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Bitcoin Reaches Past $50,000, Now Worth 2.4 Million Pesos

“Learn as much as you can about Bitcoin and what it means from a technological, monetary, and network standpoint. Bitcoin is still very new.”

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Bitcoin breaches past $50,000, a new all-time high for the dominant cryptocurrency after a parabolic rally that saw it first drop to $3,800 in March 2020 then break past the psychological resistance of $20,000 in December 2020. Bitcoin continued its momentum in 2021, culminating in a new all-time high today.

At this price milestone, it is worth looking back at Bitcoin’s incredible rally within the past 5 months and the news that accompanied each milestone. A series of key events contributed to the turnaround in the price that we see today.

For every price level, we also highlight it with art created for that specific Bitcoin milestone by Luis Buenaventura, the artist behind “CryptoPop!” and also the Co-founder of BloomX, a licensed virtual asset service provider in the country. Luis’ pieces can be found on MakersPlace.

May 2020, Bitcoin at $8,000

In May 2020, Bitcoin underwent an event called the “Bitcoin halving,” when the issuance of Bitcoin rewards got cut down in half. From 12.5 bitcoins that miners receive after confirming a block, it was cut to 6.25. Also in May, Paul Tudor Jones, the legendary investor publicly announced that he put a portion of his portfolio into Bitcoin. At that time, Jones said he saw Bitcoin’s movement akin to gold’s in the 1970s. “The best profit-maximizing strategy is to own the fastest horse,” Jones told Bloomberg. “If I am forced to forecast, my bet is it will be Bitcoin.”

August 2020, Bitcoin at $9,000

On August 11, 2020, Microstrategy, the largest independent publicly traded company in the U.S. announced acquisition of 21,454 bitcoins as its primary reserve asset. CEO Michael Saylor said their decision is a “capital allocation strategy” driven by the depreciating long term value of fiat currencies. “Bitcoin is digital gold – harder, stronger, faster, and smarter than any money that has preceded it,” Microstrategy said in a statement.

October 2020. Bitcoin at $10,724

Square, a fintech company whose CEO is Bitcoin advocate and Twitter Co-founder Jack Dorsey, announced it bought 4,709 bitcoins, worth $50 million at that time, as part of its larger investment to the cryptocurrency ecosystem. This amount is 1% of Square’s total assets. Square, in a statement, said that as Bitcoin grows in adoption, it plans to learn and participate in the ecosystem in a disciplined way. “For a company that is building products based on a more inclusive future, this investment is a step on that journey.”

On October 21, 2020, PayPal Holdings announced it would soon allow its 246 million users to buy, sell and hold cryptocurrency within its PayPal and Venmo apps. Initially only available to U.S. customers, it would be rolled out to more countries by 2021.

Bitcoin is not without its share of negative news. OKEx, one the major global cryptocurrency exchanges announced suspension of withdrawals after one of its key executives, which holds one of the “keys” needed to execute withdrawals, was arrested by Chinese authorities. At the time this article is written, OKEx customers still cannot withdraw on the platform.Also last October, the U.S. Commodity Futures Trading Commission charged BitMEX, one of the largest Bitcoin derivatives exchanges, of failing to impose adequate Anti-Money Laundering (AML) and Know-Your-Customer (KYC) procedures. The U.S. Department of Justice also charged BitMEX key executives for violating the country’s Bank Secrecy Act.

December 2020, Bitcoin at $20,000

After breaking past $20,000, the three-year psychological resistance, a massive inflow of institutional investors have revealed they own Bitcoin or put a portion of their portfolio into Bitcoin. Guggenheim Investments’ Chief Investment Officer Scott Minerd, in an interview that shocked Bloomberg TV hosts said his firm is valuing Bitcoin at $400,000.

January 2021, Bitcoin at $30,000

Bitcoin briefly went past $40,000 but was unable to sustain that in January. What instead happened were massive price $8k – $10k price swings that would normally give a heart attack to anyone new to crypto. Reports surfaced that institutional investors were taking advantage of the “dips” to add more Bitcoin into their holdings. 

But while Guggenheim continued fomo-ing the market by advising retail traders to sell to take profit, one key personality, Elon Musk, the world’s richest man, edited his Twitter bio to simply say “#Bitcoin”, and then tweeted: 

February 2021, Bitcoin at $40,000

Weeks later, it was revealed that Musk’s company – Tesla, has invested $1.5 billion into Bitcoin. Just like that, and the price never went below $40,000.

At $50,000, What Now

Eventually, if we subscribe to Guggenheim’s idea of a six-digit Bitcoin price, one would say that the current price point is still very early. However, Bitcoin and its wild price swings are never friendly to retail investors. It’s one reason why regulators have been keen to regulate crypto companies, ensuring that retail investors participating in the cryptocurrency economy are well informed of the risks involved when  purchasing crypto.

