Bitstamp USA CEO Highlights Wealth Shift Towards Tech-savvy Generations Who Are Open to the Idea of ​​Digital Money

Leonardo Perez
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Bitstamp USA CEO Highlights Wealth Shift Towards Tech-savvy Generations Who Are Open to the Idea of ​​Digital Money

Kitco News recently published an article by Jordan Finneseth discussing the current state and future of the cryptocurrency market, with insights from Bobby Zagotta, CEO of Bitstamp.

The article published on Kitco News begins by acknowledging the recovery of the cryptocurrency market after a challenging period marked by the collapse of Terra/Luna, FTX and several large lending platforms.

Bitcoin’s rise above $32,000 in late October, going from $30,000 to $35,000, marked the end of the crypto winter, according to many analysts.

Zagotta emphasizes Bitcoin’s resilience, highlighting its more than 100% increase in value this year despite several challenges, including the FTX crisis, banking issues, macroeconomic headwinds, and sociopolitical issues. He highlights the growing institutional interest in Bitcoin, even in the US, where the path to participation is more complex.

Bitstamp Growth and Compliance

According to Kitco News, Bitstamp, which has been operational since 2011 with more than 53 licenses worldwide, has successfully overcome regulatory challenges, unlike other US-based exchanges. Zagotta points out potential challenges for the applications spot Bitcoin ETFs that partner with Coinbase, given its structure as an all-in-one exchange.

Bitstamp, a cryptocurrency exchange platform that has earned a solid reputation in the market, has been operating since 2011 and prides itself on its focus on security and protecting user funds. Bitstamp uses a combination of security measures, such as cold storage and two-factor authentication, to ensure that user funds are always protected. Furthermore, Bitstamp also offers a user-friendly interface and a wide range of cryptocurrencies to exchange.

Factors Contributing to Bitcoin Strength

Zagotta attributes Bitcoin’s strength to several factors, including experienced traders buying at all-time market lows, awareness of upcoming spot ETF plans, global regulatory legitimation, and macroeconomic uncertainty. He also sees a generational shift toward tech-savvy investors who understand the role of digital money. He said: “There is a lot of generational wealth being transferred right now from generations that wouldn’t touch cryptocurrencies with a 10-foot pole to generations that are more tech-savvy and more mobile-oriented, the kind that understand the role of the digital. money could play.”

Discussing precious metals versus cryptocurrencies, Zagotta highlights environmental concerns, especially among younger generations. He notes that around 60% of Bitcoin’s electricity consumption now comes from renewable sources, a significant increase from previous years.

Crypto Operations in the US

Despite regulatory uncertainties, Bitstamp is committed to expanding in the US, with a BitLicense in New York and numerous state-level money transmission licenses. Zagotta sees growth in retail and corporate additions, anticipating more significant market growth, albeit in waves rather than the explosive growth seen in 2021.

Institutional and Corporate Interest

There has been a notable increase in institutional and corporate interest in cryptocurrencies, with Bitstamp’s market share tripling globally since the FTX crisis. Zagotta believes that this institutional participation will bring more stability to the market

Zagotta expresses concern about rising global debt and sees Bitcoin and cryptocurrencies as part of the solution, especially in economies suffering from inflation and distrust in traditional institutions.

While optimistic about the EU’s progress on crypto regulations, Zagotta is less hopeful that the US regulatory landscape will improve any time soon. He notes that US-based Bitstamp clients are moving their operations to Singapore due to regulatory uncertainty. Zagotta refrains from making specific price predictions, but expresses optimism about Bitcoin in 2024.

Zagotta concludes by emphasizing the importance of choosing a regulated platform for cryptocurrency investments, highlighting Bitstamp as a safe and compliant option.

