Connect with us

Bitcoin

An Anonymous Person or Group Moved Bitcoin Worth $2 Billion Immediately It Crossed $29,000 Per Coin

Published

on

bitcoin

An Anonymous Person or Group Moved Bitcoin Worth $2 Billion Immediately It Crossed $29,000 Per Coin

Certain Bitcoin (BTC) investor has decided to celebrate the New Year with $2 billion immediately the world’s most capitalised cryptocurrency asset crossed $29,000 per coin.

The anonymous person or group moved 82,510 BTC valued at $2 billion from a wallet designated as block 663,976, according to a Bitcoin Block Bot that reports large transfer referred to as Whale Transfer.

Bitcoin gained 24.79 percent in the last 24 hours to N13.759 million or US$29,376.61 per coin.

In 2020, the world’s most dominant cryptocurrency grew by over 224 percent, the highest in the world.

The unusual gain in spite of COVID-19, growing economic uncertainty and risk has forced many institutional investors to start dumping billions into the unregulated digital market.

Presently, the United States Securities and Exchange Commission (SEC) has sued Ripple, the third most capitalised cryptocurrency that has sold over 45 billion coins with $10.807 billion market capitalisation. Ripple dropped to the fourth position after several exchanges delisted the embattled coin from their platforms.

“While a growing institutional presence has been part of the narrative of the current bull run, we may see increased retail interest in Bitcoin as a form of digital gold,” stated Paolo Ardoino, chief technology officer of crypto exchange Bitfinex.

However, regulation and the possibility of policymakers going after cryptocurrency investors, especially to curb tax fraud and inter-border-money laundering, remain a concern for investors in 2021.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Bitcoin

Bitcoin Price Drops to be Used as Buying Opportunity: deVere CEO

Published

on

bitcoin to Nigerian Naira

Bitcoin Price Drops to be Used as Buying Opportunity: deVere CEO

The Bitcoin price drop will be used as a key buying opportunity by savvy investors, predicts the CEO of one of the world’s largest independent financial advisory and fintech organisations.

The observation from Nigel Green, the chief executive and founder of deVere Group, which has $12bn under advisement, comes as the price of the cryptocurrency plummeted 11% on Thursday.

Earlier this month it valued at $42,000. On Friday at 12 noon (CET) one Bitcoin was valued at $31,400.

Mr Green says: “Bitcoin bashers and crypto cynics have been revelling in this week’s price drop.

“However, for many savvy investors, falling prices will be used as a key buying opportunity.  They know the long-term trajectory of digital currencies – like stock markets – is upwards.

“They will be, sensibly, treating the volatility in cryptocurrency markets as they would in traditional markets.  By topping up their portfolios when prices are lower and/or taking advantage of lower entry points, they can often considerably strengthen their position. The crypto market is no different.”

He continues: “I believe we can expect further pull-back in the price in Bitcoin in the near-term, which too will be used proactively by traders.

“But make no mistake, in the long-term, prices are going in one direction: up.

“Why? Because of the digitalisation of economies and every aspect of our lives, including our financial lives, that shows that there will be an increasing demand for digital, global, borderless money – characteristics that are inherent to the likes of Bitcoin.

“Also, due to the consistently surging interest from institutional investors, multinational companies, household name investors and government agencies.

“This was evidenced, once again, last year with the decision by PayPal, one of the biggest payment companies in the world, to allow customers to buy, sell and hold Bitcoin.”

Last week, the deVere boss championed greater regulatory scrutiny of cryptocurrencies such as Bitcoin as they play an increasingly normalised role for investors.

He noted: “There is sustained and growing interest in the likes of Bitcoin from both retail and institutional investors. They are now increasingly handling the assets as they would any other asset in the portfolio –for example, sometimes profit-taking, sometimes reinvesting, using the volatility to their advantage, and using these alternatives to help with all-important diversification.

“These mainstream, normalised investor strategies demonstrate that cryptocurrencies must come into the regulatory tent and be held to the same standards as the rest of the financial system.”

