Bitcoin Investors Unfazed By Great Twitter Hack, as Volatility Remains Stable

Bitcoin Investors Unfazed By Great Twitter Hack, as Volatility Remains StableBitcoin traders seem unfazed by the massive Twitter hack on Wednesday, as the price of the top cryptocurrency has largely remained steady. Prominent U.S. figures including billionaires Bill Gates, Elon Musk, and Jeff Bezos were targeted by hackers in an apparent Twitter bitcoin (BTC) scam. The official accounts of former president Barack Obama as well […]

The post Bitcoin Investors Unfazed By Great Twitter Hack, as Volatility Remains Stable appeared first on Bitcoin News.

Continue reading

Survey: 60% of Bitcoin Investors Will Die With Their BTC If Price Stays Below $10,000

Survey: '60% of Bitcoin Investors Will Die With Their BTC If Price Stays Below $10,000'About 60% of bitcoin investors are willing to hold their coins until they die if the price fails to breach the key $10,000 level. Now that’s according to a Twitter poll by Peter Schiff. The gold-bug asked bitcoin ‘hodlers’: “How much longer does the price of #Bitcoin have to stay below $10,000 before you will […]

The post Survey: 60% of Bitcoin Investors Will Die With Their BTC If Price Stays Below $10,000 appeared first on Bitcoin News.

Continue reading

Twitter Poll Suggests Tesla’s Stock is More Likely to Crash 80% than Bitcoin

Twitter Poll Suggests Tesla's Stock is More Likely to Crash 80% than Bitcoin

Tesla is currently one of the top-performing companies in the stock market. The performance of the electric car manufacturer recently made the company’s CEO Elon Musk richer than Warren Buffett, but a Twitter poll suggests TSLA is more likely to crash 80% than Bitcoin is. This was supported by 64.3% of the respondents to the […]

Continue reading

Chainlink (LINK) Surges 39.5% to a New All-Time High — Here’s Why

Surging volume, price discovery, and new partnerships pushed Chainlink price to a new all-time high at $8.48.

Today the price of Chainlink (LINK) soared by more than 34% to reach a new all-time high at $8.48 and also notch a market capitalization of $2.5 billion.

Three key factors that likely pushed the price of LINK to a new record high were: high-profile partnerships, price discovery, and the strong momentum that currently drives the altcoin market.

Crypto market weekly price chart

Crypto market weekly price chart. Source: Coin360

Price discovery drives LINK price higher

On July 6, the price of LINK surpassed its previous record high at $5.31 and officially entered a price discovery phase, which typically leads to a “fear of missing out” rally among investors.

Once price discovery occurs and the asset begins to rally to a new peak, the probability of an extended uptrend rises.

Within seven days of LINK recording a new historic high, its price rallied by more than 40% from $5.31 to $8.48.

LINK’s trading volume also rose to levels unseen since April 2020, when the price of Bitcoin (BTC) was recovering from an intense drop to $3,750. At the time, demand for cryptocurrencies from retail investors on Coinbase was surging.

In regards to LINK’s momentum, Cointelegraph contributor Michael van de Poppe said:

“Personal target here at $7.10-7.25 reached since the tweets earlier. Such a beast. Just a matter of time until it reaches the next one at $10. I think that’s doable this year.”

LINK-USDT reaches a new all-time high

LINK-USDT reaches a new all-time high. Source: TradingView

New high profile partnerships

Throughout 2020, Chainlink has secured several high-profile partnerships with companies within the cryptocurrency sector.

On July 8, Chainlink partnered with Nexo, a crypto lender with reportedly 800,000 users, to deploy its oracle solutions. Chainlink co-founder Sergey Nazarov said:

“We’re excited to bring Chainlink’s secure and reliable oracle solutions to Nexo’s popular lending platform to enable users to independently verify on-chain the interest and collateralization rates they should receive.”