By Leonardo Perez

Stock Market December 4: Markets Increasingly Focused on Falling Rates, Gold Hits Record, Bitcoin Surpasses $40K

Audy Castañeda
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Stock Market December 4: Markets Increasingly Focused on Falling Rates, Gold Hits Record, Bitcoin Surpasses $40K

Fed Chair Powell tries to curb financial market euphoria, but general belief is that rate cut is just a matter of months – Gold surpassed all-time record of $2,211 an ounce overnight

Jerome Powell on Friday attempted to slow the momentum in financial markets, now convinced that a rate cut is a matter of months away. The Federal Reserve’s measure has, for now, contained the rise in stock prices, pending positive data on employment at the end of the week.

The collection of profits on bonds, at the end of a stellar week, did not stop the bitcoin trend, which jumped above 40 thousand dollars, and above all the gold rush that overnight surpassed the historical record at 2,211 dollars per ounce.

The driving force behind the rise of the yellow metal, favored by the fall in rates, is above all the attitude of the central banks who, since August, have bought 800 tons of gold: lower interest rates reduce the opportunity cost of holding zero yield gold.

China, Rescue Tests for the Real Estate Sector

The advance of gold coincided with the boom in the Indian Stock Exchange, the country most sensitive to the attractiveness of the yellow metal. to push up Bombay +1.2%, a new absolute record, was the success of the ruling BJP party that dominated the elections held yesterday in four important states of India.

Vietnam is also advancing: on Wednesday Sam Altman, once again at the head of Open Ai, will participate in the investment day of Vimfast, the Hanoi automotive group that is growing rapidly in the United States.

The European stock markets, supported by the positive finish on Wall Street, open higher. EuroStoxx50 futures mark +0.2%.

Milan’s Ftse Mib index on Friday rose 0.6%. During the week the increase was 1.1% to 29,928 points, the new maximum in 15 years.

Today Lagarde Speaks for the Last Time Before the ECB

The president of the ECB is in Paris today Cristina Lagarde will speak for the last time before the monetary meeting on December 14. Any decision to be announced next week will be influenced by industrial production data due on Thursday, which will provide information on growth in the fourth quarter, and on Tuesday by the consumer survey on inflation expectations.

Fantastic week for government bonds, dragged down by the growing belief that the darkest period of inflation is behind us. The 10-year US Treasury rose +2%, with the yield falling to 4.19%, the lowest since August. It was the best week since March. Two-year Treasury at 4.53%, the lowest level since June. 10-year German Bund +2.2%, with the yield falling to 2.36%, the lowest since July. Ten-year BTP +2.2%, with the yield falling to 4.09%, the lowest since August.

Fitch Upgrades Greece to BBB Stable

Fitch raised Greece’s credit rating to BBB- with a stable outlook. Greece has returned to “investment grade”, that is, to the category of the most reliable investments. Fitch expects that Greece’s debt will fall to 160.8% of GDP this year, rising to 141.2% in 2027.

Athens “remains strongly committed to fiscal consolidation, and the primary surplus is expected to rise to 1.1 % of GDP in 2023,” says Fitch, and a +2.4% growth is expected in 2023.

By Audy Castaneda

The British Treasury: Cryptocurrency Holders Must Report Undeclared Gains

Leonardo Perez
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The British Treasury: Cryptocurrency Holders Must Report Undeclared Gains

The UK taxman has offered investors the opportunity to report any unpaid gains from taxable events related to cryptocurrencies and NFTs. Experts advise defaulters to inquire due to the complex nature of taxable events over several years of cryptocurrency transactions. The British government is lowering corporate and individual taxes, but appears to be tightening the screws on cryptocurrency evaders following a statement made in May.

The UK tax authority has started a new voluntary reporting process for those with undeclared cryptocurrency earnings. HM Revenue and Customs wants the public to report profits from cryptocurrency exchange tokens, non-fungible tokens (NFTs), following a recent move to clamp down on corporation tax evaders.

This follows a previous program to disclose non-crypto taxes in the UK, whose government previously estimated that between 55% and 95% of crypto holders could be breaking tax laws.

