Crypto Now Braced For A $2 Billion Goldman Sachs Bombshell As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Swing

Bitcoin BTC 0.0%, ethereum and other major cryptocurrencies have bounced back from a huge market meltdown this month (that some think could reveal the future tech giants). The bitcoin price has rebounded 20% since crashing to a low of under $18,000 per bitcoin last week—despite a dire China warning—with ethereum and other top ten cryptocurrencies BNB BNB +0.3%, XRP XRP -0.9%, solana, cardano and dogecoin also making gains.

Now, reports have emerged Wall Street giant Goldman Sachs is looking to raise $2 billion to snap up the assets of embattled crypto lender Celsius which has been hard hit by the latest bitcoin and crypto crash. Goldman Sachs is soliciting crypto funds and traditional financial institutions as part of the deal that could see it buy Celsius’ crypto assets at a discount, it was first reported by Coindesk, with Blockworks adding the deal could happen even if the lender does not declare bankruptcy, citing anonymous sources.

Goldman didn’t want to buy into the top of the market,” one source told Blockworks. “This is more their style.” Celsius, which had $12 billion in assets under management as of May of this year, has been teetering on the brink of bankruptcy after suspending user withdrawals from the platform earlier this month, citing “extreme market conditions” and exacerbating a crypto price crash that sent bitcoin spiraling under $20,000.

Celsius has hired restructuring advisors Alvarez & Marsal, it was earlier reported by the Wall Street Journal, adding to previous reports Citigroup C +3.3% has been tapped to advise on possible solutions. Goldman Sachs’ reported bid for Celsius’ crypto assets is likely to return some degree of confidence to the market after traders were left rattled by the pace of the bitcoin, ethereum and cryptocurrency sell-off.

“Even so, it may not be the best time to buy, as it may take considerable time before the crypto market digests the recent turmoil and enters a new phase of sustained demand from broad segments of investors, not just stressed asset hunters,” Alex Kuptsikevich, FxPro senior market analyst, said via email. The Celsius meltdown, coming hot on the heels of the collapse of the terraUSD stablecoin its support coin luna, has sparked fresh calls for better crypto market and crypto company regulation.

“I suspect after the recent events with Celsius that the U.S. will provide more clarity soon, on regulation towards custodial providers and lenders, to bring more stability to the crypto space,” Marcus Sotiriou, an analyst at the U.K.-based digital asset broker GlobalBlock, wrote in an emailed note.

I am a journalist with significant experience covering technology, finance, economics, and business around the world.

Source: Crypto Now Braced For A $2 Billion Goldman Sachs Bombshell As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Swing

Critics:

Nearly three weeks after Celsius Network suspended fund withdrawals and other operations from its platform, questions about its future are mounting.  The maneuvers behind the scenes are also increasing. The crypto firm has hired Alavarez & Marsal, a restructuring advisory firm. Celsius has tapped restructuring attorneys from law firm Akin Gump Strauss Hauer & Feld.

But the most interesting news is that Goldman Sachs  (GS) – Get Goldman Sachs Group Inc. (The) Report is trying to raise $2 billion from investors to buy distressed Celsius assets, according to Fortune and Coindesk.  Clearly the goal is to allow investors to buy Celsius’s assets at a low price in the event of the firm’s bankruptcy.

According to Fortune, which cites anonymous sources familiar with the matter, Goldman Sachs has solicited crypto firms and web 3 firms, the new iteration of the internet, as well as traditional financial institutions and companies specializing in restructuring. Goldman Sachs did not immediately respond to a request for comment.

On June 12, Celsius announced that it would suspend indefinitely various transactions, including withdrawals of funds “due to extreme market conditions.” Today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts,” the company said at the time. “We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.”

Celsius is a cryptocurrency lending platform. The company allows anyone to borrow cryptocurrency and earn interest for lenders. “Earn high. Borrow low. Change the world,” the firm says on its website. One of its catch phrases is “Borrow like a Billionaire.” Celsius, through its CEL token, promises “financial rewards” as much as 30% extra returns weekly. But some options are not available to U.S. based users.

