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Musk, Microsoft and the Futures Market: 10 Days of Ethereum Price MOON

Musk, Microsoft and the Futures Market: 10 Days of Ethereum Price MOON

Musk, Microsoft and the Futures Market: 10 Days of Ethereum Price MOONEthereum has been making the headlines in recent days. | Source: Shutterstock; Edited by CCNBy CCN.com: Things are suddenly looking a lot rosier for Ethereum after a fruitful ten days in which it was courted by Elon Musk, welcomed by futures regulators, and integrated on Microsoft Azure.Markets responded positively to the increased attention on the No.2 cryptocurrency, sending the ETH price on a 17.5% surge which continues at the time of writing.Elon Musk: The Tweet That Launched a Thousand EtherIt began with a tweet. When Elon Musk sent out a one word comment on April 29th, it sparked the beginning of a ten-day surge which returned 17.5% gains to Ethereum holders.Between April 25th and May 8th, the unit value of ETH increased from $153.48 up to a peak of $180.39. A brief pullback saw it returned to the low $170 range, but momentum pushed it higher once more.The Tesla CEO then queried what should be developed on the blockchain platform, and Ethereum CEO Vitalik Buterin responded with a 13-point list. Conducting casual business negotiations with Elon Musk on Twitter? Surely worth the combined marketing budgets of a thousand altcoins. And its effect on the ETH price was apparent.Ethereum Dev Kit Added to Microsoft AzureAlthough already present on Azure, Monday’s updated release sees Ethereum developers given more freedom on Microsoft’s cloud workshop.The launch of the Visual Studio Code extension gives blockchain developers the chance to write code in Solidity and Truffle – two of Ethereum’s smart-contract programming languages.Head of BuildAzure, and Microsoft MVP, Chris Pietschmann, suggested this was a sign of the computing giant’s intention to invest seriously in blockchain development. He said:“This proves even further the investment and dedication that Microsoft is putting forth towards the use of Blockchain ledger technologies in the Enterprise, or even on the public blockchain networks.”Indeed, Microsoft has presented an open door to blockchain developers for years now. When Factom (FCT) was added to Azure in 2015 it resulted in an instant price pump of 600%. In recent years other blockchain development kits have been added, including those for Stratis (STRAT) and Ontology (ONT), with varying degrees of market reaction.ETH Futures Rumour Adds Fuel to the FireOn May 6th the Ethereum price pump was extended further when a U.S. Commodity Futures Trading Commission (CFTC) official spoke off-record about a possible Ethereum futures market. The unnamed CFTC regulator was allegedly quoted as saying:“I think we can get comfortable with an ether derivative being under our jurisdiction. If they came to us with a particular derivative that met our requirements, I think that there’s a good chance that it would be self-certified by us.”Some have suggested a futures market would be a boost in the arm for Ethereum, after a period in which it came under heavy criticism for missed targets and lack of developments.Notably, Bitcoin received the same boost in the arm in December 2017, when the announcement of the CME and CBOE futures markets hit the newsfeeds. Over the next 17 days the value of Bitcoin doubled, from $10,000 to $20,000.However, in a perfect example of ‘buy the rumour, sell the news’, when the futures markets launched on December 18th, the value of Bitcoin sunk like a stone.Click here for a real-time ethereum price chart.  About The AuthorGreg ThomsonFreelance writer who avoided politics for as long as possible before it became unavoidable. Currently covering the cryptocurrency beat and finding interesting crossover points between it and the broader culture. Some time screenwriter with one short film under my belt and another in production. Hollywood has changed since the days when I fell in love with it, but you can still find glimpses of that old magic in the independent scene.
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$25,000 Bitcoin Price Next for Perma-Bull Lee after Ringing Crypto Winter Dead

