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Michaël van de Poppe Says Bitcoin May Receive Fresh Boost

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According to Van de Poppe, the two gaps for BTC are at $9,700 and $10,600, and the further events will depend on which one will be reached first.

After a pullback on Thursday and Friday, markets have recovered, with major tech stocks rebounding and crypto-assets strengthening. Bitcoin (BTC) was dithering around $10,000 last Tuesday and over the last seven days, it is 11.39% down. Some are afraid there is a risk of a further drop. However, Cointelegraph Markets analyst Michaël van de Poppe says that with the current macro trends, Bitcoin may significantly enhance its position and receive a fresh boost, with BTC/USD growing stronger.

The analyst wrote:

As Michaël van de Poppe pointed out, Bitcoin has faced challenging times. A couple of days ago, he described two possible scenarios for BTC price action. According to Van de Poppe, the two gaps for BTC are at $9,700 and $10,600, and the further events will depend on which one will be reached first. So far, BTC/USD has failed to climb above $10,400.

Nigel Green, CEO of deVere, is also optimistic about the Bitcoin price boost. He said:

“Crypto cynics and finance traditionalists will use the current — and temporary — fall in Bitcoin as an excuse to knock its inherent strengths to fit their own agendas. However, the reality is that the case for Bitcoin to break out this year is stronger than ever”.

Besides, Green said that a plunge below $10,000 will serve as a buying opportunity for investors.

He explained:

“The fundamentals that make Bitcoin an attractive investment are, in fact, gaining strength”.

Mati Greenspan, the founder of Quantum Economics, agreed:

“The crypto market has broken a few psychological levels. When we broke above that level in late July, it was with such force that we never really got to test it as support. Well, this may just be our chance … if things get really bad we may just get another chance to buy bitcoin below $10,000.”

BTC/USD at Lowest Since July

Last week, Bitcoin plummeted 15%. On September 7, the BTC/USD correlation reached the lowest point since July. Analysts say that with the new Federal Reserve inflation policy and money printing, its strength will be seriously undermined. As Bitcoin critic and gold advocate Peter Schiff has stated, the coin’s correction to $10,000 marks its entry to the bear market. However, he admitted he was wrong about Bitcoin previously, as the crypto performed opposite to his expectations.

According to forex broker FxPro, the U.S. dollar must hit much higher levels against major currencies like the euro, pound sterling, and Swiss franc — to pull out of its breakdown.

FxPro said:

“Without accelerated growth of the Dollar and the above levels being reached, we remain within the weakening pattern with short corrections”.

At the moment of writing, Bitcoin is trading at $10,254.79.

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Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.





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Ethereum Can Outpace Bitcoin with Launch of Ethereum 2.0

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The CEO is much bullish on the transition to Ethereum 2.0 Proof-of-Stake (PoS) blockchain along with the rise of the DeFi market.

The Bitcoin (BTC) vs Ethereum (ETH) debate gets intense. This year, a large number of institutional players have extended their support for Ethereum. With the Ethereum hardfork just two days away, Pantera Capital CEO Dan Morehead predicts that ETH will outpace BTC as the largest cryptocurrency.

On Monday, August 2, speaking to the Reuters Global Markets Forum, Morehead said Ethereum has more potential than Bitcoin. The Pantera CEO also stated that the upcoming Ethereum Improvement Proposal (EIP) 1559 upgrade will help the digital token to trade more like a fixed asset.

The EIP-1559 implementation will bring a major change to Ethereum’s existing fee structure. It will significantly reduce the inflation rate of the Ethereum network making transactions more cost-effective. Thus, the EIP-1559 implementation will make the Ethereum blockchain network deflationary with time.

“You’ll see a transition of people who want to store wealth, doing it in Ether rather than just Bitcoin,” Morehead said.

Pantera Capital Is Betting on Ethereum 2.0

Like many other market analysts, Morehead is betting on the transition to the Ethereum 2.0 blockchain network. The move to the PoS blockchain network will significantly Ether’s energy consumption in mining.

Last month, a panel of 42 senior crypto academics and specialists put together by Finder, made a similar prediction. Token Metrics senior cryptocurrency investment analyst Forrest Przybysz said:

“Ethereum’s move to proof-of-stake later this year or early 2022 will result in ethereum’s supply becoming deflationary and will be equivalent to multiple bitcoin halvings [cuts to bitcoin’s supply of new tokens]in terms of supply restriction. This will make it a better store of value than bitcoin in addition to all the utility it provides that bitcoin does not have”.

Pantera CEO Dan Morehead is also betting on the future of the DeFi market. He added that Ethereum’s wide implementation in the DeFi application will help it outgrow Bitcoin.

However, despite his bullishness on Ethereum, Morehead is not critical of Bitcoin. He expects the Bitcoin price to touch $80,000-$90,000 by the end of this year. He further expects bitcoin to cross $120,000 levels in a timeframe of one year. With the mainstream adoption of Bitcoin (BTC), its price can go as high as $700,000 in the next decade.

Institutional Players Backing Ether (ETH)

Apart from Morehead, Wall street veteran Mike Novogratz also recently said that Ether could become “the biggest cryptocurrency one day”.

A recent report from Coinbase also showed that Ether has outperformed every other asset class during the first half of 2021. It also wrote about the rising institutional interest in Ethereum. The report states:

“Many of our largest institutional clients, including hedge funds, endowments, and corporates, increased or added first-time exposure to ETH in H1, believing the asset has long-term staying power tantamount to BTC’s while playing a differentiated role in their portfolios.”

