Brian Kelly Reveals Just How High This Bitcoin Rally Will Go

brian kelly, bitcoin price
Hedge funder Brian Kelly says the bitcoin price could break as high as $6,500 during the present run. | Source: CNBC/YouTube

The crypto bulls are out in full force, and price predictions are back. Crypto trader Brian Kelly has consistently stuck up for bitcoin, even during the market downturn. Now BTC is returning the favor with today’s double-digit percentage rally. Kelly has taken his cue, telling CNBC that the $6,000 to $6,500 range is the new resistance and that’s exactly where the bitcoin price is headed:

“Probably a reasonable target is close to $6,000 for this move.”

Based on fundamentals, bitcoin could rise as high as the $6,500 to $6,800 range before there’s even a hint of it being overvalued in the current cycle. Kelly believes that at the very least, the market has begun to put in a bottom based on historical patterns. He points to a shift in sentiment, one that includes institutions and one that is being fueled by a trifecta across fundamentals, technical signals, and quantitative analysis that his firm BKCM performs.

Bitcoin is blossoming this spring! @BKBrianKelly weighs in on what’s behind today’s 15% move pic.twitter.com/t7sWLycc7r

— CNBC Futures Now (@CNBCFuturesNow) April 2, 2019

Bitcoin ETF Rumors Percolate

It’s important to note that much of the gains in the bitcoin price appear to be being fueled by the technical signals, both...


Bitcoin’s Rally Caused This Nasdaq Stock to Surge 20%

bitcoin, nasdaq, riot blockchain
Bitcoin's mammoth Tuesday rally was mirrored by a Nasdaq-listed blockchain stock. | Source: Shutterstock

As Bitcoin’s sudden rally higher captures the world’s attention, it is not only the cryptocurrency investment that is racing back into the light. Any company associated with BTC is experiencing a green day, and naturally, Riot Blockchain (RIOT) is no exception. Despite fading a lot of its daily gains, the crypto mining outfit is still up more than 20%, outperforming most cryptocurrencies.

Riot Blockchain Lives and Dies With the Bitcoin Price

riot blockchain, bitcoin price
Riot Blockchain popped more than 20% in response to the crypto market’s similar surge. | Source: Yahoo Finance

Most articles in the mainstream financial media are pushing the “no-one knows” line about the rally in the Bitcoin Price. Anyone who read this article on CCN yesterday knows that BTC/USD was on the verge of breaking a significant technical level. In an illiquid market where everyone is watching momentum and price action way more than they look at fundamentals, a mass of trend following orders would naturally spike the market aggressively.

Understanding what would cause appetite for Riot Blockchain to surge higher is even more straightforward. They...


Overstock’s tZERO Exchange to Launch Bitcoin Trading App This June

Overstock’s security token platform tZERO is going full crypto.

Until now, security tokens had been the startup’s priority, but this summer, tZERO plans to launch its own mobile trading app for buying and selling bitcoin and, possibly, ether, CEO Saum Noursalehi told CoinDesk Thursday.

The app for IOS and Android devices is scheduled to launch in June and is being developed by Bitsy — a crypto startup in the portfolio of Overstock’s venture arm Medici Ventures.

“That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app,” Noursalehi told CoinDesk, adding:

“They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login.”

The app, he added, will allow users to hold custody of their crypto without relying on a third party, and will plug into a network of exchanges through tZERO’s partner, institutional trading platform SFox.

tZERO’s app will connect to SFox’s network of exchanges via its...


Vitalik Buterin Cashed Out of ETH During the 2017 Cryptocurrency Bubble

vitalik buterin, ether
Vitalik Buterin cashed out a lot of ether during the crypto craze of 2017, but he's been quite charitable with it. | Source: Steve Jennings/Getty Images

Ethereum mastermind Vitalik Buterin, who holds 350,000 ETH in his main wallet address, allegedly cashed out $40 million worth of ETH between June 2017 and February 2018. The findings came to light by Alex Sunnarborg, a founding partner of the crypto hedge fund Tetra Capital, who dug into Vitalik’s historical account data.

