Ballet CEO Bobby Lee says that the digital asset markets appear to have entered a new “spring” season after being battered by a long bear market. In a new interview with Bloomberg Television, the crypto veteran says that Bitcoin (BTC) is likely set to continue following its typical four-year market cycles. The next halving event […]
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Crypto industry veteran Bobby Lee says that bad actors ignorant of regulation have to be expunged from the market. In a new interview with Bloomberg Markets Asia on Yahoo Finance, Lee, co-founder of Hong Kong-based crypto exchange BTCC, reveals what price he expects Bitcoin (BTC) to bottom out at the end of the bear market. […]
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Cryptocurrency veteran Bobby Lee says he remains bullish on Bitcoin (BTC), Ethereum (ETH) and the wider crypto market despite the recent downturn. In an interview with Bloomberg, Lee says that if the predictions for a severe crypto winter fail to materialize, Bitcoin and Ethereum will easily go back to their all-time highs recorded in November […]
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Many crypto people predicted Bitcoin to break $100,000 in 2021 but BTC has yet to climb higher than $68,000.
As 2022 draws closer, some cryptocurrency investment experts are now doubtful on whether Bitcoin (BTC) has enough time to hit $100,000 in 2021.
Following a major flash crash in the cryptocurrency market, Bitcoin is unlikely to break new all-time highs in the next three weeks and go all the way up to $100,000, according to Bitwise’s chief investment officer Matt Hougan.
“$100,000 by the end of the year is a difficult prediction to make [...] I think $100,000 could be in target in 2022 but this year, I’m not so sure,” Hougan said in a Dec. 6 interview.
He noted that a potential cryptocurrency rally in 2022 will be largely thanks to growing institutional support. “I think as we look into 2022, we still have these fundamental drivers, the institutions we speak to everyday at Bitwise,” Hougan said, adding that many institutions are still moving into the market for the first time.
The CIO also predicted that 2022 will see an “explosion of activity built on Ethereum” and layer-one solutions, or those aiming to improve the base protocol itself to scale the overall system rather than creating a different protocol.
“Investors are going to be looking at Ethereum, Solana, or Polygon. Investors are starting to realize there’s more to crypto than just Bitcoin. If there’s one bigger story for next year, it’s going to be everything else: crypto as DeFi, NFTs, Web3, or metaverse,” Hougan predicted.
While Hougan noted the growing potential of altcoins — or coins other than Bitcoin — some prominent figures in the crypto community are still sticking with BTC.
Bobby Lee, founder and CEO of crypto hardware wallet Ballet, argued Dec. 6 that Bitcoin is “more valuable” than altcoins because Bitcoin is not backed by “any sort of project, or a promise that can fail.”
The crypto community has been watching the Bitcoin price closely this year with notable figures in the industry predicting BTC to hit $100,000 by the end of 2021, including Standard Chartered’s cryptocurrency research unit, stock-to-flow model creator PlanB, Morgan Creek Digital Assets co-founder Anthony Pompliano, SkyBridge Capital CEO Anthony Scaramucci and others.
Related: Bitcoin to hit $250K in January 2022 but ‘invalidate’ S2FX BTC price model — New prediction
Others in the crypto community have taken a more skeptical view.
The year is 2050:
— Lunch Money (@LunchMoneyMitch) November 10, 2021
“One more shakeout for #Bitcoin and then it’s moon time! 100k EOY”
Ok Grandma let’s get you to bed. pic.twitter.com/F9RoBF8qdo
At the time of writing, Bitcoin is trading at $51,290, notably recovering after dropping below $47,000 on Dec. 4, according to data from CoinGecko. After starting 2021 at around $30,000, Bitcoin hit its all-time high above $67,000 in mid-November.
Crypto veteran Bobby Lee thinks Bitcoin (BTC) still has a long way to go before reaching a peak this cycle, even after tumbling sharply from its new all-time high above $69,000 earlier this month. In a new CNBC interview, the former CEO of China’s biggest crypto exchange BTCC says he’s eyeing the next few months […]
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There are still a handful of Bitcoin nodes hanging on in China and OTC trading remains viable, but it may not be for long.
Despite Beijing’s ever-increasing crackdown on the crypto industry, there are still some signs of life in the People’s Republic regarding the Bitcoin network and OTC trading.
China intensified its clampdown on crypto last week in an effort to suppress any remaining activity related to digital assets within its borders. The regime specifically targeted crypto transactions, but as researched by Cointelegraph, this action is nothing new with at least 19 similar crackdowns over the past decade or so.
Despite the latest move, there are still 135 Bitcoin nodes in operation in China according to data from Bitrawr which measures nodes by geographical location. However, this is just 1.21% of the total 11,262 Bitcoin nodes spread across the planet. There may be more if they are operating behind virtual private networks (VPNs) and/or using onion routing with Tor which masks locations
Bitcoin nodes are the software that runs the protocol, containing the full ledger or a segment of it containing a history of the transaction data. Distributed and decentralized systems are specifically designed to be hard to shut down completely so the regime may struggle to extinguish these final few hangers-on or those operating via Tor.
While it's difficult to put figures on the volume due to its opaque nature, over-the-counter (OTC) trading is also maintaining a foothold in China according to various reports as is the local currency pair.
Local media outlet Wu Blockchain reported that the RMB/USDT pair, which is still offered by major exchanges such as OKEx and Huobi, has been trading at a premium. He noted panic selling last week, which has since subsided.
