Bitcoin Crypto News

Bitcoin (BTC) Price To Reach In Millions By 2030, Says Analyst

A well-known, conservative crypto analyst gave a bullish commentary about the price of Bitcoin. According to a YouTuber, further proliferation of the digital asset will cause a steady rise of BTC to a million dollars. On a YouTube video, InvestAnswers signaled that BTC is approaching diminishing returns. Diminishing return is when an asset gets to a point where increased future investment yields less profit. The crypto analyst said that BTC yields investors five times less profit every new market cycle in comparison to the previous one.  Related Reading: Bitcoin Price Crashes To $19,000, But Stays Strong Against Other Assets Bitcoin Primed To Trade For Millions Of Dollars By The Year 2030 However, the analysts gave a different view on bitcoin that was in contrast with the apparent diminishing return of the digital asset. They cited that the value of networks grows as the number of participants increases, according to Metcalfe’s law.  If Bitcoin follows the trend of disruptive networks like cellphones and the internet, applying Metcalfe’s law projects a bullish case scenario for bitcoin. In that vein, a modest consideration of BTC’s future price will put it at over a million dollars by the year 2030.  The host made it clear that this prediction was strictly based on the scientific possibility that Metcalfe’s law holds for the number one cryptocurrency in the world. It is, however, not subject to wishful thinking. According to the analyst, the bitcoin digital assets’ adoption follows the historical patterns of preceding technologies.  Quite like InvestAnswers, there have been several sightings of multiple users across the internet, supporting the future appreciation of bitcoin’s price.  Crypto Market Cycles  Since speculation says bitcoin is still bullish in the long run, many are looking forward to taking advantage of the next market cycle.  The market cycle explains the ebb and flow of a market. Usually, new markets have a slow start. They pick off from a point where people show little or no interest. But as interest in the asset starts to increase, demand rises, and its price starts to inflate as a result. A complete market cycle has four phases: accumulation, markup, distribution, and markdown.  Related Reading: Do Kwon Statement: A Possible Trigger For Terra Tokens Price Surge As mounting interest takes the price of the commodity to new highs, it gets to a point where it eventually peaks. Investors become satisfied with their returns. And then sell off the asset causing tremendous sell pressure. Therefore, the price begins to drop. After one market cycle ends, the next begins shortly. Bitcoin Price Action  Bitcoin has roughly ranged between $22,000 and $18,000 for most of the 3rd quarter of this year. Investors are keenly eyeing the condition of the broader market as a go-ahead to pump funds into risky assets like bitcoin. Featured image from Pixabay and chart from TradingView.com

Crypto News Ethereum

Shiba Inu Rises Despite The Imminent Update

The SHIB (Shiba Inu) token is the offspring of the Ethereum network – an alternative to DOGE (Dogecoin). SHIB is more or less the opposite of Bitcoin in terms of availability. While BTC intends to make it scarce on the crypto market, the SHIB token flows in abundance. This is evident in its total supply of 1 quadrillion, even though its community plans to drop this figure. Also, its ecosystem is a good ground for different projects. Some of these projects are the creation of a decentralized exchange known as Shibaswap and storing NFT art. Related Reading: Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6? The SHIB team recently launched its game, referred to as Shiba Eternity. However, more updates on the game from the developers are still pending. The developers have revealed that they’ll release more updates on the newly launched Shiba Eternity on Thursday. An event will accompany the announcement according to the community. But the awaited update from the developers is already becoming a discussion subject on Twitter. This is due to the already slated Twitter Spaces. The community members will share their thoughts on the Shiba Eternity project there. More updates will come from the founder and lead developer of the SHIB token, Shytoshi Kusama, and William Volk. They intend to release these updates on the SHIB official Twitter page. Briefing On Shibarium Development A layer-2 blockchain network from the SHIB developers is currently in the pipeline. This blockchain is known as Shibarium, and it’s intended to reduce the workload of building blockchain ecosystem applications. The primary beneficiaries of this new development are developers and users. The idea of the Shibarium layer-2 network is similar to that of the Ethereum blockchain network. The reason is that both networks support developers of decentralized applications (DApps). The notion behind the project is to cut down transaction costs for gaming. This is possible because the project will serve as the premium layer-2 for the community and the SHIB token. A Quick Look At Shiba Inu Price Considering the current bearish state of the crypto market, it’s no surprise that the SHIB token is dropping in value. This is evident from the market watch in the last four weeks. The token is now down to its value dating from three months back. There’s no indication pointing to the possibility of a rise anytime soon. The same can be said about the general crypto market. Related Reading: Maker DAO Shows Bullish Sentiment After A While, Eyes $800? But the update of the community’s upcoming project from Shytoshi Kusama seems to raise the hopes of many fans of the SHIB token. As a result, several investors are watching the SHIB token’s price. The digital token currently trades on a bullish trend. Featured image from UnSplash, Chart: TradingView.com

Bitcoin Crypto News

Singapore’s DBS Bank Expands Its Crypto Trading Service For 100K Customers

As per Friday’s announcement through Bloomberg, Singapore state-owned DBS Bank has expanded its crypto trading service to more its 100,000 investors linked with its DBS Treasures section. The DBS’ clients will trade virtual currencies through its member-only decentralized exchange, DDEx. The service initially allows customers to trade four top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), […]

Bitcoin Crypto News

U.S. Federal Reserve Set To Hike Rates Above 400 BPs – How Will Crypto Market React?