The Breakdown of Vitalik’s ETH Movements

According to Etherscan, Buterin has converted 544,998 ETH to fiat currencies since 2015. This amount equals to almost $49 million, $40 million of which he moved during the period mentioned above.

5/ Vitalik likely cashed out ~ $40,000,000 worth of ETH between June 2017 – February 2018: pic.twitter.com/8RoMKU63ha

— Alex Sunnarborg (@alexsunnarborg) March 19, 2019

While today the balance of Vitalik’s main address is worth $50 million, its net worth reached $500 million when Ethereum exceeded $1,300 in December 2017.

4/ His net worth from this ETH balance alone exceeded $500,000,000 at the...


How Blockchain Can Democratize Artificial Intelligence Development

Data Access for AI: An Under-Explored Use for Blockchain

There is a vast amount of computing power around the world that is not used efficiently. There are an estimated 4 billion personal computers in the world and 90% of them have free capacities at any given moment. This is to say nothing of the idle capacities of other personal devices, like smartphones and tablets. In effect, this excess computing power is wasted.

Lots of startups are trying to use blockchain technology to take advantage of this inefficiency to meet different economic needs. The blockchain is exciting in this context because it provides an infrastructure for distributed computing power, while at the same time providing an incentive for individuals to link their idle devices to the network.

Many of the startups I’ve come across are focused on providing web hosting and/or data storage solutions via blockchain. However, the use case I think is the most exciting involves artificial intelligence or “AI”.

Democratizing AI

The idea of applying the blockchain to artificial intelligence is attracting a lot of attention. Similar to the goal of distributed data storage and web hosting, some experts argue the blockchain could encourage a broader distribution of the data and algorithms that will determine the future development of artificial intelligence.

However, many artificial intelligence experts are concerned that IBM, Facebook, Google and a few other big companies are monopolizing all the talent in the field. These giant corporations also control the massive silos of digital data necessary to create and refine the best machine learning programs. Many argue there is a need to democratize data if A.I. is to develop in a direction to benefit all of humanity.

This is where blockchain technology comes in.

At the most basic level, just as the blockchain allows...


Rakuten to Launch Their Crypto Wallet March 30th

Rakuten, crypto wallet
Rakuten has set a date for its new crypto wallet launch. | Source: Shutterstock

Rakuten Inc. just announced their intention to terminate “All Bitcoins Inc.” and launch their own “Rakuten Wallet” on March 30. Businesses launching crypto wallets is nothing new, following companies like Line, KIK and KakaoTalk. The news comes after Rakuten completed their filings as a virtual currency exchange company (VCEX.)

The company stated:

Rakuten Wallet will contribute to the sound growth of the market as a virtual currency exchange company and will further enhance security and provide enhanced services so that more customers can use it safely and with confidence.

Rakuten will be filing another VCEX application for Rakuten Wallet in September 2019.

Rakuten Inc. (4755: JP) holds a market capitalization about one-tenth the size of GM’s profits, number ten on the Fortune 100 list.

What Does Rakuten Do?

Earning cashback on purchases can make large purchases a little more enticing if you pair it with decent discounts. Rakuten aggregates discounts and helps customers receive cash back on their online purchases.

Their offerings have struck a not-so-nice chord...


The Cryptocurrency Volume Plague Could Actually Raise Odds of Bitcoin ETF Approval

bitcoin etf
Ironically, the fake crypto trading volume plague could increase the chances of the SEC approving a bitcoin ETF. | Source: Shutterstock

In March 2017, the U.S. Securities and Exchange Commission (SEC) denied the first ever bitcoin exchange-traded fund (ETF) proposal.

Since then, many bitcoin ETF applications have been filed by nearly ten companies, and many of them have been rejected by the SEC for similar reasons.

This week, in a presentation to the SEC, Bitwise revealed that the overwhelming majority of the trading volume in the bitcoin exchange market is fake and that a substantially large portion of the global bitcoin volume comes from the United States.

Ironically, the fake volume plague in the cryptocurrency exchange market may increase the probability of a bitcoin ETF approval.