British Treasury: Cryptocurrency Taxpayers Should Take Advice

Some advisors say taxpayers should seek advice before using the reporting mechanism. They should get an expert opinion due to the complex nature of crypto taxes and the fact that there can be several years of non-payment. Crypto holders, for example, may not be clear about what activities with cryptoassets caused profits.

Daniel Howitt, director of Recap, a crypto tax software provider, said cryptocurrency investors could use this opportunity to understand their obligations before the tax authority can access better data.

Richard Jones, senior policy technical director at the ICAEW, said the asset class fast progress has seen regulators playing catch-up.

British Treasury Targets Crypto Evaders Despite Tax Cuts

British Prime Minister Rishi Sunak recently instituted a series of tax cuts to encourage investment in the United Kingdom. Individuals could also see a substantial cut, returning around $570 to their bank accounts each month, Sunak told Bloomberg’s Francine Lacqua in a recent interview.

At the same time, however, the Government is trying to clamp down on evasion, especially in the area of ​​crypto taxes. In May, the Government studied the possibility of giving the Tax Agency powers to confiscate digital assets from the wallets of tax evaders. He said he would talk to wallet providers about how to accomplish this.

The Government has also recently announced that it will require customer information from cryptocurrency exchanges starting in 2027. These records will give the government more information about cryptocurrency spending habits, as long as its requests are within the limits of the law.

Role of the OECD in Fighting Cryptocurrency Tax Evasion

The Crypto Asset Reporting Framework (CARF), the OECD’s latest flagship tax transparency standard, will require crypto platforms to start sharing taxpayer information with tax authorities, which they currently do not do, ensuring that these authorities can exchange information to enforce tax compliance.

This milestone follows the 2021 two-pillar global tax deal, which seeks to ensure companies pay the right taxes where they operate and combats tax avoidance by large multinational companies through a global minimum rate of 15%.

“I am proud that the UK is once again demonstrating leadership in the fight against global tax evasion, helping to secure essential revenue for the public services we all use. Today we are sending a strong message that we will not allow criminals to use crypto to avoid paying their fair share,” British Treasury Secretary Victoria Atkins said in a statement, also praising international cooperation to close the gap in the global tax system and potentially recover hundreds of millions of pounds in lost revenue.

By Leonardo Perez

Report: Bitcoin Whale Trade Without Major News

Audy Castañeda
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Report: Bitcoin Whale Trade Without Major News

This week, Bitcoin whales’ trading volume did not experience major changes as compared to previous weeks.

This week, the trading volume of Bitcoin whales developed without major changes compared to past weeks. Large investors seem to be taking the recent bullish movements of the leading cryptocurrency patiently and are not rushing to take profits.

However, much of their funds are sent to centralized exchanges (CEX), indicating that they are alert to liquidate at any time. Among the most noticeable movements of the whales this week is the continued move away from Binance. In that sense, a significant number of coins were moved to platforms like Coinbase.

Only individual transactions of 400 BTC or more are then counted. This means that it is not a complete overview of the whale trade, but rather a very particular sector. Data was pulled from Whale Alert and WhaleBot Alerts.

Whales In No Hurry Before Bitcoin Rise

Bitcoin’s recent price rise this week did not precipitate whales’ profit-taking behavior. At the moment, the pioneering digital currency is priced at $38,782 per token. Consequently, this is a fundamental step, since it seems to remain firm above 38K, something it had not been able to do until now.

For market experts, staying in that range means that the next resistance level could be 40K. With this in perspective, the whales seem content to not sell, and the short and medium-term price outlook for the currency is also bullish.

Thus, although large holders send their coins to exchanges in large quantities, it does not mean that they have in mind to liquidate them now. It is worth adding that whales have a great influence on the price, so remaining unsettled allows the value of BTC to continue rising.

