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Individuals Flock to Bitcoin and Asian Demand Soars, Pushing Price to All Time High

Bitcoin seems to be going from strength to strength, recording a new all time high of $9,500 on Sunday. While this is impressive in itself, investors who held Bitcoin before August 1 are doing even better, as the combined price of Bitcoin and Bitcoin Cash has crossed $10,000.

New all time high

After a relatively quiet few days, Bitcoin seems poised to resume its uptrend. The price jumped on Saturday up from a low of $8,200 to cross $8,700 in under 12 hours. The rally seemed to be driven by retail investors in Asia, with the largest volume being traded on Bithumb and Bitfinex. Bitcoin seems to have shrugged off the $30 mln hacking of Tether, which some had speculated could destabilize Bitfinex and by extension Bitcoin itself. Bitcoin bulls like Ronnie Moas and Mike Novogratz who predicted that Bitcoin would reach $10K in 2017 may be proven correct shortly.

Growing demand from individual investors

The number of users of the popular exchange Coinbase has been growing in leaps and bounds in 2017. Many in the digital currency world have been monitoring the speed with which Coinbase has been adding users, since that can be taken as a measure of Bitcoin’s retail adoption. According to data compiled by Alistair Milne, of the Altana Digital Currency Fund, the number of users of Coinbase has increased from about 5 mln at the start of 2017 to 13.1 mln today.

Over 100k users were added in 24 hours at the start of November, when CME announced that it would launch Bitcoin futures trading. During Thanksgiving weekend, Coinbase again crossed that mark, with another 100k users signed up in 24 hours.  Individual investors seem to be afraid of missing out on buying Bitcoin, which might become unaffordable once the institutional money starts flowing in.

Bitcoin + Bitcoin Cash crosses $10K

Bitcoin and Bitcoin Cash proponents may not see eye-to-eye on a scaling solution, but they share significant overlap among their user base. Most Bitcoin users, who didn’t actively trade after the August hard fork, hold equal amounts of Bitcoin and Bitcoin Cash. The combined value of Bitcoin and Bitcoin Cash has now crossed $10k. If we include the value of other forks like Bitcoin Gold and Bitcoin Diamond, the value would be even higher.

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Bitcoin Will Be Safe Haven During Next Stock Market Crash, Says Expert

As Bitcoin powered ahead to a new high for a second week in a row, some have speculated that institutional investors could seek safe haven in the virtual currency in the future. The prevailing rhetoric over the past month has been more affirming than damning of cryptocurrencies, with the likes of Ronnie Moas and Max Keiser predicting new highs in 2018. Speaking to RT, eToro analyst Mikhail Mashchenko says financial institutions could look to Bitcoin if a major financial crash hits global markets.

“The demand for Bitcoin is growing as the crypto market has become less volatile, and an increasing number of professional investors see it as insurance.”

Second-oldest bull market

The current bull market in stocks is the second-longest in history, according to Fortune, having lasted 104 months so far. The longest bull market in history ended in 2000 after an impressive 113 month run. With the current rally getting a bit long in the tooth, many on Wall Street are making contingency plans for the stock market’s inevitable turn. If Mashchenko is right, Bitcoin will have a role in some of these plans.

Shifting opinions

Mashchenko’s statements come on the back of changing sentiment in the mainstream financial sector. Last week, JP Morgan Chase announced plans to offer Bitcoin futures on the Chicago Mercantile Exchange – an important move by one of the biggest banking and financial services providers in America. Even more satisfying, this moves comes only months after Chase CEO Jamie Dimon condemned Bitcoin as a scam.

Online banking service providers and exchange operators LedgerX and Revolut are also adopting Bitcoin support. The former was recently cleared to offer Bitcoin derivatives as people look to do more than just trade the cryptocurrency.

