Why Major Investors Are Betting Heavily Against THIS CRYPTOCURRENCY

Ethereum, the second-largest cryptocurrency platform in the world, has seen its currency plummet 36% this year. But some major crypto investors think it has more room to fall, and they’re betting aggressively against it.

New York-based Tetras Capital, a crypto hedge fund that launched last summer and is known for in-depth analyses of cryptocurrency prices, has shorted ether, borrowing the coins and hoping they tank so it can buy them back at a lower price. Tetras started shorting ether in May 2018, when the price ranged from $572 to $659. Ether currently hovers around $470.

Last week, Tetras published a 41-page report explaining its reasoning. Forbes estimates the six-person hedge fund has $30 million in assets under management. The ether short is one of its two high-conviction positions—the other is its bitcoin investment, says founding partner Alex Sunnarborg.

Timothy Young, a former entrepreneur who sold tech startup Socialcast for more than $100 million in 2011, is shorting ether through his…

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3 Reasons Bitcoin Price Rally is For Real

Brian Kelly

Bitcoin’s price increase continues Tuesday, July 24, as it managed to climb past $8,000 for the first time in two months. Despite remaining around 60 percent below its all-time high in December, the world’s largest cryptocurrency is on a rally which, according to Brian Kelly, is here to stay.


Bitcoin 00 continues to trade in the green reaching 60-day highs Tuesday July 24 after managing to breach $8,000 for the first time since May.

Popular cryptocurrency trader and CEO of investment firm BKCM LLC, Brian Kelly spoke to CNBC’s Fast Money, outlining three reasons for which the recent Bitcoin price rally is real.

ETF Speculation

Kelly noted that “the chances of an ETF in 2018 are relatively low.” With that said, he also goes on to share that “this doesn’t stop speculation” as a prominent factor for the current rally.

On June 26th, the US Securities and Exchange Commission (SEC) received an application for a Bitcoin ETF. It was filed by Cboe Global Markets who’ve proposed to partner with SolidX and Van Eyck Investment. While this is not the first time Cboe has filed for a Bitcoin ETF, Bitcoinist outlined three reasons why its chances of getting approved are higher than ever.

Building on the ETF hype, the SEC has received and influx of comments on behalf of cryptocurrency enthusiasts, most of which are overly positive and express serious interest for it to happen.

Institutions Are Getting Serious

Kelly said:

I can tell you from the calls that I’m getting, people that looked down on it [Bitcoin] in December didn’t like the price and are coming back now saying – Alright, this thing is not going away, we need to understand what it is, where does this asset class fit into our portfolio.

He is not the only one sharing this sentiment. Earlier this month, Digital Currency Group’s Barry Silbert also reiterated on the importance of institutional money pouring into the market. Silbert noted that infrastructure for “big money” is getting closer to being laid down. Both of them outlined Coinbase’s Custody solution, which paves the way for institutional money.

Earlier this month, BlackRock, the world’s largest asset manager and ETF provider was reported to mull interest in Bitcoin and cryptocurrencies. New York-based investment bank Goldman Sachs also announced they have appointed a new CEO who’s “keen on Bitcoin.”

WEB 3.0

While there is no unanimous or universally agreed-upon definition of WEB 3.0, Kelly refers to it as the “new internet” and the “improved internet.”

The trader explains that the institutions see cryptocurrencies as a critical factor bridging existing ecosystems to the “new internet.” Hence, the new technology would be a welcome addition to their portfolios.

Factors That Will Push Bitcoin’s Price Higher Are Gathering Steam

Bitcoin is Very “Reflexive”

Apart from the reasons Kelly outlined, he also discussed with Futures Now trader Tim Seymour the sentiments around Bitcoin’s increasing price.

Seymour noted that investors are more comfortable buying Bitcoin at $7,800 than they are at $6,000. He also explained that they will probably be even more comfortable at $10,000. Kelly agreed, comparing Bitcoin to gold and other currencies, saying:

The more value comes, the more it [Bitcoin] becomes.

Do you think Bitcoin has entered its long-await bull run? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock; CoinMarketCap, CNBC.com

The post Brian Kelly: 3 Reasons Bitcoin Price Rally is For Real appeared first on Bitcoinist.com.

Source: Bitcoininst

The Price of Bitcoin Is Closing In on This KEY LEVEL

Stunning: New innovation will be like “adding twin turbos to the Bitcoin engine” – and could send its price to $100,000. Learn more

The price of Bitcoin is now up 20% so far in July, and it’s closing in on $8,000 per coin.

However, the rally is just getting started…

launch to bitcoin moon

Three analysts believe Bitcoin prices could climb above $20,000 by the end of 2018.

