Category Archives: Bitcoin

(Bloomberg) -- FOMO remains alive and well in the cryptocurrency world, with lesser-known tokens outperforming again in the wake of recent rallies staged by industry leaders Bitcoin and Ether.

Cardano has doubled this month, becoming the third-largest digital asset. Binance Coin is also up. A token named Avalanche has tripled in August. Meanwhile, prices for digital photos of rocks with laser eyes and cartoon depictions of cute animals are going gangbusters, sometimes quadrupling in a matter of days.

Among analysts and investors, theres little consensus as to whats driving the frenzy. Some posit that speculators are moving from the mainstays to newer, more exciting offshoots, as they often do after big runs. Others see a world awash in cash and ultra-low rates, which ultimately pushes investors toward ever-wonkier assets.

Theres no doubt that theres a lot of excitement in crypto, said Yoni Assia, founder and chief executive of online exchange eToro. You can definitely see it within the numbers in the industry, whether its looking at total volumes or looking at growth of companies, he said, adding that weve seen a lot of exuberance in the market.

Assia calls it a generational buying moment and cites a confluence of events, including rock-bottom interest rates worldwide, as well as massive fiscal stimulus efforts that delivered checks to many people during the pandemic.

Some of that money has gone toward cryptocurrencies and related assets, such as stocks of digital miners. About 15% of Americans who received the first two stimulus checks invested part or all of the money, and about half of this group invested specifically in cryptocurrencies, according to a survey of more than 1,000 U.S. adults conducted by The Harris Poll for Yahoo Finance.

At the same time, inflation has materialized as economies reopen, playing into the warnings from some crypto faithful of pending hyperinflation. Put all that together and its leading a lot of people to look for various types of investments, Assia said.

A recent survey by eToro found that roughly a quarter of the 6,000 investors queried own crypto, a number that increases to nearly 50% for the younger cohort. The company also found that the average investor was set to increase their crypto allocation in the coming months and that interest in alternatives to Bitcoin and Ether, or altcoins, is significant.

Meanwhile, downloads for crypto trading apps are rising -- Coinbase Global Inc. ranked 11th among finance apps in Apples iPhone downloads, according to App Annie, a mobile data and analytics provider. It averaged 23rd within its category last August. Digital exchanges Kraken, Voyager and Crypto.com have also advanced in the ranks.

Read more: NFTs Supplant Rolexes and Lambos as the New Digital Savvy Flex

With all of this money floating around, we should not be surprised that there are people paying exorbitant amounts of money for digital pet rocks and an endless amount of other digital assets that can be easily created, said Michael ORourke, chief market strategist at JonesTrading.

The space is dominated by younger generations, he said, and all they know is a Federal Reserve thats been almost-perpetually accomodative. Take that, alongside a gridlocked government, and its no surprise many have gravitated toward the crypto space, he said.

Since July, assets under management for digital-asset investment products rose more than 57% to roughly $55 billion. Average daily aggregate trading volumes increased more than 46% to $544 million, the biggest month-over-month rise since May, according to data-tracker CryptoCompare.

A lot of the attentions been placed on altcoins such as Cardano, Avalanche and the meme mainstay Dogecoin. Meantime, an index tracking some of the largest decentralized finance protocols and apps -- the Bloomberg Galaxy DeFi Index -- is up about 45% since the start of July.

Theres generally been pretty positive crypto sentiment recently: NFTs have helped lead the revival, and the crash from May is further in the rearview mirror, said Sam Bankman-Fried, chief executive officer of crypto exchange FTX.

And then there are the blockchains looking to compete with Ethereum. Avi Felman, co-portfolio manager at BlockTower Capital, said now that Ethereums recent network upgrade is done, speculators are turning their attention toward rival blockchains and their tokens.

Meanwhile, the U.S. equity markets seem to post records daily. Meme stocks are going bonkers too. Jason Urban, co-head of Galaxy Digital Trading, said when the markets in a such a risk-on mood, crypto can only benefit.

In the four years ending in 2019, correlations between Bitcoin and daily returns for the S&P 500 were generally small, according to Wei Liang at DBS in Singapore. But starting last year, that changed. Amid the pandemic, Bitcoin and U.S. stocks have fallen and rebounded jointly, he said.

