Move Over Tesla, Bitcoin Is Having A Moment
Bitcoin has leaped higher this week, climbing to year-to-date highs and reaching levels not seen since June last year.
The bitcoin price jumped almost 4% on Monday to hit highs of $12,470 per bitcoin on the Luxembourg-based Bitstamp exchange before falling back slightly.
The latest bitcoin rally, adding to gains of around 30% over the last month, came after high-profile day trader Dave Portnoy called for a bitcoin “pump” and data showed that, after Tesla stock, bitcoin was the most viewed asset in the U.S. last month.
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Bitcoin has been on a tear over the last month, breaking out of a three-month-long malaise.
Portnoy’s rallying call to bitcoin and cryptocurrency traders has added to a surge of retail interest in crypto, sparked by big-name investors, Wall Street giants and corporates piling into bitcoin in recent months.
Bitcoin has climbed over the last month as red-hot stocks such as electric car-maker Tesla have taken a breather following near-unprecedented gains since April. Tesla suddenly rallied on Monday after an analyst upgraded their 12-month price target.
“The data clearly shows that Tesla and bitcoin are the two assets everyone is looking at most often,” TradingView analysts wrote in a post outlining its findings.
The data chimes with a report from London-based digital asset management firm CoinShares, out earlier this month, that found “bitcoin, in its growth phase, behaves like a tech stock.”
“Interest in Tesla and bitcoin is growing due to fear-of-missing-out (FOMO) private investors, who are increasingly willing to join the success story,” FxPro senior analyst Alex Kuptsikevich said via email, adding both bitcoin and Tesla represent investments that induce “a high level of adrenaline among traders.”
“This is almost like a rookie game against the pros. Professionals do not see the ‘business’ in bitcoin and massively short Tesla, a company that accrued massive losses for years and has a tiny share on the overall car market. It appears incredibly overbought by most multipliers and indicators.”
Despite the naysayers, Tesla stock has added an eye-watering 400% to its value since January—with bitcoin so far adding a paltry 70%. But Portnoy, who live streams his Wall Street bets as Davey Day Trader, is out to change that.
“Davey Day Trader is taking the crypto world by storm,” bitcoin and cryptocurrency analyst Scott Melker wrote this week, warning traders to “beware.”
Portnoy, the founder of the Barstool Sports blog and leader of a so-called “army of day traders,” made the switch to bitcoin and cryptocurrency in just the last week, following an interview with the Winklevoss twins of Facebook-founding fame, who created the New York-based Gemini crypto exchange in 2014.
“The thing I like about pump and dumps in crypto is that it’s encouraged,” Portnoy told his day-trading live stream viewers and his 1.7 million followers on Twitter, adding that, after months of eschewing crypto in favour of stocks, he has a new sponsor: bitcoin and crypto lending company BlockFi.
“In crypto, you can pump and dump all day long,” Portnoy said before posting memes designed to further drive the soaring cryptocurrency Chainlink.
Chainlink’s link token is down over 17% on the last 24 hours after more than tripling in value since early July.
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Bitcoin’s latest rally took it above the closely-watched $12,000 per bitcoin level, with the bitcoin … [+] price now up 33% over the last month.
Portnoy’s comments have received a mixed reception among the bitcoin and cryptocurrency community, with some concerned a sudden influx of new investors looking to get-rich-quick will lead to a late 2017-style boom and bust for bitcoin—with bitcoin climbing to around $20,000 before heavily crashing back.
“Now we have Dave Portnoy openly and deliberately promoting shitcoins,” widely-respected bitcoin and crypto analyst and founder of money management firm Quantum Economics, Mati Greenspan, wrote in his daily newsletter.
“His claim that pump and dump schemes are encouraged in crypto is not a good look for the community, and certainly a step back from building the internet of value.”
Author: Billy Bambrough
Ergo Price Reaches $0.57 on Top Exchanges (ERG)
Ergo (CURRENCY:ERG) traded up 18.5% against the dollar during the 24-hour period ending at 23:00 PM ET on August 18th. One Ergo token can currently be purchased for approximately $0.57 or 0.00004785 BTC on popular cryptocurrency exchanges. Ergo has a market cap of $10.88 million and $451,941.00 worth of Ergo was traded on exchanges in the last 24 hours. During the last seven days, Ergo has traded 43.4% higher against the dollar.
Here’s how related cryptocurrencies have performed during the last 24 hours:
Ergo was first traded on July 2nd, 2017. Ergo’s total supply is 22,363,500 tokens and its circulating supply is 19,059,778 tokens. Ergo’s official website is ergoplatform.org. Ergo’s official Twitter account is @ergoplatformorg.
Ergo Token Trading
Ergo can be purchased on these cryptocurrency exchanges: Waves Decentralized Exchange. It is usually not currently possible to purchase alternative cryptocurrencies such as Ergo directly using US dollars. Investors seeking to trade Ergo should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as GDAX, Gemini or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Ergo using one of the aforementioned exchanges.
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Author: Sarah Meijer
More Football Crypto as Japanese League Goes Blockchain + More News
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
Author: News Bureau
Crypto is Thriving. Need an Introduction? Banxa Has Your Back
Types Of Crypto Wallets You Can Use For Crypto Trading
Don’t get confused with the name crypto wallet. The way traditional currencies are kept in your wallets and purses, the cryptocurrencies are held in crypto wallets. Crypto Wallets are software that helps you to keep your cryptocurrencies safely.