On the other hand, this could change with some shock event, since whales are not the only factors that cause price changes. If anything, Bitcoin whales remained unchanged this week. The biggest focus of movements was on inflows to Coinbase.

Coin Movement of Large BTC Holders

Although large holders refuse to take profits prematurely, that does not prevent them from staying alert. In this way, the whales considerably increased the sending to the CEX and lowered the pace of sending to the accumulation portfolios.

This week, a global 281,942 BTC was moved, accounted for from individual transactions of 400 BTC or more. Of this amount, a total of 171,316 coins were sent to the exchanges’ wallets, which represents 60.76% of all bitcoins traded in these 7 days.

At the same time, 105,609 bitcoins were sent from exchanges to accumulation or unknown wallets. This represents 37.46% of the global amount. Transfers between exchange wallets were equivalent to 1.78%.

With this background data, it is confirmed that the large Bitcoin whales are aware that a liquidation now may be premature. Wholesale and retail investors’ view on BTC is bullish, so picking up now could ruin the moment.

These weeks are being favorable for the accumulation of bitcoin by small and large investors, waiting for good news that will drive the price up.  CriptoNoticias this Monday, in the weekly column “Señales”, noted the following:

“It is evident that large investors do not want to be left out of a potential revaluation of bitcoin in the coming months. And these institutional purchases, directly or indirectly, will end up impacting the price of BTC due to the simple law of supply and demand.”

By Audy Castaneda

The Big Move: Crypto Pundit Predicts When Bitcoin Will Hit New ATH

Leonardo Perez
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The Big Move: Crypto Pundit Predicts When Bitcoin Will Hit New ATH

The future trajectory of Bitcoin price has been the topic of conversation for many months, as many analysts expect the next surge in the near term.

According to crypto analyst Mags, the cryptocurrency’s past history surrounding its halvings offers a timeline for when to expect the next Bitcoin price milestone. Mags made this known in a social media post about X, detailing how Bitcoin rose between 234 and 216 days after the last two halvings to reach new all-time highs.

Crypto Analyst Prediction Model Based on Past Halvings

Crypto analysts have developed different models over the last year to predict when Bitcoin may reach new all-time highs based on historical trends. However, crypto analyst Mags has opposed the Bitcoin halving, and the next halving is fast approaching.

Mag’s tweet noted that, historically, it took Bitcoin 234 days after its halving in 2016 to surpass its all-time high. Bitcoin’s highest price was then capped at $1,242 on November 29, 2013. The cryptocurrency would maintain this spectacular bull run until reaching $19,783, which would be its all-time high for the next three years.

Similarly, BitcoinBTC would surpass the all-time high at this point, 216 days after its halving in 2020. The cryptocurrency would maintain bullish momentum throughout the year and into 2021 to reach its current all-time high of $68,789.

Bitcoin halvings occur every four years to reduce the amount of BTC rewards miners earn for each block mined on the Bitcoin blockchain. The next halving is scheduled for 130 days from now and sometime around April 2024, which will reduce the mining reward from 6.25 BTC to 3.125 BTC.

According to Mags, if history repeats itself, there could be another Bitcoin all-time high in 130 days plus 234 days, which puts the next timeline at December 2024, 364 days away.

Bitcoin Surpasses $39,000 as 2023 Rally Continues

Bitcoin price action was heating up on a Saturday afternoon, breaking local highs and settling above $39,000. The move represents another 2023 high, and has triggered several technical signals. More importantly, with BTCUSD now within striking distance of $40,000, things are starting to get a lot more interesting for the cryptocurrency market.

A major factor helping to generate further momentum in Bitcoin is the joint participation of Ethereum, which has lagged until recently. With additional market breadth, BTCUSD rose along with several altcoins. Above $40,000, Bitcoin could find its way back around $50,000 or possibly even all-time highs before the end of the month.

What’s Next for Bitcoin? Future Path

Bitcoin’s current fundamentals point to a bull run in the coming months. Although the upcoming Bitcoin halving could contribute to the shortage and increase the amount of BTC in circulation, the BTC price could reach a new milestone even before the next halving.

