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Finder’s Panel of Fintech Experts Predict Ethereum Will Reach $5,114 This Year, Over $50K by 2030

Finder’s Panel of Fintech Experts Predict Ethereum Will Reach ,114 This Year, Over K by 2030At the end of July, the product comparison website Finder.com published its research findings from a panel of experts that predicted the crypto asset ethereum would reach $4.5K this year. On October 25, Finder updated its “Ethereum Price Predictions Report” that polled 50 financial technology specialists and ethereum is now expected to reach “$5,114 by […]

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Bakkt shares skyrocket after partnering with Mastercard and Fiserv

Bakkt’s share price surged by 120% during Monday’s trading session on the heels of fresh partnerships with global payments firms.

The share price of the Intercontinental Exchange-backed crypto services company Bakkt ($BKKT) has surged as it unveiled two partnerships with major global payments firms.

On Monday 25 Oct., Mastercard announced it would be working with digital asset platform Bakkt to allow its customers based in the United States to buy, sell and hold digital assets through custodial wallets. On the same day, global payment provider Fiserv also announced a strategic collaboration with Bakkt to offer merchant-facing digital asset services.

The news drove a bullish day of trading for BKKT, with the stock rallying by more than 50% outside of regular trading hours from Friday Oct. 22’s closing price of $9.15, before surging a further 120% to close out Monday Oct. 25 at $30.60.

While Bakkt’s debut on the New York Stock Exchange saw its share price pull back by 6% to close out its first day of trading, BKKT has since rallied more than 236% from $9.09 to $30.60 over the past five days.

'BKKT/USD: TradingView'

Bakkt went public on Oct. 18 through a Special Purpose Acquisition Company deal that valued the company at $2.1 billion. Bakkt’s market capitalization currently sits at more than $4 billion.

Related: Mastercard plans to allow US partners to offer crypto loyalty rewards

In August 2018, Coinbase investor and New York Stock Exchange owner Intercontinental Exchange announced it would launch a digital asset platform dubbed Bakkt.

The following year, Bakkt launched its highly anticipated physically "deliverable" Bitcoin futures contracts for institutional investors.

After initially claiming to pioneer physically-delivered Bitcoin futures contracts, the firm received criticism over their cash settled product design. In response, Bakkt fully collateralized its daily futures contracts.

The firm launched a retail crypto asset payments app in April of this year, while its futures contracts posted record volume earlier this month.

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JPMorgan says inflation concerns, not ETFs, driving Bitcoin price jump

JPMorgan strategists say that interest in the newly launching BITO Bitcoin ETF could cool after a week or so.

Bitcoin (BTC) broke its all-time high price level following the launch of ProShares’ Bitcoin Strategy exchange-traded fund (BITO) on Tuesday, but JPMorgan Chase strategists believe the key driver behind the price jump is investor concern over inflation.

The BITO launch, which saw the highest ever first-day natural volume for an ETF, is “unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin,” JPMorgan strategists said in a note.

Instead, JPMorgan believes that as gold failed to respond to concerns over rising cost pressures in the last couple of weeks, Bitcoin’s renewed role as a better hedge against inflation in the eyes of investors is the main reason for the current bull run. The team highlighted that the shift away from gold ETFs into Bitcoin funds is gathering speed since September and “supports a bullish outlook for Bitcoin into year-end.”

JPMorgan strategists exemplified the waning interest after the first week following the launch of the Purpose Bitcoin ETF (BTCC) in Canada, claiming that the initial hype surrounding BITO could also fade after a week.

As the first Bitcoin futures-linked ETF in the United States, ProShares’ Bitcoin Strategy ETF started trading on the New York Stock Exchange on Oct. 19 at an opening price of $40 per share. It enables investors to have direct exposure to cryptocurrency futures in a regulated market.

Related: Bitcoin futures ETF hits $1B AUM in a record-breaking two days

JPMorgan’s comments echo others in traditional finance. Billionaire investor Carl Icahn praised Bitcoin as a great hedge against inflation as the next market crisis looms on the horizon.

Bill Winters, the CEO of British bank Standard Chartered, recently noted the passing of a long period of low inflation, adding that “it’s perfectly reasonable for people to want an alternative to fiat currency.”

