Following the worst May for Bitcoin’s (BTC) price in the past 10 years, the largest cryptocurrency is likely to continue falling in the short term, according to JPMorgan analysts. Weakened institutional demand is likely to drag the Bitcoin price below $30,000, JPMorgan strategist and Bitcoin expert Nikolaos Panigirtzoglou wrote in the latest research note to clients. Based on Bitcoin’s volatility ratios to gold, the JPMorgan analyst forecasted that Bitcoin will continue to trade between $24,000 and $36,000 in the mid-term. “The fair value for bitcoin based on a volatility ratio of Bitcoin to gold of around x4 would be 1/4th …
A senior executive at financial services firm Guggenheim Partners — which is planning to seek investment exposure to Bitcoin (BTC) — has argued that BTC is poised to drop to $20,000. Scott Minerd, Guggenheim’s chief investment officer, believes that Bitcoin will not hit another all-time high in 2021, according to a Jan. 21 episode of CNBC's Closing Bell. After hitting $42,000 price level on Jan. 8, Bitcoin is unlikely to climb any higher until 2022, Minerd said: “I think for the time being, we probably put in the top for bitcoin for the next year or so. And we're likely …
A new report from advisory firm Aite Group, that was commissioned by exchange platform eToro, reveals there are still barriers hindering institutional adoption of crypto. Based on interviews with 25 institutional market participants, the report states the crypto market could reach a $2 trillion market capitalization if more institutional players were to get on board amid more favorable conditions. These firms would be more likely to adopt crypto if there was less regulatory uncertainty, a developed market infrastructure, and less risk surrounding security. “2020 was the year when many institutional investors such as banks and traditional asset managers began to …
Coinbase CEO Brian Armstrong has addressed the platform’s transaction fees as the company's shares list on Nasdaq today. In a CNBC Squawk Box interview on Wednesday, Armstrong discussed public concerns associated with Coinbase’s massive returns coming from transaction fees. As previously reported, nearly 96% of Coinbase’s entire revenue in 2020 was generated from transaction fees charged to users. When asked about the potential impact of greater competition on transaction fees on Coinbase, Armstrong said that the platform might see some fee reduction in the long term: “We haven't seen any margin compression yet, and I actually wouldn’t expect to see …
Rounding up the last decade, Ethereum co-founder Vitalik Buterin revisited his predictions made over the years, showcasing a knack for being right about abstract ideas than on-production software development issues. Buterin started the Twitter thread by addressing his article dated Jul. 23, 2013 in which he highlighted Bitcoin's (BTC) key benefits — internationality and censorship resistance. Buterin foresaw Bitcoin’s potential in protecting the citizens’ buying power in countries such as Iran, Argentina, China and Africa. However, Buterin also noticed a rise in stablecoin adoption as he saw Argentinian businesses operating in Tether (USDT). He backed up his decade-old ideas around …