Bitcoin, the dominant cryptocurrency outside a thousand others, is classified as a “virtual asset” in the Philippines by the Bangko Sentral ng Pilipinas. While the central bank acknowledges crypto’s “potential to transform the provision of financial services,” it is also aware of the risks it posed to the financial system and the consumers who may be less informed about how crypto works. Recognizing that the crypto space are not just trading platforms and to better align with the standards set by the Financial Action Task Force (FATF), a global policy-setting body on anti-money laundering, the BSP released its “updated guidelines for virtual asset providers,” while at the same time, encouraging Filipinos to deal only with licensed VASPs.

“The BSP has issued public advisories to encourage the public to deal only with BSP-registered VCEs, and to be mindful of the risks of using virtual currencies,” – BSP

What’s Next For Bitcoin?

In an interview on ANC, Miguel Cuneta, Co-founder of Bitcoin company Satoshi Citadel Industries Ventures said $50,000 is the price level where people will start paying attention to Bitcoin. “I emphasized on START,” Miguel told me in a Telegram interview. “We are almost at $1 trillion market cap for BTC, and after $1T, $2T, and so on. There’s no foreseeable top because of the trillions of fiat flooding the market. The macroeconomic environment is a perfect storm for this,” he added.

With Tesla investing in Bitcoin, he believes other large companies will follow in allocating a small single digit % of their free cash flows, cash that is losing purchasing power, said Miguel. “There’s nothing much out there in terms of an alternative asset, a hedge, much like gold. Bitcoin has WAY more upside than gold in the networked age, and is better in every property that makes gold a good monetary asset,” he added, citing that Bitcoin’s volatility might mean more big swings but these companies are not day trading but rather “hodling” for the long term. 

Advice to New Entrants

At this price level, many new investors might be more interested in buying Bitcoin, but Miguel advised new entrants to learn more about Bitcoin first. “Learn as much as you can about Bitcoin and what it means from a technological, monetary, and network standpoint. Bitcoin is still very new.”

“Get a feel for it, how to use it, how to store it, etc. It isn’t for everyone, not everyone will want or need it, so find out it if it is for you. But it is there, it exists, it is open to everyone, it’s all voluntary.”

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Blockchain

Bitcoin can be purchased with MoneyGram using Coinme ATM operators

TL;DR Breakdown • MoneyGram will work with physical cryptocurrencies.• Coinme expects to expand its crypto operations globally by 2022. The North American money transfer company, MoneyGram, announced its merger with Bitcoin last Wednesday. This company will allow its clients to buy in Bitcoin and withdraw their holdings of the crypto converted into cash. This measure […]

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TL;DR Breakdown

• MoneyGram will work with physical cryptocurrencies.
• Coinme expects to expand its crypto operations globally by 2022.

The North American money transfer company, MoneyGram, announced its merger with Bitcoin last Wednesday. This company will allow its clients to buy in Bitcoin and withdraw their holdings of the crypto converted into cash. This measure is applied globally so the Bitcoin investor will have freedom in withdrawing cash.

This news has captivated many merchants with a long relationship with North American banking. For the process to complete, MoneyGram had to partner with Coinme, the largest crypto exchange in the United States. With this huge collaboration, Coinme promises to support over 20 thousand physical locations in the country.

Coinme and its partnership with MoneyGram to give Bitcoin

Bitcoin

Alex Holmen, SEO at MoneyGram, said this partnership with Coinme opens up a new space for crypto investors to profit. The company wants the digital currency to become a fiat currency, such as the dollar or the euro. However, the volatility of Bitcoin and other cryptocurrencies is not compared to that of local currencies.

The new service will be rolled out to all MoneyGram locations in the United States in the coming months. Coinme also plans to take this method globally, partnering with other crypto exchange companies.

MoneyGram points out that it has 150 million users around the world. This popularity of the company will increase as the new Bitcoin withdrawal system is known.

MoneyGram joins the Bitcoin business with other companies

The American company was founded in 1940, and its headquarters are in Dallas, Texas. MoneyGram competes with Western Union to be the best national and international transaction company.

For the year 2017, MoneyGram became interested in cryptocurrencies, and since then, it has grown in popularity. Although the company’s guidelines with handling Bitcoin are not clear, their intentions could be very good.

The international transaction company joins the crypto game after other similar companies have seemingly invaded. For February, Mastercard said it would support cryptocurrencies starting this new year. This slight attraction is achieved after Bitcoin had a rise that would take it to reach its all-time high in price.

But PayPal also announced that it would work with Bitcoin to make the purchase/sale more secure. These American crypto pioneers are making good decisions that attract traders. Since October of last year, cryptocurrencies can be bought in the PayPal wallet.

MoneyGram will release an official statement when its crypto transactions are approved. After the announcement, Bitcoin and other cryptocurrencies are expected to increase in value and reach new all-time highs.

Going from buying digital to physical cryptocurrencies can be a great idea and provide secure storage. Coinme has a great reputation in American exchange banking and is a great partnership with Moneygram.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/bitcoin-can-be-purchased-with-moneygram/>

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Blockchain

EOS, Filecoin, YFI Price Analysis: 12 May

With Bitcoin refusing to breach the $60k-mark, many of the market’s altcoins were surging instead on the back of Ethereum’s bullishness, with the latter breaching $4,000 following an astonishing run o

The post EOS, Filecoin, YFI Price Analysis: 12 May appeared first on AMBCrypto.