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Analyst That Said $200-300K Bitcoin ‘Looks Programmed’ Still Says BTC Price ‘Nowhere Near a Top’

Analyst That Said 0-300K Bitcoin ‘Looks Programmed’ Still Says BTC Price ‘Nowhere Near a Top’On Wednesday, just before bitcoin surpassed the digital asset’s all-time high (ATH), the crypto analyst known as “Techdev” says the “2-week chart looks strong and ready for much higher highs.” Just 26 days ago, Techdev said that “$200-300K bitcoin looks almost too programmed” and this week, the analyst noted that we are “nowhere near a […]

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Bitcoin hits $60K for the first time since April after reports of imminent ETF approval

Bitcoin has recaptured the $60k position after a six month period of ups and downs.

Bitcoin has surpassed the $60,000 mark briefly for the first time since April 2021. The price has been boosted by reports suggesting a Bitcoin futures ETF is likely to begin trading in the United States as early as next week. 

Data from Cointelegraph Markets Pro indicate that Bitcoin prices have been on a slow grind upward since the beginning of this month. Before the upward price action began, prices had hovered around $42,000 from Sept. 20 to Oct. 1. The $60,000 mark was first breached on Bitstamp exchange just after 5 AM (UTC), and Bitcoin is now just 7% away from reclaiming its Apr. 14 all-time high of $64,804. The price has since eased slightly and at the time of writing, Bitcoin is trading around $59,500.

Bloomberg reported earlier today that sources familiar with the matter had issued positive indications that the Securities and Exchange Commission is likely to approve several Bitcoin futures ETFs to begin trading next week.

Rumors about the imminent approval saw a price increase of about $7,000 over the past seven days, equating to a 13% increase from $53,000 to $60,000. The sharpest increase was over the past two days, over which time Bitcoin has rallied from about $54,000 up to the current $60,000 high-water mark.

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Lawmakers in Kazakhstan Propose Registration for Crypto Farms, Higher Electricity Rate for Miners

Lawmakers in Kazakhstan Propose Registration for Crypto Farms, Higher Electricity Rate for MinersMembers of the parliament in Kazakhstan have proposed the establishment of a state register for cryptocurrency farms operating in the country. Alarmed by the growing consumption of energy in the sector, the lawmakers also want to charge miners a higher price for the electricity they use. Mazhilis Members Want Miners in Kazakhstan to Register With […]

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Kyrgyzstan Raises Electricity Rates for Cryptocurrency Miners

Kyrgyzstan Raises Electricity Rates for Cryptocurrency MinersThe government of Kyrgyzstan has recently revised its electricity tariffs for various groups of consumers. Authorities in Bishkek have raised the rates at which crypto mining businesses buy power citing the energy-intensive nature of the coin minting process. Crypto Miners in Kyrgyzstan to Pay More for Electricity Companies operating crypto mining facilities in Kyrgyzstan will […]

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El Salvador acts on Bitcoin price dip and buys 150 BTC

El Salvador didn’t miss the chance to buy the dip as the Bitcoin price fell back to $45,000 after a bullish week.

Despite warnings from global agencies regarding its adoption of Bitcoin (BTC), El Salvador's government continues to seize market opportunities. 

As the Bitcoin price fell below $46,000 on Monday morning, Salvadoran President Nayib Bukele announced on Twitter that the country has “bought the dip.” With 150 new coins, the Central American government now holds 700 BTC, worth close to $32 million at the time of writing.

In an obvious nod to the “not financial advice” disclaimers shown around the crypto ecosystem, Bukele shared his “presidential advice” by reminding that “They can never beat you if you buy the dips.”

As reported by Cointelegraph, El Salvador bought another dip on the day BTC became legal tender in the country, when Bitcoin experienced a flash crash to below $43,000.

El Salvador’s move toward adoption got the crypto universe excited, especially with the possible tax exemption for Bitcoin investors. However, the government’s decision to adopt Bitcoin as legal tender is not totally free of problems.

Aside from protests and marches against the government’s Bitcoin move, credit rating agency Standard and Poor's Global said that the adoption “has immediate negative implications” for the country’s credit rating. S&P also claimed the move would hurt El Salvador’s chances of securing a $1 billion loan agreement from the International Monetary Fund.