Marie-Antoinette Tichler of C2Legacy Technologies believes that BTC prices will reach $20,863 by Dec. 31, 2018.

Fred Schebesta of Finder.com believes BTC prices will reach $22,500 by the end of the year, and Joerg Molt of Satoshi School has an even bolder Bitcoin price prediction.

He believes prices will climb to $25,000.

From today’s (July 23) price of $7,694.48, that’s a potential profit of 224%.

“There are still three things on: Mt. Gox, Regulators, and Hacks. Investors don’t understand Bitcoin as money, so they leave Bitcoin as fast as they jumped in. But the real market value of BTC will grow,” Molt told Finder.com.

Here is a recap of the top five cryptocurrencies by market cap as of 9:30 a.m. ET:

Cryptocurrency Market Cap Price Change (24h)
Bitcoin (BTC) $132,083,343,652 $7,694.48 +3.23%
Ethereum (ETH) $46,634,129,090 $462.32 -0.82%
Ripple (XRP) $17,791,133,087 $0.452520 -0.35%
Bitcoin Cash (BCH) $14,015,879,350 $812.39 +2.02%
EOS (EOS) $7,270,684,867 $8.11 -0.24%

Now here’s a closer look at the top cryptocurrency stories of the day…

The Top Cryptocurrency Stories for July 23

  • Coinbase is preparing to donate to political candidates in upcoming elections. According to CoinDesk.com, the crypto exchange formed a Political Action Committee (PAC) in June. The PAC currently isn’t attached to any candidate running for office, but it’s important to note a crypto exchange will soon have the ear of political candidates.
  • Will Amazon.com Inc. (Nasdaq: AMZN) accept crypto payments? Rumors about the e-commerce giant accepting cryptocurrencies popped up on Reddit.com again. An anonymous software engineer said that the Amazon team has held multiple discussions about accepting Bitcoin. We will keep Money Morning readers in the loop if news that is more concrete develops.
  • Finally, a city in China has just launched a $1.48 billion blockchain investment fund. The fund in Nanjing City aims to use blockchain technology for cross-border payments, healthcare, energy, intellectual property, and environmental protection. It will also help blockchain companies move their base to the city, according to ZDNet.com.

See Why Bitcoin Is Far from Dead (and How It Could Make You a Millionaire)

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4 Reasons Why It’s Not Too Late to Invest in Bitcoin

On its way to reaching its all-time high of roughly $20,000 in January, Bitcoin caught the eye of the public. Since then, the world’s largest cryptocurrency has lost around 70 percent of its value since — but experts say it’s still a very attractive investment. Here are four reasons why. 


Tom Lee: Current Price Gives a ‘Huge Bull Signal’

Tom Lee, the chief analyst of Fundstrat Global Advisors, noted that Bitcoin is currently trading around 30 percent below its 200-day moving average — which is a “pretty positive signal.” The analyst also said that the “probability of making money is over 90 percent within six months” if you manage to buy BTC when it’s trading 30 percent below its 200-day moving average.

Lee also reiterated the fact that technical analysis is beginning to look a lot more favorable and that the wave of positive news also plays its part.

Tom Lee: Current Price Gives a “Huge Bull Signal”

Barry Silbert: Important Infrastructure for Institutional Money is Being Constructed

According to Digital Currency Group’s Barry Silbert — who is an early Bitcoin investor — 2019 will be big for Bitcoin because institutional investments will start pouring in as the infrastructure for them is close to being prepared. He also noted that we are already seeing this trend as institutional investors accounted for 56 percent of Grayscale Investments’ $250 million raised YTD.

Silbert believes that the price has already bottomed and that “bears just kind of ran out of energy, ran out of Bitcoin to sell” — all but claiming that the bear market is over.

Patrick Gray: ‘The Potential For Growth is Massive’

Bitcoin, despite losing around 70 percent of its all-time-high value in January, still marks a massive growth compared to where it was at the beginning of 2017. What is more, the world’s largest cryptocurrency heavily outperformed some of the leading traditional companies like Amazon, JD.Com, and iQiyi.

HashChain Technology’s CEO Patrick Gray noted:

Cryptocurrency adoption is currently 0.2 percent and has been doubling by 100 percent a year. At this rate, the potential and opportunity over the next ten years is vast. Despite some downturns, that kind of growth potential and growth rate shouldn’t be overlooked.