“LedgerX launched its first long-term options for Bitcoin, with an expiration date of December 28, 2018. In the coming months, we will continue to see the ‘domestication’ of Bitcoin: the Chicago Board Options Exchange and the Chicago Mercantile Exchange are planning to launch tools based on the cryptocurrency in the near future.”

Big money

If and when a stream of institutional investors start investing large amounts of capital into cryptocurrencies, some of the stunning predictions made by Bitcoin bulls could well be realised. However, Mashchenko’s prediction was quite conservative, suggesting that Bitcoin reaching a $10,000 high by the end of 2017 would be driven by emotion rather than fundamentals:

“We could see a Bitcoin at $10,000 in a month or so. However, such a surge will be based on emotions, not on fundamental factors. So, further growth of the cryptocurrency will require something more than euphoria.”

Having hit the $8,000 mark last week, Bitcoin surged another $1,000 dollars in just a few days, breaching the $9,000 level during the Thanksgiving weekend. At press time, the price of Bitcoin sits at $9,500, just $500 below Mashcenko’s predicted level.

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Bitcoin Crushes $9,000 on Growing Signs of Mainstream Adoption

Bitcoin has officially hit the $9,000 mark today, as the massive user adoption from hedge funds, soon-to-be-released futures markets and further increases in the number of users.

Ironically, many on the /r/BitcoinMarkets subreddit expected the price to drop over the Thanksgiving weekend, in part due to US banks being closed. However, over the past week the price had shown strength, consolidating in the low $8,000s. Twice the price briefly dipped into the $7,800 range, but those dips were rapidly bought.

Apparently people didn’t merely take advantage of Black Friday to buy TVs and electronics, but also stocked up on Bitcoin. The price began trending up yesterday as the market began adding volume, and today broke the next major psychological hurdle of $9,000.

More to come?

Thought many mainstream finance pundits regard Bitcoin as a bubble, the market has not shown any signs of a so-called “blow off top,” meaning a sudden and major reversal is unlikely at the moment. Bubble cycles often end with a massive spike in prices that’s almost immediately followed by an even larger sell-off.

The next major hurdle, and arguably the largest psychological barrier of all, is $10,000. However, that may not be as hard to breach as one might think, considering that the combined price of Bitcoin and Bitcoin Cash already well exceeds $10,000. That is to say, anybody who owned Bitcoin prior to August 1 and didn’t sell their Bitcoin Cash is already enjoying prices in excess of the next major target.

Analysts such as the normally bearish Tom Lee, founder of Fundstrat, are turning bullish. Lee recently indicated that his near term price projection is $14,000. He explains away the brief dip that followed the cancellation of SegWit2x as a shaking out of weak hands. At press time, Bitcoin’s price on the GDAX exchange was $9,439.

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Chicago Board Options Exchange to Launch Bitcoin Futures, Announces Specifics

The Chicago Board Options Exchange (CBOE) has released its new Bitcoin derivative contract specifications in late November 2017, with the product itself to be introduced in the market in the next few weeks. With the move, the exchange follows other financial institutions in introducing Bitcoin futures products.

The CBOE will use the XBT ticker for its new products. The ticker is exactly the same as the one being used by Bitcoin exchange Kraken in its platform. It is also expected that CBOE will introduce different types of contracts in the near future in its bid to secure a major market share quickly. The product launching, however, will be mainly dependent on the performance of its new products.

High demand for Bitcoin-based financial products

The demand for Bitcoin-based financial products is very high right now because of the continuous surge in the price of the number one cryptocurrency. Several financial institutions have also taken a complete turnaround on their assessment of Bitcoin.

Among them is Goldman Sachs, which is now advising its investors not to ignore Bitcoin anymore. This is a complete about-face by the investment bank, which has previously criticized the digital currency.

The high demand for Bitcoin futures and derivatives products is resulting in very tough competitions among industry players. With the entry of CBOE, competition is expected to intensify further because the exchange is the biggest of its kind in the US. It remains to be seen, however, if the exchange can outperform its competitors in this area.

