeing increasing merchant acceptance after a massive price run

Shiba Inu is becoming increasingly popular with small merchants.



Candoli Propiedades, an Argentinian real estate agency in Santa Clara del Mar, a town located on the Atlantic coast of Buenos Aires, has announced that it now accepts SHIB as a payment method.

Within the same day, El Corte Mágico, a Spanish shop that sells fresh fruit and vegetables, also added support for the SHIB.

The uptick in merchant acceptance comes after the Shiba Inu cryptocurrency experienced another massive rally earlier this month.

SHIB is also being listed on a slew of exchanges and trading platforms, with Robinhood rival Public.com becoming the latest company to get behind the Dogecoin knock-off.

Read: New York-Based Online Brokerage Listed Shiba Inu

Still, Shiba Inu is yet to gain traction with any major companies of the likes of Newegg.

 

Read More On Shib:

JPMorgan Mentioned Main Factor That Triggered A New Phase Of Significantly Fresh Capital Entering Bitcoin And Its Not Launch Of Bitcoin Futures ETF

Albert Brown
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JPMorgan Mentioned Main Factor That Triggered A New Phase Of Significantly Fresh Capital Entering Bitcoin And Its Not Launch Of Bitcoin Futures ETF

Fears about inflation, not the excitement of the first Bitcoin futures ETF, is driving Bitcoin to new price highs.

The opinion is shared by JPMorgan analysts, Bloomberg reports.



On October 19, the Bitcoin Strategy ETF from ProShares started trading on the New York Stock Exchange. This is the first time the SEC has approved an exchange-traded fund based on bitcoin futures.

The fund’s trading turnover under the ticker BITO on the day of its debut reached almost $1 billion. Bitcoin ETF took second place among all ETFs in terms of the trading volume.

On October 20, the price of the leading cryptocurrency renewed its all-time highs, exceeding $67,000.

JPMorgan strategists, led by Nikolaos Panigirtzoglu, does not believe that BTC ETF is the cause of Bitcoin rise:

“By itself, the launch of BITO is unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin, Instead, we believe the perception of Bitcoin as a better inflation hedge than gold is the main reason for the current upswing, triggering a shift away from gold ETFs into Bitcoin funds since September.”

btc funds and gold holdings

 

Regarding the enthusiasm of market participants for BITO, analysts cited the example of the first Bitcoin exchange-traded fund in Canada. Launched in February 2021, the product from Purpose Investments under the ticker BTCC received a warm welcome, but then over time, the interest cooled.

“The initial excitement around BITO may disappear in a week,” JP Morgan experts suggested.

On October 21, SEC approved applications for the launch of two more bitcoin futures ETFs – VanEck and Valkyrie Investments.

Earlier, the founder of the hedge fund Tudor Investment Paul Tudor Jones called the first cryptocurrency insurance against inflation. The billionaire expressed his opinion in an interview with CNBC, noting that at this stage, Bitcoin is clearly winning the race against gold.

Read: Forbes Editor, Avik Roy: Bitcoin Is Rarer, Profitable, Secure And Better Form Of Sound Money Than Gold

 

 

 

 

Morgan Stanley Stopped Its Financial Advisors From Offering Clients Newly Launched Bitcoin Futures ETF

Jakkk
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Morgan Stanley Stopped Its Financial Advisors From Offering Clients Newly Launched Bitcoin Futures ETF

Morgan Stanley, one of the leading US investment banks, has stopped its financial advisors from offering clients a Bitcoin futures ETF launched by ProShares.



The institution is in the process of evaluating the prospectus and conducting due diligence on the BTC ETF.

Business Insider writes:

“Morgan Stanley is not allowing its financial advisors to immediately offer clients the brand-new bitcoin futures-based exchange-traded fund that started trading on Tuesday, a person familiar with the matter said. 

The firm is in the process of evaluating the product’s prospectus and conducting due diligence on the fund, according to the person, who spoke anonymously to discuss a company policy.”

Bank representatives declined to comment on the publication.

The ProShares Bitcoin Futures ETF made its second-largest trading debut. Bitcoin Futures ETF Becomes Second-Highest Traded Fund Ever, Almost Trading $1 Billion On the First Day.

 

Mark Hefele, chief investment officer at UBS Global Wealth Management noted that his firm tells clients to consider investments other than crypto. According to him, the organization considers crypto products only for speculative-minded investors with a high-risk appetite.

Recall that in March, CNBC announced Morgan Stanley’s plans to open access to bitcoin funds to accredited investors with a capital of at least $2 million.

In June, asset managers from New York Digital Investment Group and FS Investments filed an application with the SEC to register a bitcoin fund intended for Morgan Stanley clients.

In September, Morgan Stanley formed a team that focuses on studying the impact of cryptocurrencies on equities and fixed income instruments.

CBOE To Takeover ErisX Crypto Derivatives Exchange

Jakkk
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0
CBOE To Takeover ErisX Crypto Derivatives Exchange

The Chicago Board Options Exchange (CBOE) announced they are re-entering the cryptocurrency market with the purchase of the ErisX platform, which provides customers with the ability to trade cryptocurrencies both directly and through derivatives.


 

This is not the first time the Chicago Board Options Exchange (CBOE) has dived into the crypto industry. Back in 2017, CBOE became the first platform in the US to offer Bitcoin futures trading.

 

 

However, after the decline in the cryptocurrency market, the company’s management decided to close access to such products. It was later reported that CBOE would launch cryptocurrency indices in Q2 2021, but the launch never took place.

“Now is the right time to fully embrace and define this emerging asset class. Through the acquisition of ErisX, our company gains access to the cryptocurrency ecosystem,” said Chris Isaacson, executive vice president and chief operating officer of CBOE.

ErisX was founded in 2018 and operates in the US market. It provides access to the crypto derivatives market and futures trading, as well as clearing services.

ErisX is registered with FinCEN and licensed in several US states. To deal with digital assets, CBOE will launch a subsidiary, CBOE Digital.

The acquisition will be completed in the first half of 2022, subject to regulatory approval.

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