Category Archives: Bitcoin

Major cryptocurrencies slumped on Friday with bitcoin, ether and dogecoin falling up to 10% amid continued consolidation and low volatility, as bulls and bears continued to fight for domination over the crypto market.

The crypto market mirrored the weak trend in the traditional markets, where major global equity indices traded in the red on concerns over the US growth outlook amid fears of the rise in covid-19 cases due to the delta variant.

While bitcoins correlation with S&P 500 hit a three-year low in June, as per the Kraken Intelligence report, experts say that institutional adoption of cryptocurrencies over the past year has made them susceptible to changes in the traditional markets.

Over the past two months, bitcoin has been trading between $30,000 and $42,000 levels as sentiment remained muted amid concerns over the environmental impact of bitcoin mining and regulatory crackdown in China.

The worlds biggest cryptocurrency on Thursday again slumped below the crucial support at $33,000 level and is now in danger of falling towards the $30,000 level. The digital asset, which is 50% lower against its all-time high, was trading 6% lower at $32,682 at around 4pm, as per CoinGecko.com.

Trading veteran, Peter Brandt on Wednesday said that bitcoin may soon fall below the $30,000 level.

In a Twitter thread, Brandt, who is the chief executive officer of global trading firm Factor LLC, shared a chart pattern showing bitcoins trading range. He also launched a poll asking users how low bitcoin can go below $30,000. However, most respondents were of the view that the digital currency wont break that level.

However, a major critic of bitcoin, Peter Schiff, who is the CEO of US-based Euro Pacific Capital, tweets that the digital asset may lose over a third of its value from here on.

Bitcoin continues to carve out the right shoulder of an ominous head and shoulders top pattern. If bitcoin takes out the June low, the market could easily collapse below $10,000, especially if leveraged speculators are forced to sell. No one seems to acknowledge this possibility," Schiff tweeted. Bitcoin had slumped to $28,000 level last month.

Meanwhile, the worlds second-biggest cryptocurrency, ether, was down over 8% at $2,183 today, while Shiba Inu-based meme crypto dogecoin slumped as much as 10%.

The sentiment in the crypto market further took a hit after shorts on cryptocurrency exchange Bitfinex spiked 160%. The latest price action came hours after fresh selling pressure thanks in part to an unknown whale trying to short it with over 5,000 bitcoin," Cointelegraph reported.

In the bearish cues from global regulators, The European Union is expected to propose a new agency to crack down on money laundering and transparency rules crypto assets, while Chinas central bank highlighted concerns over risks to financial systems from stablecoins.

A stablecoin is a digital currency that is linked to an underlying asset such as a national currency such as the US dollar or a precious metal such as gold.

Last week, Fitch Rating Ltd had said that the rapid growth of stablecoin issuance could have implications for the functioning of short-term credit markets.

In another negative news for the crypto market, the Securities and Exchange Commission (SEC) on Wednesday extended its review of SkyBridge Capitals application for a bitcoin exchange-traded fund.

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Bitcoin, ether, dogecoin cracked nearly 10% today. Here is why - Mint

Noelle Acheson, the Head of Market Insights at Genesis Trading, breaks down what needs to happen for Bitcoin to break losse to the upside once more.

ADAM SHAPIRO: Noelle Acheson is Genesis Trading Head of Market Insights. It's good to have you back here, Noelle. And very simply--

NOELLE ACHESON: Hi, Adam, hi, Seana, great to see you.

ADAM SHAPIRO: It's good to see you too. For those of us who watch Bitcoin, don't pretend to understand it, but know it's an asset that we have to pay attention to, why did it fall today? Was it China? Was it something else?

NOELLE ACHESON: That's a really good question, Adam, because we know the institutional interest is there. We see this every day. Genesis is one of the largest institutional lending services and prime brokers in the industry. So we are, we know the institutions are interested in allocating to this. But also, the unchained data is telling us that long-term holders are in fact, accumulating. So why are we seeing the sea of red? I think it's because of the uncertainty in the market. Uncertainty on the regulatory front, but also uncertainty on the macro front.

