Jim Cramer, the host of CNBC’s “Mad Money” has recommended buying Coinbase stock, and suggested that 5% of investment portfolios should be allocated to cryptocurrency.Cramer made the comments in the Lightning Round on Aug. 25 in response to a caller who asked whether buying Coinbase stock was a good way to get crypto exposure. The 66-year-old finance personality stated that while Coinbase’s listing went “very poorly” he views it as a big player in crypto: “I think Coinbase is inexpensive. I don’t really care for management because I think they let out a lot of stock when they started. I was against that. They should’ve been buyers, not sellers. I think the listing went very, very poorly. I think the company is the … natural repository of crypto.”Coinbase Stock (COIN) stock has seen a lackluster performance since its listing on the Nasdaq exchange in mid-April. At the time of writing, COIN is sitting at $248, down 27% from it’s all-time high of $340 on April 16.However, the firm had a strong performance last quarter with its Q2 report posting net profits of $1.6 billion, compared to $32 million in Q2 2020. Cramer added to his comments by suggesting that direct exposure to crypto should also be an option for investors: “I own Ethereum directly. I think you should have up to 5% of your portfolio in crypto. I am a believer in crypto.”The CNBC host is a former hedge fund manager and co-founder of financial news website TheStreet.com. While Cramer has remained relatively consistent on Ethereum (ETH) lately, he has had an on-again-off-again love affair with digital gold since he first bought Bitcoin (BTC ) back in December 2020. In fact, he’s all over the place. In the middle of a crypto downturn in June, Cramer urged investors to be “patient” with BTC — but ten days later his patience ran out and he boldly claimed that BTC is “not going up because of structural reasons,” and revealed:“Sold almost all of my Bitcoin. Don’t need it.”In March, Cramer bullishly stated that BTC made him a “ton of money” while his investments in gold and stocks had let him down. In April he stated that he had cashed out 50% of his “phony money” BTC to pay off his mortgage. Cointelegraph reported on May 5 Cramer said he owned “a lot of Ether” after he initially bought the asset to bid on a Time Magazine NFT.Related: Auditors reveal USDC backing as Jim Cramer sounds alarm over Tether’s mad money
This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations. After enforcing global KYC requirements for all users, Binance’s dominance in CeFi has slipped from about two-thirds to just over one half, according to the FTX volume monitor. The big three of Huobi, Binance and OKEx now look like a big five, with Hong-Kong based FTX and Singapore based Bybit closing the gap. The global NFT fever seems to be intensifying in a week that saw Visa make headlines with its $150,000 purchase of CryptoPunk 7610. Chinese netizens on Weibo were unsurprisingly baffled, with comments asking what can be done with it after purchase, while others made jokes about whether or not a Punk had any artistic value. Since late June, daily searches for ‘NFT’ are now measuring between 2.5 million and 4 million, showing a growing interest in the asset class.Related: Shanghai Special: Crypto crackdown fallout and what happens nextOwning Bitcoin isn’t banned, but many fear for the future of regulations in China. Here’s a look at where we stand and where we might be headed.Meet the MAODAOThe MAODAO is one of the first NFT communities to spring up in Asia, with a focus currently on China. It’s based around play-to-earn gaming, with the DAO sponsoring players in the Axie Infinity world by providing assets upfront, and then returning a portion of the proceeds back to the DAO treasury. The DAO uses NFT cats used as both a collectible and a governance token. These Ready Player Cats, or RPCs for short, are 3000 NFT cat tokens that were minted on August 22nd for 0.08 ETH. The colorful cartoon cats now have a price floor of near 0.4 ETH.The colorful cats are selling for over $1,500 on OpenSea.Speaking to the founder who goes by the name of Matt Mao, we learned that a lot of inspiration had come from another famous NFT project, Bored Yacht Ape Club. “Our most prominent characteristic may be our Eastern roots. In fact, our first minting event was mostly done by early supporters of the Asian NFT and crypto community. Maybe everyone’s enthusiasm stemmed from the lack of a symbolic NFT project in the Eastern community and gave some recognition to us.”Mao is planning to leverage the abundant resources the crypto community has to grow and raise awareness, strengthening the exchange between Western and Eastern NFT communities. The outfit is planning cooperations with other artists and projects to increase rewards for the MAODAO and its members.The organization shows off its eastern heritage with vivid