Lately, you see people are concerned about inflation, people are concerned about money supply -- because of that, historically, people always said buy stocks as a hedge against inflation, Urban said. Now, he added, its crypto as well.

2021 Bloomberg L.P.

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Hottest Crypto Coins Are Now the Bitcoin and Ether Alternatives - BNN

Every week, Benzinga conducts a survey to collect sentiment on what traders are most excited about, interested in or thinking about as they manage and build their personal portfolios.

This week we posed the following question to over 1,000 Benzinga visitors on both cryptocurrencyand stock investing:

If you had $5,000 to invest, would you put it on Bitcoin (CRYPTO: BTC) or AMC Entertainment Holdings Inc (NYSE: AMC) right now?

See Also: AMC To Accept Bitcoin As Payment For Tickets, Concessions By End Of Year

Bitcoin was trading around $48,700 at press time. The apex cryptocurrency has ripped higher over the past month by 23.5% from the $39,500 price level on July 29th.

Meanwhile, AMC closed Fridays session higher by 1.3% to $40.84. AMC is also trading higher by 16.2% over the past five sessions.

AMC recently announced the company will begin accepting Bitcoinas payment for movie tickets and concessions by the end of thisyear... Read More

This survey was conducted by Benzinga in August 2021 and included the responses of a diverse population of adults 18 or older.

Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from over 1,000 adults.

2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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If You Had $5,000 Right Now, Would You Put It On Bitcoin Or AMC? - Benzinga

Bitcoin has clawed back lost ground from Thursdays 2.4% sell that saw the crypto reach a low of around $43,800.

The worlds largest cryptocurrency by market value was up 1.5% over a 24-hour period by press time and is currently changing hands for around $46,100.

Bitcoin is beginning to edge closer toward analysts projected $50,000 price tag, as CoinDesk reported Thursday.

Related: Cardano Announces Alonzo’ Upgrade Launch Date; Price Jumps 16%

We were seeing many investors taking advantage of recent market movements by taking profits, said Asher Tan, CEO of cryptocurrency exchange CoinJar. Theres a trend of conservatism among users who jumped into crypto around similar price levels earlier in the year, with users slightly trimming their holdings.

Indeed, bitcoins total daily volume across major exchanges, including Bitstamp, remains flat when compared to previous months, particularly towards the end of May.

While the recent price movements have seen an increased amount of activity in the markets, trading volumes globally are nowhere near where they were the last time the price was at $45,000 theyre much lower, said Janine Grainger, co-founder of Australia-based exchange Easy Crypto.

The co-founder points toward new investors remaining cautious ever since they had a taste of the crypto markets volatility when the sell-off in May saw bitcoin prices drop 50% from $56,700 to around $30,000 in a little over a week.

Related: Israeli Financial Authorities Double Down on Bitcoin-Linked Investments: Report

Yet seasoned investors, Grainger argues, are increasingly active with data hinting at a strong uptake in altcoins, beginning Aug. 9. In particular, ether has picked up significantly against bitcoin and that is starting to trend again as of today, she said.

Some folks are worried were about to repeat history with this years $60,000-$30,000-$45,000, but this time it really is different, BCB Group CEOOliver von Landsberg-Sadie told CoinDesk via Telegram on Friday. There is a ton of institutional money in the system, which behaves very differently from retail money; the ecosystem has evolved significantly with hundreds of thousands of man hours of innovation; and regulation has gained much greater definition.

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Ether isnt the only crypto trending higher on the day with cardano, stellar and solana posting the highest gains. Zooming out to a seven-day period, most altcoins in the top 20 by market cap are outperforming bitcoin while most decentralized finance (DeFi) cryptos are trending higher in the green, up between 6%-90% over the same period.

In terms of altcoins, many cryptocurrencies, especially DeFi coins, have been lagging in comparison to bitcoin and ether, said Tan. However, were starting to see a trend of users swapping bitcoin for DeFi coins, which has been a catalyst for the recent appreciation in their price.