On the regulatory front, we've seen some announcements recently from the United States. We saw FinSA actually appointing someone to full-time focus on crypto. We saw Senator Warren calling on the SEC to actually give us some clarity on their stance on crypto. We'd all like to see that. It's not quite so simple. We also have Binance coming under quite a lot of regulatory pressure from various jurisdictions. And while this wouldn't materially impact the institutions that Genesis talks to, Binance is very influential in market liquidity. So that is creating some unease.

SEANA SMITH: So Noelle, what do you think this means for prices at least I guess over the next couple of months? Do you expect this to stay relatively range bound here? Because we've been trading between 30,000 and 35,000 now for a little bit.

NOELLE ACHESON: That's a very good question. If I knew that. But to be honest, I think the macro uncertainty is also playing a very big role, especially over the recent, the recent few days. One of the things that the bond market is telling us today is that they don't really buy this inflation thing. They do think it is transitory. And so the unwinding of the reflation trade is impacting Bitcoin, as many investors have allocated Bitcoin to their portfolio as an inflation hedge. But one thing we do know that we've seen many times before in the crypto market, that when it turns, it turns fast. When that's going to be, again, I wish I knew.

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ADAM SHAPIRO: Want to switch gears on something, because stablecoin sounds like something that should be stable, and yet you've pointed out that jurisdictions, regulators are concerned about the impact of stablecoin. What does that mean for people who might be dabbling in crypto investments via stablecoins?

NOELLE ACHESON: It's a fascinating topic, Adam, and one question I like to pose when we're talking about stablecoins is, stable against what exactly? Stablecoins, as your viewers not doubt know, are generally fiat-backed representations on blockchains. They act as crypto asset, but they are stable relative to fiat currencies, which is a whole different conversation. But they are an incredibly important key part of the liquidity in the market. More and more investors, even traditional investors, are using stablecoins to move funds around to transact not just in the crypto markets, but generally just to move funds. And yet the regulatory clarity around these is almost non-existent at this stage.

Progress is being made, but we've been hearing a lot of regulatory rumblings recently from regulators all over the world expressing unease over the potential risk to the system of private stablecoins. And this is also tying into the conversation that you note, you've been talking about, the central bank digital currencies. It's particularly interesting, because today we see that Circle, which is one of the issuers of the second largest stablecoin point in the market, is going public. It's going, it's announcing this before we get the regulatory clarity around the stablecoins that we know is coming. The timing is curious.

SEANA SMITH: Noelle, what does all this mean for institutional interest? I guess, do we need to see a larger pullback in order to see more institutional investors jump into Bitcoin or jump into crypto? Or do you think we're currently seeing that right now with the pullback?

NOELLE ACHESON: I think we're seeing institutions continue to wait on the sidelines. Most are not in a huge hurry, because very many of them are taking long-term positions. Those that take short-term views on this are already involved, because the volatility is what they're looking for. But those that are taking the long-term view, they're going to wait and see one, for the macro clarity, waiting to see how far this down run is going to go. But also the regulatory clarity, because that's a very key factor for institutional investors anywhere. Not quite so much for retail, which are important parts of the market, but certainly for institutions.

I do believe that for the market to change direction, we do need new institutional investors to come in, a new type of institutional investor. That's what's driven every single bull run that we've seen so far, been triggered by the institutions. And until they start to see some kind of clearing, the clouds that overhang the market recently, we've got some waiting to do. But institutions do tend to move as a pack. So again, when it turns, it'll turn fast.

ADAM SHAPIRO: Noelle Acheson is the Genesis Trading Head of Market Insights. And I know that you're joining us from a city known for its churros con chocolate. I hope you get to take a few walks in the [INAUDIBLE]. Say hi to Barrio Salamanca. It was a long lifetime ago.

NOELLE ACHESON: I will, Adam. We should get you back here soon.

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Bitcoin needs a 'new type of institutional investor' to bring price back up - Yahoo Finance

On Thursday local reports from Mechanicville, the city located in Saratoga County, New York, say that an old hydroelectric plant constructed back in 1897 was almost dismantled, but today the plant is mining bitcoins. The Mechanicville facility is considered one of the oldest renewable energy plants in the world, and its now making more money with bitcoin than selling the electricity to the grid.

