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This Week In Crypto

About 2% of the Global Population Owns Bitcoin

As estimated by one of the leading on-chain analysts, Willy Woo, about 2%, 1.7% to be precise, owns some bitcoins or a fraction of it. Putting a number to this, about 120 million individuals are exposed to the leading cryptocurrency by market capitalization.

 

Same Bitcoin Bearish On-Chain Signal As Seen In 2019 Returns; CryptoQuant CEO Opines

In a recent tweet by CryptoQuant’s chief executive, Ki-Young Ju, bitcoin may soon face a correction due to an on-chain trend he’s seeing. Mr. Ki Young Ju noted that an increase in the number of deposits on spot exchanges from whale addresses reaches worrying levels. This, he says, indicates that a short term bearish trend has started.

 

Bitcoin Remains Bullish Short-term As It Finds Strong Support At $18,500

The same analyst who predicted the bear market, with the moniker @CryptoCapo on Twitter, believes the bulls have firmly held the $18,500 price region. In his opinion, this means bitcoin will remain bullish. Bitcoin currently trades at $19,200 at the time of writing.

 

Niall Ferguson Joins Other Top Investors To Call Bitcoin The Best Investment Opportunity

As bitcoin continues to outperform gold and the stock market at large, many analysts continue to call bitcoin the best investment asset of all times. Niall Ferguson, a financial historian at the Hoover Institution at Standford University, has joined other analysts.

Also, Mr. Ferguson said, “the acceptance of Bitcoin as a digital asset, a quasi-digital gold, has been accelerated by this pandemic. Almost every month, some major figure in the mainstream investment world has said, ‘OK, now I’ll take BTC  seriously.’ This process of institutional adoption has further to run.”

 

German Oldest Bank Brings Bitcoin and Ethereum Investment To Its Customers

Hauck & Aufhäuser, one of the oldest German banks in partnership with Kapilendo, which provides digital investment banking services, is set to roll out crypto investment services to professional and semi-professional investors who will like to invest in crypto assets such as bitcoin and ethereum.

As announced by Dr. Holger Sepp, a member of the board of Hauck & Aufhäuser said:

“We are seeing that digital assets and cryptocurrencies are becoming increasingly attractive with institutional investors.”

Further, he said;

“With the launch of our first crypto fund, together with Kapilendo, we have created an innovative investment vehicle that gives our customers inexpensive and secure access to the new crypto asset class while meeting the established quality standards and high demands of Hauck & Aufhäuser.”

 

Ethereum May Plunge Below $500, Analyst Opines

Despite a super bullish month of November, a crypto trader and analyst still think Ethereum may likely plunge below $500. In his opinion, a test of $600 could mark a liquidity sweep that is followed by some severe downside in the mid-term.

 

MicroStrategy Announces It Would Be Buying More Bitcoin

In a recent blog post, MicroStrategy announced it intends to offer $400 million aggregate principal amount of convertible senior notes in a private offering to qualified institutional buyers. Proceed from the private offering, as asserted, would be used to buy more bitcoins as the company sees bitcoin as a better store of value.

 

MyEtherWallet Now Offering Ethereum 2.0 Staking To Users

MyEtherWallet, in partnership with Staked, is now offering MyEtherWallet users the ability to stake ETH tokens for reward on the MyEtherWallet app. As announced, users need 32 ETH to participate. However, rewards from staking, which will be in ETH, aren’t withdrawable until phase 2 of the project, which will be around two years.

 

Gold Losing Investors to Cryptocurrencies, Report Shows

A recent report by CoinShares, a pioneer in digital asset investing since 2014, suggests that the gold market is losing money to bitcoin and other cryptocurrencies.

“Gold has suffered from outflows from investment products of a record US$9.2bn over the last four weeks while Bitcoin saw inflows totaling US$1.4bn,” the report states.

 

Retail Trader May Lose Their Bitcoin To Institutional Traders

As bitcoin currently sees a considerable drop, with retail traders selling off their bitcoin, analysts think there might be a transition as most bitcoin sold are most likely going to be bought by institutions. Of recent, MicroStrategy has shown more interest in buying more bitcoins. Companies such as Grayscale, Paypal, Square, and others are likely to buy the dips also.

 

JP Morgan Asserts That The Adoption of Bitcoin by Institutional Investors has Begun

As more whales, persons, and institutions, continue to see bitcoin as a store of value, with big corporations buying up a lot of bitcoin, a JP Morgan analyst believes this is just the beginning of bitcoin adoption by institutional investors.

 

Fidelity Digital To Give Out Bitcoin-Collateralized Loans

A recent Bloomberg report on December 9, 2020, shows that Fidelity Digital Assets, a part of Fidelity Investments, one of the world’s largest financial services providers, will be giving out cash loans receiving bitcoin as collateral. As announced, this service will be useful for hedge funds, miners, and prospective customers who will like to get loans without liquidating their cryptocurrency holdings.

 

Singapore-based DBS Bank to Begin Trading of Digital Assets Next Week

The DBS Group CEO on a media call, Piyush Gupta, on Thursday, December 10, 2020, announced that the DBS Bank of Singapore would facilitate digital assets exchange starting next week. As Mr. Gupta revealed, 70-80% of the cryptocurrencies in the market would be exchangeable for cash and vice versa. These cryptocurrencies will include bitcoin, ether, bitcoin cash, and XRP.

 

France Introduces Stringent KYC Rules On Crypto Trading

According to a new document released by Minister Bruno Le Maire, France, virtual assets providers will now have to prohibit anonymous crypto accounts. This, as revealed, is to crackdown on anonymity in the space.

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