OKEx is currently offering 6.35 yuan for 1 USDT where the actual exchange rate for a greenback is 6.47 according to XE.com.
Related: Institutional investors bought the dip as China FUD broke
OTC trades are carried out peer-to-peer which circumvents the usage of a bank or the spot markets on centralized exchanges — though many exchanges do have related OTC desks. According to Coindance, volumes in China have been relatively stable since early 2020 with around 7 million Yuan (around $US1 million) being traded per week on P2P platform Localbitcoins.
Former CEO of China’s first crypto exchange BTCC, Bobby Lee, thinks that Beijing will target OTC desks in its next crackdown. Earlier this week, he said that OTC platforms that are operated by the big exchanges will be closed down or forced to exclude Chinese users. Speaking to Bloomberg on Sept. 29, Lee added:
“They really don't want any loopholes where people can use a digital currency as a vehicle to move assets abroad.”
He followed that up with a prediction that BTC markets are due another FOMO rally that could send prices to $200,000.
An unapologetically bullish Bobby Lee takes to mainstream media to dispel any hint of doubt about what’s next for Bitcoin price action.
Bitcoin is long overdue for a “FOMO rally” to new all-time highs that could touch $200,000 or more, say one of its oldest investors.
In an interview with Bloomberg on Sept. 29, Bobby Lee, former CEO of exchange BTCC, cast aside any suggestion that the price of Bitcoin (BTC) was in trouble.
One of an increasing number of sources staying bullish on Bitcoin for Q4, Lee — who went on to found wallet manufacturer Ballet — dismissed recent price weakness.
“It was only a 5% drop,” he said when asked about the recent dip to test the $40,000 support level.
Despite hovering near $42,000 at the time of writing, Bitcoin can not only reclaim its existing all-time highs but go on to hit $100,000, $200,000 or even more.
This, Lee suggested, should come — or at least begin — before 2021 is out.
“I think you’ll easily go over $100,000, and then depending on how sharp the rally is, it’s also likely to touch $200,000 or even go above that,” he said.
“Obviously, going above $200,000 is a huge milestone, so there’ll be a lot of media coverage, and that’s what leads to a what they call a ‘fear of missing out’ rally. Generally, that happens every few years, and I think a FOMO rally for Bitcoin has been due for a long time now.”
As Cointelegraph reported, September is expected to disappoint bulls until the end, with only next month providing more hopeful conditions for a return to the BTC bull run.
Related: Just another bubble? Bitcoin price tops follow Chinese debt cycles, new research shows
Upcoming hurdles include Sept. 30’s scheduled vote by the United States Congress on the “infrastructure bill” and Oct. 1’s $3 billion options expiry, this immediately following the monthly close.
A BTC price dip to the mid-$30,000s range is a popular talking point at present, with such an event nonetheless slated to not last long before optimism takes over market sentiment again.
Meanwhile, Cointelegraph contributor Michaël van de Poppe was impressed with price behavior on the day.
“Decent bounce of Bitcoin today. Equity markets also bouncing nicely,” he noted.
China has been increasing its regulatory pressure on crypto firms to help Chinese citizens stay clear of high-risk investments.
Bitcoin (BTC) maximalist and Ballet CEO Bobby Lee recently discussed the implications of China’s ongoing crackdown on cryptocurrency. Despite the government’s support for a digital renminbi, Lee suggested that Beijing has no interest in nurturing the cryptocurrency industry.
Considering his collisions with the Chinese government during his stint in running China’s first crypto exchange BTCChina, Lee said:
“It (China) wants to regulate (cryptocurrencies) to achieve its overarching goal of globalization of digital RMB.”
He further stated that the Chinese government is not looking after the vast crypto exosystem that exists in the region. Stressing on the wait-and-see approach, Lee highlighted that 2017 marked the start of increased regulatory scrutiny, and at this pace, “I do fear that in 4-5 years, the country might outright ban it (cryptocurrency).”
The government's recent ban on crypto mining and related trading seems to be aimed at deterring citizens from getting heavily involved in high-risk investments given the boom in trading volumes. Adding to this thought, Lee said:
“Bitcoin is not a direct competition to the digital yuan. I don’t think that the cryptocurrency industry will suffer from China’s pullback.”
Bitcoin’s decentralized global network has led Lee to believe that China’s stance in accepting or banning cryptocurrency will not affect the Bitcoin or crypto market in the long run. To help viewers make sense of Elon Musk’s recent move towards Bitcoin adoption at Tesla, the seasoned entrepreneur hopes to see more Fortune 500 companies in 2021 add more Bitcoin and cryptocurrency holdings to their current portfolio.
Lee believes that the final straw at this moment would be banning cryptocurrency and Bitcoin altogether. But considering the involvement of mainstream businesses along with ever-increasing government initiatives, China continues to restrict its in-house crypto business operations while allowing individuals to hold and trade Bitcoin.
Related: FTX reduces max leverage from 101x to 20x to encourage ‘responsible trading’
Owing to China’s recent crypto regulations against risky trading, crypto businesses have started taking proactive steps to stay relevant in the ecosystem. As per CT’s recent report related to this development, FTX announced to limit its trading leverage to 20x, which was previously standing at 101x.
Chinese traders still exert a major influence in the cryptocurrency market, even with all the distinct issues they must now face to operate. This is the opinion of several experts in the field that have weighed in on how the recent prohibitions and ban proposals from China are really affecting how Chinese bagholders that conduct […]
