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Global crypto population surpasses 100 million; Boomers and Gen X now ‘keen on Bitcoin’

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A survey from digital asset exchange Crypto.com estimated a 15.7% increase in the global crypto population, in January alone. Overall, there are 106 million global crypto users as of January 2021. 

Source: Crypto.com

According to researcher Kevin Wang, at Crypto.com, strong growth in Bitcoin adoption happened to be the main driver for the peak. Major events last year, such as PayPal’s decision to integrate crypto into its payment network and institutional adoption of cryptocurrencies fueled the surge. Other than BTC, the growth of DeFi allowed Ethereum to lead the crypto market’s growth in August 2020.

Source: Crypto.com

The months of June and August last year and January 2021 “were exceptionally strong months” in terms of a surge in crypto population. Wang noted that such periods of strong growth in adoption accompanied periods of strong price performance in Bitcoin.

Source: Crypto.com

To estimate the number of global crypto owners, the calculations were made through BTC and ETH on-chain data, separately, and combined with other parameters. Crypto.com stated that the findings were subject to some limitations and caveats.

The analysis is also built on Crypto.com’s own internal data, as well as on-chain data and survey analysis. But, this may not estimate OTC users and off-chain transactions effectively. The fact that sub-accounts in exchanges may not be reflected accurately was also noted. However, researchers assumed that all on-chain users still own crypto today, while others could have sold their holdings already. 

Meanwhile, another survey revealed that Baby boomers and Gen X are “piling” into Bitcoin and other cryptocurrencies. 

Nigel Green, CEO and founder of deVere Group said that the company’s global poll found that 70% of clients aged over 55 have already invested in cryptocurrencies or are planning to do so this year. 

Green explained that while the crypto rally captured the attention of ‘digital native’ younger generations; older generations such as Boomers and Gen X recognized that “digital, borderless money is the way forward.” 

“Social media hype and clickbait headlines” happened to be a catalyst for millennials and Gen Z to invest in Bitcoin. But respondents aged over 55 were interested in crypto due to a fear of currency devaluation – as central banks have historically printed more money to boost economies. Especially in wake of the pandemic. Green further commented:

They’re [older generations are] aware that if you are flooding the market with extra money, then in fact you are devaluing traditional currencies – and this, and the threat of inflation, are legitimate concerns, prompting them to seek out alternatives.


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Source: https://ambcrypto.com/global-crypto-population-surpasses-100-million-boomers-and-gen-x-now-keen-on-bitcoin/

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XRP, Klaytn, Crypto.com Coin Price Analysis: 31 March

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XRP was projected to slip below its press time support level and head towards the $0.509-level. Klaytn’s on-chain metrics hinted at a deeper correction, while CRO’s bulls need to defend the $0.205-support over the next few trading sessions to avoid a breakdown.

XRP

Source: XRP/USD, TradingView

Over the last few days, XRP has traded largely within the levels of $0.58 and $0.54, with the market remaining in equilibrium between the buyers and sellers. However, that might change as the indicators pointed to a bearish short-term outcome. The Awesome Oscillator’s red bars moved below the half-line, while the MACD witnessed a bearish crossover. Significant trading volumes of over $4.4 billion suggested that investors were offloading the cryptocurrency, having taken advantage of the most recent price pump.

The next few sessions would add more clarity to the trajectory of XRP. If the press time support level is maintained, a bullish scenario could be possible over the short-term. With regards to the ongoing Ripple-SEC lawsuit, the XRP community welcomed a huge win after the court allowed Attorney John Deaton to file a motion to intervene in the lawsuit on behalf of XRP holders.

Klaytn [KLAY]

Source: KLAY/USDT, TradingView

With gains of nearly 180% in the month of March, Klaytn asserted itself as a dominant force in the crypto-market, even capturing the 14th spot on CoinMarketCap’s cryptocurrency rankings. At the time of writing, KLAY was trading at $3.8 with a market cap of slightly below $10 Billion. However, on the 4-hour timeframe, the price noted exhaustion as it reversed its trajectory from record levels.

The MACD witnessed a bearish crossover, while the Awesome Oscillator registered a series of red bars as momentum remained strong among the sellers. A breakdown from the press time support could lead to additional losses towards the next line of defense at $3.32, but the bulls can be expected to overturn this situation considering an overall bullish trajectory.

Crypto.com Coin [CRO]

Source: CRO/USD, TradingView

At press time, Crypto.com Coin just about held on to the $0.205-support after the price dropped by 5.5% in the last 24 hours. The RSI stabilized at 44 and suggested that the bulls could defend the present line of defense, but a bearish crossover in the MACD favored an opposite outcome. In the case of extended losses, the support levels could be found at $0.193 and $0.177.

