?? Altseason and $30K in sight: 5 things to watch in Bitcoin as 2020 ends
Bitcoin (BTC) has had a week like no other, hitting fresh record highs of $28,400 and staying near the top — what's next.
As markets return to digest a wild Christmas, Cointelegraph presents five factors set to help with Bitcoin price direction this week.
Gold surges as Trump signs stimulus bull
Markets have been spared a nightmare this week after U.S. President Donald Trump agreed to sign off on Congress’ $900 billion coronavirus stimulus bill.
Set to add a large amount of debt to the Federal Reserve’s existing mountain, the package includes various benefits for businesses but stops short of providing Americans with the same level of direct financial support seen in March.
Trump had said that the low direct payment amount of the second stimulus — $600 against $1,200 last time — meant that he could not condone it, but subsequently changed his mind.
Regulations coming for mainstream Bitcoin
After striking a fresh tone with a wider audience over Christmas with runs to new all-time highs, Bitcoin may soon have to face the music with the establishment, sources warn.
“Generally, I think we have had challenges with the Dems — they prefer more regulation, more oversight,” Meltem Demirors, chief strategy officer at digital-asset manager CoinShares, told Bloomberg on Sunday.
Bitcoin rebuttal at $28,400 "very healthy" — analyst
Concentrating on the latest Bitcoin spot market action, Monday is shaping up to be a major test for bulls given the momentum seen over the weekend.
After hitting all-time highs of $28,400 on Sunday, Bitcoin saw a pullback which many had already expected.
“Altcoins are not dead, the money flow is still the same.”
While floundering against BTC, some popular altcoins are still delivering significant returns in USD terms, with market leader Ether (ETH) trading above $700 for the first time since May 2018. Versus its lows of $113 in March, ETH/USD is now up 530%.
Record Bitcoin futures gap
Stock-to-flow forecasts the high
?? Shark Tank's Kevin O'Leary Warns Regulators Will Come Down Hard on Bitcoin — 'It Will Be Brutal'
Shark Tank star Kevin O’Leary, also known as Mr. Wonderful, has warned about regulators coming down hard on bitcoin. In addition, he says that “even if bitcoin were to go up another 2,000%, it’s completely irrelevant to institutional clients.”
Kevin O’Leary Warns of Brutal Bitcoin Regulation, Says Bitcoin Is Not an Institutional Product
Whipping out his phone, he said, “here is my bitcoin wallet. At the time, all you can get was ethereum, XRP, bitcoin, litecoin, stellar lumen, and bitcoin [cash]. I bought this at the last craze. I put $100 to work here. This morning it is worth $52.77 because not all cryptocurrencies are the same, clearly.” He elaborated:
I’m involved in this because it’s fun but this is not an institutional product … This whole market, even if bitcoin were to go up another 2,000%, is completely irrelevant to the institutional clients.
Asserting that the institutional investors he talked to do not want to own bitcoin because “they fear the regulator,” O’Leary warned:
Watch what happens one day and I’m waiting for this one. I’m waiting for the day that one of these regulators come down hard on bitcoin. Grown men are going to weep when that happens. You will never see a loss of capital like that ever in your life. It will be brutal. And, I’m just saying you have to get ready for it.
?? BINANCE Launches "Vanilla" Options Contracts, "European Style"
- Binance has launched a new Bitcoin options contract.
- It will allow traders to issue their own contracts.
- Users will be able to buy Bitcoin at an agreed-upon price, then trade it for other currencies.
Crypto exchange Binance today announced a new type of Bitcoin options contract that simplifies things for traders and lets them issue their own contracts for the first time.
Termed “European-Style Vanilla Bitcoin Options,” they allow users to buy Bitcoin at an agreed-upon price upon the expiry of the contract, then trade it for other cryptocurrencies.
Binance claims that these European-style contracts also protect traders from volatility: investors can sell these contracts Bitcoin at a specified price within an agreed time frame. They’re settled in the US dollar-pegged stablecoin, Tether (USDT).
Bitcoin options are a very popular way to invest in the cryptocurrency. It’s expected that open interest in Bitcoin options will exceed $10 billion next year, according to data from crypto analytics firm Skew.
?? Ether Trades Above $700 for the First Time Since 2018
Ether prices soared on Sunday, trading above $700 for the first time since May 21, 2018.
- Ether (ETH, +7.79%) was as low as $624.76 in the 11:00 UTC (6:00 a.m. ET) hour, just five hours before trading at $700.
- The second-highest cryptocurrency by market cap, the total value of ether was $80 billion as of press time.
- Bitcoin has also been rallying over the Christmas weekend, at one point piercing the $29,000 mark. It was trading in the $27,300 range when ether made its move higher than $700.
?? Daily Crypto Calendar, December, 28th??
- Unifi Protocol DAO (UNFI)
"This $UP to $UNFI migration will end on December 28, 2020 at 09:00 UTC"
- Swingby (SWINGBY)
"We are locking-in December 28th for our official Chaos-MainNet launch date!!"
- Statera (STA)
"Statera will be launching a dashboard that will enable an easy access to the Statera Ecosystem."
- MANTRA DAO (OM)
250,000 BONDLY airdropped as first of six airdrops.
- BitTorrent (BTT)
"Important Notice: This week's AMA is postponed until next Monday."
- ?? Daily Crypto News & Video, December, 27th??
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