In the past two months, Chainlink has collaborated with blockchain projects and companies including Hedera Hashgraph and Matic Network. Chainlink was also mentioned in a blog post released by Google entitled Building hybrid blockchain/cloud applications with Ethereum and Google Cloud.

Altcoin market continues to gain momentum

Following Ether’s (ETH) rally, the altcoin market as a whole has started to recover. Bitcoin’s stability has provided a strong foundation for altcoins to rebound after a year of stagnation.

Ether price rose from $175 to $240 since the first week of May and it seems that the gradual recovery in it’s price has further enabled the altcoin market to retain its momentum.

Bitcoin dominance slightly decreased in the week

Bitcoin dominance slightly decreased in the week. Source:

Over the past 7-days Bitcoin’s dominance fell from 64.15% to 62.45%, which shows that altcoins have increased in market capitalization.

Earlier this month, traders, like Peter Brandt, forecast that an altcoin season could occur at some point in 2020. The strong performances by leading altcoins, including Cardano (ADA), Chainlink, Tezos (XTZ), and Compound (COMP), has led the sentiment around the crypto market to improve.

Continue reading

Data Suggests Bitcoin Price Will Rise as Investor Demographics Shift

Data shows that a sharp shift in investor demographics and monetary power could propel Bitcoin price to new highs.

Bitcoin (BTC) has been trading sideways for around a month now and is being outperformed by several other altcoins like Ether (ETH) and Chainlink (LINK). The cryptocurrency also hit the lowest levels of volatility since November 2018. 

Moreover, Bitcoin’s trading volume in it’s USDT and USD pairs has decreased by 56% and 44%, while global crypto trading volumes in June are down by 49.3% as well, according to CryptoCompare.

While some point to these key factors as the start of a downtrend in Bitcoin price, there are still a few bullish scenarios to look out for. A recent report by Stack Funds found that a shift in investor demographics may soon bring the price of Bitcoin to new highs. 

Utilizing data from Coindance, the report found that 50% of Bitcoin investors are millennials. Given that wealth transfer between generations is happening at a faster rate, Stack Funds believes millennials’ newly-found financial freedom may lead this younger generation of investors to put heavy buy pressure on Bitcoin. 

The report reads:

“As the millennial generation enters into the peak age of investment maturity, we believe this tech-savvy group would propel the significant shift in investors demographics, in turn, increases the propensity of bitcoin investments.”

Bitcoin ownership by age group

Bitcoin ownership by age group. Source: Stack Funds

Are Boomers buying Bitcoin?

The report also points to growing interest in Bitcoin and digital assets among other generations, a phenomenon which can further cement Bitcoin’s position as an investment asset class. 

According to a survey of Canadian citizens, ownership among baby boomers (56-76 years old) has recently tripled. Similar results were found in a recent research paper by the UK Financial Conduct Authority (FCA), which found that Bitcoin ownership by people above 35 years old increased significantly. 

The shift in investment power to newer generations, and the growing interest in Bitcoin for older investors, could help push Bitcoin price to new heights. However, institutions will also play a significant role as they could provide the most accessible on-ramp for new retail and institutional investors to invest in Bitcoin. 

According to the report: 

“In our conservations with investors, we noted that part of this buying pressure reflects parents from gen X and baby boomers who are looking to invest long term for their children’s future.”

Currently, there is no shortage of options for institutions of all sorts to get involved and the same can be said for those looking to invest their retirement in BTC.

Younger investors are drawn to socially responsible investments

A recent survey from Morgan Stanley showed that over 80% of investors are looking to invest in a socially conscious manner, meaning, they prefer to put their money into projects that can create a positive impact on the world and society.

Along with their greater aptitude for technology, millennials also display an increased concern around social issues like discrimnation, climate change, and possibly financial inclusion may soon become one their points of focus. 

Given the potential of cryptocurrency to address many of the issues millennials find problematic with the current financial industry, investing in Bitcoin as a new asset class ticks all the right boxes.

Continue reading