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Bitcoin (BTC) Price: Driven by Fidelity and Tether (USDT)

Bitcoin (BTC) Price: Driven by Fidelity and Tether (USDT)

bitcoin (BTC) Price Analysis

  • Tether liquidity fears drives prices.
  • Fidelity adds a layer of credibility to the cryptocurrency space.

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bitcoin (BTC) Price Spike – Further Upside??

Volatility returned to the cryptocurrency space in style Monday with double-digit gains seen across the board. Market rumours circled that stable coin Tether (USDT) was having problems one of the major exchanges, causing its price to trade as low as $0.94. Tether and the US dollar are pegged at 1:1. With the exchange in question, Bitfinex, also temporarily suspending deposits, it looked as though investors moved out of Tether into other cryptocurrencies. This price action – shown on the chart below – was quickly sold-off but did decisively break the downward triangle, and needs to be watched carefully. If BTC can close above this triangle over the next few sessions it will indicate renewed bullish sentiment that could push the price back to the 200-day moving average and the spike high between $7,200 and $7,300.

I

nvestment titan Fidelity announced Monday that it was spinning off Fidelity Digital Assets to provide institutional clients with bespoke cryptocurrency investment advice alongside trading, clearing and custodial services. According to Fidelity Investment Chairman and CEO Abigail Johnson the launch will open up cryptocurrencies to a wider base of investors. Fidelity’s announcement lends a layer of credibility to a market that has seen prices slump over the year while market turnover has fallen by over 75% from its peak.

bitcoin (BTC) Daily Price Chart – October 16

Bitcoin (btc) price: driven by fidelity and tether (usdt)

IG Retail Sentimentshows that traders are 84.1% net-long of bitcoin, a bearish contrarian signal.

Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

What’s your opinion on bitcoin and can the market rally further? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

— Written by Nick Cawley, Analyst.

Published at Tue, 16 Oct 2018 11:00:00 +0000

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Legendary Investor Howard Marks Admits ‘I Don’t Understand What’s Behind Bitcoin’

After calling bitcoin a ‘fad’ and a ‘pyramid scheme’ the man who called the dot com bubble has admitted that he does not understand what is driving the value of bitcoin, which keeps rising seemingly unhindered.

While many, including traditional investors, come around to bitcoin and get on board with the digital currency that keeps breaking records in terms of its value, some are still stubbornly skeptical, and a little confused.

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Where is the Value?

Howard Marks, the billionaire investor who made his name on Wall Street from calling some major investment bubbles, including the Dotcom bubble, said on CNBC’s Fast Money Halftime Report that he can’t figure out the actual value of bitcoin.

Speaking about this new-age currency, Marks said:

It’s not a medium of exchange, it’s a medium of trading, so I can’t see any intrinsic value, I don’t understand what’s behind bitcoin.

He later added:

For me, there is only one kind of investing: When you look at something, you don’t think, ‘Is it going up or down tomorrow?’ … You say, ‘What is the intrinsic value?’ and then you say, ‘Can I buy it for less? […] There is no intrinsic value in bitcoin.

Value of Bitcoin tops $4000

Value Keeps on Rising

Despite this doyen of traditional investing stating that there is no intrinsic value to the most famous digital currency, its value recently topped $4,000. As such, there are very few assets in the world that can even come close.

Fundstrat co-founder Tom Lee, CEO of Ritholtz Wealth Management Josh Brown as well as another investing legend Bill Miller, are all in the opposite camp of Marks’ as they have thrown their full support behind this up and coming skyrocketing asset.

Lee believes it will be the top performing asset at the end of the year while Miller has said that he is the proud owner of bitcoin.

Don't get left behind

Left Behind

Marks was happy to concede on the show that perhaps the digital currency was a technology and an asset that he was simply too old to understand.

“Maybe I’m just too old and too much of a dinosaur to understand bitcoin,” Marks said jokingly.

However, Marks has still been bold enough to compare bitcoin to other bubbles that have gone back as far as the 1900 Tulip mania in the Netherlands. It is through his popular memos that the former Oaktree Capital co-chairman warned about a crash in bitcoin.

Should people worry about what these traditional investors think? Is bitcoin breaking the mold and setting its own precedents? Let us know in the comments below!

Images courtesy of CoinMarketCap, Shutterstock, Thomas Lee/Bloomberg

The post Legendary Investor Howard Marks Admits ‘I Don’t Understand What’s Behind Bitcoin’ appeared first on Bitcoinist.com.

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