Mr Green concludes: “Volatility in the crypto market, as in all financial markets, is not necessarily a bad thing for investors and can be capitalised for their long-term financial gain. Harnessed effectively, it can be a very powerful strategy.”

Continue Reading

Bitcoin

Bitcoin Needs Greater Regulatory Scrutiny – and Here’s Why: deVere CEO

Published

on

bitcoin

Bitcoin Needs Greater Regulatory Scrutiny – and Here’s Why: deVere CEO

Greater regulatory scrutiny of cryptocurrencies such as Bitcoin must become a priority as they continue to play an increasingly normalised role for investors, says the CEO of one of the world’s largest independent financial advisory and fintech organisations.

deVere Group’s chief executive and founder Nigel Green – a long time advocate of cryptocurrencies – is speaking out after both the UK’s Financial Conduct Authority (FCA) and the president of the European Central Bank (ECB) called for more robust regulations for cryptocurrencies this week.

The calls follow the price of Bitcoin jumping more than 300% last year and gained a further 40% earlier this month to reach an all-time high.

Mr Green says: “The calls by financial watchdogs and central banks for greater regulatory scrutiny must be championed as digital currencies, including Bitcoin, are set to play an ever greater role in the international financial system.

“What’s needed is a strong regulatory framework to be established and approved at an international level.  The forthcoming UK-hosted G20 summit might prove to be the ideal opportunity.

“Such regulation will help protect investors, tackle cryptocurrency criminality, and reduce the potential possibility of disrupting global financial stability, as well as offering a potential long-term economic boost to those countries which introduce it.”

He continues: “There is sustained and growing interest in the likes of Bitcoin from both retail and institutional investors. They are now increasingly handling the assets as they would any other asset in the portfolio –for example, sometimes profit-taking, sometimes reinvesting, using the volatility to their advantage, and using these alternatives to help with all-important diversification.

“These mainstream, normalised investor strategies demonstrate that cryptocurrencies must come into the regulatory tent and be held the same standards as the rest of the financial system.”

Previously, the deVere boss has said that one of the best ways to address the regulatory issues is via the exchanges.

“Nearly all foreign exchange transactions go through banks or currency houses and this is what needs to happen with cryptocurrencies. When flows run through regulated exchanges, it will be much easier to tackle potential wrongdoing, such as money laundering, and make sure tax is paid,” he has noted.

“For this to happen, banks will need to open accounts for exchanges, which is why they must be regulated.”

Mr Green concludes: “Cryptocurrencies in some form or another are here to stay – and the market is only set to grow.

“There can be no doubt that regulation of the crypto ecosystem is required and, I believe, it should be a priority.

“The work being done by many international financial watchdogs, lawmakers and central banks, such as the FCA and the ECB, in this area is something I fully support.”

Continue Reading

Bitcoin

Bitcoin Briefly Crosses $40,000 After Blasting Through $38,000 and $39,000

Published

on

Bitcoin Briefly Crosses $40,000 After Blasting Through $38,000 and $39,000 in One Day

Bitcoin rose above $40,000 a coin on Thursday after blasting through $38,000 and $39,000 in the early hours of the day.

The digit coin sets a new all-time record of $40,123.30 per coin following a 13.45 percent gain before pulling back to $38,444.18 per coin.

In 2021, Bitcoin has gained 36 percent or $11,000 in a move that suggests the world’s most dominant cryptocurrency could hit $100,000 or even more in 2021.

Growing global uncertainty continues to favour Bitcoin as more institutional investors, who fear global currencies could suffer devaluation in 2021, have continued to increase their investment in the digital asset.

Also, Ethereum, the world’s second most capitalised digital coin, extended its gains by 2.25 percent to $1,212.02 per coin while the embattled Ripple added 29.81 percent to $0.327712 per coin.

Bitcoin is now more valuable than all but seven global traded companies at $746 billion market value.

Continue Reading

Trending