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Bitcoin price to rise alongside gold, analyst predicts

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In recent weeks, the value of gold has been on the rise in contrast with the Bitcoin and S&P 500 market. Since the precious metal plunged to $1,670 in June, it has continued to show strength. Days ago, gold’s value rose above $1,800 for the first time since the post great recession rally.

Reportedly, gold value is on the rise thanks to several new trends, including central-bank gold purchases, extremely easy monetary policy, and a weakening dollar. As a result of gild price actions, Bitcoin analysts are taking a cue from the asset to analyze Bitcoin price action too.

Bitcoin price until recently stalled between $9,100 – $9,200, after which it went back and forth and trading at the time of filing this report for $9,168.

How gold would aid Bitcoin price surge

As mentioned above, gold price has continued on the upward trend, unlike the Bitcoin and S&P500 market. BTC_JackSparrow, a trader and market analyst in his analysis, forecasted that should BTC follow the trail blazed by gold, it will also breakout.

He predicted the breakout would take BTC towards $10k and later $11k.

Billionaire hedge fund manager Paul Tudor noted that there are no explicit correlation between both markets but said Bitcoin and gold both have properties that will allow them to excel in the current macroeconomic environment.

Gold to surge higher than $1,800

Towards improving conditions for Bitcoin’s bull case, analysts say gold is poised to surge further. Mike Novogratz, Galaxy Digital CEO, said in an interview that gold would almost hit the $2,000 benchmark very soon.

“The Federal Reserve and central banks around the world just keep printing money – more money, more money, more money. And so, gold is going to take out the old highs, $1,950 or something, and it is going to keep going. I think we are just starting this move.”

In the CEO’s Bitcoin price prediction, he predicted earlier that BTC would hit its all-time high $20,000 this year or next.

Source: https://www.cryptopolitan.com/bitcoin-price-to-rise-alongside-gold/

Blockchain

Central Banks Are Getting a Prototype of CBDC

A new token based on the Public Corda network might become a prototype of Central Bank Digital Currency (CBDC) as it was designed and launched within the G20 sanctioned FATF standards.

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Oct 21, 2020 at 13:40 // News

DeFi might help to develop CBDC

A new token based on the Public Corda network might become a prototype of Central Bank Digital Currency (CBDC) as it was designed and launched within the G20 sanctioned FATF standards.

The XDC token was launched on October 20 by Cordite Society Ltd, an association aimed at building the legal structure for decentralized finance (DeFi). It has become the first ever digital currency based on the Public Corda network.

“XDC is an excellent case study that demonstrates Corda’s suitability for building stablecoins, especially in the US where they have opened up the opportunity for commercial banks to create stablecoins. We are now expecting others to use the Cordite code base to create their own stables coins or CBDCs and accelerate adoption of those currencies,”

said Ben Wyeth, Director of the Cordite Society and lead developer of XDC.

The token leverages the existing legal structure, which allows for mitigating and managing AML/CTF risks. Such an innovation proves that DeFi has indeed a bright future within the existing financial system.

Solving the interoperability problem

Currently, many central banks are exploring the possibility of launching their own CBDC, with the USA and China being the closest to actual issuance. As CoinIdol, a world blockchain news outlet, has previously reported, the Communist Republic plans on finishing their digital yuan trials and issuing it before the Olympics 2022.

While there are several possible solutions that might become a base for creating a CBDC, most countries wish to make it more centralized and controlled in order to prevent possible risks and inscribe it into the existing financial system. However, the difference in the solutions of choice might create interoperability problems, in its turn, creating numerous issues for cross-border transactions.

As the Public Corda network is open source, it can be easily adjusted for the need of CBDCs, thus creating a common network facilitating cross-border transactions. If XDC token is going to prove itself within the existing regulatory frameworks and demonstrate compliance, it might become a prototype for the common CBDC solution that would solve the expected interoperability issues.  

Source: https://coinidol.com/central-banks-getting-cbdc/

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Blockchain

Mode Adds Bitcoin to Reserves, Joining Microstrategy and Square

A UK-based fintech firm has just announced a large purchase of bitcoin using its cash reserves. Mode Global Holdings, an already bitcoin-friendly financial company, has become the first UK publicly traded firm to allocate part of its reserves to the cryptocurrency. The announcement follows those of Microstrategy and Square. As many cryptocurrency industry observers suspected, […]

The post Mode Adds Bitcoin to Reserves, Joining Microstrategy and Square appeared first on BeInCrypto.

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A UK-based fintech firm has just announced a large purchase of bitcoin using its cash reserves. Mode Global Holdings, an already bitcoin-friendly financial company, has become the first UK publicly traded firm to allocate part of its reserves to the cryptocurrency.