colors and illustrations. Source: maonft.comAlls well that ends well?After a long and dramatic journey, the dramatic Poly Network hacker returned the rest of the funds to the cross-chain bridge. The hacker had exploited a bug in the code to lift over $610 million in Ethereum and other cryptocurrencies, before leading the cryptocurrency space on a wild ride that included failed attempts to avert a blacklist, sending funds to Vitalik Buterin, and an AMA via the blockchain. Poly Network, which is a project incubated by Neo’s O3 labs, will be glad to have their users’ funds back, although it remains to be seen if the project can continue now that so much trust has been eroded. Objection overruled!A high court from the Northeast province of Shandong set a precedent when it ruled that a plaintiff’s cryptocurrency had no legal status in China. The plaintiff in the case had lost around $10,000 dollars worth of tokens when a People’s Bank of China ruling back in 2017 had ordered exchanges to close. The plaintiff had lost access to his account and was hoping to get the value of the tokens back on the grounds of fraud. It’s unknown whether the judge had reminded the plaintiff at the conclusion of the case that if it’s ‘not your keys, not your crypto.’ This contradicts a ruling from earlier this month in a district court of Shanghai, that ruled Bitcoin was a property protected by Chinese law.The Minhang District Court in Shanghai stated that Bitcoin is a virtual property protected by Chinese law, which is disposable, exchangeable and exclusive. https://t.co/lUO3yr44Vw— Wu Blockchain (@WuBlockchain) August 18, 2021The lack of clarity and consensus on the issue is slightly unusual for China, where top-down leadership can usually set clear directives to follow. It’s possible that with the government’s emphasis on blockchain development, emerging tech, and upcoming central bank digital currency, the government is hesitant to put a blanket ban on digital assets. Heading West for summerBitcoin and Ethereum miners appear to be completing their migrations abroad following the strict regulation against them earlier this summer. This is based on the hash rate data recovering to around 66.7% of it’s pre-regulation peak in May. During the summer, most of the large mining companies have been closing down operations and shipping hardware to other countries, including Kazakhstan, Bangladesh, and the US. This rebound signifies that the mining industry and the network as a whole has emerged from another major threat. Now that the network has moved away from being so centralized within China, it should become more appealing to risk averse investors.
Bitcoin has been moving sideways during the day after an increase in selling pressure brought back to mid-range of its current levels. The first cryptocurrency by market cap trades at $47,394 with a 5.4% profit in the daily chart.
BTC with minor losses in the daily chart. Source: BTCUSD Tradingview
Despite the cool off in the crypto market, sentiment has turned bullish. Managing Director of Midas Touch Consulting Florian Grummes recently supported the optimism thesis for the long term.
In an interview with David from Kitco News, Grummes reiterated his prediction on Bitcoin and claimed that the cryptocurrency will continue into uncharted territory in 2021.
In that sense, he expects BTC’s price to rise above the $100,000 mark in the next six months on the back of fresh capital coming into the market.
Financial institutions could have bigger motivations to jump into BTC. The cryptocurrency is amongst the best-performing assets of the decade and, as Grummes said, there is “a lot of pressure” on these entities to show good performance on their investments.
The Managing Director for Midas Touch believes that Bitcoin was designed to perform well under the current economical conditions. He said:
(…) lots of institutions still have to catch up there, and I think this was all implemented in the game theory of Satoshi (Nakamoto, creator of Bitcoin) and it’s playing out wonderfully.
In the short term, Grummes acknowledged that BTC’s price saw a “good” bounce over the past weeks. However, the bullish sentiment generated by this price action might be turning into “greediness”.
Therefore, he recommended caution to those looking for an entry and added:
I wouldn’t buy here on these levels. I’ll be waiting for a pullback, I’m pretty sure it will come towards maybe $34,000 to $38,000 something around that range it’s going to be interesting again.
Bitcoin Rallies Against The Odds, On Track To $1,000,000?
This potential pullback will provide more information about future price action. Grummes didn’t rule out a revisit to the yearly open around the $20,000 levels if BTC’s price is unable to hold support at $35,000.
On the contrary, if support holds at the mid-area of those levels, “$100,000 will happen within the next 6 months”.
