Popular TV host and long-time Bitcoin proponent Max Keiser believes that futures traders suppress Bitcoin’s price at current levels. However, once the asset explodes to Keiser’s intermediate target at $28,000, BTC’s amount for sale will evaporate as governments and institutions will purchase directly from miners.
Keiser: Governments And Institutions Will Rush To Buy BTC
Keiser recently tweeted that “the (temporary) Bitcoin price suppression scheme is a godsend for poor people to stack sats *now* before retail liquidity dries up and the price vaults to gold-parity levels around $400,000.”
CryptoPotato reached out to the popular TV host to elaborate on his views regarding the price suppression and potential surge in value. Keiser asserted that “for the world’s poor, the current price and availability of BTC are a once in a species-existent opportunity to acquire unconfiscatable Hard Money before a 40-80x move on the upside.”
He commented that his “forensic analysis of the BTC market, corroborated by insiders, is indicating futures traders are suppressing the price of BTC to give institutional players a chance to load the boat.” He also gave his intermediate price target of $28,000 per coin. Once the cryptocurrency reaches that level, it would be a significant game-changer for people’s perception of the asset.
“When this happens, we’ll see something quite unexpected. The retail market for BTC will dry up. The amount of BTC for sale AT ANY PRICE will be increasingly tiny.
Institutions, corporations, and governments will be buying BTC directly from miners, presumably at a huge premium.”
People Like Warren Buffett Will Suffer
Keiser, who previously said that Warren Buffet will start panic buying Bitcoin when the asset price jumps to $50,000, said that people like the prominent investor, who have no Bitcoin exposure, will see “their wealth hyperinflate to nothing.”
It’s no secret for the community that Buffett isn’t a fan of the primary cryptocurrency.. He once called Bitcoin “rat poison,” and even a charity launch with TRON’s Justin Sun couldn’t change his mind. Shortly after the event, Buffett insisted that BTC has no value “and never will.”
However, Buffett recently purchased a massive share in a mining company producing gold while reducing his exposure in significant banks such as JPMorgan Chase & Co and Wells Fargo & Co.
Keiser believes that those who had taken a similar path and purchased gold and silver will be less impacted. Nevertheless, even gold holders “will see their wealth take a relative nosedive against investors that are 100% BTC.”
Featured Image Courtesy of RT
Market Watch: After a Bloody Wednesday, Bitcoin Struggles At $13,000 As ETH Below $400
Bitcoin went on a roller-coaster ride in the past 24 hours from a new yearly high of nearly $14,000 to dipping below $13,000. Most altcoins mimicked their leader, and the total market cap has dropped by $15 billion.
Bitcoin’s Wild 24H Ride
As CryptoPotato reported yesterday morning, everything seemed to be going in BTC’s way. The cryptocurrency was surging and peaked at another 2020 high. In fact, with a price of $13,865, it came inches away from breaking last year’s record as well.
However, it was not to be as the situation reversed rather vigorously. In the following hours, Bitcoin plummeted in value. This resulted in a daily low of about $12,920 (on Bitstamp). In other words, the primary cryptocurrency lost nearly $1,000 in just a few hourly candles.
Since then, though, Bitcoin has recovered some of its losses. After reclaiming back the $13,000 price level, BTC has increased to its current position – around $13,150.
On its way down, BTC found support somewhere around the $12,950 line. Should another price dip occur and Bitcoin breaks below it, the next support level is at $12,800. Contrary, BTC has to overcome the resistance at $13,500 to return to its recent bull run.
Red Dominates The Altcoins
As it typically happens, when Bitcoin plummets, so do most of the altcoins. The scenario repeated yesterday, and despite most of them recovering some of the losses, red is still the predominant color.
On a 24-hour scale, Ethereum has dropped by 2.3% and struggles to stay below $390. Ripple (-2.5%) has dipped below $0.25. Binance Coin (-3.3%), Chainlink (-2.4%), Polkadot (-4.6%), Litecoin (-4.25%), and Bitcoin SV (-1.3%) have also painted red.
Crypto.com Coin has lost the most value since yesterday – 10%. CRO trades beneath $0.09. The cryptocurrency’s price hasn’t enjoyed October so far as it has dropped by more than 40% since the start of the month.
