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Will Bitcoin’s halving push its price higher?

A lot of ink has been spilt over Bitcoin’s halving, with crypto luminaries the world over taking sides on how much it will affect the token’s price. Will it push Bitcoin higher or does its anticipatory nature necessitate much has been priced in? [themoneytizer id=”31265-1″] To Zhao Changpeng, chief executive […]

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A lot of ink has been spilt over Bitcoin’s halving, with crypto luminaries the world over taking sides on how much it will affect the token’s price. Will it push Bitcoin higher or does its anticipatory nature necessitate much has been priced in?

To Zhao Changpeng, chief executive of Binance Holdings, the world’s largest spot crypto exchange by volume, it’s a no-brainer. “The halving should be very positive for the crypto industry,” said Mr Zhao in an interview from Singapore, citing historical precedent.

The halving, a periodic event that reduces the rewards miners receive, took place on Monday, according to Binance. But it might impact Bitcoin’s price in other ways, says Mr Zhao. Miners may also be more willing to hold on to their Bitcoin for longer in lieu of selling at prices below their break-even costs.

“There’s a psychological effect, which also pushes the price up, but fundamentally I believe supply is limited, but demand is increasing exponentially,” he said.

On how the coronavirus has affected the company, Mr Zhao says the company has seen a large increase in activity both in trading volume and, as a result, in income, over the past few months.

Though the coronavirus outbreak has affected large swathes of the global economy, crypto exchanges have been somewhat insulated. Investors can still trade from home, he said. It’s allowed Binance to continue rolling out products and the company has plans to expand its workforce.

In fact, a number of crypto exchanges have announced similar plans recently. Businesses that don’t require a physical presence – though they may account for a smaller fraction of the economy – might be doing better than before, says Mr Zhao. In addition, quantitative easing has spurred more interest in digital assets. “We just have a lot of work and we need to hire people,” he said. “Right now is a good time to hire.”

On how the outbreak has altered his day-to-day life, Mr Zhao said: “For me, there’s actually very minimal change.” Among the biggest adjustments has been a reduction in conferences and travel. But Mr Zhao, who called himself an introvert, said he could stay at home for a week “and it’s OK”. Binance did, however, have to delay plans for at least one conference thus far.

Stablecoins occupy an interesting middle ground in the crypto universe, with Tether being among the most prominent. But Tether’s lack of transparency could be seen as a potential risk, said Mr Zhao. There are other options, including some of Binance’s stablecoins, though he doesn’t view them as being in competition with one another. “The more stablecoins there are, the better it is for this industry,” he said. “We just want to provide more choices.”

Mr Zhao shares a similar view on China’s recent digital currency efforts. “I don’t view it as a competitor at all – there can only be positive things that happen because it’s an additional choice for people to use,” he said.

Last month, China’s central bank gave the green light for some commercial lenders to run trials of its digital currency, bringing it a step closer to becoming the world’s first major monetary authority to issue its own digital tender.

“As long as there is a currency that offers a very high degree of freedom, that allows people to transact globally, that’s really cheap to use and very safe – we care about those fundamental things,” he said. “If another coin does that, I think it benefits all of our societies and that’s a very positive thing for the industry.”

Source: thenational.ae

Source: http://futureneteam.biz/will-bitcoins-halving-push-its-price-higher/

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Bitcoin Price Analysis: The $2000 consolidation zone

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Bitcoin daily chart

Bitcoin trades lower on Tuesday as general crypto sentiment remain weak. The market seems to be stuck between a rock and a hard place since the halving event took place last week. Now BTC/USD dipped below the 9K level after rejecting the 10K resistance zone twice in relatively quick succession. Now the price looks stuck between 8-10K there needs to be a firm breakout on good volume to determine the future path of the digital gold.

There are some positives on the technical side, the price is trading above the 200 and 55 moving averages. The MACD signal line is still holding above the zero line despite the histogram being under (in the red). The Relative Strength Index indicates is still above the 50 mid-point. The key support level remains the wave low of 8105.58 and if this breaks then a lower high lower low sequence would kick in. 

Additional levels

BTC/USD

Source: fxstreet.com

Source: http://futureneteam.biz/bitcoin-price-analysis-the-2000-consolidation-zone/

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Bitfury Opens Itself Up to Accredited Investors

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Bitfury, one of the largest industrial Bitcoin miners outside of China, is opening itself up to accredited investors, according to a report in Forbes.

The goal, of course, is to assure that these larger investors have a space to diversify their assets and get involved in the cryptocurrency space, according to a page on the group’s website.

As more big investors put money into Bitfury, the more they’ll be able to expand and provide a solid infrastructure for mining. According to the website, investor money will go toward energy sites in North America and Europe, alongside Central Asia, Norway, Iceland, and Canada.

An excerpt from the website reads:

“Through Bitfury’s institutional investor program, these groups can now invest in Bitfury’s top-tier data centers across North America and other regions through bespoke investment vehicles, including direct investment and indirect engagements such as through funds, private equity and other instruments. Bitfury will handle all operations and management including site sourcing, procurement of equipment, deployment of facilities, data center operations/maintenance and more.”

This expansion is necessary due to Bitcoin’s recent halving, which only serves to increase the difficulty of mining for all participants.

Source: https://insidebitcoins.com/news/bitfury-opens-itself-up-to-institutional-investors

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Crypto Payroll Firm Bitwage Unveils Bitcoin 401(k) Product

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Bitwage, a crypto startup aiming to bring the use of digital currencies into the mainstream has announced the successful trial of its Bitcoin (BTC) 401(k) employee pension account. This, according to a report by Coindesk, May 26, 2020.

Bitwage 401(k) Tools to Aid Employers

Bitwage today unveiled its Bitcoin 401(k) plan which will help employers meet the conditions devised by the U.S. government’s Paycheck Protection Program (PPP). The firm’s Bitcoin 401(k) plan will help companies that are having a hard time meeting the 75% payroll requirement set by the federal government.

Shattered by COVID-19, the U.S. has pumped trillions of dollars into its economy in a bid to mitigate the impact of the pandemic on its workforce. The PPP is one of the several measures undertaken by the U.S. government to help the country’s businesses continue their operations so they’re not forced to cut down on their employee count.

To date, a total of $660 billion has been disbursed by the Small Business Administration (SBA) across the U.S. The federal government encourages employers to spend a minimum of 75% of funds received on payroll expenses. In return, the program ensures the firms 100% loan forgiveness to they don’t cut down their staff.

In a press release, Bitwise said:

This gives companies an opportunity to provide matching or profit-sharing contributions to employee 401k accounts in order to help close the gap to receive full loan forgiveness.

Adding:

Together with the PPP program, the Bitwage Bitcoin 401(k) Plan allows employers to get more out of their PPP loans, while providing their employees new and innovative investment options.

Bitwage Continues to Spearhead Crypto Adoption

Over the years, Bitwage has introduced several cryptocurrency-based tools and services to foster the adoption of digital currencies among the mainstream populace.

Last year, BTCManager reported how Bitwage had announced the launch of Ether (ETH) Payroll Services for workers, freelancers, and contractors, across the world, giving them an option to receive their salaries in ETH.

As the world undergoes a transition toward digital money, the steady rise in the crypto-payment options has come hand-in-hand. Over time, crypto-enthusiasts would hope for the watershed moment that finally propels the use of digital currencies to that highly-anticipated next level.

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Source: https://btcmanager.com/crypto-payroll-firm-bitwage-bitcoin-401k-product/

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