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Bitcoin [BTC] ETF might push price of BTC to $22500, institutional investors want to “explore” the space

Anirudh VK



Bitcoin [BTC] ETF might push price of BTC to $22500, institutional investors want to "explore" the space
Source: Unsplash

Bitcoin [BTC] has been seeing one of the most extended periods of non-volatility in recent history, with a tightly defined trading pattern over the past 2 months. However, few experts have come forward to offer their opinions on the coin, and what could be the catalyst for the next bull run.

Garrett Keirns, a cryptocurrency analyst, stated that we need a catalyst in the space to “spark interest”, quoting Bitcoin’s Google Trends search volume as a way to prove his point. The volume for the search term is the lowest it has been since the beginning of this year, stated Keirns. He went on to say:

“People are afraid of losing money, especially the Coinbase retail crowd who bought in at $10k+. In addition to a slumping crypto market, these folks are starting to see their 401k and equity portfolios losing steam.”

However, this has not driven the money into the cryptocurrency market, as investors see it as a much “riskier asset class”. Marius Rupsys, a digital currency analyst, also offered his opinion in a statement to Forbes, stating that around 2/3rd of all fiat money came to the cryptocurrency market in November and December 2017. This was when the price of the coin was moving up at an exponential rate. It resulted in the coin peaking at close to $20000, driving fears of missing out in retail investors who flocked to the market in droves.

Nigel Green, the founder and CEO of DeVere Group, a financial consultancy firm, stated that there was a feeling in institutional investors to “explore digital assets”, stating:

“…they feel that they now need to explore digital currencies – and fast – or their rivals could get way out ahead and they might not be able to catch up.”

Oliver Isaacs, a blockchain investor, advisor and influencer stated that the approval of an exchange traded fund by the United States Securities and Exchanges Commission might drive the further adoption of Bitcoin. He stated this while referring to the increase in the price of gold after the approval of its ETF.

When its first ETF was issued in March 2003, the price of gold saw a 300% increase in its aftermath. If this occurs with Bitcoin, the coin could be worth around $22500, stated Isaacs. He went on to say:

“The approval of a Bitcoin ETF will open the floodgates for new investors to pour billions of dollars into cryptocurrencies with the same ease in which they invest in stocks and all other mainstream asset classes.”

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.


HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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