Who considers crypto a desirable investment opportunity?

What's new? A new crypto survey conducted by Germany, Weiss Ratings talks about the benefits and dangers of EOS, 1/3 of all Bitcoins is in only 1,600 wallets, the ETH developer gives a hint, EOS is finally launched & other news.

  • 29% of Germans consider crypto a good investment. The survey was conducted by Germany's Postbank. People between 18 and 34 are the most interested in crypto, and many of them think of buying it or mining in the next 12 months.
  • Weiss Ratings gives EOS a pretty good review, but warns about a possible downgrade. The cause of this downgrade could be the lack of decentralization. In its current state, the EOS network is highly centralized, with a few block producers validating transactions. However, it still has its 'B-' grade by Weiss Ratings and still has time to solve its problems.
  • The SEC of Thailand approves using 7 cryptocurrencies for ICOs and trading. These currencies are BTC, ETH, LTC, ETC, XLM, XRP, and BCH. There’s also a set timeframe until the 14th of August for all exchanges located in Thailand to register for getting the license.
  • Nearly 1/3 of all Bitcoins is stored on 1,600 wallet addresses. That number is published by a research firm Chainalysis. The report says that each address contains at least 1,000 Bitcoins with a total sum of about 5 million Bitcoins.
  • Canada came up with the regulations for crypto-related businesses. They will be regulated in the same way as Money Services Businesses. Hence such companies are required to verify their clients according to know-your-customer (KYC) policy.
  • A hint by Ethereum developer: Ethereum may skip the stage of Casper FFG. It should have been some sort of a bridge between PoW and PoS versions of Ethereum, but now it seems unnecessary, and it could move on to sharding in a few months.
  • EOS was finally launched on June 10. There were some difficulties related to a complete lack of tools for voting, which was crucial for selecting block producers. Now the blockchain is up and running.
  • One of the biggest Bitcoin whales transferred a part of his funds onto Huobi. This unknown whale still has 86,000 Bitcoins stored on one address, and additional 8,000 BTC that he may sell on the exchange.
  • The South Korean investigation on Bithumb is over. All suspicions and accusations of one of the largest exchanges in the country were dropped. All money made by Bithumb in 2017 are white and legal.

Bitcoin

BTC
Price
7,892 USD -1.59%
Volume, 24h
4,922,425,450 USD
1.60%
Marketcap
140,459,380,048 USD
57%
Emission
84%

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JP Morgan: Big banks stand corrected as Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise

Big banks are riding a FOMO wave as the Bitcoin bull-run is just beginning. Spearheaded by the changing colors of JP Morgan, which recently forayed into the digital assets world, the banking elite is now suggesting that their initial stance on Bitcoin and the larger cryptocurrency world might have been off. A recent chart by JP Morgan shows the current BTC price veer upwards chiding the “intrinsic value” the big bank placed on the virtual currency. Based on the article by Bloomberg, the price of the coin would reverse towards the end of December 2018 and then make marginal gains until May 2019, all under the $5,000 mark. In reality, the BTC price, after dropping to “rock bottom” at just above $3,100 in early December 2018, edged upwards. Several spurts of growth were seen in early January and February, prior to a massive April ascendance. On April 2, Bitcoin did away with the bank’s value mode and amassed a daily gain of over 15 percent, fuelling its current rise. Breaking the $5,000 ceiling in the process, which was pegged to remain intact well into May 2019, the king coin is now almost $3,000 ahead of the mark and is not looking to stop. Source: Bloomberg It should be noted that JP Morgan’s “intrinsic value” is calculated on the basis of the marginal cost of production, electricity prices, and hash rates. This model does not take into account, at least on absolute terms, the anticipatory effect of the 2020 halving, which, according to a slew of analysts is the behind the price rise. Nikolaos Panigirtzoglou, the MD in the Global Market Strategy team at JP Morgan stated that Bitcoin breaking through its “intrinsic value” showed signs of mirroring its 2017 bull run. He evidenced this move by comparing the pre-December 2017 slump to the one seen prior to the current bullish swing. The analyst added: “Over the past few days, the actual price has moved sharply over marginal cost. This 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.” With the analyst admitting that the imparting of an “intrinsic or fair value” to a cryptocurrency, much less a volatile one like Bitcoin, is a “challenging” ordeal, a mere JP Morgan acknowledgement of a Bitcoin bull-run is a remarkable sign for the digital assets industry, especially given the bank’s and its CEO Jamie Dimon’s Bitcoin-bashing in the past. Mati Greenspan, senior market analyst at eToro attested to the same, adding a key point that JP Morgan failed to take into account in their calculation. He stated: “Great to see JPM finally admitting that Bitcoin has intrinsic value. Now wait till they understand that miners who run a surplus tend to begin hording.” Despite Bitcoin slumping at press time, recording a 1.23 percent decline against the dollar, the prospects look positive. After recording a massive gain on 19 May, briefly surging past $8,000 for the second time in a week, Bitcoin created a High-Low [HL] at $7,100, which many analysts look at with glee. This HL immediately following last week’s pull-back caused due to post-Consensus bears, a Bitstamp sell-order and market correction showed the king coin’s bullish persistence and can even be a foundation for a $9,000 ascendance, defying any “intrinsic value” expectations. The post JP Morgan: Big banks stand corrected as Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise appeared first on AMBCrypto.
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