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Bitcoin Price to Hit Half Million Dollar This Week? The Chances are Huge

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Yashu Gola



Bitcoin prices hit one record high after another in a week that saw global corporate giants doing everything from buying the cryptocurrency to announcing new projects that feature it.

Tesla revealed in its securities filing on Monday that it had purchased $1.5 billion worth of Bitcoin in January and that it intends to offer its clients the option to purchase their cars using the cryptocurrency as a mode of payment. On Tuesday, RBC Capital Markets analyst Mitch Steves speculated that Apple might want to copycat Tesla’s crypto investment.

On Wednesday, credit card giant Mastercard announced bringing Bitcoin and other cryptocurrencies onto its payment network. Later, on Thursday, the US’s oldest bank BNY Mellon revealed that it would offer crypto custody services on the same platform that its clients use for cash, treasuries, and other traditional assets.

The same day, PayPal announced that it would expand its cryptocurrency services to the United Kingdom via its Venmo app.

Bitcoin Price Moons

The flurry of optimistic developments in the Bitcoin market pushed its prices higher by more than 25 percent on a week-to-date basis. As during the Asian session Friday, the flagship cryptocurrency had secured $48,912 as its new record high, leaving many analysts to predict an extended upside move towards $50,000.

“Breaking ATH for Bitcoin [in addition to] gaining and closing above it today/tomorrow [means] we could continue towards $50,000 as next target,” said Michaël van de Poppe, an independent financial analyst/trader in Amsterdam, earlier this week, before the Thursday’s price boom.

Mr. Poppe later tweeted that Bitcoin needs to hold $43,500 as support to ensure continuation towards and above $50,000. If it happens, the cryptocurrency might even hit $62,50o next.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin flirts with $50,000 price level while heading into the weekend session. Source: BTCUSD on TradingView.com

Joel Kruger, cryptocurrency strategist at digital asset exchange LMAX Digital, also singled out $50,000 as the Bitcoin’s next potential price target, calling it “a psychological barrier.” Mark Warner, head of trading at BCB Group, agreed but warned about heavy profit-taking near the level, which may cause Bitcoin to turn lower after testing it.

Traditional chartists were euphoric. An independent analyst noted on Twitter that Bitcoin has a very slim chances of going lower at this point in time, except if there comes a “Black Swan” event that does the unimaginable.

“I can’t see how BTC has topped with companies pouring in left and right to get invested,” he noted. “$50k is inevitable, whether we go down a bit beforehand or not shouldn’t be a deal breaker.”

Bitcoin was trading near $47,480 at the press time.





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Price analysis 3/3: BTC, ETH, ADA, BNB, DOT, XRP, LTC, LINK, BCH, XLM

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Cointelegraph By Rakesh Upadhyay

Now that Bitcoin price has flipped $50,000 back to support, small and large-cap altcoins are gearing up for a move higher.



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Evolve Fund Files for Ethereum ETF after Bitcoin Approval in Canada

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San Lee



Just weeks after opening a Bitcoin (BTC) exchange-traded fund, Evolve Fund has opted to file for a similar ETF product based on Ethereum (ETH). With $1.7 billion assets under management, Evolve is a Canadian-based ETF provider that specializes in “bringing disruptive innovation ETFs to Canadian investors.” 

Just a month prior, Evolve Funds scored an approval from the Canadian government to proceed with listing their Bitcoin ETF on the Toronto Stock Exchange. Found under ticker EBIT.TO, the fund is down approximately 15% since its listing date. 

“As a leader in disruptive innovation, we look forward to providing Canadian investors with access to another leading cryptocurrency through an ETF structure,” said Raj Lala, President and CEO at Evolve Fund. As Ethereum is the second biggest cryptocurrency by market cap, the digital asset has enjoyed similar levels of attention to Bitcoin from financial institutions. 

Moreover, the Ethereum-based ETF would give potential investors exposure to the daily movements of Ether. Thanks to the “creation and redemption” processes offered by ETF structures, there would be minimal tracking errors between spot price and the ETF. Its portfolio will be based on ETHUSD_RR, a daily benchmark index price for Ethereum denominated in U.S. dollars. 

The proposed fund would work similarly to its pre-existing Bitcoin counterpart. If approved, both ETFs would contract Cidel Trust Company and Gemini as their custodian and sub-custodian. This means that these two firms will hold client’s securities in electronic form, most likely through digital wallets. 

Institutional Interest in Crypto, From Bitcoin to Ethereum, Continues to Grow

There is no doubt that institutions will continue to bring crypto-based investment products to the traditional financial markets. Just days ago, Goldman Sachs, one of the largest investment banks in America, reopened its Bitcoin-futures trading desk. 

As public demand soars and financial institutions rush to join in, the future of cryptos looks brighter than ever. 

Featured Image from Unsplash



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You can now buy a used Hyundai, not just a Lambo, with Bitcoin

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Cointelegraph By Sam Bourgi

HGreg, a Quebec-based vehicle superstore with 30 North American locations, will begin accepting cryptocurrency payments for new or preowned vehicles this month. 

The auto dealer, which has locations in Quebec and Florida, is becoming one of the first large automotive groups to accept digital asset payments in its day-to-day operations. The company claims to have sold 500,000 vehicles over the past 25 years and maintains a warehouse in Miami that’s stocked with over 1,000 cars.

“A portion of the revenue from sales made in cryptocurrency will be kept in this format by the company,” HGreg said, indicating that it plans to hold digital assets like Bitcoin (BTC) on its balance sheet.

In terms of accepting crypto payments, the dealership said:

“We’re pleased today to be at the forefront of technology, giving our customers another payment option. We also believe it will be advantageous to keep some of our assets in cryptocurrency.”

The dealership sells a wide variety of used cars, from Hyundais to Lamborghinis. Crypto users can therefore use their funds to buy practical cars in addition to luxury vehicles. HGreg claims to have the largest inventory of vehicles in Canada.

HGreg’s decision to accept cryptocurrency payments comes on the heels of Tesla’s entry into the Bitcoin market. As Cointelegraph reported last month, the electric vehicle maker allocated 7.7% of its gross cash position to Bitcoin. In the process, the company announced it will begin accepting BTC for payment.

While cryptocurrencies remain largely within the domain of investments, payment infrastructure is increasingly integrating digital assets. OLB Group recently enabled crypto payments for thousands of United States merchants, allowing businesses to accept Bitcoin, Ether (ETH), USD Coin (USDC) and Dai.

A car enthusiast who spent 37 BTC on two used Hondas in 2017 might wish he had waited…