As Bitcoin’s payment options grow, BTC true future role up for debate

In an August 2020 paper “Is bitcoin money?” Peter Hazlett and William Luther wrote that there exists only “a small corner of the internet where transactions are routinely conducted with Bitcoin serving as the medium of exchange.” But that corner may be growing into a room, or even a house now.  “Demand for Bitcoin has certainly grown over the last year,” co-author Luther, assistant professor of economics at Florida Atlantic University, told Cointelegraph in a recent conversation. “As new users find themselves with Bitcoin, and existing users find themselves with…

What are the chances BTC is actually overtaken by another crypto?

When the famous Satoshi Nakamoto first designed his masterpiece, few could possibly have imagined the almost $63,500 peak that sent investors into a frenzy. Even these days, the first-ever cryptocurrency’s price feels hard to believe at times and investors might be pinching themselves every now and then. Taking a seat alongside Bitcoin (BTC) on the roller coaster, altcoins like Litecoin (LTC), Ether (ETH) and Bitcoin Cash (BCH) joined the ride — and, more recently, DeFi giants Polkadot and Cardano. But for the long haul, looking into the crystal ball, it’s…

Goldman Sachs launches limited BTC derivatives trading desk

One of the largest investment banks in the world just launched a cryptocurrency trading desk — though executives made sure to specify they would only be trading derivatives, and will not have actual digital assets on the books.  A CNBC report this morning revealed a internal Goldman Sachs memo announcing the launch of a cryptocurrency trading desk. The desk will be part of Goldman’s Global Currencies and Emerging Markets division, and overseen by Digital Assets head Mathew McDermott. The news comes shortly after a report yesterday that Goldman had begun…

‘Unprecedented’ capital inflows into Bitcoin remove 12K BTC from Coinbase in an hour

Another day, another spike in Bitcoin (BTC) leaving major exchange Coinbase as funds pour into the largest cryptocurrency. Data from on-chain monitoring resource Glassnode showed 12,354 BTC ($694 million) being withdrawn from the Coinbase order book in a single hour on May 7. Coinbase sees another BTC balance squeeze As the largest exchange in the United States, Coinbase has frequently been the venue for major Bitcoin buy-ins this year. As Cointelegraph reported, sudden tranches in excess of 10,000 BTC heading to private wallets is far from unheard of, but nonetheless…

VeChain on TV, DOGE flips BTC volume, Hotbit hack and more …

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. Will DOGEmania ever stop? Dogecoin has officially flipped Bitcoin in a few categories here in China, with DOGE trading volume on leading Chinese exchange Huobi surpassing that of leading assets ETH and BTC. On May 6th, according to CoinGecko, DOGE volume made up more than 15% of total exchange volume, whereas BTC and ETH were around 8% each.…

VanEck and BetaShares apply for Aussie crypto ETFs as family offices snap up BTC

Family offices in Australia are reportedly piling into digital assets as fund managers compete to list the country’s first cryptocurrency-backed exchange-traded fund. VanEck and BetaShares have each lodged submissions with the Australian Securities Exchange (ASX) following a rejection of industry speculation in March that the exchange was opposed to such products. The ASX confirmed that had received formal applications from several other investment managers eager to launch their own Bitcoin ETFs. Earlier this week VanEck Asia-Pacific chief executive Arian Neiron stated that the crypto asset movement had become more mainstream…

Bitcoin Reclaims 100 SMA, Here’s Why BTC Could Surge above $58K

Bitcoin price started a decent increase above the $56,000 resistance against the US Dollar. BTC is showing positive signs and it could aim a break above $58,000. Bitcoin formed a support above $54,000 and it recovered above the $56,000 zone. The price is now trading above the $56,000 level and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $54,850 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair traded as high as $57,994 and…

Bitcoin Extends Decline, Here’s Why BTC Remains At Risk Below $56K

Bitcoin price extended its decline and tested the $53,000 zone against the US Dollar. BTC is correcting higher, but it is facing a lot of hurdles near $55,000 and $56,000. Bitcoin remained in a short-term bearish zone and it extended its decline to $53,000. The price is now trading well below the $56,000 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $55,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct higher,…