When it raised $400 million last October from investors led by WestCap and Canadian Caisse de dépôt du Québec (CDPQ), Celsius Network saw its valuation soar to $3 billion. The company wants to be an intermediary between traditional finance and the sphere of cryptocurrencies.

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Massive 2022 ‘All-Time High’ Bitcoin Price Prediction Comes With A Serious Ethereum, BNB, XRP, Solana, Cardano, Luna And Avalanche Warning

Bitcoin and cryptocurrency prices have struggled this year, with the Federal Reserve’s plan to raise rates and potentially trim its balance sheet spooking investors.

The bitcoin price has lost around 40% of its value since hitting an all-time high of nearly $70,000 per bitcoin in November. Smaller cryptocurrencies, including ethereum, BNB BNB -0.9%, XRP XRP -2.7%, solana, cardano, luna and avalanche, have also fallen back—though some are on track to break records in 2022.

Now, a panel of cryptocurrency experts has predicted the bitcoin price will peak at almost $82,000 in 2022 before dropping to just above $65,000 by the end of the year—but warned a more advanced blockchain such as ethereum, BNB, XRP, solana, cardano, luna or avalanche could eventually eclipse bitcoin.

“There’s still plenty of uncertainty about the short-term bitcoin outlook,” Asher Tan, the chief executive of Australia-based crypto exchange CoinJar and panel member said in a statement. Tan has a more conservative outlook on the bitcoin price than the panel average.

“Given the macroeconomic headwinds, it would not surprise me to see bitcoin spend the whole year bouncing around between $30,000 to $60,000—the sort of conditions that are terrible for traders, but rewarding for accumulators with a multi-year timeframe.”

The panel, made up of 35 people from the world of crypto and put together by financial comparison website Finder, has returned a lower average bitcoin price prediction for the end of 2022 than it did in January—at the time predicting the bitcoin price would end December at just over $76,000.

The longer-term panel average has also dipped with bitcoin now forecast to be worth just over $420,000 by the end of 2030, down around 25% from an October forecast of $567,000.

However, some panel members have become more bullish since then. Martin Fröhler, the chief executive of ethereum-based trading platform Morpher gave one of the most bullish end-of-2022 predictions, pointing to “political uncertainty, inflation, and an ever increasing desire to own non-government controlled assets” as likely to push the bitcoin price to a new all-time high.

The continued success of ethereum and recent rallies for other top ten cryptocurrencies such as BNB, XRP, solana, cardano, luna and avalanche may have weighed on the panel’s outlook, with 50% predicting bitcoin will eventually be displaced as the most valuable cryptocurrency.

“Bitcoin is a one trick pony,” said Thomson Reuters technologist and futurist Joseph Raczynski who thinks ethereum has “far grander” potential than bitcoin as “a massive platform of the internet of value.”

“For now, bitcoin really only serves as another currency, akin to a dollar, euro, or pound. Other blockchains that serve a multitude of purposes will likely have a chance to take the throne.”

Others are even more downbeat about bitcoin’s prospects. John Hawkins, a senior lecturer at the University of Canberra, returned one of the bleakest bitcoin price predictions, forecasting bitcoin will be worth just $5,000 by the end of 2025 and dropping to a mere $100 per bitcoin by 2030 as it loses out to ethereum and state-backed alternatives.

“As well as private crypto being replaced by central bank digital currencies, and a general collapse of the speculative bubble, I think bitcoin will lose out to ethereum which has a stronger use case, especially if ethereum ever converts to proof-of-stake and so becomes more environmentally responsible.”

Ethereum’s long-awaited transition to the less energy-demanding proof-of-stake consensus mechanism, abandoning the proof-of-work system pioneered by bitcoin, was expected to happen over the next couple of months but has recently been delayed until the end of this year.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk

Source: Massive 2022 ‘All-Time High’ Bitcoin Price Prediction Comes With A Serious Ethereum, BNB, XRP, Solana, Cardano, Luna And Avalanche Warning

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Crypto Investing In 2022 What Can You Look Forward To

2021 was a year of epic growth for cryptoassets. We saw the market take a big leap towards maturity as trends such as non-fungible tokens (NFTs) and the metaverse gained momentum, and regulators contended with the asset class’s growing role in the global economy.