The Fake Crypto Volume Paradox

bitcoin etf
Since most crypto volume is fake, regulated U.S. exchanges account for a much larger slice of the global bitcoin pie. | Source: Shutterstock

Two years ago, when the SEC rejected the first bitcoin ETF proposal filed in the U.S., the commission emphasized three factors:

  1. Vulnerability to manipulation
  2. Lack of regulations in overseas markets
  3. Lack of surveillance

“The Commission believes that, in order to meet this standard, an exchange that lists and trades shares of commodity-trust exchange-traded products (“ETPs”) must, in addition to other applicable requirements, satisfy two requirements that are dispositive in this matter. First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated,” the SEC said at the time.

In the past two years, major overseas cryptocurrency markets in the likes of...


CoinMarketCap to Revamp Listing Metrics After Fake Volume Research

CoinMarketCap Will Alter Listing Metrics After Latest Fake Volume Research

Cryptocurrency market data resource CoinMarketCap (CMC) has promised to rearrange how it ranks member exchanges after research found overwhelming evidence of fake volume. The company confirmed the upcoming changes on social media on March 25.

CMC is arguably the industry’s best-known tracking service for the market cap of Bitcoin (BTC) and altcoins, as well as for the activity on exchanges trading them.

However, last week, research from cryptocurrency index fund provider Bitwise claimed that CMC hosts almost entirely fake volume statistics. This in turn deceives investors and inflates the profile of affected coins, Bitwise explained in the report.

Now, CMC has appeared to heed the warnings represented in the research, which Bitwise sent to United States regulators for consideration...


Huobi Prime offers digital currency investors a new way to Trade

Huobi, cryptocurrency
Huobi Prime is the latest offering to cryptocurrency traders by digital exchange Huobi Global. | Source: Shutterstock

Tuesday, March 26 will see customers of the cryptocurrency exchange Huobi experience a whole new way of getting their fingers around cryptocurrencies. Known as Huobi Prime, the system is a coin-launch platform that ensures all currencies purchased by Huobi users are immediately deposited into their accounts and tradable against the Huobi Token (HT) with minimal delays, according to a company press release.

Huobi, cryptocurrency
Currencies offered through Huobi Prime can be traded against the Huobi Token, the platform’s official cryptocurrency. | Source: Shutterstock

Customers will also have access to coins at below-market prices, as well as new projects and currencies not yet listed on major exchanges. Huobi’s executive team works with the project leaders of every coin or token listed, forming close partnerships and determining fair market values for users. Executives have also implemented tiered price limits to relieve customers of extreme volatility.

Speaking with CCN, Ross Zhang – head of marketing for Huobi Group – explains what inspired the new platform’s creation:

Low-quality coins and lack of access to ones with real potential are a perennial problem in the crypto space. While that is nothing new, I do think it’s taken on new importance in the ongoing bear market we find...


Silvergate ‘Bitcoin Bank’ crypto client base climbed 122% in 2018

silvergate bank, bitcoin
Silvergate, nicknamed the "bitcoin bank," says its crypto client base surged 122% in 2018. | Source: Shutterstock

Silvergate Bank, which bills itself as the “leading provider of innovative financial infrastructure solutions and services to participants in the digital currency industry,” has disclosed in a preliminary prospectus filed with the U.S. Securities and Exchange Commission that despite the bearish conditions in the bitcoin market, its number of crypto industry clients surged in 2018.

Silvergate Crypto Client Deposits Rise to $1.58 Billion

By the end of last year, Silvergate revealed that it had 542 cryptocurrency-related customers. This was an increase of 122.1 percent from 2017 when the total number of customers was 244, per the prospectus. Total deposits also increased approximately by 8 percent from $1.46 billion to $1.58 billion.

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Silvergate bank, bitcoin
Silvergate Bank’s deposits and customer growth over time | Source: Silvergate Capital

Additionally, Silvergate disclosed that it was also in the process of onboarding some 232 customers.

Key Clients? Bitcoin Exchanges and Institutional Investors

Among its most notable customers, digital currency...