$25,000 Bitcoin Price Next for Perma-Bull Lee after Ringing Crypto Winter Dead

By CCN: Fundstrat CEO Tom Lee says the ‘crypto winter’ is finally over, offering 13 solid reasons to back up his claim. According to the bitcoin perma-bull, there’s nothing but blue sky between here and his $25,000 price prediction.If he’s right, then bitcoin has bottomed for this cycle and we have now entered a bull market. Lee’s 13 signs touched on everything from technical analysis, Wall Street involvement, bitcoin metrics, and generally positive sentiment.After a disturbing pullback to ~$6,200, #Bitcoin back >$8,000 further cementing positive trend intact.As we said a few weeks ago, Consensus 2019 @coindesk was to prove whether crypto winter is over……confirmed pic.twitter.com/M8ni4g2YvX— Thomas Lee (@fundstrat) May 19, 2019Bitcoin’s “disturbing pullback” to $6,200 just a blipLee said that bitcoin’s recent flash crash to $6,200, which was triggered by a huge sell order on Bitstamp, was a blip. And the subsequent rebound to $8,000 strengthened the case that bulls were back in control of the market.Tom Lee believes bitcoin has bottomed at $3,200 and begun the road to recovery. Source: CoinMarketCapAs Lee points out in his 13 reasons, negative news stories no longer seem to dent the market. Citing recent events that ought to have shaken the markets, he said:“Stable market reaction to controversy around Bitfinex/Tether and NY Attorney General’s court order alleging undisclosed transfer from Tether’s reserves to Bitfinex in order to cover up mishandled funds.”Lee: Consensus 2019 confirms the end of crypto winterLee said the final proof of bitcoin’s rebound lies with the Consensus conference. The event, run by Coindesk, is often cited as a catalyst for price action, known as the “Consensus Pump.”The bitcoin price rallied to a ten-month high of $8,000 as the conference kicked off. It was the catalyst Lee needed to confirm that crypto winter is finally over.Bitcoin transactions surge and accumulation beginsAmong the other reasons for Lee’s conclusion is the volume of bitcoin transactions. He wrote that on January 23rd:“On-chain transactions per day turn positive YoY, the first time since January 2018 (consistently).”#bitcoin transactions reaching ath’s again🚀 pic.twitter.com/YMfQIQir1C— Sakura ¥ (@carryyen) March 28, 2019He also pointed to volume on over the counter (OTC) markets, hinting that brokers were reporting 60 – 70 percent increase in new client activity. At the same time, wealthy investors were accumulating bitcoin, not just on OTC markets, but in Grayscale’s flagship Bitcoin Investment Trust.It’s in the charts…Additionally, Lee points to a slew of technical analysis that confirms bitcoin’s upward trends. The most significant of which is the so-called “golden cross” when bitcoin’s 50-day moving average crossed the 200-day moving average. It historically indicates a bull market, not just in crypto, but in financial markets generally.Ladies & Gents… The Golden Cross!Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈This is yet another sign that we’re back in a🐂market. 🚀🌛 pic.twitter.com/VK1PSsOYIB— Mati Greenspan (@MatiGreenspan) April 23, 2019Lee also cites his own firm’s Bitcoin Misery Index which ticked back up to 2017 levels.Bitcoin price to soar to $25,000?With crypto winter finally over, Lee may double down on his $25,000 bitcoin price prediction. The perma-bull originally predicted that bitcoin would hit the milestone by the end of 2018. Even when it failed to materialize, he remained optimistic, saying $25,000 is a fair price for bitcoin.“Strangely, I just think that’s a good, fair value for bitcoin, but the timing of that’s going to be difficult. Bitcoin has had 70 percent pullbacks four times already in its 10-year history, and it has recovered to new all-time highs every time. So to me, it’s resilient.”At what price will see FOMO from those who gloated about 90% crash in $BTC?Military term, SWAG (scientific wild-assed guess).My SWAG is $10,000 is price that causes FOMO from those who saw #bitcoin as dead forever. POLL: At what price do we see FOMO?— Thomas Lee (@fundstrat) May 12, 2019For now, the psychological barrier remains at $10,000. According to a Twitter poll conducted by Lee, his followers believe this is the price at which new investors will FOMO into cryptocurrencies. 
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JPMorgan Tries Fear-Mongering in Attempt to Sabotage Bitcoin Price Rally