In the historic district of Mechanicville, New York, theres an 18.3-acre site that is considered one of the oldest renewable energy facilities in the world. Mechanicville Hydroelectric Plant was built in 1897 by the Hudson River Power Transmission Company and years ago the plant was almost shut down. The plant is now owned and operated by Albany Engineering Corp (AEC) and the company signed a deal with National Grid in order to have continued access to cheap renewable energy.

Jim Besha, AECs CEO, told local reporters that AEC is currently making 3X more money than it would be selling electricity to National Grid, the multinational electricity, and gas utility company. We can actually make more money with bitcoin than selling the electricity to National Grid, Besha remarked in a recent interview. The firm only makes $0.03 per kilowatt-hour (kWh) selling power to National Grid. Besha further said:

Its the best (type of bitcoin mining) because were using renewable energy. Were just doing it on the side, experimenting with it. Were buying used servers.

The site leverages the powerhouse built in 1897, an earth embankment, and a concrete non-overflow dam. Furthermore, the power site also utilizes a 700-foot-long concrete gravity overflow dam. AEC has dedicated a lot of capital and resources toward extensive renovations and in 1989 the facility was recorded in the National Register of Historic Places. According to Besha, the AEC CEO is a little skeptical of bitcoin and he told the press the firm immediately converts to cash.

Besha said that he would have liked to sell the renewable energy to National Grid, but the multinational electricity and gas utility company reneged on an old agreement. AEC has had a long-running legal battle with National Grid who signed a contract with AEC in 1993. The deal was that the Mechanicville Hydroelectric Plant and AEC would sell power to National Grid priced just under the going market rates.

However, when Besha got the Mechanicville operation licensed, National Grid called the company and allegedly said: Were not going to honor this contract. And if you dont like it, take it to the judge. AEC got the plant 100% operational but Mechanicvilles local news reports note that the original 1800s machinery had a hard time maintaining a profit. That was until bitcoin mining changed the trend.

What do you think about the old Mechanicville Hydroelectric Plant mining bitcoins? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Paul Buckowski/Albany Times Union

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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123-Year-Old Hydroelectric Plant Sees New Life Mining Bitcoin Revenue 3x Higher Than Selling to the Grid Mining Bitcoin News - Bitcoin News

Getting yourself registered in the right bitcoin trading platform is the first and most important thing you need to do to start your journey of bitcoin trading. At present, the bitcoin trading platform is numerous on the internet, so it becomes difficult to decide which one to choose and which ones to avoid. There are so many users who find it very difficult to find the right and reliable platform for bitcoin trading. Suppose you are also one of those people, then you dont need to worry about anything and continue reading this article. You will get to know about all the essential tips which you should take into consideration for choosing the right bitcoin trading platform.

Check the safety standards!

There is no need to say this thing because this is the obvious thing which you should be looking for in a bitcoin trading platform. Safety is one of the most important ingredients that is needed in the world of cryptocurrency. There are some users who have lost their money because of the burglars of bitcoin, so you should make sure that you are choosing the bitcoin trading platform, which is offering maximum security to the personal and financial information of the user.

Before choosing any platform, you should look at the reviews of past users to get a brief idea about the security of the Weed Millionaire. It is advised to you that you should avoid those bitcoin trading sites which have some dark histories of hacking or another sort of security issues. You should look for the important safety feature in the bitcoin trading platform like two-factor authentication, SSL certificate, data encryption, etc.

Modes of payments!

Some people ignore this thing, and they sign up on a random platform without getting full knowledge about its payment modes. Later they end up getting disappointed because the platform is offering payment methods that you cannot use. This is the thing which will lead to the wastage of time and efforts. Before you pick up any bitcoin trading platform, it is highly recommended that you should check out the payment methods available to you so that you can conveniently do bitcoin trading without any issues.

Transaction cost!

When you are done with checking the payment options, then it is time for you to know about the transaction fees charged by the bitcoin trading platform. You might not be aware of the thin that some of the bitcoin exchanges charged the free deposit and withdrawal service to its users while other may charge you a specific amount of fee for all the transaction you make other than the trading. It doesnt matter that what the case is, but you should always do the research on your own to make sure that you are choosing the platform which is charging you a reasonable transaction cost for providing high-end services.