Bitcoin spot ETFs are into play, which could be a game-changer in the coming months. These applications are scheduled to be approved in January 2024, which would open the Bitcoin market to up to $70 billion from institutional investors.

Bitcoin profitability is now at its highest point since the 2021 bull market, with 81% of holders now making profits. The cryptocurrency is now trading at $38,756, up 128% over the past 12 months. The first hurdle would be surpassing the expected price level of $40,000 before the end of the year.

By Leonardo Perez

Gold Price Sets New All-Time High: Opinions from Peter Schiff, Bloomberg and CNBC

Audy Castañeda
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0
Gold Price Sets New All-Time High: Opinions from Peter Schiff, Bloomberg and CNBC

The yellow metal trades higher against a weakened dollar

For a brief time, at the end of November, the price of gold was above $2,000 per ounce. Gold metal bullion is considered a financial refuge in times of uncertainty and its rising price reflects the weakness of the US currency in the current situation.

In a series of insights and predictions from prominent financial analysts, gold has been highlighted as a key player in upcoming economic changes. Gold is not only reaching record levels, but is also positioned for potential future gains amid global economic shifts.

Peter Schiff’s Bold Prediction About Gold and the US Dollar

On November 28, renowned financial commentator Peter Schiff predicted a historic gold breakout, combined with a sharp drop in the US dollar. Schiff foresaw this as a pivotal moment for the Federal Reserve and the economy, expecting inflation, interest rates, and unemployment to skyrocket. Schiff ruled out the possibility of a soft landing and anticipated a “crash and burn” scenario.

He predicted that once gold breaks the $2,100 mark, it would not face any significant resistance, leading to rapid increases in value. Schiff’s analysis indicated the fall of the dollar and the rise of gold as the world seeks refuge from inflation.

Analysis by Mike McGlone

The next day, Mike McGlone, senior commodities strategist at Bloomberg Intelligence, shared his outlook on gold, which could approach $3,000, with copper falling to $3 in 2024. He highlighted a trend favoring gold over copper, indicative of a global recessive trajectory. possibly concluded after a period of central bank easing.

Schiff’s Follow-Up on Gold Performance

On November 30, Schiff noted that although gold had not reached a new record, it achieved its highest monthly close in history, ending a month above $2,000 an ounce for the first time in history. He considered this an important milestone, indicating the likelihood of much higher prices soon.

CNBC Report on Gold’s All-Time High

On December 1, CNBC reported that gold prices had hit an all-time high, boosted by comments from Federal Reserve Chair Jerome Powell that boosted trader confidence about the end of the Reserve’s monetary tightening. Federal. Spot gold rose to $2,069.10 an ounce, and US gold futures also hit a record high of $2,089.7.

Despite these nominal records, CNBC noted that, on an inflation-adjusted basis, gold’s true all-time high was in 1980, equivalent to $3,452.40 today. Tai Wong, an independent metals trader, and Suki Cooper, an analyst at Standard Chartered, provided insight into the market’s reaction to Powell’s comments and the potential overbought state of gold prices.

Lower interest rates, falling Treasury yields and a weaker dollar were cited as factors boosting gold’s appeal, with expectations the rally will continue through the end of the year, according to Everett Millman, chief analyst. Gainesville Coins Market.

Schiff Comments on Discrepancy Between Gold Prices and Mining Stocks

On December 1, Schiff provided additional information and pointed out an intriguing anomaly in the market. Despite the significant rise in gold prices, with a rise of $35 and a record close, gold mining stocks saw a comparatively smaller percentage increase.

Schiff interpreted this as a sign of extreme bearishness in the market. He noted that gold continues to climb what he called a “classic wall of worry,” noting that gold stocks would still need to rise 12% to hit a 52-week high.

By Audy Castaneda

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