JPMorgan Tries Fear-Mongering in Attempt to Sabotage Bitcoin Price Rally

JPMorgan Tries Fear-Mongering in Attempt to Sabotage Rowdy Bitcoin Price RallyJPMorgan strategists are warning investors that bitcoin, in its current value, is overpriced. | Source: ShutterstockBy CCN: JPMorgan doesn’t love bitcoin. The bank – the United States’ biggest financial institution by assets – has been historically pessimistic about the flagship cryptocurrency, so just when bitcoin prices started going through the roof, it decided to crash the party with a dire warning.#Bitcoin prices diverge from intrinsic value, carrying echoes of late 2017, JPM says. pic.twitter.com/DImDoSMv8L— Holger Zschaepitz (@Schuldensuehner) May 17, 2019JPMorgan makes yet another effort to sabotage bitcoinThe crypto winter gave JPMorgan’s bitcoin bears reason to cheer earlier this year. The Wall Street firm’s analysts were bandying about a $1,260 bitcoin price target in January, warning HOLDers that they should prepare for more pain in case the crypto winter continued.Bitcoin’s impressive price rally has made those analysts eat their words as the digital currency is now trading over $7,900. But JPMorgan says that the current bitcoin price is reminiscent of 2017’s boom-bust pattern when the cryptocurrency’s market price had surged ahead of its intrinsic value and then crashed spectacularly.JPMorgan strategists wrote in a note (via Bloomberg):Over the past few days, the actual price has moved sharply over marginal cost. The divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.The note tells us that JPMorgan is trying to rain in on bitcoin’s parade, giving bears fodder by telling them that bitcoin’s current price doesn’t reflect its true value. But there’s a flaw in the JPMorgan has arrived at the “intrinsic value” of bitcoin.Don’t get carried away by JPMorgan’s fearmongeringJPMorgan has arrived at bitcoin’s intrinsic value by treating the digital currency as a commodity. The Wall Street firm estimated the cost of “producing” a bitcoin using variables such as electricity expenses, hardware efficiency, and electricity expense.But it seems like JPMorgan forgot that the current bitcoin price rally has a lot more legs than the last one, and it doesn’t make sense to value it based on the cost of mining. That’s because bitcoin is proving to be a solid alternative investment at a time when the stock market is in turmoil, thanks to the US-China trade war.In a period where: —political tensions escalate between US and China, —global equity markets fall sharply—VIX largest spike in many months—global yield curves flatten/invert#bitcoin has RISEN and >$6,000Crypto showing its value as an uncorrelated asset.— Thomas Lee (@fundstrat) May 9, 2019As it turns out, the Chinese are dumping their currency in favor of bitcoin to escape the yuan’s painful decline.Meanwhile, institutional investors are piling into bitcoin as the digital asset is believed to be better than gold as a safe-haven investment. Asset management firm Morgan Creek Digital’s CEO, Mark Yusko, estimates that the price of bitcoin could reach as high as $500,000 if the cryptocurrency is valued like gold:So if we get the amount of value in total Bitcoin market value or network value equal to gold, that’d be about $7.4 trillion divided by 21 million coins, although there aren’t really 21 million left, and you get around $400,000 a coin, maybe $500,000 a coin. Now, when does that happen? It’s probably over a decade or maybe even more.A survey carried out by Fidelity Digital Assets has found out that almost half of the institutional investors that it had surveyed see a place for digital assets like bitcoin in their portfolios.We asked: what do institutions really think about #digitalassets? https://t.co/3Lq5h5ITbT— Fidelity Digital Assets (@DigitalAssets) May 2, 2019So, JPMorgan’s claim that the price will crash just because it is trading above the intrinsic value, which has been arrived at by calculating mining costs, is nothing but a farce.It’s ‘Worth Nothing’: Jamie Dimon Takes Another Shot at Bitcoin https://t.co/junawpXqNa— CCN.com (@CCNMarkets) September 22, 2017But bitcoin has proved that it has value because of its real-world use cases. So don’t be surprised to see JPMorgan’s famed analysts eating their words once again when the price shoots higher.Click here for a real-time bitcoin price rally. About The AuthorHarsh ChauhanHarsh Singh Chauhan has a wealth of experience evaluating publicly-traded companies across several verticals, including technology, oil and gas, retail, and consumer goods. He is a syndicated author whose articles have been published on reputed online platforms across the U.S., Europe, and India since 2011.This article was edited by Samburaj Das.
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