Bitcoin price

Boris Schlossberg: Bitcoin Could Be a ‘Legitimate Store of Value’

Boris Schlossberg, Managing Director of FX Strategy at BK Asset Management — who is a long-time Bitcoin bear — gave substantial merit to the first and foremost cryptocurrency’s recent rally. He even outlined that further increase is not out of the picture, stating:

As bitcoin appears to rally mostly on technical drivers, for the moment, it could easily squeeze above $8,000. That level is where much more serious resistance lies on the charts.

Schlossberg also said that bitcoin “could be seen as a legitimate store of value going forward” as blockchain technology becomes “increasingly entrenched in the mainstream financial industry.”

Do you think it’s too late to get invested in Bitcoin? Don’t hesitate to let us know in the comments below! 


Images courtesy of Shutterstock, Bitcoinist archives.

[Disclaimer: The contents of this article should not be considered financial advice from Bitcoinist or the author.]

The post 4 Reasons Why It’s Not Too Late to Invest in Bitcoin appeared first on Bitcoinist.com.

Source: Bitcoininst

FIND OUT: Bitcoin is on track to do something impressive it hasn’t done in more than a year

As bitcoin gains momentum its share of the digital currency market is increasing.

Bitcoin’s revival looked set to take down another milestone Friday as the No. 1 digital currency traded in the green.

After making a fresh yearly low in late June, one that bitcoin pioneer Barry Silbert believes will be the low for 2018, bitcoin has staged a turnaround and is on track to do something it hasn’t done since June 2017—log seven consecutive winning days.

According to data from charting service TradingView, since July 14 bitcoin has notched six consecutive winning days and a seventh would be the first time since June 6 of last year when a single bitcoin was worth less than $3,000.

Despite the turnaround, one analyst says further upside may be limited. “I’m not getting too excited about the recent gains just yet, to me it still looks like a small corrective move with longer-term momentum very much against it,” said Craig Erlam, senior market analyst at Oanda.

Erlam added that $10,000 remains a crucial topside level, but he’s not convinced it will trade this high soon…

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Is Ripple (XRP) Hitting $10 Wishful Thinking or in the Near Future?

Predicting the prices of cryptocurrencies has become one of the biggest trends these days. Many crypto experts and enthusiasts are looking towards the future and hoping that their favorite coin becomes the next big thing. XRPis among the cryptos that are getting the most attention, and many are interested in what might happen to this coin in the next 5 years.

Ripple (XRP) is among the top coins these days, at least when it comes to rank. According to the CoinMarketCap, Ripple currently holds the third place, and it is exceeded only by Ethereum (ETH), and Bitcoin (BTC)which still refuses to leave the number one place in the market.

Ripple has, obviously, done very well for itself when it comes to stats, despite the low price and a lot of controversies that have been surrounding it recently. The XRP enthusiasts still believe that investing in this coin is the smartest decision right now, while the price is still low. Currently, that price is $0.445274per unit, but a lot of experts believe that this is only a temporary thing and that Ripple is bound to skyrocket before long.

This is not an unusual thing to expect, considering that Ripple is still a very young crypto. Despite this, it managed to develop rapidly, and it created various products that have turned it into a go-to crypto for banks and financial institutions from…

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5 Altcoins to Look Out For this Summer

5 Altcoins to Look Out For this Summer

After a prolonged crypto winter, the dog days of the altcoin summer are finally here — which means you might want to watch these five cryptocurrencies carefully.


NAGA Coin (NGC)

NAGA Coin (NGC)

First on the list of cryptos to look out for this summer is NAGA COIN (NGC).

NAGA COIN is the token which powers the expansive and all-encompassing NAGA ecosystem — which itself includes the likes of NAGA TRADER, NAGA WALLET, and NAGA VIRTUAL. By that, we mean it is the decentralized utility token used for both trading and investing in financial markets, virtual goods, and other cryptocurrencies.

NGC’s strength lies in its utility. Everything that happens in NAGA’s ecosystem revolves around NGC — as the token may be used to pay fees, act as collateral, and serve as the primary currency for all transactions. Recently, NAGA introduced its ICO-Hub, a NAGA WALLET feature that lets users participate in the hottest and most exciting coin offerings with just a few simple clicks, using NGC as the direct payment method. This makes NGC the main driver of the platform’s sustainable economy in which demand is ever-increasing as more users, game publishers, and big-money financial institutions discover the many benefits the NAGA Ecosystem has to offer.

For traders, NAGA COIN — like many altcoins — is down substantially from its all-time highs. With such real utility and a diverse ecosystem backing the coin, however, this is certainly one token worth seriously considering before the next altcoin cycle.

Litecoin (LTC)

Litecoin (LTC)

On the subject of being down substantially from all-time highs, Litecoin — often called Bitcoin’s little brother — is currently trading at what many may consider to be a substantial discount.