Operator interface!

This is one of the most important things that you should look for in a bitcoin trading platform. It is because if you dont know how to sign up on the bitcoin trading platform or how to use it because the user interface is so complicated, then this can cause a big issue in your bitcoin trading. That is why it is suggested to you that you should always choose the platform which is very easy to use so that you can perform your day-to-day trading related task without facing any difficulty. When you sign up on the bitcoin trading platform, which is very effortless to navigate will save you from huge trouble.

Reputation!

A good bitcoin trading platform is the one in which its users speak about its amazing services. You should always look for the customer support services which the bitcoin exchange is offering you before you sign up on it. Looking at the pros as well as cons of the platform is also required so that you can get the best experience of bitcoin trading that you need. The one thing that you should not make a compromise with is the reputation of the platform. This is because the reputed bitcoin trading platform is the one that can provide, youre the expected services along with charging a reasonable amount of trading fees from its users.

If you consider these guidelines, then you can easily make the right choice of the bitcoin trading platform and enjoy its perks.

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Guidelines That Will Assist You In Picking The Flawless Bitcoin Trading Platform! - Santa Clarita Valley Signal

Bitcoin (CRYPTO:BTC) bears find it difficult to see how Bitcoin might be widely adopted in developed nations. After all, the developed world's modern financial infrastructure is fairly efficient, especially with fintech companies improving the system by the day.

Making things more difficult, Bitcoin is still highly volatile, as this year has shown, and double-digit-percentage daily moves are a regular occurrence. That makes it a dubious store of value or medium of exchange, versus more stable currencies such as the dollar.

Of course, not everyone lives in developed nations, and if you lived in hyperinflationary countries such as Yugoslavia in the early '90s, Zimbabwe in 2007-2008, or even Venezuela or Argentina in more recent years, Bitcoin may actually look like a pretty attractive option.

In that spirit, one developing nation is currently pulling out all the stops to make Bitcoin an alternative legal currency. The most recent step includes giving away $30 in Bitcoin to all adult citizens.

El Salvador is giving away bitcoin to its citizens. Image source: Getty Images.

There is, perhaps, no head of state more enthusiastic about Bitcoin than Nayib Bukele, the young and recently elected president of El Salvador. At a recent Bitcoin conference, Bukele said he would push the legislature to make Bitcoin a legal tender in El Salvador. The Salvadoran Congress followed through on the promise shortly thereafter.

Now, Bukele and El Salvadoran officials are taking things a step further, offering every citizen 18 and older $30 in Bitcoin, provided they open accounts with the government's official Bitcoin wallet called Chivo. Salvadorans will be able to transact in both Bitcoin and U.S. dollars through Chivo, once the Bitcoin law is implemented on Sept. 7.

In addition, El Salvador has hired Chicago-based company Athena to roll out 1,500 Bitcoin ATMs throughout the country. "Bitcoin ATMs" are portals where consumers can either buy Bitcoin with dollars or sell them for dollars. This is because only 45% of Salvadorans have internet access and 70% don't even have a bank account. So Bukele is not only establishing an alternative to the dollar, but also building out a more modern financial infrastructure.

It may be surprising that El Salvador is the first country to officially back Bitcoin and encourage its use as an alternative currency, since El Salvador uses the U.S. dollar and not its own currency, which may prove more vulnerable to hyperinflation.

El Salvador officially adopted the dollar in 2001 and phased out its prior currency shortly thereafter. This was because the country had an outsized trade relationship with the United States, which accounted for a majority of its exports.

Furthermore, after years of conflict and civil war in the 1980s and 1990s, many El Salvadorans emigrated to the U.S. Today, there are a huge number of remittances flowing into the country from the U.S. In 2016, remittances from the U.S. made up a whopping 17 percent of El Salvador's entire gross domestic product (GDP).