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With Bitcoin refusing to breach the $60k-mark, many of the market’s altcoins were surging instead on the back of Ethereum’s bullishness, with the latter breaching $4,000 following an astonishing run on the price charts. However, such corresponding effects weren’t uniform by any means, with the likes of EOS, Filecoin, and YFI noting varying price actions.

EOS

Source: EOS/USD on TradingView

Once one of the mainstays of the market’s top-10, EOS, at the time of writing, was down at 17th on CoinMarketCap’s rankings. April saw the altcoin’s bullish uptrend cut short when the market depreciated on the back of Bitcoin’s fall. The month of May, however, has seen the altcoin climb up the charts again and doing so exponentially.

The last 10 days alone, in fact, have seen EOS register separate surges of 79% and 56%. These surges were also accompanied by spikes in trading volume.

The scale of the bullishness in the EOS market was underlined by the findings of its technical indicators. While Parabolic SAR’s dotted markers were under the price candles, Relative Strength Index had dipped slightly following a brief foray in the overbought zone.

It has been speculated that EOS’s latest price action was triggered by Block.One announcing a new subsidiary, Bullish Global, with more than $10 billion in funding.

Filecoin [FIL]

Source: FIL/USD on TradingView

Since a sharp upsurge in value saw FIL pushed up higher on the price charts in late March, the altcoin has been falling on the back of a steady depreciation wave. While Filecoin did see brief upticks over the said period, they weren’t sustained long enough to project a trend reversal. At the time of writing, the crypto was yet to register some of the bullishness the rest of the altcoin market was noting.

The mouth of the Bollinger Bands was holding steady, with its width a sign of price volatility remaining stable in the near term. On the contrary, the MACD line remained below the Signal line. A bullish crossover here will be the first step towards a trend reversal.

According to a recent analysis, if FIL continues to toe bearish trendlines, it might fall down to $91.8 soon.

Yearn.finance [YFI]

Source: YFI/USD on TradingView

While the rest of the altcoin market has surged over the past few months, YFI itself has been confined to trading within a set channel, with DeFi’s growing popularity and success doing little to precipitate a bullish price action on YFI’s charts. Even when YFI did note some gains, in the month of April for instance, these weren’t sustained and were lost as soon as the market corrected.

The last three days, however, have been a different story altogether. In fact, the cryptocurrency climbed by over 60% in a matter of just 3 days.

The said price action had a corresponding effect on the altcoin’s indicators as Chaikin Money Flow climbed almost vertically to touch 0.40, while the Awesome Oscillator pictured an uptick in market momentum.

Thanks to YFI’s latest gains, a case can be made for investing in the altcoin.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/eos-filecoin-yfi-price-analysis-12-may

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Goldman Sachs executive resigns after making a fortune from Dogecoin

TL;DR Breakdown Aziz McMahon makes fortune from Doge investment Doge metric rise over the year Aziz McMahon is another person who has hit the jackpot thanks to his Dogecoin crypto investment, as he reportedly made millions from the meme coin. The London-based executive took a bow from his job with the bank after working with […]

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TL;DR Breakdown

  • Aziz McMahon makes fortune from Doge investment
  • Doge metric rise over the year

Aziz McMahon is another person who has hit the jackpot thanks to his Dogecoin crypto investment, as he reportedly made millions from the meme coin.

The London-based executive took a bow from his job with the bank after working with the financial institution for more than 14 years, his LinkedIn profile shows, according to eFinancialCareers.

According to the site, McMahon might be starting a hedge fund that cited sources at Goldman as he is yet to respond to requests for comment, but Goldman confirmed his departure to Insider.

Also, the exact amount McMahon made from his Dogecoin holdings was not made public. Sources claimed that it was a substantial sum, pointing out that DOGE rallied over 1,000% in value this year.

The former Goldman Sachs executive made his Dogecoin fortune trading with a personal account and was not affiliated to Goldman Sachs.

Dogecoin metric rise over the year

Although at press time, the meme coin is on a decline and has been over the past seven days, however, this does not diminish the success the meme coin has enjoyed so far in the year.

The meme coin has recorded landmark gains outstripping the largest cryptocurrency, Bitcoin (BTC), in the number of related internet search queries.

Doge has emerged as the fastest-growing digital currency since 2021, began posting up to 13,500% growth year-to-date, and surging from just $0.005 to an all-time high of $0.68 on May 7.

Dogecoin’s recent tumble came after Musk called the meme token a “hustle” on SNL, adding that it’s “as real” as a dollar bill. However, the meme coin is having a run for its recent surge as a clone, and rival coin, Shiba Inu, has been surging above it recently.

The coin has broken to a new ATH but has seen a 13 percent decline at press time.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/banker-resigns-after-fortune-from-dogecoin/>

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