Speaking on the factors driving the bullish price action, Grummes referred to the BTC miners’ migration from China. Despite a great portion of the network was “eliminated”, the cryptocurrency continued in a demonstration of “what doesn’t kill you makes you stronger”, the Managing Director said.
If Bitcoin does manage to climb to $100,000, it will be business as usual with high levels of volatility as people FOMO into the market. This could lead to another 50% pullback, and a return to previous highs, a similar scenario to the past months.
Eventually, the first cryptocurrency by market cap could trade at $1,000,000, at some point “during the next decade”, Grummes predicted. However, this will depend on the monetary policy adopted by central banks.
If these entities keep “printing money”, Bitcoin could absorb it to drive its price much higher. Short-term holders and FOMO are the two main factors that could stand in the way of a fresh rally.
Bitcoin has once again dipped back down below its $47K resistance point. This time, the price of the digital asset looks to have turned its attention downwards. While this downward correction continues, it is important to know where this correction might lead. Price dips are not a novel concept in bull markets. In fact, price dips are often expected following a rally in the price of any digital asset.
Related Reading | Why An 18% Drop In Bitcoin Could Still Be Bullish
This drop in price is usually the market taking a bit of a step backward. Not necessarily pulling out of the asset. Bitcoin had only recently broken $50K and did not rest at this position for long. So a small downward stretch will most likely lead to a bounce-back that will push the price higher back above $50K. With a consolidation point putting the digital asset at a reasonable position above $50K.
Bitcoin Setup For New All-Time High
For bitcoin to hit a new all-time high as the market expects, some factors would play into this. Simply speaking, certain signals would need to be triggered for this price jump. Bulls still have majority standing currently, but it is no secret that the bears are determined to drag down the price of the asset.
BTC price set to hit new ATH if bounce-back leads past $49K | Source: Twitter
This has seen the price of bitcoin forming its first weekly bear after the run-up. As expected, bears are trying to straighten their hold on the market. Dragging BTC price down to test the $40K to $45K range again in the coming days. Current trends for the past 24 hours could very well put the market on track for this breakout level. Unless BTC sees a U-turn.
Related Reading | Puell Multiple: The Bitcoin Metric That Says BTC Miners Aren’t Ready To Sell
While below $45K is more than likely, BTC price charging back up past $49K will very well see a break away from current bear trends. Not only will this totally weaken bears’ hold but will also trigger a run-up towards $60K.
Time To Buy?
Despite the recent dip, market sentiments have not moved much. The Fear & Greed Index shows that the market has now moved out of “extreme greed.” But generally has remained in greed, with a current score of 75.
Bitcoin’s current price is mostly a buying opportunity for investors in it for the long run. Also known as diamond hands. Losing over $3,000 in the space of 24 hours will usually see a price rebound. The weekend will most likely usher in an uptick in trading volumes that will see BTC recover above its crash point.
BTC price falls below $47K | Source: BTCUSD on TradingView.com
At this time of writing, BTC is trending around $46,600, with an overall market cap of $881 billion. The beginning of the week saw the price break out past $50K. Current trending patterns show the asset will usher in the weekend below $50K.