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Bitcoin Back Above $46K on Low Daily Volume as Altcoins Outperform - Yahoo Finance

Bitcoin (BTC) whales are staying active as the crypto market recovers from a two-month summer downturn.

In just a single transaction, one Bitcoin whale has moved 15,000 BTC, currently worth over $674,000,000 at time of writing.

The transaction was picked up by the blockchain tracker and analytics tool Whale Alert early Wednesday morning.

According to the data, the Bitcoin sum was moved off the major crypto exchange Binance into a wallet at crypto custody company Xapo, whose institutional custody business was bought out by Coinbase in August of 2019.

Blockchain analytics firm Santiment has been keeping up with Bitcoin movements on and off crypto exchanges. The firms latest exchange update indicates that the level of BTC held on exchanges has fallen to a 26-month low, painting a potentially bullish picture for Bitcoin holders.

The ratio of BTC on exchanges has now fallen to its lowest point since June, 2019. This 26-month low should be viewed as a bode of confidence for holders of Bitcoin, as large exchange selloffs are less common when less supply is at risk on exchanges.

Heres a list of the aforementioned and other large BTC movements in the past 24 hours:

Featured Image: Shutterstock/David Evison

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Bitcoin Whale Abruptly Moves $670,000,000 in BTC This Is Where Its Headed - The Daily Hodl

Didi Taihuttu, along with his wife and three kids, liquidated all of their assets and bought bitcoin in 2017, back when it was trading at around $900. Now, the Dutch family of five is safeguarding most of their crypto fortune in secret vaults on four different continents.

"I have hidden the hardware wallets across several countries so that I never have to fly very far if I need to access my cold wallet, in order to jump out of the market," explained Taihuttu, patriarch of the so-called Bitcoin Family.

Taihuttu has two hiding spots in Europe, another two in Asia, one in South America, and a sixth in Australia.

We aren't talking buried treasure none of the sites are below ground or on a remote island but the family told CNBC the crypto stashes are hidden in different ways and in a variety of locations, ranging from rental apartments and friends' homes to self-storage sites.

"I prefer to live in a decentralized world where I have the responsibility to protect my capital," said Taihuttu.

There are a lot of ways to store crypto coins. Online exchanges like Coinbase and PayPal will custody tokens for users, while the more tech savvy may opt to cut out the middleman and hold their crypto cash on personally owned hardware wallets.

Thumb drive-size devices like a Trezor or Ledger offer a way to secure crypto tokens. Square is also building a hardware wallet and service "to make bitcoin custody more mainstream."

People who choose to hold their own cryptocurrency can store it "hot," "cold," or some combination of the two. A hot wallet is connected to the internet and allows owners relatively easy access to their coins so that they can access and spend their crypto. The trade-off for convenience is potential exposure to bad actors.

"Cold storage often refers to crypto that has been moved to wallets whose private keys the passwords that enable the crypto to be moved out of the wallet are not stored on internet-connected computers, so that hackers can't hack into the computer and steal the private keys," said Philip Gradwell, chief economist of Chainalysis, a blockchain data firm.

Gradwell said exchanges will also often use cold wallets to secure the crypto their customers have deposited.

A recent Chainalysis report examining wallets holding bitcoin shows that 11.8 million bitcoin is in the hands of long-term investors, 3.7 million is lost, another 3.2 million is circulating among traders, and the remaining 2.4 million have yet to be mined.

"We can guess which wallets are cold storage as they have particular behaviors, like receiving large amounts of crypto from a single source and not sending any for a long time until they are emptied all in one go but you cannot definitively tell that a wallet is being used as cold storage," said Gradwell.

In the case of the Taihuttu family, 26% of Didi's crypto holdings are "hot." He refers to this crypto stash as his "risk capital." He uses these crypto coins for day trading and potentially precarious bets, like when he sold his dogecoin for a profit and then bought it back when the price of DOGE bottomed out.

The other 74% of Taihuttu's total crypto portfolio is in cold storage. These cold hardware wallets, which are spread around the globe, include bitcoin, ethereum and some litecoin.The family declined to say how much it holds in crypto.

Bitcoin, ethereum and litecoin are all in the midst of yet another climb higher, up 57%, 83% and 61%, respectively, in the last three weeks.