TMT Blockchain Fund’s Gabriel Francisco, for example, believes Litecoin will become one of the first cryptocurrencies to actually gain mainstream adoption for shoppers — while also claiming the risk-reward ratio is very high. He noted:

Poised on the brink of greatness, Litecoin is preparing for a breathtaking moon shot. Dubbed ‘the rock’ at times, this clone of Bitcoin has shown incredible market resilience and price inertia. Pegged at 84 million coins, Litecoin is four times faster than Bitcoin and has four times the supply. In other words, Bitcoin is to gold what Litecoin is to silver.

Meanwhile, Litecoin Foundation partner TokenPay Swiss AG announced its partnership with Germany’s WEG Bank, which sees the decentralized and self-verifying payment platform acquire 9.9 percent of the bank. The other 90 percent of the bank will reportedly be purchased pending mandatory regulatory approval.

Regardless of how Litecoin’s future plans pan out, one thing is all but certain — the Bitcoin clone will follow in its big brother’s footsteps, wherever it goes.

EOS (EOS)

EOS (EOS)

EOS may claim to be ‘The Ethereum Killer,’ but it has had quite a volatile 2018 — skyrocketing up to new all-time highs before the launch of its main net and subsequently collapsing back down to perhaps unreasonable lows.

The old saying claims that you should buy when others are fearful. Well, many are afraid of EOS right now. The platform’s launch was troublesome, to say the least, with concerns over centralization causing CTO Dan Larimer to suggest scrapping the project’s constitution and starting from scratch.

Worrisome launch aside, rival smart contract platforms will certainly challenge Ethereum in the future — and EOS is well positioned to be the one leading that charge.

NEO (NEO)

NEO (NEO)

NEO is often referred to as ‘The Ethereum of China,’ but it’s actually much more than that. As noted by eToro analysis, NEO has strong partnerships and support from the Asian cryptocurrency community — and is one of the most promising currencies in the crypto-assets space, with the ambitious goal of becoming the main “smart economy” of the world in the next few years.

With such lofty goals and solid fundamentals behind the project — which is highly regarded by Weiss Ratings — ignoring NEO at these prices may be considered foolish. Additionally, the platform has very little competition in its home country of China.

Cardano (ADA)

Cardano (ADA)

Cardano is a fundamentally sound distributed computing platform that runs the blockchain for the ADA cryptocurrency.

The brainchild of Charles Hoskinson has recently garnered listings on Bithumb and Huobi and has lofty plans to revolutionize the world through its blockchain and digital currency. It stands to reason that Cardano ATMs will start popping up around the world once cryptocurrency garners further adoption.

Unlike other altcoins, the fundamental research underlying the project and attention to detail at the expense of manufactured hype and announcements puts Cardano in a position to succeed — while others offer little more than empty promises.

From a trading perspective, Cardano is also far off its all-time high — and with such strong fundamentals, one might consider this altcoin as a relatively low-risk, high-reward addition to his or her investment portfolio.


Images courtesy of Shutterstock, NAGA

The post 5 Altcoins to Look Out For this Summer appeared first on Bitcoinist.com.

Source: Bitcoininst

FIND OUT Why Bitcoin just surged 10% in less than 24 hours

The bitcoin price has just jumped over the $7,000 mark for the first time in over a month following an incredible week for bitcoin developments.

The price has risen almost 10% in just one hour following a raft of positive news for bitcoin and cryptocurrencies. Elsewhere, other coins ether, ripple, lite coin, and bitcoin cash have all added between 5% and 10% over the last 24 hours, according to CoinMarketCap data.

As a result of the near $600 price jump, bitcoin added some $9 billion to its market cap in a matter of minutes.

Today saw the appointment of David Solomon as the new chief executive of US investment bank Goldman Sachs, who’s currently the firm’s current chief operating officer. Last month Soloman said Goldman is looking in to adding further bitcoin and cryptocurrency services.

He will take over from current Goldman CEO Lloyd Blankfein in October.

Many bitcoin faithful are hoping that as the mainstream financial services industry bets on…

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Learn Why 1 Of These 5 Cryptos Is About to Explode

Coinbase is one of the easiest exchanges to use for first-time cryptocurrency buyers, and it will soon grow its user base of 13 million even further.

On July 13, Coinbase announced it was “exploring” adding Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).

However, even with these potential additions, we still have one cryptocurrency that needs to be in every portfolio…

Coinbase
Crypto investors are speculating that with Coinbase making these coins easier to buy, the new demand will send their prices up.

And there’s some proof this could happen to the five cryptos mentioned above…

When Litecoin was added to Coinbase on May 3, 2017, it was trading for just $15.88. The next day, it shot up 32.49% to $21.04.