Fixed-fee crypto remittances have the potential to be faster and cheaper than existing alternatives, which can be costly and time-consuming. Beyond remittances, some local politicians believe the use of the dollar may be a cause of El Salvador's slower economic growth relative to some neighbors. Salvadoran officials may also desire more independence from U.S. influence, in general, since under the dollar, El Salvadoran economic outcomes are at least somewhat affected by the U.S. Federal Reserve and U.S. spending policies, which are out of its control.

Not everyone is on-board with this Bitcoin experiment, of course. The World Bank has declined to help with El Salvador's Bitcoin implementation, and the International Monetary Fund (IMF) has also expressed concern over the program. That's important because El Salvador is in discussions with the IMF about a $1 billion loan program, so this Bitcoin gambit could complicate those talks.

Bulls and bears have a wide divergence of opinion on Bitcoin. Bears believe the cryptocurrency is worthless, but bulls like Cathie Wood believe the alternative currency could be worth up to $500,000 or more.

Whether or not Bitcoin has any value will likely be determined by its utility as a medium of exchange or store of value, and the El Salvador experiment could be a crucial proving ground for those two theoretical criteria. If El Salvador's experiment works, or at least doesn't cause severely adverse outcomes, it could be a big boost for the world's leading cryptocurrency. If the experiment fails, it would be a setback for Bitcoin adoption, and likely, its dollar value.

This summer, Bitcoin investors may want to take their focus off China's recent mining crackdown and focus instead on the relatively small country of El Salvador. The results of its landmark experiment could shape the trajectory of Bitcoin's value and standing in the world in the near to medium term.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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Why El Salvador Is Giving Every Citizen $30 in Bitcoin ...

Following a fresh wave of regulatory crackdown on cryptocurrency mining operations in China, bitcoin saw a historic difficulty readjustment of nearly 28% last Saturday. The bitcoin network automatically adjusts the level of difficulty it takes to find a new block approximately every two weeks, or 2016 blocks, based on the amount of computing power on the network, so that new blocks are added on average every 10 minutes. In the near term, the remaining miners, especially those outside of China, stand to collect larger profits, however the market shows signs of stagnation.

Bitcoin is struggling to break out of the $34,000-range, trading at $34,618 as of 6:50 a.m. ET. According to data from Coinbase, bitcoins price has been range-bound between $33,197 and $35,909 over the last five days, with a five-day change of +2.4%.

Bitcoin price chart according to Coinbase

Bitcoin is in a consolidation phase between $30,000-$42,000 zone andwe expect it to spend the next few weeks testing this range on either side, wrote Pankaj Balani, CEO of crypto derivatives platform Delta Exchange, in a message to Forbes. There are limited catalysts here for any break on the upside in the short term; on the downside however weakness in the economic data is a concern. Any weakness in the broader markets or reduction in liquiditycan cause sharp down-moves in bitcoin. We see this reflected this in options data as well with puts trading at a premium to calls for July and August expiry.

These observations dovetail with an overall tempering of the market after a volatile few weeks. The short-term volatility is now at 2-months low, reports Norwegian crypto analytics firm Arcane Research.

BTC-USD Volatility

Crypto Whales Remain Hungry

As analysts are looking for clearer signs in the broader market amidst this relative tranquility, crypto whales (individuals or entities with large amounts of crypto holdings) are ostensibly buying. On July 2, 18 new whales surfaced on the chain and the total bitcoin balance held by whale entities shot up by 82,760 BTC, or $2.87 billion at current prices, according to on-chain analyst Will Clemente. The spike leads me to believe we may finally start to see some new big buyers step in (a bullish sign), writes Clemente.

Additionally, a new survey by Nickel Digital Asset Management, $200 million U.K. crypto hedge fund, found that 82% of institutional investors and wealth managers from the U.S., U.K., France, Germany, and the U.A.E. who currently have exposure to cryptocurrencies and digital assets expect to increase their crypto holdings by 2023.

That said, not all are convinced that we are out of the bearish woods. Ben Lilly, a crypto economist at trading and analytics platform Jarvis Labs writes, While we wouldnt be entirely surprised to see the price run higher, we are leaning towards downside movements in the near term. Which means even if price does pop higher, we expect price will lack momentum and ultimately retest $32-30,000 support.