To effectively compete, there are issues that should be resolved by the exchange. Among these issues is how to relate its contracts to spot Bitcoin pricing. The exchange previously announced that it will extend its trading hours and all its Bitcoin-related transactions will be settled in cash. Whether these strategies are effective, however, remain to be seen.

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Can You Hold a Crypto-Conversation?

With Thanksgiving in one day and cryptocurrencies being a hot topic, you are going to want to be able to talk the talk when it comes to Bitcoin. If not, you’ll at least want to understand what grandpa Rick is saying at the dinner table when he tells the family he is thankful he HODL’d .

Can You Hold a Crypto-Conversation?

There is a set of words that you can be confident will come up in a crypto-related conversation. Having a good understanding of these words will allow you to better navigate and understand cryptocurrencies and will provide you with a decent basis to grow your crypto-related knowledge upon.

Regarding the Bitcoin Network

First, you will want to be aware of these four words associated with the Bitcoin Network. There are a lot of technicalities in cryptocurrency, but I believe knowing these four words will give you a strong understanding for all the tech that comes after.

Blocks: Each transaction that occurs on the Bitcoin Network, is recorded into a 1MB file called a block. A block contains some of the most recent transactions that took place on the Bitcoin Network. A block can be thought of as a ledger.

Blockchain: We know that a block is a ledger of the most recent transactions that occurred over the Bitcoin network, and we know that each block is limited to 1MB in size… but this means that the entire transaction history of Bitcoin will not fit into a single block.

This is where the Blockchain comes into fruition; because the entire transaction history of Bitcoin cannot fit into a single block. Instead, the blocks build on top of each other, stacking new blocks (new information regarding the network’s transaction history) on top of old blocks (the past record of the Bitcoin network’s transaction history), to create the Blockchain, the record of every transaction that has ever occurred over the Bitcoin network.

Nodes: Any computer that is connected to the Bitcoin Network is considered a node. Every node keeps a copy of the Blockchain and verifies if the chain sequence is valid or not if a node finds that a block is not in consensus with a majority of the nodes on the network, it will reject that block.

Mining: Miners are the individuals who keep the bitcoin network afloat. Their duties include mining: verifying transactions (adding new blocks to the Blockchain) and releasing new Bitcoin into circulation (when they receive their reward for block discovery).

Bitcoin Miners run protocols through powerful computers that attempt to solve the complex algorithms that verify blocks and release new Bitcoin into circulation. When a Miner discovers a new block, they are rewarded with freshly minted Bitcoin as the first transaction in the following block. Currently, the reward for discovering a block is 12.5 Bitcoin. Furthermore, if a miner discovers a block, they are paid the summation of the transaction fees in the block that they discover.

Miners really don’t get enough credit. Bitcoin Miners should honestly have a national holiday.

Regarding the Bitcoin economy

Alternative Coins (altcoins): Altcoins are cryptocurrencies that trade on exchanges. Bitcoin is often the headliner, and Ethereum is often its amuse bouche, but several other cryptocurrencies exist. CoinMarketCap lists information on 1,318 different cryptocurrencies on their website.

Initial Coin Offering (ICO): Similar to an IPO, an ICO allows businesses to raise capital. In an ICO, Businesses sell virtual tokens to supporters that can be exchanged and traded for other currencies or used to buy goods or services from that business at a later date.

HODL (Hold On for Dear Life):  HODLing or holding on for dear life viz. holding your Bitcoin for the long term, is the opposite of actively trading Bitcoin or holding Bitcoin for short periods of time.

HODL originated in 2013 when a user on the Bitcointalk.org forum accidentally titled his post: “I AM HODLING,” when he meant to type “I AM HOLDING.” Since then, the crypto community has strongly embraced the new lexicon.

HODL can be a verb, a noun, or an adjective. All that you need to know is that a true HODLer would not sell his or her coins until all 21 mln coins have been mined.

