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Investors Expect Bitcoin Price to Rip to $11,000 Before the Nasdaq Hits 11k

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After a brutal liquidation event in March on the back of pandemic fears, both Bitcoin and stocks have mounted an impressive comeback.

Yet it is cryptocurrencies that are leading the pack, posting a strong performance in one of the worst economies since the Great Depression.

The leading cryptocurrency is up more than 150% from the lows of $3,700. And the tech-heavy stock index, the Nasdaq, is up about 40% from its March lows and has actually registered a positive performance on the year.

Bitcoin vs. Nasdaq 100 chart since the start of 2020. Source: TradingView.com

Bitcoin vs. Nasdaq 100 chart since the start of 2020. Source: TradingView.com

Investors expect BTC’s outperformance to continue, according to a recent poll. But do analysts think it will?

Bitcoin Could Hit $11,000 Before the Nasdaq Hits 11k

Due to a boost in demand for digital goods and services since the pandemic began, technology stocks have seen momentous performances over recent months.

Video communications firm Zoom is up by over 220% since the start of the year. Big-cap firms like Amazon, Apple, and Microsoft have all gained in excess of 10% since the start of the year.

This has resulted in a surge in the Nasdaq index past 10,000 points — the highest reading ever and a sign of the analog-to-digital transition. With Bitcoin also trading in the $10,000 range, there have been some comparing the two measures.

According to an impromptu poll by digital asset commentator and investor Maple Leaf Capital, 43% of 130 respondents see BTC rallying to $11,000 before the Nasdaq hits 11,000 points.

A mere 16% of the respondents to the poll expect the Nasdaq to make the jump first.

Bearish Economic Trends Could Crush Stocks — and Crypto

But 41% of the respondents said that neither will hit 11,000 points. And there may be validity in that sentiment.

Despite a number of top analysts on Wall Street turning bearish, the economic trends are far from bullish.

The Federal Reserve revealed this week that it is projecting a 6.5% national GDP drop over the course of 2020, which would be the biggest drop in decades. “This is the biggest economic shock, in the U.S. and in the world, really, in living memory,” Fed Chair Jerome Powell said.

Economic data does not equal asset price action but the two are somewhat linked: low GDP means firms are making less money, which may beget even less spending as debt unwinds, then stocks drop to become fairly valued.

Bitcoin could follow stocks lower should this scenario play out. As BitMEX’s Arthur Hayes said:

“Bitcoin will be owned unlevered. Could the price retest $3,000? Absolutely. As the SPX rolls over and tests 2,000 expect all asset classes to puke again. As violent as the Q1 collapse in asset values was, we have almost 100 years of imbalances to unwind the ancien régime.”

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Price tags: xbtusd, btcusd, btcusdt
Investors Expect Bitcoin Price to Rip to $11,000 Before the Nasdaq Hits 11k

Source: https://bitcoinist.com/investors-bitcoin-price-rip-11000-before-nasdaq-11k/?utm_source=rss&utm_medium=rss&utm_campaign=investors-bitcoin-price-rip-11000-before-nasdaq-11k

Blockchain

U.S. crypto exchanges have a plan for the travel rule. Now they just have to get along


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  • A working group of 25 U.S.-based exchanges released a white paper this week outlining their platform to comply with FATF’s travel rule.
  • The group includes some of the most prominent exchanges stateside, suggesting that the plan has legs.
  • Now, the group has to develop a governance structure.
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U.S. crypto exchanges have a plan for how to deal with FATF’s travel rule














Source: https://www.theblockcrypto.com/daily/82261/us-crypto-exchanges-fatf-travel-rule?utm_source=rss&utm_medium=rss

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Blockchain

Exploring the current state of cryptocurrency taxation in the European Union


Quick Take

  • By now, guidelines for  taxation of cryptocurrency activities exist in most EU member countries. However, grey areas remain.
  • Highly favorable tax treatments in some, and lack of taxation in other EU member countries enables regulatory arbitrage.
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Exploring the current state of cryptocurrency taxation in the European Union














Source: https://www.theblockcrypto.com/genesis/82157/exploring-the-current-state-of-cryptocurrency-taxation-in-the-european-union?utm_source=rss&utm_medium=rss

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Blockchain

FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto

Proposed rule change would mandate financial institutions gather and share data on smaller international transactions by lowering the threshold from $3,000 to $250.

The post FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto appeared first on The Block.

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FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto














Source: https://www.theblockcrypto.com/linked/82229/fincen-proposes-lower-threshold-for-transaction-data-gathering-under-fatfs-travel-rule-including-those-made-with-crypto?utm_source=rss&utm_medium=rss

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