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Fidelity

Fidelity Investments will Trade Bitcoin in a Few Weeks!

According to Bloomberg, Fidelity Investments is on the verge of buying and selling Bitcoin (BTC). Earlier this year, the firm began a custody service to store Bitcoin, but now it will evolve to trading.

Fidelity Investments Embraces Bitcoin

Fidelity is one of the largest asset managers in the world. Its newly-formed arm—Fidelity Digital Assets—will be the first of its kind to offer “over-the-counter trade execution and order routing for Bitcoin.”

The Wall Street giant is aiming its cryptocurrency trading product at institutional traders and will start with Bitcoin.

According to Fidelity spokesperson Arlene Roberts:

“We currently have a select set of clients we’re supporting on our platform. We will continue to roll out our services over the coming weeks and months based on our clients’ needs, jurisdictions, and other factors. Currently, our service offering is focused on Bitcoin.”

Wall Street Embraces

Fidelity joins brokerages E*Trade Financial Corp and Robinhood in offering cryptocurrency trading to clients. But where the latter two target retail investors, Fidelity is only targeting institutional customers.

The company released a study on May 2 stating that 47% of institutional investors believe digital assets are a good investment idea.

Mainstream Adoption

The news should be enough to spur on Bitcoin bulls. One of the greatest hurdles faced by Bitcoin is mainstream adoption. Price volatility, fraud, and theft remain major concerns for institutional investors and keep Wall Street at bay when it comes to crypto.

>> Bitfinex Plans to Sell $1 Billion Worth of LEO Tokens

Bitcoin is currently on an upward swing, having already grown more than 50% so far this year. The coin currently sells for $5,725 approximately according to CoinMarketCap. The month of May alone has seen the coin surge almost 8% as it heads toward $6,000 per coin.

What are your thoughts on Fidelity’s embrace of Bitcoin? Do you think it’s simply a matter of time before others follow suit?

Featured Image: DepositPhotos © melis82

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Fundstrat Prediction

Fundstrat Prediction | Bitcoin will Rally to New Heights Next Year

Another Fundstrat prediction has emerged. This time there’s no messing about; the firm predicts that Bitcoin will hit $20,000 USD next year. You can bet investors are sitting up.

Fundstrat has made calls that have come true in the past, so should we listen this time around?

Fundstrat Prediction

The most recent prediction the research body made was that Bitcoin was going to crash in the latter half of 2018. It came true. At the time, BTC was trading at approximately $5,500 and could have easily climbed beyond.

Now the firm is saying Bitcoin’s rough patch is behind us and it’s time to jump back on the Bitcoin buzz train. So should we listen?

Fundstrat Prediction: Strategist Robert Sluymer

According to Robert Sluymer, a Fundstrat technical strategist, Bitcoin looks set to rally in the second half of 2019 as he sees a long-term bullish trend developing. Recently, we saw a sign of this when a Bitcoin Golden Cross formed for the first time since 2015.

A golden cross is a technical chart pattern that indicates a major rally is on the horizon.

Further, another reason to expect more gains has been the increased interest from institutional demand. This comes according to fellow Fundstrat analyst, Bitcoin bull Tom Lee.

Use Weakness to Accumulate

Sluymer has reportedly told clients to use the “recent weakness to accumulate” Bitcoin. According to a research note cited by Bloomberg, he says the following:

“Use pending pullbacks to continue accumulating Bitcoin in the second quarter in anticipation of a second-half rally through ~6,000 resistance.”

He goes on to suggest that Bitcoin is currently in “the early stage of a longer-term recovery developing.”

Sluymer adds:

“While it’s premature to conclude Bitcoin will not retest support near $4,300, we would encourage traders and investors to remain focused on the bullish longer-term technical profile developing.”

>> Facebook Partners with E-Commerce Companies to Support Crypto Payment

Whether you want to heed the Fundstrat prediction or not remains the choice of the investor. But Bitcoin price has been on a bullish rally in recent months, and this is clear to see. February has seen the coin steadily make gains, but the real “Eureka” moment arrived on April 1st.

On this day, Bitcoin jumped from $4,155 to $4,805 for no discernable reason. Since then the coin has continued to climb and is now selling for $5,813 USD—the first time the coin has breached the $5,800 mark since early in 2018.

What do you think of this Fundstrat prediction?

Featured Image: DepositPhotos © SectoR_2010

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Bitcoin scam

NYPD Warns of New Bitcoin Scam

When something becomes mainstream, we have to expect that some people will abuse it in some shape or form. In the case of cryptocurrency, we have seen several crypto scams surface over the past two years. The latest is a Bitcoin scam, announced this week by the NYPD.

Here’s what we know.

Everything We Know About the Latest Bitcoin Scam

On Tuesday, April 30, the NYPD warned the masses of an ongoing Bitcoin scam, in which callers are impersonating government officials and requesting payments in Bitcoin.

According to the report, scammers are pretending to be from the Social Security Administration (SSA); they are using spoofing technology to manipulate caller IDs to show the numbers of the SSA. Scammers then tell victims that their Social Security number has been used either to open new accounts or in some kind of money laundering operation. To resolve this problem, the scammers are asking victims to send money. Most commonly they are asking for Bitcoin, which is why many are calling it the latest crypto scam. As for the NYPD, they are referring to it as a phone scam, as scammers have also asked to be paid in bank wire transfers or prepaid gift cards.