More rapid change can be expected in the year ahead, with the crypto market hitting maturity amidst a changing macro environment and red hot inflation readings. In five concise trends, here is what you should be watching as we move into 2022.

1. NFTs move beyond JPEGs

Non-fungible tokens (NFTs) hit the mainstream in 2021. Brand names from Adidas to Budweiser and Pepsi to Warner Bros issued their own collections,  sports fans rushed to buy tokenized cards for their teams on platforms such as Chiliz, and luxury fashion houses including Givenchy dropped tokens to heighten exclusivity.

All of this demonstrated the revolutionary potential of the “NFT” — which was proclaimed Collin’s Dictionary’s word of the year.As we move into 2022, NFTs are set to move beyond just collectible JPEGs. The NFL is now working with Polygon to use NFTs for ticketing, TikTok has released trending videos as NFTs, and a diverse range of companies are starting to use the unique tokens to power radical change in how products are funded, licensed and promoted.

2. Blockchain gaming and metaverse boom

2021 saw the rise of a younger, faster generation of blockchains such as Solana, which offer the high performance needed for sophisticated blockchain-based gaming.Meanwhile, the first crypto games hit the big time. Axie Infinity attracted almost 2 million daily users with play-to-earn mechanisms, and investment poured into metaverse projects from all angles:

Facebook rebranded to Meta and tech giants Microsoft and Amazon dipped their toes, while venture capitalists committed billions to making the metaverse reality.Moving into 2022, this sector of the market is primed to hit the mainstream. All we are waiting for is the catalyst of a high-quality game or social platform that can bring in a broad audience beyond just crypto enthusiasts.

3. Layer 2s steal the limelight

The popularity of decentralized finance (DeFi) and NFTs has created bottlenecks on Ethereum, with congestion pushing network fees to all-time highs.Against this backdrop, Layer 2 scaling solutions such as Polygon (MATIC) have experienced epic growth by offering faster speeds and lower fees with no compromise to decentralization or security.

This trend is set to accelerate in 2022, boosted by new cryptographic innovations — such as Optimistic Rollups and Zero-Knowledge Rollups — which are finally ready for action after years of development.

4. Crypto payments hit the mainstream

2021 showed that payment giants see crypto not as a threat, but as an opportunity: Visa launched a crypto advisory service, Mastercard introduced crypto support, and WhatsApp began testing crypto payments via the Novi wallet.Governments have seen the potential of crypto payments too. El Salvador claimed to be saving $400 million a year in  Western Union fees by using Bitcoin remittances, and a parallel government in Myanmar adopted Tether as an official currency.

These events could be the first signs of a global transformation in payments and remittances; one that is likely to gain momentum in 2022 as more organizations realize that money can be exchanged instantly and inexpensively — as easily as sending an email.

5. Even more regulatory scrutiny

With former blockchain professor Gary Gensler leading the charge at the U.S. Securities and Exchange Commission (SEC), authorities around the world are racing to roll out regulatory frameworks.In the US, regulators are discussing a “crypto sprint” to quickly bring the industry into line, while across the Atlantic, the European Union’s (EU) proposed regulatory framework — Markets in Crypto Assets (MiCA) — is close to becoming law.

This activity will likely mean more scrutiny than ever before for the digital asset ecosystem, but if the approval of multiple Bitcoin ETFs around the world and the positivity of the recent US congressional crypto hearing are any indication, then 2022 could be the year we see regulators cautiously embrace cryptoassets.

Source: Crypto investing in 2022 – what can you look forward to?

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Critics:

Pete Howson, a senior lecturer in international development at Northumbria University in Britain, said 2022 is likely to see “stronger public opposition” to bitcoin on environmental grounds, which could force regulators to act more decisively.