For a recovery towards record highs, the market bulls need to reclaim the zone above the $0.229-resistance.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://eng.ambcrypto.com/xrp-klaytn-crypto-com-coin-price-analysis-31-march/

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Tron, Ontology, Dogecoin Price Analysis: 30 March

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Tron can be projected to break above its $0.067-resistance on the back of strong trading volumes and a bullish MACD. Ontology could retrace towards $1.47, but its uptrend was expected to remain intact. Finally, the technicals for Dogecoin reflected a balanced market since the price was trading between $0.056 and $0.052 on the charts.

Tron [TRX]

Source: TRX/USD, TradingView

Since a breakout above the $0.053-level, Tron has seen high volatility in the market. Huge swings carried the price towards its upper ceiling at $0.067, while the $0.053-support cushioned losses in the event of a southbound move.

At the time of writing, Tron had settled within a tight channel as volatility escaped the market, according to the Bollinger Bands. Nevertheless, trading volumes were just shy of the $2 billion-mark and a northbound breakout seemed possible over the next few sessions.  The MACD closed in on a bullish crossover and backed a favorable short-term outcome.

Ontology [ONT]

Source: ONT/USD, TradingView

The altcoin’s gains over the last 30 days amounted to over 90.2% as Ontology registered a strong uptrend since a comeback from late-February levels. However, the market did show some signs of exhaustion. The 24-hour trading volumes had dropped by 13%, while the indicators pointed towards a reversal.

The MACD witnessed a bearish crossover and the RSI continued its southbound trajectory from the upper zone. While a dip below $1.59 seemed unlikely, additional support levels could be found at $1.47 and $1.39 in a bearish scenario.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

The ADX on Dogecoin noted a reading of 13 as the price moved between $0.056 and $0.052. This underlined a weak trend in the market and sharp price movements were unlikely going forward. If the price does dip towards $0.05, then some buying opportunities can be presented. A hike above $0.06 would likely be matched by selling pressure, but stabilization at the aforementioned level would lead to bullish movement over the long run.

The Awesome Oscillator was bullish-neutral, with weak momentum in the market. A pickup in the same could signal a breakout, but the price was still dependent on cues from the broader market.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://eng.ambcrypto.com/tron-ontology-dogecoin-price-analysis-30-march/

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Chainalysis raises $100 million in latest funding round; company’s valuation crosses $2 billion

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Crypto and on-chain analysis company Chainalysis announced today that it raised $100 million in a Series D funding round with increased the company’s valuation to more than $2 billion.

Crypto investment company Paradigm led the latest funding round along with TIME Ventures, the investment fund of Marc Benioff. Other participants included Addition and Ribbit Capital, the companies that participated in Chainalysis’ earlier Series C and B rounds. 

According to data from CrunchBase, Chainalysis has so far raised a total of $266.6 million across eight funding rounds. A previous one took place on 23 November last year where the company raised $100 million in a Series C round. The company is funded by roughly 14 investors which also includes 9Yards Capital and Accel.

The analysis firm planned to use the new funds to “accelerate” its business growth, and “expand” its product portfolio. According to the company, the funds will allow them to continue their “mission to build trust in blockchains.”

The company described its future plans and stated that it intends to empower the regulatory infrastructure of the crypto industry. Chainalysis team is also building crypto-focused solutions for financial services providers and companies that offer crypto-related services. Asset managers and financial institutions, as well as government agencies, are on their agenda to help them “connect on-chain activity to other data sets.” 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://eng.ambcrypto.com/chainalysis-raises-100-million-in-latest-funding-round-companys-valuation-crosses-2-billion/

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Head of Fidelity says wealth managers are in Bitcoin ‘education mode’

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As Bitcoin grows in popularity among mainstream adopters, Head of Fidelity Investments’ Mike Durbin offered a new counter-argument to the trend. According to him, a vast majority of companies are still in the “education mode,” when it came to cryptocurrencies. In an interview with Reuters Digital Assets Week, he said:

They know what they are doing, and more importantly, their end investor base also knows what they are doing – but the vast majority are still in the education mode

In addition, Durbin stated that the growth rate of Bitcoin or digital assets “will follow in that wake of broader alternative investments” and said: 

There’s still work to be done there to help advisors understand portfolio construction with these kinds of expressions. 

Late October last year, Fidelity Digital Asset Services (FDAS), the crypto subsidiary of Fidelity Investments partnered with the regulated Singapore-based investment manager, Stack Funds, to facilitate the increasing demand in cryptocurrencies among Asian investors with Stack Funds providing its clients with access to custody services at FDAS. 

In the same year, president and director of digital funds at Fidelity, Peter Jubber filed paperwork with the US Securities and Exchange Commission to plan to launch a new Bitcoin-focused fund. 

The group is often known as one of the earliest mainstream institutional adopters of Bitcoin, with its support for the crypto going all the way back to 2017. A year later, CEO of Fidelity, Abigail Johnson officially admitted that she had been mining the crypto asset, following which, the company began to prepare the launch of its Digital Assets wing.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://eng.ambcrypto.com/head-of-fidelity-says-wealth-managers-are-in-bitcoin-education-mode/

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