Aragon (-8.5%), Ocean Protocol (-8%), Maker (-7%), Celo (-7%), and Yearn. Finance (-7%) follow. In total, the cumulative market capitalization of all digital assets has dropped from $410 billion to $391 billion.
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Bitcoin Won’t Attract The Unbanked, Says Mastercard SEO
Cryptocurrencies, in general, will not help for the inclusion of unbanked individuals into payment systems and banks, claims Mastercard CEO Ajay Banga. However, the company is far from ignoring digital currencies altogether.
Trying To Get 1 Billion Into The Banking System
As per a recent news report, Mastercard CEO Ajay Banga, who’s on a mission to bank upwards of 1 billion unbanked people across the world, doesn’t see much of a use in digital currencies for that.
Banga’s opinion is that assets like Bitcoin will not make such a significant pull towards financial inclusion.
According to the CEO, high volatility serves as a downfall for cryptocurrencies. He has highlighted that the value of the most popular one of them (Bitcoin) fluctuates by large amounts, emphasizing that just this year, one BTC changed its dollar value from less than $5,000 in March to almost $14,000 recently.
“Bitcoin per se is volatile in its valuation,” Banga said, adding, “Can you imagine someone who is financially excluded trading in a way to get included through a currency that could cost the equivalent of two Coca-Cola bottles today and 21 tomorrow? That’s not a way to get them included. That’s a way to make them scared of the financial system.”
Five years ago, Mastercard’s CEO embarked on a mission to help 500 million people worldwide get access to the financial system and bank services. This year the plan has upgraded up to one billion. According to Banga, people without bank accounts suffer the lack of access to credit while paying much higher fees for financial transactions via payday lenders, etc.
However, Trust In Crypto Remains
What MasterCard’s CEO failed to outline, however, is the censorship-resistant nature of decentralized cryptocurrencies, as well as the non-existing barriers to entry.
In other words, anyone with access to the internet can become a part of the network without having to go through lengthy and, in many cases, impossible registration procedures to open a simple bank account, for example.
Moreover, once they become a part of it, there’s no central authority that can ‘shut you down’ per se, regardless of your economic situation or current location.
There’s merit to his words, nonetheless, because some of the inherent challenges remain. For instance, people need a relatively high understanding of technology and a working computer and internet connection to become part of Bitcoin’s network – something that a lot of citizens in third-world countries simply don’t have.
Despite the CEO’s opinion, MasterCard has been on the road to adopting digital currencies for a while now. As CryptoPotato reported recently, the company partnered with UK-based payment processor Wirex to expand its cryptocurrency program and aid “adoption and create innovative experiences in the crypto space.”
Featured image courtesy of CNBC
ETH Spiked 50% On Binance, Just To Crash 50% Immediately After
Atypical performance isn’t something new for cryptocurrency assets. Flash crashes and massive positive wicks have taken place in the past.
Just yesterday, ETH went through something similar. The price of the asset shot up by almost 50% only to crash immediately down to $197 and settle to where it’s currently trading on Binance.
ETH Price Going Crazy on Binance Perpetual Contract
In the span of a few hours yesterday, October 28th, the price of ETH on Binance’s perpetual contract went parabolic.
In a single massive candle, ETH shot up to $571, charting a 45% increase before retracing back to its regular trading price at around $390. While this might sound awkward enough, that’s not all.
A couple of hours later, the price wicked to the downside, touching a low of $197, charting a decline of about 50%, and immediately returned to its regular rates.
This happened on ETHUSD Perp futures. It was caused by one trader, both ways. We believe this may be intentional sabotage from a competitor. The trader lost lots of money himself. But also caused other stop orders to trigger. We will make a few changes to reduce in the future.
Since then, the price of ETH has stayed relatively stable, and it’s currently trading at around $387 for a 6.6% decrease in the past 24 hours.
No Strangers to Flash Moves
As mentioned above, the community is absolutely no stranger to massive wicks of the kind. CryptoPotato reported in late November 2019 that ETH went through a flash crash on the popular cryptocurrency exchange Poloniex.
Back then, the price fell by as much as 20%. The main difference is that it was trading against Bitcoin.
On another occasion, Bitcoin’s price dropped to a low of $680 trading against the USDS stablecoin. This also happened on Binance back in December 2019.
Flash moves of the kind are usually categorized by their speed. In other words, the price would move in any direction, charting a massive decrease or increase in a few seconds or minutes, and it would then return back to its standard range.
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