To get access to the cryptocurrencies kept in the wallet, you need private keys provided to you by the crypto exchange.
Numerous types of crypto wallets are available in the market, and you need to know about all of them to get an idea about which wallet will work best for you. In this article we will try to cover all significant types of bitcoinup app so that you can choose the best among them:
Although the online crypto wallets are not the safest and secure wallet, the best part about the wallet is that you can make even micropayments by using the online crypto-wallets. The name web wallet also knows the online crypto wallet. Thus, using an online wallet will help you to give access to the cryptocurrencies online. The only issue associated with online crypto wallets is that hackers and spammers are always in search of users and they try to get inside the wallet so that they can steal the bitcoin stored inside it. Whenever you are looking to complete a transaction, the wallet provider will send you a code so that you can get access to the keys.
Advantages of the online crypto wallet
- Quick and efficient transaction
- You can store different types of cryptocurrencies in the wallet
- You can also use the wallet by using private keys.
Disadvantages of using Online crypto wallet
- You may face different types of risk because of the prying eyes of hackers and spammers.
You can easily download and use the crypto wallet on your mobile phone. This is one of the most convenient ways to store and use cryptocurrencies. Today many stores and shops are using cryptocurrencies. Thus, if you are residing at a place where the retail stores can accept payment in cryptocurrencies, you can quickly pay them from a mobile wallet. The Mobile Wallet is almost similar to the online portfolio, but it is easily accessible from your mobile phone. When you are using a mobile wallet to store cryptocurrencies, keep in mind to keep your private keys safely. The best features of mobile wallets include easy to use, backup features, security, and proper compatibility.
Advantages of a mobile wallet
- Safer in comparison to the online wallet
- Easily accessible and usable
- Includes features like QR code scanning
Disadvantages of mobile wallet
- You may lose your cryptocurrencies if your mobile phone is broken or lost.
For all desktop holders, cryptocurrency wallets are also available for the desktop version. You can easily download the desktop version of the app and start using it conveniently. The desktop wallets are much safer as compared to the online wallet and mobile wallet as your desktop is available at your home or your address, and not many people can get access to your desktop. If your desktop wallet is not connected to the internet, it is called a cold wallet.
Advantages of using Desktop wallet
- Best for people who don’t like to carry their crypto wallets outside because of security issues.
- Private keys of the desktop wallet are not stored with any third party vendor.
- The desktop wallets are extra safe, as it is stored in your home.
- When the desktop wallet is connected to the internet, it becomes less secure.
You will be surprised to know that the crypto wallets are not only available in software form, but it is also available in hardware form. The hardware wallet stores the private keys of your wallet in the USB drive. The Hardware wallet always stays offline, and thus, it is considered a cold wallet.
Advantages of Hardware wallet
- Safer as compared to other types of wallets
- It can store large quantities and amounts of cryptocurrencies.
Disadvantages of a hardware wallet
- The hardware wallet is a bit expensive as compared to other types of wallets.
All these crypto wallets have certain advantages and disadvantages. Use one which can give you maximum benefits.
Crypto Roundup: August 17th, 2020
Leading cryptocurrency Bitcoin is cementing its position as a mainstream macro asset.
As cryptocurrency was advertised on TV screens nationwide last week, and in the pages of the Financial Times, the bitcoin adoption rush has intensified. Day trading social media mogul Dave Portnoy is dabbling in cryptocurrency, and MicroStrategy, a listed company with over $1 billion in revenue, has chosen bitcoin as a reserve asset. Even former skeptic George Ball, chairman at investment firm Sanders Morris Harris, has advised investors that Bitcoin is a safe bet.
These fundamental developments have buoyed the crypto market. Ethereum has broken through the $400 level to hit a two-year high at $440, defying critics who are keenly debating the supply of the cryptocurrency on Twitter, and marking gains of more than 400% since the March low.
Bitcoin meanwhile has quickly recovered from a sudden drop early last week, to once again push against key resistance at the $12K level.
This Week’s Highlights
In a watershed moment for cryptocurrency, Nasdaq listed software firm MicroStrategy has invested half of its treasury into Bitcoin. CEO Michael Saylor said the “distinctive properties” of the cryptocurrency will “provide not only a reasonable hedge against inflation but also the prospect of earning a higher return than other investments.”
As a billion-dollar firm backed by the financial giants BlackRock and Vanguard, MicroStrategy’s move gives the green light to other companies in corporate America that might be considering adopting Bitcoin as a reserve asset. And, as prominent funds including the California and Oregon public employee pension plans hold MicroStrategy, millions of American citizens are now indirectly exposed to Bitcoin.
Delegated Proof of Stake (DPoS) coins Tron and EOS are making major moves as traders contemplate the DeFi ecosystems that could emerge on these next-generation blockchain platforms.
Tron has surged almost 30% after founder Justin Sun confirmed the development of decentralized exchange protocol JustSwap, marking over 300% gains since the March low.
Close behind, competitor EOS is pushing towards 18% gains on the week, and almost 200% from the bottom.
Bitcoin’s persistence in hammering away at $12K bodes well for the ongoing bull run, with each re-test of this key resistance level increases the chance that it will be breached on future attempts.
At the same time, the bull narratives supporting the price action only seem to be getting stronger, with mainstream voices now making the case for bitcoin as an inflationary hedge, and DeFi mania continuing unabated.
The recent drop in gold, however, could put buyers on edge, with a potential change of direction in the precious metal market rippling out to affect Bitcoin.
Author: By TeamMMG