FUD (Fear, Uncertainty, Doubt): when the crypto-community calls news FUD, they will often say that the news released is not objective or relevant to Bitcoin but rather rumorous talk in the industry that has the ability to affect price. For instance, many people referred to the news that China had banned Bitcoin mining as FUD. News that falls into the FUD category can be considered to be more of a rumor or scare tactic than news that provides relevant information relating to current events. FUD can arise when an entity takes a look at an event that allegedly took place and insinuates a certain future for Bitcoin or crypto because of the alleged event.

Now that you have an understanding of a few words that are ubiquitous in the crypto-community, you will have a leg up on your peers when crypto pops up in conversation.

Now you can sit back and impress your family at the dinner table this Thanksgiving, or you can at least act like you know what you’re talking about when Bitcoin pops up in the conversation over Thanksgiving dinner.

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Former US Presidential Candidate Ron Paul Promotes Bitcoin-based Retirement Investments

Former Republican Congressman and US presidential candidate, Ron Paul, was hired as an endorser of Bitcoin-based retirement instruments. In his endorsement for the cryptocurrency firm, which is a subsidiary of Goldco, Paul touted to Americans the benefits of entrusting their savings to the Bitcoin-based retirement account provider.

In a video that accompanied an article titled “Ron Paul Is Shilling for a Bitcoin Retirement Fund Exactly Where You’d Expect” that was published by Mashable as of mid-November 2017, Paul urged Americans to contact cryptocurrency company to know more about the various investment options that are based on Bitcoin.

Paul also claimed that he is excited about the various options that Bitcoin opens up in the retirement sector.

“As a firm believer in currency competition, I’m excited to see the options that Bitcoin opens up.”

Other companies are offering Bitcoin-based retirement account services

Aside from the promoted company, other firms are providing full services for Bitcoin-based retirement accounts. The companies provide assistance to their customers in purchasing Bitcoin and other cryptocurrencies through their individual retirement accounts (IRA) or 401Ks. These firms claim that digital IRAs allow Americans to invest in virtual currencies such as Ethereum and Bitcoin.

“Digital IRAs are unique retirement accounts that allow you to invest in digital currencies (also known as cryptocurrencies) like Bitcoin and Ethereum, in addition to the conventional assets that you utilize already.”

Such solutions are not new. In fact, one company previously shared that has raised over $2 mln within six months of its launch. As millennials tend to shy away from traditional investment options, many investors in their twenties actually prefer to diversify their investments despite the supposed risks.

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Square, Inc Integrates Bitcoin

Earlier this week, $16 bln payments app Square officially integrated Bitcoin into its mobile platform, enabling three mln active users to buy, sell and store Bitcoin seamlessly.

Jack Dorsey, the CEO at Twitter and Square, particularly expressed his enthusiasm towards the potential of Bitcoin as a robust store of value, and the Square team’s optimism surrounding the long-term growth trend of Bitcoin.

In an interview with Forbes, a Square representative explained:

“We’re always listening to our customers and we’ve found that they are interested in using the Cash App to buy Bitcoin. We’re exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash App customers. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we’re excited to learn more here.”

Market cap of Square surges by $1 bln after Bitcoin integration

Since Friday, the share price and the market cap of Square have increased by nearly 10 percent, as the company’s market cap rose from $15 bln to $16 bln within a five day period.

Various reports since September have revealed that Bitcoin has become a trendy and in-demand keyword within most major industries. Even large-scale multi-billion dollar companies such as Square and Overstock have started to experience major surges in their market valuations following their integration of Bitcoin and Blockchain technology.

More importantly, the integration of Bitcoin allows major payments app like Square to compete with existing service providers within the cryptocurrency and Bitcoin markets, which are dominated by a handful of companies including Coinbase and Blockchain. Given that Coinbase has evolved into a $1.6 bln startup within the past 12 months, companies in the traditional finance sector have begun to consider integrating Bitcoin and offering infrastructure around the cryptocurrency.