Moving bitcoin to cold storage isn't a new idea. For as long as there's been bitcoin, there's been a way to store it cold. But it requires more upkeep.

"Cold storage requires a lot more permissioning in order to access it, whether it be in a bank vault or whether it be buried in the Andes mountains," said Van Phu, a software engineer with crypto fintech start-up Floating Point Group.

And while Taihuttu said it's easy to top up the addresses of these cold storage wallets with fresh crypto coins, retrieving them is a different story. Drawing down on his cold crypto requires physically flying to his many hiding spots.

Taihuttu is trying to put a crypto cold wallet on every continent so it's easier to access his holdings.

Buried in the Swiss Alps is a vault inside adecommissioned military bunker that's cut off from the internet, guarded by an onsite security team, and apparently, according to digital bank Xapo's website, "watched over in the skies by satellite." The precious merchandise under lock and guard is bitcoin.

Coinbase bought Xapo in 2019, an unsurprising move for a company that stores 98% of customer funds offline, in order to provide "an important security measure against theft or loss."

While centralized vaults like these offer certain security protections, Taihuttu said it feels too centralized to him.

"If you want to store your coins truly outside of the reach of the state, you can just hold those private keys directly. That's the equivalent of burying a bar of gold in your backyard," said Castle Island Ventures general partner and Coin Metrics co-founder Nic Carter.

That's why Taihuttu doesn't use banks or post offices. "I find it just too risky," he said. "What happens when one of these companies goes bankrupt? Where are my bitcoins? Will I have access? You again put the trust of your capital in the hands of a centralized organization."

But Taihuttu said some centralized cold storage companies offer a major perk.

"They have beautiful setups for inheritance," he said. "When you die, these companies handle that, as well, and I really believe they are doing a great job."

Phu said multiparty computation, or MPC, is also proving instrumental in the digital asset space. In this custodial arrangement, multiple parties all have to give consent in order for a transaction to go through.

This avoids the risk of storing private keys and authentication credentials in one single place, something known as a "single point of compromise." MPC instead breaks up the private key into shares, encrypts it, and then divides that among multiple parties, according to Fireblocks, a digital asset infrastructure provider.

"I think the evolution right now is to MPC," said Phu.

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The family that bet everything on bitcoin when it was $900 is now storing it in secret vaults on four different continents - CNBC

The day that bitcoin becomes less volatile is the day that mass adoption will begin. Or is it that mass adoption will minimize volatility on bitcoin?

This is one of the most popular debates in our space as market participants try to speculate when the volatile price action of bitcoin will get smoother. Those who know me are familiar with my stance on the subject: Mass adoption should eventually smooth the volatility curve and price swings on bitcoin, but this adoption could increase volatility significantly in the near term, as the expanding ecosystem continues to adjust to the inflow of new market participants.

As the Bitcoin ecosystem grows and evolves, new players continue to enter with different characteristics from one another, something that can bring disruption or even stress in an ecosystem that has been used to a different reality for such a long time.

Some of the lowest levels of volatility, in fact, occurred during the early adoption stage (2013 to 2017) of bitcoin, when the market cap was below $20 billion and the network was dominated by early believers in a buyers-only market. Then suddenly, volatility struck with a massive sell off that shook the world in 2018 and took many people out of the market.

But what happened prior to the sell off that triggered that event? Many things have been said about this, but few approaches have acknowledged a key event that took place a little earlier, in December 2017: the introduction of the first bitcoin futures product, which started trading on the Chicago Mercantile Exchange.

This was an event that for the first time created a new reality. The ability to short-sell bitcoin on a large scale. In other words, the ability to sell bitcoin that you had never previously owned (even if that bitcoin was never real, but rather just a price tracker).

That consisted of the first expansion of the Bitcoin ecosystem, which came to counter the prior reality of a buyers-only market.

The growing popularity of bitcoin as an asset class on its way to mass adoption triggered the creation of the futures market and the creation of a new type of market participant, the short seller, something that led to a sell off we all remember.