Meanwhile, other top cryptocurrencies including Ethereum, BNB, Cardano and Polkadot are up on the week by 4.2%, 9.2%, 2.8% and 2.1% respectively.

Click here to join the professional investors subscribing to Forbes Crypto Asset & Blockchain Advisor.

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Bitcoins Mid-$30,000 Struggle And $2.87 Billion Crypto Whale Spike - Forbes

The Bitcoin price has shown low volatility lately. Its price is trading in a tight range, under $36,000. While the dominant cryptocurrency is much higher than where it was this time last year, it is down more than 40% since its peak in April.

Bitcoin price continues to range in a small range, unable to find a clear direction.

The key level the Bitcoin price has to over come is $38,000. Above it, the rally would likely get reignited, especially at a point where the futures market is not crowded.

Many traders in the cryptocurrency space are looking at the daily chart of the Bitcoin price.

If the Bitcoin price exceeds $38,000, it would break out of a crucial technical formation, as seen below in a chart shared by the pseudonymous trader TeddyCleps.

The Bitcoin price daily chart.

But, the problem is that Bitcoin is continuously trading in a small range, unable to either break upwards or correct downwards.

How Would Bitcoin Break Above $38k?

There are two factors that could push Bitcoin upwards, above $38,000.

The first is the miner capitulation bottom signal. Recently, the Bitcoin hash rate has plummeted due to Chinas growing pressure on the local mining sector.

Historically, whenever the hash rate dropped hard, it marked a bottom, as it made many miners capitulate.

The second is the consistent selling pressure coming from the futures market.

Across major exchanges, the futures funding rate of Bitcoin has frequently been negative in recent weeks.

This means that many traders in the crypto derivatives market are shorting or selling Bitcoin, instead of buying.

When the selling pressure becomes too intense, it opens up the possibility of a short squeeze.

In the Bitcoin futures market, a mechanism called funding rate exists. Exchanges use this mechanism to reward the minority in the market.

For example, if there are more buyers in the market, the futures funding rate would typically hover above 0.01%. This means that buyers have to reward sellers 0.01% of their position every eight hours, and vice versa.

In recent weeks, the Bitcoin futures funding rate on major exchanges has been hovering at around -0.01%.

Since this kind of market incentivizes buyers, it could increase the probability of a short squeeze, especially when met with a strong fundamental catalyst.

Still, there are concerns shown by economists and analysts toward the crypto market. Namely, the negativity around stablecoins and the mining sector persist within the media circles.

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This Is The Key Level To Reignite The Bitcoin Rally - Forbes

SlateStone Wealth chief market strategist Kenny Polcari provide insight into the markets, Bitcoin and big banks laying out their back-to-work plans.

Bitcoin was trading lower by 0.1% on Wednesday morning.

The price was around $34,787 per coin, while rivals Ethereum and Dogecoin were trading around $2,382 and 23 cents per coin, respectively, according to Coindesk.

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There's another place where you can use cryptocurrencies to pay your tab.

The Pavilions Hotels & Resorts, a high-end hotels group, will begin accepting cryptocurrency to book accommodations on Wednesday, according to a press release reported by Coindesk.

The company is partnering with crypto payment services provider Coindirect to allow customers to book rooms using bitcoin, ethereum and 40 other digital currencies.

BITCOIN MINING OPERATION IN FINGER LAKES SPARKS LOCAL CONCERNS

Pavilions portfolio of 14 properties in Europe and the Asia Pacific region includes locations in Madrid, Rome, Lisbon, Bali, Thailand, Mongolia and the Himalayas.

If you are in El Salvador, be in the lookout for new cryptocurrency ATMs.

Athena Bitcoin, has made public its plan to install a total of 1,500 ATMs in El Salvador, as the activation date of the Bitcoin Law - approved last month - approaches, according to Reuters via the Latin America News Agency.

Dozens of test machines have been installed throughout the country. The plan is expected to cost $1 million.

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The Salvadoran territory already had an ATM installed in El Zonte, the region where Bitcoin Beach is located, and the second ATM in the country was installed on June 24 in La Gran Va.