The United States Federal Reserve is tightening, and interest rates hike has heavily impacted on the crypto market. Earlier this month, Bloomberg Analyst Mike McGlone McGlone said Bitcoin would outperform traditional stocks as interest rates hike. However, to this point, Bitcoin does not seem to follow Bloomberg’s predicted trend. As a matter of fact, despite Bloomberg’s bullish standpoint, Bitcoin and other cryptocurrencies are still in a crash. For example, BTC and ETH dropped by 2% after the Fed’s announcement and bounced back. BTC is currently trading below $19,000. The Fed’s Federal Open Market Committee (FOMC) manages the economy during inflation and recession by controlling the money supply in the country. The Fed maintains the money supply via quantitative tightening and easing of reserves. As a result, a rise in interest rates triggers volatility in the market. Related Reading: Prepare For Volatility: Data Suggests Bitcoin Gets Chaotic During FOMC Meetings Inflation Would Drop To 2% By 2025, Says Federal Reserve The Federal Reserve revealed its plans to tackle inflation at Thursday’s FOMC. The Fed 75bps interest rate hike is just the tip of the iceberg as it plans to raise the rates as high as 400bps by the end of 2022. In August, the CPI indicated 8.3% YoY inflation, but the Federal Reserve forecasts inflation to come down to 2% by 2025. The Fed Reserve plans to bring inflation down to 5.4% by 2022 and 2.8% by 2023. Reports show that Fed raised this year’s interest benchmark by four times. The current rates are between 2.25% to 2.50%. From the CNBN Fed Survey for September, Fed’s interest hike would remain at the peak rate for 11 months. John Ryding, the Chief economic advisor at Brean Capital, commented in response to the survey. Ryding said the Fed has finally realized the inflation problem is critical. He thinks the Fed’s monetary tightening rate is a ‘positive real policy rate.’ The economist advises Fed to increase the current rate by 5%. The survey reported that among 35 survey respondents, some economists, strategists, and fund managers think Fed might overdo its tightening. Recession Would Hit Global Economy – World Bank The World Bank says recession would hit the global economy because of the war-like monetary policies of the world economy. Svan Henrich, the founder of Northman Trader, thinks interest rates would depend on recession than inflation in the next year. He thinks Jerome Powell, Chairman of the Fed Reserve, emulates Paul Volcker. Henrich further advised Powel to pivot before hitting the 40bps rates target. Paul Volcker is the former Chairman of the U.S Fed Reserves. Related Reading: Bitcoin Dumps After Revisiting June Lows, Where Does The Bottom Lie? Jerome refused to say much about the recession, saying he didn’t know the depth or when the recession would occur. Meanwhile, Fed dismissed all speculations of recession. Everyone awaits the release of the following inflation data in the Consumer Protection Index for September. In addition, the next Federal Open Market Meeting will take place on November 2. Featured image from Pixabay, charts TradingView.com

Crypto News

Fall Of Crypto King, A Canadian Driven-Lambo Records $35M Losses

A self-acclaimed Crypto King has witnessed piles of demands from 140 of his investment clients. The 23-year-old tycoon runs a personal company known as AP Private Equity Limited. His investors want a part of his firm’s total of $35 million. The CBC report stated that the creditors claimed they gave their funds to Aiden Pleterski. The aim was for investment in cryptocurrency and foreign exchange on their behalf. Hence, they must uncover where the Crypto King has laid all their money. Related Reading: Polygon (MATIC) Downward Trajectory Faces Resistance At $0.94 Level Investigation Counsel PC has made a series of complaints regarding Pleterski. These include a bankruptcy trustee’s report, court filings, creditors meeting minutes, and other complaints. Investigation Uncovers Luxury Lifestyle Of Pleterski The investigation revealed that Pleterski has 11 vehicles and leased four luxury cars. Also, he resides in an expensive lakefront mansion rented for $45,000 per month. In addition, he frequently uses private jets to fly around without stress. The founder of Investigation Counsel PC, and the fraud recovery law company, Norman Groot, reacted to their discovery. He noted that Pleterski’s extravagant lifestyle does not provide the exact cumulative amount of missing money. Groot mentioned that the investors had warning signs of massive yields that could have cautioned them. He highlighted that the 5% weekly interest doesn’t exist in an open market. Also, a 23-year-old will not turn into the next Bill Gates. So, it is best to communicate with a conservative person while getting another opinion. Presently, some assets worth about $2 million has been confiscated from Pleterski. These include a Lamborghini, two BMWs, and two McLarens. The bank accounts and assets of Pleterski were frozen due to an initial lawsuit raised against him. The present bankruptcy proceedings have superseded the freeze. It serves as a suitable option for the investors for the recovery process. This is because bankruptcy proceedings are superior when it comes to civil claims. One of the creditors, Diane Moore, commented on her $60,000 investment contract. She stated that it would yield up to 10% – 20% fortnightly. Also, she was to receive a considerable share of a 70-30 split on all capital gains. She said the entire investment depends on trust and claimed to be about $50,000 pocket out. Pleterski Disputes Crypto Investment Claims Micheal Simaan, the lawyer for Pleterski, disputed the accusation against his client. Simaan stated that his client has fully cooperated with the bankruptcy proceedings. The lawyer reported that Pleterski’s into crypto began from his teenage age. By making massive success through the bull markets, many investors became interested and offered their money for investment to get rich. Related Reading: Aave (AAVE) Attracting Whales Over Past Few Months – Will It Spur Price Rally? On his part, Pleterski stated that the problem with his investment firm is bad trades and margin calls. The effect became intense due to the prevailing crypto winter and the price crash in the market. He reported that he lost all the money from his investors from late 2021 to the beginning of 2022. Featured image from Pixabay, Chart: TradingView.com