Source: TradingView

Moving forward, as bitcoin entered a new market cycle, the pain of 2018s sell off took most momentum players out of the system and allowed the maximalists to regain the majority composition of the network.

Something that led to the gradual rejuvenation of prices all the way through mid-2020, when bitcoin became, for the first time, the coolest kid in town and mass adoption started to seem like a potential reality.

But, before we address the present, lets take a look at how volatile bitcoin was as it headed toward the CME listing, the price ease and the return to relativity for people outside the network.

Source: Bloomberg Terminal

Bitcoin was quite volatile, some might say, as the network was preparing itself for mass adoption. But how does this compare to the price action of mid-2020 to the present, when a record inflow of market participants joined our network and mass adoption began to start getting triggered?

Source: Bloomberg Terminal

The record inflow of new market participants led to record volatility in the network, a volatility that does not seem ready to leave the system yet. Why? you might ask. Did we not always believe that mass adoption will bring balance in the system? How come bitcoin, at a $100 billion, $300 billion or even $1 trillion market cap, is more volatile than bitcoin at a $20 billion market cap?

The answer is simple: The market participants now have different utilities and purposes than they did in the early adoption stage, and the network is having a small shock as it is trying to absorb the growth, similar to acne on a teenagers face as their body grows into that of an adult.

Bitcoin with a market cap in the hundreds of billions of dollars has many new players. Players with different roles and beliefs, with the maximalists accounting now for a significantly smaller part of the pie. The ecosystem has evolved from a buyers-only market that welcomed initially long-term investors, to welcome momentum traders and speculators, proprietary desks and liquidity providers, lenders and a series of other new roles that are in fact very much needed for the long-term purpose of mass adoption, but who have brought extreme volatility in the near term as the network tries to adjust to the new, constantly-evolving reality.

All of that, as one question continues to dominate the market: How can we minimize volatility on a network that has grown from an infant into a baby, but still has a long way to go until its fully developed?

The answer is simple: risk management.

Risk management from an individual perspective is the most significant assistance that each of us can offer to bitcoin in order for it to continue to grow and accept new members under lower volatility and smoother price swings.

When it comes to risk management, the number-one rule is understanding your risks. But before we understand them, we actually need to acknowledge them.

Denial of risk refers to cognitive ways to develop adaption to risky behaviors by rejecting the possibility of suffering any loss. -Peretti-Watel

It aint what you dont know that gets you into trouble. Its what you know for sure that just aint so. -Mark Twain

What if the accumulated total of the bitcoin positions in the world were not based on random outcomes, but instead on scenarios known ahead of the position establishment?

What if the liquidation of that leveraged position could have been prevented?

What if the profit of a miner was locked one year out ,or 70% of the value of your portfolio was secured?

Then confidence would dominate the market and the next sell off would not have been as bad as the prior one.

Risk management is a vote of confidence in bitcoin.

Why? Because confidence is derived by known outcomes and known outcomes are an output of risk management.

Risk management is the answer to extreme volatile swings and lesser sell offs. The moment the downside is not detrimental to our portfolios or lives savings, is the moment that liquidations will be avoided and panicked selling will seize.

The moment everyone individually manages their risk is the moment that price normalization will be attained and confidence will be achieved in the broader market.

But how do we even approach risk management?

For starters, risk management begins with position placement and trade execution. Or by simply avoiding an overleveraged situation that you have absolutely no control over.

Risk management occurs by making sure that we do not engage in a trade that, if gone wrong, will threaten the financial wellbeing of ourselves and our families.

Risk management occurs when you put a stop loss on your leveraged position instead of doubling down or hoping that prices will return back to where they were.

Risk management occurs when you quickly realize that you are the one who is wrong, not the market, and accordingly adjust your exposure.

In a more moderate approach, risk management can be achieved through the derivatives markets, when you buy a put option in order to establish a maximum loss scenario or a minimum gain. Or simply when you sell some futures contracts for part of your physical position in order to protect your portfolio against nearby volatility and potential adverse market conditions.

Just like anything else in life, risk management should work as a damage-aversion mechanism, not as an aftermath solution. Our goal should always be to avoid our house catching on fire, not putting the fire out once its too late.