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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Li Auto Set for Secondary Listing in Hong Kong to Raise $1.93 Billion

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Chinese carmaker Li Auto set to offer secondary listing in Hong Kong as a hedge against geopolitical risks between America and China.

Automobile manufacturer Li Auto (NASDAQ: LI), is going ahead with a secondary listing on the Hong Kong Stock Exchange (HKEX) despite regulatory crackdowns in the country. The Chinese electric vehicle startup, which is already listed on the NASDAQ, is looking to raise $1.93 billion. It plans to do this by offering 100 million Class A ordinary shares to investors at 150 Hong Kong dollars or $19.29. Li Auto plans to funnel the proceeds from its share offering into research and development of technology and future models. The automobile company is also looking to scale production and increase retail activities around its products. 

Li Auto will announce a final price on August 6th amid the crackdown on Chinese listings. The recent regulatory actions have sparked a huge recent sell-off in Chinese technology stocks. The sell-off has affected everything from food delivery to ride-hailing.

The Chinese government looks to tighten its grip over Chinese technology companies in a bid to avoid a tech-led bubble bursting. This comes on the back of the US SEC imposing stricter listing requirements for Chinese-based companies in America. Amid the excitement and uncertainty of the crackdown, Chinese electric vehicle makers are also looking to capitalize.

Li Auto Is One of Many Chinese Tech Companies with Secondary Listings in Hong Kong

Several Chinese companies already listed on Wall Street have secondary listings in Hong Kong to hedge against Chinese-American tensions. In July, Xpeng (NYSE: XPEV) generated $1.8 billion in a Hong Kong listing. The Li Auto rival issued 85 million Class A ordinary shares and is also already listed in the US. Other Wall Street Chinese technology companies with secondary listings back home are Alibaba, NetEase, and JD.com. 

Owing to the increasing growth of Chinese electric vehicles, the competition has become very intense in recent times, especially among startups. Li Auto, Xpeng, and Nio are all jockeying for dominance in the playing field. In addition to this, all three companies are also directly competing with established companies such as Tesla and BYD. Even the more traditional automakers are always looking to take a sizable market share in the automobile industry. As far as the electrical startups go, Xpeng has already proven to be a force in coming years and is already being dubbed ‘The Chinese Tesla Rival’.

In July 2021, Li Auto recorded a record number of monthly vehicle sales. The company said it delivered 8,589 of its Li One vehicles, the only model in its current model lineup. The Li One is a hybrid vehicle with a fuel tank for charging the battery, giving the car an increased mile range.

Li Auto sold the highest number of vehicles among the trio of Chinese electric vehicle startups listed in the US. Xpeng delivered 8,040 vehicles which was also a company record. In comparison, Nico sold 7,931 cars in the same period.

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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.



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SkyBridge Partners with MOSS Earth to Offset Carbon Print Caused by Its Bitcoin Holdings

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SkyBridge is committed to make Bitcoin mining a green industry through renewable energy.

SkyBridge Capital, a global alternative investment firm that specializes in hedge fund products, has announced a strategic partnership with MOSS Earth, a climate technology company focused on environmental services especially global operations. According to the partnership details, SkyBridge has purchased MCO2 tokens representing approximately 38,436 tons of carbon, consequently, the investment firm has officially offset its historical carbon footprint caused by its Bitcoin holdings.

SkyBridge is committed to make Bitcoin mining a green industry, moreso, through renewable energy. “We project that bitcoin mining will be fully renewable by the end of the decade,” said Anthony Scaramucci, Founder and Managing Partner of SkyBridge. “In the interim, carbon offsets represent an effective way to green the bitcoin network and facilitate adoption by ESG-minded investors.”

SkyBridge and Bitcoin Mining Industry

The discussion of Bitcoin mining and energy consumption has dominated the first half of the year. As institutional investors proliferate the crypto industry that is partially powered by proof of work, government scrutiny is expected to rise. Furthermore, global warming caused by carbon emissions through electricity production has caused weather extremities in notable parts of the world. Recently, heavy rains experienced in some parts of Europe and Asia have caused huge damage due to flooding.

However, institutional investors are seeking to hedge against the inflationary global economy that has been magnified by the coronavirus pandemic. Consequently, Bitcoin and other digital assets have emerged as the best alternatives that give the best return on investment over a long-term basis.

Investing in green Bitcoin mining, particularly for SkyBridge, is expected to set a positive note for other institutional investors.

“SkyBridge’s initiative to offset the greenhouse gas emissions caused by the bitcoin held by its funds is most probably the largest ever done by an institutional investor, and an example to be followed by the investment community. Offsetting bitcoin’s carbon emissions is an important step towards the correct pricing to the planet of electricity usage, and towards accelerating the migration of the bitcoin mining industry to renewable energy sources,” said Moss CEO and founder Luis Adaime.

Earlier this year, Tesla Inc (NASDAQ: TSLA) announced that it has temporarily stopped receiving Bitcoin payments until the mining industry migrates to renewable energy consumption.

The pressure has mounted on Bitcoin mining operations as the Chinese government cramped on the industry earlier this year. Notably, Bitcoin miners are critical in maintaining the network’s overall operations including confirming transactions and also securing the blockchain.

Bitcoin and the entire altcoin market have experienced a notable rebound from the prior correction that began around mid-March. At the time of reporting, Bitcoin was trading around $38,552.27, down 2.6% in the past 24-hours according to CoinGecko.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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