What comes next with Square?

In consideration of the company’s optimism in regards to the long-term growth and adoption rate of Bitcoin and its CEO Jack Dorsey’s enthusiasm towards the cryptocurrency market, it is highly likely that the development team behind Square will actively investigate the possibility of full Bitcoin integration throughout its platform.

For many years, Square has operated a widely utilized Point of Sale (PoS) network that has been used by hundreds of thousands of merchants globally. The integration of Bitcoin into the Square PoS network would immediately enable anyone to use Bitcoin at Square-using merchants such as restaurants, cafes and stores.

Whether Square intends to pursue the integration of Bitcoin into its PoS system remains unclear. But, major PoS operators in major regions like Japan have already started the process of integrating Bitcoin. Most notably, Recruit Lifestyle’s AirRegi PoS app, which supports more than 200,000 merchants in Japan, has rolled out Bitcoin integration and is expected to provide extensive support to over 20,000 merchants by the end of this year.

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Massive Hedge Fund Likely to Begin Trading Bitcoin

Reuters reports that Man Group, a UK-based hedge fund, will be getting involved in Bitcoin trading if CME Group’s plans to open a regulated futures exchange are approved. According to Business Insider, Man Group is “one of the largest hedge funds in the world” and the fund’s website points out that they manage $103.5 bln in funds.

Massive Hedge Fund Likely to Begin Trading Bitcoin

Even a fraction of $103.5 bln could make a big impact on the markets, but more important, Man Group’s announcement continues to solidify digital currency as being worth of Wall Street’s attention. Bitcoin in particular is finding more and more acceptance in traditional markets. Likewise, futures markets and hedge fund involvement create more on-ramps into the mainstream financial system and more ways for large but cautious investors to get involved.

Hedge funds are only open to accredited investors, that is, those whose net worth exceeds $1 mln. However, such funds have a much wider latitude to trade whatever types of assets or instruments it thinks would be profitable for its clients. Mutual funds, on the other hand, are open to regular retail investors but have greater restrictions as to how they can invest their funds.

The holy grail for retail investors would be an exchange traded fund, or ETF. A Bitcoin ETF would allow ordinary investors to easily gain exposure to Bitcoin by adding it to their brokerage or retirement accounts. Greater acceptance by Wall Street and greater liquidity on regulated futures markets, such as CME’s, will almost certainly usher in an ETF.

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After Declines, Bitcoin Comes Back Stronger

They say a bad penny always turns up. While the saying may refer to an unwelcome guest, the same could be said for Bitcoin, according to recent analysis by CNBC. Based on chart evaluations, Bitcoin price has always increased substantially after dips greater than 20 percent.

The rise in Bitcoin prices for the four previous dips over 20 percent were substantial. On average, the cryptocurrency posted 61.5 percent gains in each cycle after substantial sell-offs. This astounding number has lead to an increased desire among insiders to ‘buy the dips’ – to purchase Bitcoin during the lows and realize the substantial gains as the price continues to rise.

Bulls and bears and Bitcoin, oh my!

The most recent drop over the weekend spurred on by the death of the SegWit2x hard fork proposal from the New York Agreement, appears to be no different. After more than 20 percent declines, the price has already recovered peaking in recent trading over $6,500. This response seems to indicate that the fundamentals underlying the recent increases in price are real.

While most industry insiders are pleased with the recovery, even calling it a ‘speed bump,’ many see the power of the biggest Bitcoin players as a potentially negative risk point for the cryptocurrency. Moshe Hogeg of Sirin Labs said:

“While we are still miles away from resolving the high volatility of Bitcoin, I find it encouraging that it’s quickly overcoming volatility that in past years registered as ‘earthquakes,’ and is today registering as no more than ‘speed-bumps.’ That said, I do find it quite worrisome that very few insiders have such leverage in a market that ought to be the bellwether for decentralized currencies.”