This is a guest post by Anestis Arampatzis. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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Bitcoin Price Volatility And How Risk Management Is A Vote Of Confidence - Bitcoin Magazine

Bitcoin Gains Ground Ahead Of The Weekend

Bitcoin is currently trying to settle above the resistance level at $46,000 while crypto markets are moving higher.

Ethereum quickly gained upside momentum after the recent pullback and is trying to settle back above $3,250. RSI is still in the overbought territory despite the pullback, but there is enough room to develop additional upside momentum.

Dogecoin continues its attempts to settle above the resistance level at $0.2750. XRP managed to get back above $1.00 and is trying to settle above $1.04. In general, the crypto market mood is bullish, and altcoins look very strong as Bitcoin Dominance continues to decline and looks ready to breach the 45% level.

Bitcoin received support near $44,000 and moved back to the resistance at $46,000. RSI remains in the moderate territory, and there is enough room to develop additional upside momentum in case the right catalysts emerge.

If Bitcoin manages to settle above $46,000, it will continue its upside move and head towards the resistance level at $47,500. A move above $47,500 will open the way to the test of the resistance at $50,000. No important levels were formed between $47,500 and $50,000 so this move may be fast.

A successful test of the resistance level at $50,000 will push Bitcoin towards the next resistance at $51,500. It should be noted that a move above the psychologically important $50,000 level will likely attract more speculative traders. In case Bitcoin gets above $51,500, it will head towards the next resistance at $53,000.

On the support side, the nearest support level for Bitcoin is still located at $44,000. This support level has already been tested several times and proved its strength. In case Bitcoin declines below this level, it will head towards the next support which is located near the 20 EMA at $42,000. A move below this level will push Bitcoin towards the next support level at $41,300.

For a look at all of todays economic events, check out our economic calendar.

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This article was originally posted on FX Empire

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Bitcoin Rebounds After Pullback And Tests Resistance At $46,000 - Yahoo Finance

Twitter and Square CEO Jack Dorsey, a noted superfan of Bitcoin, claimed on Monday that the cryptocurrency will eventually unite the world. Yes, really.

On Monday afternoon, an amendment to the Senates infrastructure package that would have expanded the governments involvement in cryptocurrency was blocked. Shortly after that, Dorsey tweeted that #Bitcoin will unite a deeply divided country. (and eventually: world).

Dorsey didnt specify which country, but given that hes been tweeting a lot about the amendment since it failed, it seems likely hes talking about the US. He hasnt yet explained further.

This isnt the first time Dorsey has touted Bitcoin as a vague solution to big problems. At a Bitcoin conference in July, he said that my hope is that [Bitcoin] creates world peace. He elaborated:

Elon said it earlier. We have all these monopolies of violence, and the individual doesnt have power. The amount of cost and distraction that comes from our monetary system today is real, and it takes away attention from the bigger problems, some of the bigger problems that Elon is trying to solve like getting us to multiplanetary humanity. All these distractions that we have to deal with on a daily basis take away from all those bigger goals that affect every single person on this planet, increasingly so. It may sound a little bit ridiculous, but you fix that foundational level and everything above it improves, in such a dramatic way. Its gonna be long term, but my hope is definitely peace.

It remains unclear how Bitcoin, a cryptocurrency valued at more than $46,000 for a single coin and one that is mined at a massive cost to the environment, can help solve some of the worlds foundational problems.

Dorsey has been preaching the gospel of Bitcoin for some time now, displaying a Bitcoin clock while testifying before Congress, opening a new Bitcoin business unit for Square called TBD, and even suggesting in 2018 that Bitcoin will become the worlds single currency within 10 years. It seems likely hell continue to beat the drum of Bitcoin for the foreseeable future maybe soon hell even let people buy ads on Twitter with it.

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Jack Dorsey says Bitcoin will unite the world, but doesnt say how - The Verge

The Nasdaq-listed cryptocurrency exchange Coinbase says that it wants to be the Amazon of assets and list every legal crypto asset out there. The company has outlined two major long-term trends affecting its business.