According to the department, these scammers have stolen more than $2 million in 2019 so far. “Victims of this type of phone scam are not limited to senior citizen,” said Chief of Community Affairs Nilda Hofmann. “If you even suspect a call to be fraudulent, don’t take a chance, just hang up.”

>> Fundstrat Prediction: Bitcoin will Rally to New Heights Next Year

Scams Won’t Stop

Financial and crypto scams will never go away. The upside is that the NYPD has warned the public of this phone and Bitcoin scam, and now we know how to protect ourselves with the information provided. And the department has the public’s back, with Hofmann saying the NYPD “will not rest until we bring those responsible for these crimes accountable.”

Takeaway

As the month progresses, this latest Bitcoin scam will be a story to keep an eye on. What do you think of everything that’s happening? Let us know in the comments below!

Featured image: DepositPhotos © romsvetnik

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Bitcoin Golden Cross

Bitcoin Golden Cross | Market Rallying on First Golden Cross Since 2015

The cryptomarket is rallying today from the emergence of a Bitcoin golden cross. Now, the majority of the top ten cryptocurrencies by market cap are in the green according to CoinMarketCap.

Bitcoin Golden Cross

Leading the rally with a 5% gain at the time of writing is Bitcoin (BTC). The current price of $5,599 USD per coin is a new high for Bitcoin in 2019, and the bulls are excited.

But the news gets better for Bitcoin fans because, as stated, the first Bitcoin golden cross since October 2015 has formed. A golden cross is a technical chart pattern that indicates a major rally is on the horizon.

According to Investopedia:

The golden cross appears on a chart when a stock’s short-term moving average crosses above its long-term moving average.”

So with this bullish signal, Bitcoin looks set to change to a “long-term bearish-to-bullish trend.” If it can close above the $5,500 mark today, Bitcoin could rally to $6,000 USD in the coming days.

Tom Lee’s BMI

The Bitcoin golden cross isn’t the only signal to indicate a rally. Tom Lee’s Bitcoin Misery Index (BMI) is spurring on the positive sentiment also. Recently the Fundstrat Global Advisors founder stated that his company’s Bitcoin sentiment indicator recently touched a value of 89. According to his expertise, this means a “bull market is likely starting.” Lee noted that the BMI was over 50 throughout 2018 and has never appeared in a bear market.

April has been a good month for Bitcoin price. Growing 35% already in this month, the Bitcoin golden cross now signals further gains to come. This growth spurt means Bitcoin is on track to have the best month since December 2017, when the Bitcoin frenzy was in full swing.

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Altcoins Affected By Bitcoin Golden Cross

As is usual with the cryptocurrency market, where Bitcoin goes, altcoins often follow. Other major gainers in the top ten today include Bitcoin Cash (BCH) and Cardano (ADA), up 3.52% and 2.5% respectively. The second largest coin by market cap, Ethereum (ETH), is currently up 2.17% and selling for $174.85 USD.

On the other hand, Binance Coin (BNB) and Stellar (XLM) are down today, 2.17% and 0.29% respectively.

What do you think? Is the Bitcoin golden cross a strong indicator of a bullish run on the horizon?

Featured Image: DepositPhotos © 1StunningArt

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Moon Payment

Moon Payment Means You Can Shop on Amazon Using Bitcoin!

If you want to buy things on Amazon using Bitcoin, you now can. All you need is the Bitcoin lightning network and crypto payment processing startup Moon.

In time, the service will extend to many e-commerce sites also, not just Amazon. Let’s check this out.

Moon Payment Processing

The startup announced today that any lightning-enabled wallet can now be used through Moon’s browser extension.

Before this, the service could be used by connecting the browser extension to exchange accounts like Coinbase.

According to Moon CEO Ken Kruger, it works like this:

“[The extension] will pop up a QR code and it will have the lightning invoice, which you could also copy and paste if you can’t use the QR code for some reason, and you’ll be able to pay with your favorite lightning wallet.”

Moon Payment and Amazon

Customers should note that Amazon has nothing to do with the Bitcoin payment. The conversion from Bitcoin to fiat currency is taken care of behind the scenes by an unspecified third party.

Therefore, Amazon merchants receive fiat currency and never have to deal with Bitcoin, but the user gets to use Bitcoin as he/she so wishes. Kruger maintains that the lightning-enabled feature should work on almost any e-commerce site by 2020 as “there’s no direct merchant integration.”

This is also regardless of whether that platform accepts Bitcoin directly.

Aside from Bitcoin, Moon also manages payment channels, offering an interface for sending payments. As Kruger furthered:

“We’re integrating with the Visa and Mastercard networks and we get a cut of the interchange fees that merchants pay every time they receive a credit card transaction.”

>> Cryptocurrency Bear Market Wanes: Going through Accumulation

Moon Payment Processing Start-Up

Founded in New York last year, Moon is looking very promising. Born of a $100,000 investment, the company has already come quite far and is now looking for a Series A funding round in 2019.

Further, the company is looking for “opportunities to help solve some of those usability problems” and to “engage with other folks in the lightning community to see what people are doing, what they’re working on and if there are any significant gaps. We’d love to step in and help whenever possible.”

What do you think? Would you use Moon to buy your wares on Amazon?

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