The announcement follows those of Microstrategy and Square. As many cryptocurrency industry observers suspected, Microstrategy’s August revelation appears to now be inspiring others.

Currency Debasement Prompts Mode to Invest 10% of Cash Reserves

First, there was Michael Saylor’s Microstrategy. Then, came Jack Dorsey’s Square. The two companies adding BTC to their balance sheets reveal an emerging appetite for bitcoin as protection against inflation and economic crises.

Mode is the latest publicly-listed company to realize bitcoin’s importance. The UK fintech firm announced the decision via press release on Wed 21 Oct.

Mode has reportedly allocated 10% of its cash reserves on its balance sheet to bitcoin. Motivating the decision is the uncertain global macro-economic outlook in the wake of the coronavirus pandemic.

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The firm says that the bitcoin allocation is an effort to protect the assets of investors from currency debasement. It mentions record low UK interest rates of 0.1% in its justification.

The company recently completed an IPO in which it raised £7.5 million. The press release states that the decision to invest in bitcoin is an effort to “maximize the value of returns” from its IPO.

Despite its recent investment foray into bitcoin, Mode is no stranger to the digital asset. It describes itself as “the bitcoin banking app.” It also sells BTC, as well as the ability to generate interest from holdings.

Another Public Company Finds Refuge in BTC

As mentioned, Mode is by no means the first publicly-listed company to take on exposure in bitcoin. Illustrating this shift is Microstrategy CEO, Michael Saylor. In 2013, Saylor publicly dismissed bitcoin on Twitter:

After eventually doing some research into the cryptocurrency this year, Saylor completely changed his mind.

Recent appearances on various industry podcasts, along with passionate tweets like that below, have quickly elevated the CEO to legendary status in Bitcoin circles:

Whereas Bitcoin previously appeared to represent a tool for criminals, it’s now emerging as a hedge against macro uncertainty. Like Mode, both Microstrategy and Square cited their own concerns about fiat currency debasement in the wake of unprecedented coronavirus stimulus packages around the world.

The nature of these businesses lends themselves to such investments. Both Square and Mode are well-accustomed to the cryptocurrency industry, having both offered BTC exposure for some time.

In the case of Microstrategy, the board of directors is just five-strong with Michael Saylor controlling around 72% of the voting power. It, therefore, would have been much more likely for Microstrategy to invest in BTC compared to other publicly-listed companies.

Some industry observers believe that this is just the beginning of a steepening institutional adoption curve.

Source: https://beincrypto.com/mode-adds-bitcoin-to-reserves-joining-microstrategy-and-square/

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Bitcoin Breaks the $12,000 Overhead Resistance; Here’s Why

Today, BTC has made an impressive bullish run as price hit the high of $12,300. This current uptrend has been made possible because of recent developments.

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Oct 21, 2020 at 13:03 // News

Bitcoin bulls have ensured that price holds above the critical support zones

Today, BTC has made an impressive bullish run as price hit the high of $12,300. This current uptrend has been made possible because of recent developments.

Firstly, Bitcoin bulls have ensured that price holds above the critical support zones of $11100, $11,200, and $11,300. Secondly, the bulls breached the next resistance at the $11,500 high. This gives the king coin an accelerated price movement to reach the previous highs. Fundamentally, Bitcoin is rising for the past few days because of the weakness of the US dollar. 

There seems to be a correlation between Bitcoin and the U.S Dollar Currency Index (DXY) which has been falling. Technically, the BTC price is making a series of higher highs and higher lows in the lower time frame. The uptrend will be terminated when this pattern is disrupted. On the upside, if the current momentum is sustained, the next resistance to break is the $12,400 high. A break above the $12,400 high will propel BTC to make strong moves into the higher price levels.  

Bitcoin indicator reading

Bitcoin has risen above level 73 of the Relative Strength Index period 14. This indicates that the coin is trading in the overbought region of the market. The implication is that sellers may emerge to push prices downward. However, the uptrend will continue in a strong trending market. 

BTC - Coinidol - Coinidol.png

Key Resistance Zones: $10,000, $11,000, $12,000

Key Support Zones: $7,000, $6,000, $5,000   

What is the next direction for BTC/USD?

Today, Bitcoin has risen and reached the 1.272 Fibonacci extension level. That is the high of $12,147 20. Presently, the BTC price has broken this level but the upward move is doubtful. According to the Fibonacci tool analysis, the market will reverse at 1.272 extension and return to 78.6 Fibonacci retracement level.

BTC - Coinidol - Coinidol 2 chart.png  

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

Source: https://coinidol.com/bitcoin-breaks-overhead-resistance/

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