Coinbase revealed its plan during the Q2 2021 earnings call Tuesday. CEO Brian Armstrong explained: We at Coinbase always think about longer-term cycles of crypto Were always looking at the long-term trends. He described two key trends affecting Coinbase.

The first one is that were continuing to see this trend of people using crypto for more and more things beyond trading, Armstrong detailed. He added that For example, we now have 1.7 million users doing staking in crypto, which is a way to earn a yield on your assets.

The CEO continued, The second big trend were seeing is this idea of Coinbase embracing decentralization, elaborating:

We want to be the Amazon of assets, list every asset out there in crypto thats legal. There are thousands of them today. There are eventually going to be millions of them. This is all under the theme of embracing decentralization.

Armstrong emphasized: We have a very rigorous process weve created on the compliance and the legal and cybersecurity evaluation of these assets to make sure they comply with those standards, but once we get comfortable with that, we want to list various assets that meet those listing criteria.

He further noted: Bitcoin and ethereum still make up about 50% of our trading volume and the other 50% is the long tail of all the other assets that we support. No single one of those long-tail assets accounts for more than 10% of our trading volume so its really starting to become quite a diverse set of assets out there.

The Coinbase executive mentioned that in the second quarter, his platform listed 22 new coins, including dogecoin (DOGE). He opined:

Our overall approach is were agnostic about which assets are going to win, we really just want to support every asset thats legal for our customers.

In Q2, the company raked in $2 billion and formed partnerships with notable people and companies including Elon Musk, Spacex, and PNC Bank. At the end of June, the company said it wanted to launch an Apple-like app store for cryptocurrencies.

What do you think about Coinbases plan to become the Amazon of crypto? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Coinbase Aims to Be the 'Amazon' of Crypto, CEO Says Exchange Wants to List All Legal Crypto Assets Bitcoin News - Bitcoin News

Last week, see here, I showed the Bullish Elliott Waves (EWP) option for Bitcoin (BTC), looking for a rally to initially mid-$40Ks (its 200-day simple moving average (SMA)) before a multi-week pullback should happen. In finer detail, I had placed a wave-iv of wave-1 label at around the August 3 low of $37718, expecting a wave-v of 1 higher to commence soon. Bitcoin bottomed a daily later at $37526 and is now trading at $46.5K. Thus, so far, so good.

Figure 1. Bitcoin daily chart with detailed EWP count and technical indicators.

Last week I found, Because one can always find a bullish or bearish data point to support ones biased view, it is the weight of the evidence approach that allows for a much more objective interpretation. In this case, it is rather apparent the weight of the evidence is predominantly bullish. All BTC now needs to do is reclaim its 200d SMA. Thus, my objective analyses, which my premium crypto trading members bank on, pointed in the right direction, and Bitcoin has now reclaimed its 200d SMA.

Given that the daily chart is still Bullish

price is above all its SMAs and those are rising.

Note the four green arrows at the upper left corner of the chart. Its called the traffic light, and it means GO when it is green.

And the currency is above its Ichimoku cloud as well,

A possible more Bullish alternative should be considered. Namely, the current red wave-v can subdivide higher to $58-59K. But, I find that option less likely because of the divergences on the technical indicators and overbought money flow. Thus, a break below the 200d SMA from current levels is a first warning sign for the bears that the (black) major-2 wave is likely underway. In contrast, a break below Mondays low ($42818, red horizontal arrow) increases those odds even more as the cryptocurrency makes lower lows.

Bottom line: Last week, I found, If BTC can hold above $35495 from now on (the red wave-i high made on June 24) and rallies towards its 200d SMA from around current levels, then the chart shows a perfect setup for five waves higher since the June 22 low. That would significantly increase the odds for a pullback, wave-2, before a solid rally to ideally new all-time highs; wave-3. The cryptocurrency did just that and even gave us a little more upside. Thus my preferred POV remains BTC should see a decent pullback soon before rallying again. Alternatively, since upside surprises and downside disappoints in Bull markets, a continued $58-59K is not entirely unlikely. The Bears will now have to break $30K to target $20K.

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For a look at all of todays economic events, check out our economic calendar.

This article was originally posted on FX Empire

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Bitcoins Rally to $90K+ Back on Track - Yahoo Finance