A Big Blow and 3 Pleasant Crypto Surprises By Investing.com

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Investing.com – Between adversity and adoption, cryptocurrencies are struggling to break out of the vortex of existence and the wars of regulators and centralists around the world. While a new tycoon has joined the fray of broad support for digital currencies, the regulatory authorities in China launched a new attack on the mining community.

adoption

One of the world’s richest people joined the list of cryptocurrency supporters, who ranks 133 among the world’s wealthy, with a fortune estimated at about 16 billion. The Wall Street Journal reported that a new cryptocurrency exchange called Radkl will launch on Tuesday with an undisclosed amount of financial support from billionaire Stephen A. Cohen.

Radkl executives told the newspaper that the quantum trading company will specialize in digital assets under the supervision of a team from GTS. GTS is a New York-based high-speed trading company that trades stocks and options. Cohen is using his personal fortune to invest in Radkl rather than using capital from his hedge fund, Point72 Asset Management LP, according to the Wall Street Journal.

Still in the early stages of adoption and as more professional investors move into the business, Cohen said, “there is a need for institutional acumen and a company like Radkl.

Steve Cohen is CEO of Point72 Asset Management, a $16 billion hedge fund company that began managing offshore capital in 2018.

For many years, Cohen ran SAC Capital, one of the most successful hedge funds of all time.

Cohen was forced to close SAC Capital after the company pleaded guilty to insider trading fees that cost Cohen $1.8 billion in fines. Point72 reopened to offshore funds in 2018 after the SEC’s two-year supervision tape expired.

Kathy Wood

Katie Wood, CEO of ArcInvest, said she expects bitcoin to rise to $500,000 within five years. Wood added that her company’s conviction in ether has been greatly enhanced, this came during an interview in an interview with CNBC anchor, Andrew Ross Sorkin at the SALT conference.

Its price prediction depends on whether companies continue to diversify their balance sheets into the largest digital currency by market capitalization and institutional investors start allocating 5% of their funds to it. If that happened, she said, “we think the price will be ten times what it is today, instead of $45,000, over $500,000.”

She told Wood Sorkin earlier in the interview that her overall price target is with a five-year horizon in mind. When asked if she could only own one cryptocurrency, she said she would default to Bitcoin “because countries now consider it legal tender.”

Wood also noted the huge potential of Ethereum, which is up 350% so far this year, and outlined a preference for a 60:40 bitcoin-to-ether crypto wallet, according to Wood. “Ether, however, is seeing an explosion of developer activity thanks to NFTs and DeFi, I’m fascinated by what’s going on in DeFi, which is the collapse of the cost of financial services infrastructure in a way that I know the traditional financial industry doesn’t appreciate right now,” she said.

The highly anticipated upgrade to 2.0 saw a complete overhaul of the entire network infrastructure to Proof of Stake.

“Our confidence in ether increased dramatically as we saw the beginning of this transition — from proof of work to proof of stake,” Wood said.

Kevin O’Reilly

Popular investor Kevin O’Leary told CNBC that he wants to double his crypto holdings from 3% of his portfolio to 7% by the end of 2021. But he said investors want US authorities to make decisions about regulating cryptocurrencies, and that he “can’t afford it.” non-compliance with regulations.

Popular investor Kevin O’Leary says he wants to at least double his crypto holdings by the end of 2021, and expects “trillions of dollars” to flow into the market if crypto becomes a new asset class. O’Leary, who is the chairman of O’Shares ETFs, said he is bullish on cryptocurrencies and wants to put more into his personal portfolio.

“I don’t want to get involved in cryptocurrency if the regulator says it’s not okay, I can’t be a hacker, and I can’t be non-compliant,” O’Leary added.

The US government is developing regulations for digital currencies, even as more countries are legalizing bitcoin. O’Leary said he expects regulators to recognize digital currencies as an institutional asset class, but it is unclear when that will happen, adding that the compliance infrastructure is also lacking in traditional asset systems.

However, he predicts that there will be “trillions of dollars waiting to appear” when regulators finally approve cryptocurrencies as an institutional asset class. For bitcoin specifically, if regulators allow financial services companies to treat it as an asset and approve bitcoin-based ETFs in the US, he sees “another trillion dollar buyout” in the digital currency.

new hit

And before the currency market recovered from the onslaught of aggressive taxes led by the United States and recently joined by India, China came back again with a new shutdown.

A government commission in northern Chinas Hebei Province said it will cooperate with other government departments to crack down on virtual currency mining and trading, the latest step in the country’s digital currency campaign.

The commission’s statement said the county education department, public security department, local finance bureau and communications department (SE:) would also take part in the campaign.

“Cryptocurrency mining consumes a huge amount of energy, which runs counter to China’s ‘carbon neutral’ goal,” the statement said, adding that it also carries huge financial risks.

In May, Chinas State Council and Cabinet vowed to crack down on bitcoin mining and trading, escalating a crackdown on digital currencies days after three industry bodies banned crypto-related financial and payment services.

The commission said that before September 30, these departments should verify the information systems they use, to avoid using any computing power to engage in illegal mining of virtual currencies.

She added that they should intensify the collection of information from whistleblowers and the general public, as from October it will monitor the sector regularly and punish those who break the rules.

market now

And it succeeded in expanding its gains during those moments of trading today, Tuesday, to rise by about 4%, up to 46.4 thousand dollars, to turn its losses within thirty days into gains by more than 1%.

Ethereum rose again to the highest levels of $3.3 thousand, after rising by 3.5 percent, rising to levels of $3.34 thousand.

On the other hand, the third largest cryptocurrency is still on the decline, even though it has reduced the percentage of its decline to 1.2%, compared to nearly 10% during early trading today, Tuesday.

Binance Coin is up more than 1%, while stabilizing near the $160 levels.

The article does not express a recommendation or nomination, but rather a mere monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.



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