Bitcoin started the new year on a weak note and looked to be losing ground. However, the news of the killing of Iran’s General Qasem Soleimani, in an airstrike ordered by the US President Donald Trump, caused a reversal in Bitcoin’s price. This shows that the market participants have again turned to cryptocurrencies in times of uncertainty and escalating geopolitical tensions. In other news, Antoni Trenchev, the head of decentralized finance (DeFi) platform Nexo.io, said that Bitcoin is a unique asset which is uncorrelated to the overall market. Trenchev said it is entirely possible that Bitcoin price reaches $50,000 in …

South Korea’s central bank plans to recruit additional digital currency experts to build on its existing research into central bank digital currency (CBDC). Along with its own research, the bank also plans to discuss the developments of CBDCs with the Bank of International Settlements and other international organizations. While the larger economies are mulling launching or researching about CBDCs, the Central Bank of the Bahamas is expected to launch its digital currency pilot in one of the districts on Dec. 27. It plans to expand the project to another district in the first-half of 2020. Daily cryptocurrency market performance. Source: …

Though most major cryptocurrencies have broken below their support levels during the most recent fall, Bitcoin, which is inarguably the leader, has held its ground. This is a positive sign as it shows that the stronger hands are not panicking. This week top venture capitalist Tim Draper also reiterated his bullish view on Bitcoin. Draper is confident that the leading currency will hit $250,000 by 2022. Additionally, he believes that if Bitcoin’s price action prior to and after the May 2020 halving resembles the trajectory followed during previous halvings, his target might be achieved by the end of the next …

The crypto markets are currently held tight in the grasp of the bears. At the moment, there does not seem to be any specific news or event that has triggered the strong decline but one possibility is that some short-term investors who had been holding on to their positions in hopes of a rally are dumping at the current prices. The announcement of the first phase of a trade deal between China and the United States and the likelihood of the US Fed will not raise rates in 2020 appears to have boosted sentiment in the US stock market which …

Bitcoin’s market dominance has been holding above 65% mark since late July of this year. This shows that Bitcoin continues to garner the maximum interest from the market participants. There were periods in the past few months when it looked like an “altseason” was around the corner but it never materialized. Most major cryptocurrencies — led by Bitcoin — topped out in June of this year and have been gradually moving lower since. At the end of the year, in the absence of any major trigger, fresh money is unlikely to enter the space. Most institutional players prefer to park …

Data from CoinMetrics shows that crypto whales now hold 42.1% of Bitcoin’s current supply. This is a slight increase compared to 37.9% two years back and analysts have interpreted the increase as a positive sign, as it shows large investors have been accumulating Bitcoin during its bear phase. There is, however, no major change in the top 1,000 addresses, as their holdings only inched up from 34.4% at the end of 2017 to 34.8%, according to Flipside. While retail traders have been worried about picking a bottom, large investors are looking at the possible upside to be attained over the …

Proof of Impact, a blockchain-based, global marketplace for natural and social capital has closed a funding round led by American asset management firm Franklin Templeton Investments. On Dec. 12, Proof of Impact announced that it closed its first institutional investment round led by Franklin Templeton, a global fund manager that manages around $700 billion in assets. The scale of Franklin Templeton’s investment remains unknown, but as part of the agreement, a Franklin Templeton representative will take a seat on the Proof of Impact board. Proof of Impact co-founder Fleur Heyns said: “We are extremely pleased that a global financial institution …

Paris-based asset management firm Napoleon AM has announced the launch of a specialized professional fund under French law, the Napoleon Bitcoin Fund. The fund would replicate the price of the cash-settled Bitcoin futures listed on the Chicago Mercantile Exchange. According to the company, this is one of the first regulated products giving exposure to Bitcoin, with which institutional investors can diversify their portfolio. While the firms are launching crypto products for professional investors, not every investor is confident about the future of Bitcoin. Billionaire investor Mark Cuban believes that BTC could never become a reliable currency because “it's too difficult …

China could start its pilot for the central bank digital currency (CBDC) before the end of this year, according to local news outlet Caijing. The article states that the anticipated pilot project “will go out of the central bank system and enter real service scenarios such as transportation, education, and medical treatment,” which will reach the end users. The project will be overseen by the Chinese central bank and will include four major banks and large corporations such as China Telecom. This is a significant step as it will give China a major head start over other developed economies. Daily …

In its “Imagine 2030” report, Deutsche Bank strategist Jim Reid forecast that by 2030, digital currencies could replace cash. Reid said that in order for mainstream integration to occur, digital currencies will have to convince regulators that they are safe for investors and find solutions for issues such as cyber attacks, electricity consumption and digital war. Cryptocurrency adoption by a large traditional financial institution could also signal that digital assets could one day replace fiat currencies in the future. To counter the possibility of fiat currencies being undermined by cryptocurrencies, several governments are planning to issue their own central bank …

On Dec. 2, open interest on Bakkt’s Bitcoin futures reached a new all-time high. This came just a few days after the daily Bitcoin futures trading volume had hit a lifetime high. These back to back trading volume records show an increasing interest from institutional investors but the majority of the crypto community is still wondering why Bitcon’s spot price is not steadily increasing. Bakkt’s launch of Bitcoin options contracts on Dec. 9 is likely to attract more players to trade the digital asset. As the derivatives market size increases, it could have a greater effect on Bitcoin’s spot price. …

Bitcoin price continues to trade with an advantage to bears but this does not mean investors or miners have capitulated. About 64% of the total Bitcoin mined to date has been dormant in wallets since 2018. This shows that Bitcoin hodlers do not believe in trading for short-term gains, as they anticipate much higher prices in the future. While this might be a feasible strategy for the whales, retail traders can rake up profits if they buy during periods of deep distress and sell their positions during times of euphoria. One of the events that many hopeful investors are anticipating …