Featured image from The Independent, charts from Twitter and TradingView.com
The euphoria seen across the cryptocurrency ecosystem over the past couple of weeks was tampered down on Aug. 26 as an early morning attempt by bulls to push the price of Bitcoin to $50,000 was soundly rejected. Data from Cointelegraph Markets Pro and TradingView shows that following its rejection, the price of Bitcoin slid to a low of $46,457 before bulls managed to regroup and put a halt to the downturn. BTC/USDT 1-day chart. Source: TradingViewHere’s what analysts are saying about Thursday’s price action for Bitcoin and a few things they are watching for as the digital asset is caught between a tug-o-war between bulls and bears.BTC price could trend south for a whileThe $50,000 price level was identified as a critical area for Bitcoin by market analyst and Cointelegraph contributor Michaël van de Poppe, who posted the following tweet outlining the significant support and resistance areas. Couldn’t break the critical area for #Bitcoin. Might be making a slight bounce here, but overall trend is south for a little.Massive support around $44K.Invalidation if breakout above $49K happens (and mostly, $51K). pic.twitter.com/d7gTuHKCvA— Michaël van de Poppe (@CryptoMichNL) August 26, 2021According to van de Poppe, Bitcoin is likely to spend some time in a downward trend following this latest pullback, but there is a significant amount of support at the $44,000 level that could protect it from further decline. The $51,000 price level was noted by van de Poppe as an important price to overcome to invalidate the current bearish trend. The analyst said:“It’s obviously not a bear market, but the overall consensus is that emotions can take over. Especially if Bitcoin corrects some more towards $44,000 or potentially $42,000, the topic of ‘long bear cycle’ will start to take over.”Traders expect the $46,200 support to holdAccording to Whalemap, a crypto-focused data tracking service, the calls for a lengthy bear cycle are premature at best according to on-chain data. Bitcoin volume profile. Source: WhalemapAs seen in the chart provided, the $46,200 support level is important as the next support level is found at $39,600. On-chain data also shows that there is a limited amount of selling volume between $46,200 and $57,400.Whalemap analysts said:“No reasons to get bearish just yet. Risk reward looks pretty positive if you look at on-chain data. A lot of UTXOs held unspent at $46,200 and not much selling pressure up until $57,400.”Related: Grayscale Bitcoin Trust FUD is now over as the last GBTC unlock totals just 58 BTCProfit-taking at $50,000 was expectedCrypto analyst Will Clemente issued some reassuring words on Aug. 24 when warned of a possible short-term bearish pullback based on exchange inflows and whale wallet activity. I am short term bearish.Drop in Illiquid Supply Ratio and coins moving onto exchanges. Also seeing some selling from whales. pic.twitter.com/nRhdB2GuSp— Will Clemente (@WClementeIII) August 25, 2021
Thursday’s pullback in the market showed that Clemente’s concerns were warranted and the analyst followed up the previous tweet with, “I think the large portion of this short-term move is probably over.” In a separate tweet, Clemente said:“It’s not unexpected to see some profit-taking after the move up to $50,000, but watching the rate at which this is happening and more importantly, are sellers willing to start selling at a loss? Some clues can be offered by Realised P/L, SOPR, SOAB, ASOL, and Realised Gradient.”The overall cryptocurrency market cap now stands at $1.999 trillion and Bitcoin’s dominance rate is 44.2%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Cryptocurrency strategist and trader Scott Melker is analyzing how the price of Bitcoin may move over the coming days and weeks.
Melker tells his 78,000 YouTube subscribers that Bitcoin (BTC) will likely face strong resistance just above the $50,000 level. The cryptocurrency analyst argues that the resistance level coincides with a key Fibonacci indicator number.
Galaxy Digital has announced the launch of passive cryptocurrency indexes with Alerian. These passive crypto indexes are eight in number; they will be weighted equally and re-balanced monthly.
Galaxy Digital Holdings has partnered with S-Network Global indexes and Alerian to launch eight blockchain indexes focused on crypto.
Galaxy Digital Holdings Ltd is a financial services and investment management company that offers cryptocurrency and digital assets services. The Company also provides services in blockchain technology with business lines, including Principal investments, trading, advisory services, and asset management.
Related Reading | Kraken To Re-Enter The European Market By Applying For A New License
According to an announcement made on August 24th, the duo developed two families of the crypto index.
They are referred to as the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Indexes and Alerian Galaxy Global Blockchain Indexes. The eight offerings have their listing under Alerian Galaxy Global Cryptocurrency-Focused Blockchain Indexes.
The passive indexes enable access to few selected investment vehicles and public companies. The companies and selected vehicles should be actively involved in the blockchain and crypto sectors like cryptocurrency miners.
Related Reading | Number Of Short-Term Bitcoin Holders Hits All-Time Low, How This Affects The Price
Other good examples are companies with crypto on their balance sheets, blockchains researchers, and infrastructure tech developers. The indexes are equally weighted and rebalanced monthly.
Comments From Galaxy Digital Head of Asset Management
Steve Kurz, Partner and Head of Asset Management at Galaxy Digital, said:
” We have a goal to keep on empowering investors with institutional, seamless, and innovative access points. We intend to channel it to the upcoming digital assets ecosystem”.
The Alerian Galaxy Global Cryptocurrency-Focused Blockchain CRYPTE Index is one of the eight latest products. It tracks crypto companies like Argo Blockchain, Square Inc., Voyager Digital, Coinbase, and Marathon Digital holdings, etc.