Related: El Salvador’s Bitcoin day: The first of many or a one-off?

El Salvador made history by becoming the first country to recognize Bitcoin as legal tender on Sept. 7. The government held 400 BTC then. By taking advantage of two price dips in two weeks, purchasing 150 coins each time, El Salvador raised its Bitcoin holdings to 700 BTC.

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Bitcoin worth $2 billion moves for just 78 cents

An unknown wallet benefited from Bitcoin's low-fee blockchain yesterday with a transaction worth $2 bill.

Block data from Blockchain.com reveals that a colossal Bitcoin (BTC) transaction worth $2 billion was processed on Monday night. Despite the enormous financial value, the unknown wallet holder only paid 0.00001713 BTC fees equivalent to 78 cents. 

Although it is unknown what the purpose of this transfer was, or indeed which individual or entity enacted it, what has clearly been showcased is the enormous potential of financial transactions utilizing cryptocurrency and blockchain technologies.

However, this is not the first instance of a transaction of this magnitude reported with minimal fees. Back in August 2020, a Bitcoin transaction worth $1 billion was recorded with a nominal fee of just $4.

Attempts to transfer money of this value in traditional fiat markets would simply be futile. Anchored to anachronistic models, the financial ecosystem stands as a stark outlier to the instantaneous, largely inclusive modern information services experience.

An international fiat transfer often takes one to four working days to process and includes a hefty transaction fee of 1-3%. For a transaction worth $2 billion, this would come at the cost of between $20 - $60 million.

Alongside this, banks and governments hold central influence over the activity of financial infrastructures, unlike Bitcoin, and as such arguably threaten the privacy, autonomy and principles of a free market.

According to BitInfoChart, the average price of a transaction fee on Bitcoin’s base-layer blockchain stands at 0.000058 BTC ($2.67). This has been a consistent floor level across the last two months but was not been printed before that since the beginning of the market’s bullish surge in October 2020.

For context purposes, the average transaction fee for the second-largest crypto by market cap, Ethereum, remains several multiples (770%) higher at 0.0061 ETH ($20.44).

Related: BTC price nears $46K with Bitcoin exchange reserves lower than November 2020

Technical data from Cointelegraph Markets Pro reveals that Bitcoin surmounted a challenge to re-establish $46,000 on Tuesday morning after registering price lows of $43,380 on Bitstamp in the wake of major market volatility.

This bullish sentiment falls in line with an additional data point that reserves of Bitcoin on major cryptocurrency exchanges have recorded new multi-year lows this week — akin to the transaction fees — levels not witnessed since the inception of the bullish surge in October 2020.

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El Salvador adoption a ‘coming of age’ for Bitcoin, says Fidelity exec

Fidelity's Jurrien Timmer believes that the significance of El Salvador’s Bitcoin move is “a little bit overplayed.”

El Salvador’s adoption of Bitcoin (BTC) as legal tender is widely celebrated across the crypto ecosystem, but one expert believes the importance of the rollout was a little bit exaggerated.

Speaking to CNBC, Fidelity Investments director Jurrien Timmer said that the significance of El Salvador’s Bitcoin move is “a little bit overplayed.”

“Because it’s not like El Salvador has dropped the U.S. dollar as its peg,” Timmer explained. “It’s not like it switched from dollars as its currency peg to Bitcoin.”

Reminding that the country still has the dollar and people can decide to be paid in dollars or pay in dollars, he added that the adoption is on a voluntary basis. However, while paying in Bitcoin is voluntary in El Salvador, local merchants in the country are mandated to accept and process BTC transactions.

Related: Sept. 7 is ‘Bitcoin Day’ in El Salvador as BTC becomes legal tender

The Fidelity exec compared Bitcoin's current moment to an “adolescent’s coming of age” like gold was in the 1960s:

“Although it’s in reverse; because gold went from being money to being an asset class in the seventies. Bitcoin is trying to go from being asset class to also being a currency or being money.”

As Cointelegraph reported, El Salvador made history on Sept. 7 by making Bitcoin legal tender. The government also provided a state-issued wallet named Chivo. 

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