On June 12, Coinbase announced its intention to add Ethereum Classic (ETC) to its crypto options. Just mentioning ETC could be added to the crypto exchange sent the prices up 25.44% from $12.93 to an intra-day high of $16.22.

Because there could be a short-term profit opportunity, we wanted to give our readers the most important details about each coin.

That way you’ll know if it fits into your investing plans.

Then we’ll show you the coin that could bring you a 1,414% return…

The Next Cryptocurrency on Coinbase, No. 5: Cardano

Even before the July 13 Coinbase announcement, we’ve had our eye on Cardano.

Money Morning Cryptocurrency Expert David Zeiler listed ADA as one of the best cryptos to buy in 2018 in February.

It’s designed to serve as a store of value like Bitcoin, offer cheaper peer-to-peer transactions like Litecoin, and have smart-contract capabilities like Ethereum. The Cardano team has designed the crypto to run applications for individuals, organizations, governments, and financial institutions.

The price of Cardano is currently $0.15.

The Next Cryptocurrency on Coinbase, No. 4: Basic Attention Token

Brendan Eich, the co-founder of web browsers Mozilla and Firefox, created the Basic Attention Token as a payment solution within the new Brave Browser.

The goal of Brave is to create a friendlier digital advertising ecosystem.

Web users interact with ads and get paid for their “attention,” publishers are rewarded for publishing quality content through tips in BAT and ad revenue splits, and digital ad agencies receive more useful metrics on how viewers interacted with their ads.

Today, the price of BAT opened at $0.34.

The Next Cryptocurrency on Coinbase, No. 3: Stellar Lumens

Just like Cardano, Stellar Lumens also made Zeiler’s list of best cryptocurrencies to buy in 2018.

Stellar aims to connect people, payment systems, and banks.

International Business Machines Corp. (NYSE: IBM) is currently working with Stellar on a project called Hyperledger Fabric, which builds open-source blockchain tools to support payment infrastructures.

Massive Upgrade: Click here to learn about the opportunity that could deliver a million-dollar payday to investors who act now.

The price of Stellar is currently $0.22.

The Next Cryptocurrency on Coinbase, No. 2: Zcash

Zcash is a privacy-based coin that offers shielded transactions that don’t disclose the sender, recipient, and value of a transaction.

It was a bit surprising to hear Coinbase was “exploring” this coin, as it could bring unwanted attention from regulators.

One of the issues with cryptocurrencies government officials worry about is its potential for money laundering.

Currently, Zcash is trading for $184.60.

The Next Cryptocurrency on Coinbase, No. 1: 0x

The team behind 0x believes that one day, all assets will be tokenized.

From stocks to platinum, you will be able to own that asset in a digital form. The challenge is that digital asset holders will need a trusted exchange to use.

That’s where 0x comes in…

0x aims to create a standard protocol on the Ethereum blockchain that would allow anyone to operate a decentralized exchange.

Users wouldn’t have to wait for a company to establish and clear a transaction.

They could do it all on their own.

Currently, 0x is trading for $1.16.

And while all these coins could see a short-term price bump if they were added to Coinbase, this is still the cryptocurrency you need to buy for massive long-term gains…

The Shocking Reason Why We Think Bitcoin Could Hit $100,000 (and How You Could Make Millions)

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Is THIS the best Cryptocurrency of 2018?

There are many solid contenders vying for the spot of the best cryptocurrency of 2018. IOTA, Stellar, VeChain Thor and Cardano have all made advances and are set to expand further. But Zilliqa is the coin of choice as the best cryptocurrency of 2018, for three primary reasons. These reasons are speed, security, and politics.

Zilliqa is focused on building the fastest and safest network possible. It is a DApp development environment that intends to compete with Ethereum, as well as Tron and EOS.

Speed and scalability

Zilliqa achieved speeds of 2,488 transactions per second in its testnet on six network shards using only 3,600 nodes. It has successfully implemented sharding while the majority of other cryptocurrencies, such as Ethereum, are still only considering it. It ranks among the fastest and most scalable of all cryptocurrencies, which is a pre-requisite to the effective functioning of any blockchain network on a large scale. Zilliqa is said to scale as the network gets bigger, much like IOTA, with theoretically limitless scalability.

Smart contract security

Zilliqa is aiming to create the most secure smart contract protocol possible. Smart contract security is of the utmost importance. Bancor, the world’s largest decentralized exchange, recently lost USD 23.5 Milliondue to a permission back door in a smart contract. The DAO hack, the second biggest failure in blockchain history aside from Mount Gox, occurred due to…

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