Although, the Alerian Galaxy Global Blockchain Index (BCHAIN) is tracking Facebook, Microsoft, Mastercard, Grayscale’s Bitcoin, and Ethereum Trusts. Other indexes include CRYPTP, BLKCHN, and BLKCNP.
Galaxy has increased its offerings early this month by partnering with Bloomberg to create a Defi Index tracking various projects. These projects include Aave (AAVE), Uniswap (UNI), and Compound (COMP).
In 2018, Galaxy had a partnership with Bloomberg to launch a Crypto Benchmark Index. The Index aims to track the liquidity of the top 10 cryptos.
Related Reading | Why An 18% Drop In Bitcoin Could Still Be Bullish
According to an August 18th report, Galaxy posted a loss of $175.8 million in Q2. The Galaxy CEO and founder Mike Novogratz expressed that he isn’t disturbed by the development.
He referred to factors like blue-chip strategic partnerships and increased counterparty trading volume as reasons to be bullish. He added that the goal was simply an adoption.
“We believe that the adoption battle will over time be a stickier, hard, and more financially impactful compared to short-term price moves.” – Mike Novogratz
At the time of writing, cryptocurrency market is down by 2% | Source: Crypto Total Market Cap on TradingView.com
Featured image from The Block, chart from TradingView.com
Bears pressed harder on the market today after Bitcoin (BTC) continued its pullback to an intra-day low at $46,250 and altcoins nursed near double-digit losses.While most of the market is seeing red a few altcoins managed to notch notable gains due to exchange listings and new staking opportunities.Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets ProData from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were COTI (COTI), XYO Network (XYO) and Conflux Network (CFX).COTI rallies after listing on CoinbaseThe top-performing coin over the past 24-hours was COTI, an enterprise-grade fintech platform focused on decentralized payments. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for COTI on Aug. 22, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. COTI price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for COTI turned solidly green on Aug. 22 and proceeded to climb to a high of 79 on Aug. 25, around 2 hours before the price increased 81% over the next day. The burst of momentum for COTI came after it was announced that the token would list on Coinbase Pro and Huobi, two of the largest cryptocurrency exchanges by daily trading volume. XYO volume surgesThe XYO Network is comprised of a network of devices that anonymously collect and validate data with a geographic component (geospatial). All data obtained from the tracking devices on the network are stored on the XYO blockchain.VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for XYO on Aug. 21, prior to the recent price rise. VORTECS™ Score (green) vs. XYO price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for XYO climbed into the green zone on Aug. 21 and reached a high of 72, around 67 hours before its price increased 36% over the next two days. Related: Forget Lambos, NFTs are the new crypto status symbolConflux Network expands its NFT ecosystemThe Conflux Network is a public, permissionless blockchain network that has the goal of bridging the communities and economies of Asian and Western societies in order to facilitate the secure and interoperable flow of assets and data.Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.269 on Aug. 25, the price of CFX rallied 40% to an intraday high at $0.377 on Aug. 26 as its 24-hour trading volume surged by 242% to $66 million. CFX/USDT 4-hour chart. Source: TradingViewThe sudden price surge comes as the CFX ecosystem works on building out its NFT ecosystem and the token appears to have also benefited from recently being listed on the Mexo and Tokocrypto exchange. The overall cryptocurrency market cap now stands at $1.993 trillion and Bitcoin’s dominance rate is 41.2%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Banking behemoth Citigroup is reportedly working to offer its institutional clients Bitcoin (BTC) futures trading services.
Citing an unnamed source who is familiar with the matter, Bloomberg reports that Citigroup is waiting for regulatory approval to start trading Bitcoin futures. Powered by CME Group, the world’s largest financial derivatives exchange, the Bitcoin futures contract is a USD cash-settled contract.
Charles Hoskinson, co-creator of Ethereum and creator of Cardano, is responding to criticism leveled by Weiss Crypto.
The Cardano Foundation announced on Tuesday that the company will comply with anti-money laundering (AML) measures by partnering with blockchain analytics provider Confirm. The partnership will enable exchanges, custodians, and other third parties to track the history of Cardano’s native cryptocurrency ADA that is being held in their wallets.