Beyond the negative risk association, though, the market has continued to show that Bitcoin is a genuine store of value something akin to gold. Large swaths of the Bitcoin supply are still held in private wallets completely outside of the market, and many of those may never see the light of day. Insiders remain confident that the market will continue its bull run, though not forever. As Oleg Seydak CEO of Blackmoon Crypto said:

“Bitcoin is still the crypto gold. It’s the gateway coin and the main store of value within the cryptoeconomy. It’s also considered as a defensive asset in periods of volatility of the market. The main question is when the growth will finish – and the right answer is, we don’t know. But players should be careful with expectations and trading and not be misled by the continuous boom in price. Nothing can grow with such speed forever.

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Bitcoin Up 17%, Will it Achieve a New All-Time High in Short-Term?

Bitcoin price has risen by 17 percent within the past 24 hours, after dipping below $5,560 earlier today. Since then, Bitcoin price has stabilized at $6,450, recording a daily increase of around $890.

Triggered by the sell-off of major Bitcoin investors and the rapid surge in the value of Bitcoin Cash Bitcoin price plunged over the past weekend. However, as expected, Bitcoin price recovered relatively quickly as the Bitcoin Cash price declined from over $2,800 to $1,200.

Short-term indicators for Bitcoin price increase

The sell-off of large sums of Bitcoin in the past few days led to a domino effect, wherein traders started to panic selling their Bitcoin in fear of market uncertainty and a major Bitcoin price correction. Consequently, the daily trading volume of both Bitcoin and Bitcoin Cash surpassed the $10 bln mark, for the first time in history.

However, as Bitcoin has demonstrated several times in the past year, it has recovered significantly faster than most analysts had expected in the short-term to around $6,500.

Historically, after achieving a new all-time high, Bitcoin tends to correct itself to the point that is higher than the previous all-time high and initiate a new rally to achieve a new all-time high. For instance, when Bitcoin price achieved a new all-time high at $4,500 earlier this year, it corrected itself to around $3,300 and initiated a new rally which allowed it to climb to the $5,000 region.

A similar trend will likely occur in the upcoming weeks with the US market. The second largest Bitcoin market behind Japan is highly optimistic in regards to the entrance of institutional and retail investors into the Bitcoin market, alongside tens of billions of dollars in new funds.

CME Group and CBOE, two of the largest options exchange domestically and globally, will launch Bitcoin futures exchanges by the end of 2017, to provide an infrastructure and sufficient liquidity to institutional investors.

Previously, Mike Novogratz, the billionaire hedge fund legend, revealed that a herd of institutional investors are preparing to engage in Bitcoin trading. Such movement will be made possible with the launch of large-scale Bitcoin futures exchanges approved by the US Commodities and Futures Trading Commission (CFTC).

The approval of Bitcoin futures exchanges by CFTC is fundamentally different than the approval of Bitcoin ETFs by the US Securities and Exchange Commission (SEC) in March of 2017 because the CFTC has already approved LedgerX to operate as a Bitcoin derivatives, options and futures exchange for retail investors. Thus, the approval of CME Group and CBOE to launch Bitcoin futures exchanges is guaranteed and is not conditional.

Billions of money on the sidelines to come to Bitcoin

Through strictly regulated Bitcoin futures exchanges, the so-called “money on the sidelines” invested in offshore banking accounts, wealth management products (WMPs) and traditional assets will migrate to Bitcoin in the mid-term. As Novogratz explained:

“I can hear the herd coming. I was just in San Francisco, met with a few big institutional investors and their still a ways away but they’re coming. Lots of funds are being raised and so I’m pretty confident to say that it [Bitcoin price] is going higher.”

Such movement will allow Bitcoin price to achieve new highs before the end of 2017 and potentially gear towards the $10,000 mid-term price target of highly regarded financial analyst Max Keiser.

The Time is Now

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