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Bitcoin price above $34,000 as places accepting cryptocurrency rises - Fox Business

It's time to back up the truck and buy the beat-up shares of pioneering crypto exchange Coinbase (COIN), contends Oppenheimer analyst Owen Lau.

Coinbase shares don't deserve to be swept up into the latest crypto winter, according to Lau.

"We think Coinbase should not trade in lockstep with bitcoin because bitcoin can be very volatile, but at the same time because of their volatility it drives higher trading volume. It is similar to all the traditional exchanges, and we think that it's still a misunderstanding in the market that people think Coinbase should trade along with bitcoin going forward," Lau said on Yahoo Finance Live moments after releasing a bullish research note on the company.

Lau reiterated his Outperform rating on Coinbase along with a 12-18 month price target of $440. In effect, Lau is looking for Coinbase shares to nearly double within an 18 month timespan.

Here are key aspects to Lau's call:

Stronger than expected second quarter volumes.

Wall Street analysts will likely be forced to raise their 2021 estimates in light of a strong second quarter for volumes.

Concerns of Coinbase cutting its fees are overblown and will subside.

That being said, Coinbase shares have been swept up into the downdraft in crypto prices going on for months already.

From the record highs of more than $63,000 in mid-April, bitcoin (BTC-USD) has shed about 50% (including a trip below the $30,000 level). Major sell-offs have spread to other top cryptos such as dogecoin and ethereum amid fears of regulator crackdowns in the U.S. and China.

Coinbase shares are down about 30% over the past three months. At $234.88, Coinbase shares trade well below the $328.88 level set on its Nasdaq debut in mid-April.

Coinbase employee Daniel Huynh holds a celebratory bottle of champagne as he photographs outside the Nasdaq MarketSite, in New York's Times Square, Wednesday, April 14, 2021. Wall Street will be focused on Coinbase Wednesday with the digital currency exchange becoming a publicly traded company. (AP Photo/Richard Drew)

The pullback comes despite Coinbase CFO Alesia Haas reiterating in an interview on Yahoo Finance Live that the second quarter started off strong.

Said Lau in his note, "Looking ahead, we believe management will continue to strategically increase contributions from 1) recurring revenue (e.g., the Coinbase Earn campaign, staking, and M&A) and 2) altcoins. Coinbase indicated ~40% of its trading volume in 1Q came from altcoins, materially lower than peers (e.g., ~85% of spread revenue for Voyager). After adding Dogecoin, Polkadot, and others, Coinbase should gradually reduce its reliance on Bitcoin. We continue to see a sharp dislocation between Coinbase's fundamentals and its valuation and believe the current price offers an attractive entry point for long-term investors."

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Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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Bitcoin prices have crashed, but CoinBase stock may still double: analyst - Yahoo Finance

Mastercard and BNY Mellon warmed to bitcoin on Thursday, supporting XRP, ether and other cryptocurrencies

Yuriko Nakao/Getty Images

Ether's real use cases give it the potential to become the dominant digital store of value in the coming years, Goldman Sachs said in a note on Tuesday.

The bank believes ether "currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications," according to the note.

That means ether could eventually overtake bitcoin as the top cryptocurrency, according to Goldman. While bitcoin may have the stronger brand given its first mover advantage, it lacks some of the often-cited real use cases of ether, in part due to its slow transaction speed of just seven per second.

But regardless of which cryptocurrency reigns supreme, neither will be able to overtake gold any time soon, Goldman said, arguing that its high volatility doesn't make it a direct competitor to a safe haven asset like gold.

"Gold is competing with crypto to the same extent it is competing with other risky assets such as equities and cyclical commodities. We view gold as a defensive inflation hedge and crypto as a risk-on inflation hedge," Goldman explained.

And the competition between different crypto assets is also hurting its ability to become an asset class that investors view as safe.

"This competition among cryptocurrencies is another risk factor that prevents them from becoming safehaven assets at this stage," Goldman concluded. As of Tuesday afternoon, there are 10,772 different cryptocurrencies in existence, according to data from CoinMarketCap.

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Don't be surprised if ether takes over bitcoin as the dominant digital store of value, Goldman Sachs says - Markets Insider