A YouGov poll in October found nearly half of Britons supported banning cryptocurrencies to fight climate change.Scandinavian countries have voiced support for a potential ban on bitcoin mining across Europe, and, if that happens, authorities elsewhere might be driven to take a similar stance, said Howson.

“Massive power outages caused 700 deaths in Texas this time last year … and since then, we’ve seen the U.S. overtake China as the bitcoin global superpower, with much of that extra burden added to the Texas grid,” he said. “If again we see ordinary folks freeze to death in places like Texas, the bitcoin bros will be out on their ears.”

At the same time, the industry could be pressured into addressing its “sustainability challenges”, according to Alexander Hoptner, who heads BitMEX, one of the world’s largest virtual currency derivatives exchanges.

In November, the company said it had gone carbon neutral, offsetting emissions from its bitcoin transactions and servers by buying $100,000 in CO2 credits, a model some green groups criticise, saying it simply gives major polluters a way to avoid cutting their own carbon output.

“We’ve already had very encouraging chats with other exchanges, protocols, and organisations who are keen to work together to help lower the environmental impact of crypto,” said Hoptner. “I think 2022 will be the year that the crypto industry comes together to answer those who’ve challenged us to seize this responsibility.”

“Central banks around the world are bowing to the reality that digital payments are becoming the norm,” he said.”Maintaining the relevance of central bank money in retail transactions necessitates the creation of digital versions of their currencies.”From Russia to Chile, many countries have started to look into CBDCs, with tests and rollouts scheduled for 2022.Some, like Japan and Sweden, have already started trials….

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‘Market Is Not Quite Ready’—Bitcoin Billionaire Issues A Serious Crypto Warning As The Price Of Ethereum, BNB, Solana, Cardano, XRP And Luna Suddenly Crash

Bitcoin and cryptocurrency prices have bounced back this week, riding a wave of positive news even as researchers warn of crypto thefts.

The bitcoin price came within touching distance of $50,000 per bitcoin but has today dropped back, losing more than $2,000 per bitcoin in a matter of hours. Ethereum has also erased its latest gains, despite traders eagerly eyeing a long-awaited upgrade.

Now, after El Salvador last week postponed its controversial $1 billion bitcoin-backed bond, outspoken bitcoin billionaire Michael Saylor has warned the market perhaps isn’t “quite ready” for bitcoin bonds.

“I’d love to see a day where people eventually sell bitcoin-backed bonds like mortgage-backed securities,” Saylor, the chief executive of business intelligence software company MicroStrategy, which has pivoted to become a bitcoin acquisition vehicle over the last two years, told Bloomberg in an interview. “The market is not quite ready for that right now. The next best idea was a term loan from a major bank.”

Last week, El Salvador, which became the world’s first country to adopt bitcoin as legal tender last year, revealed it had postponed its planned $1 billion bitcoin bond offering with the country’s finance minister Alejandro Zelaya blaming unfavorable market conditions—but El Salvador’s president Nayib Bukele blaming the delay on necessary pension reforms.

“I think this is not the time,” Zelaya said in comments reported by Reuters, with Russia’s invasion of Ukraine unsettling markets in recent weeks. “In May and June sometimes you can, but the market variables get different. After September, it is difficult to raise, unless you are previously funded, as in the case of bitcoin bond.”

The hotly-anticipated bitcoin bond, designed to fund the creation of an ultra-low tax bitcoin city in El Salvador, will have a “substantial oversubscription” that could reach $1.5 billion, according to Zelaya. Half of the funds raised will be used by the country to buy more bitcoin and the rest earmarked to develop bitcoin mining infrastructure powered by a volcano.

Earlier this week, MicroStrategy announced it’s bitcoin-focused subsidiary MacroStrategy had taken on a $205 million loan to buy more bitcoin, adding to its 125,000 bitcoin hoard. MicroStrategy stock price, up some three-fold since it first began buying bitcoin, has slide 6% this week.

The loan will give MicroStrategy “an opportunity to further our position” as the largest publicly-traded bitcoin investor, Saylor said in a statement.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk

Source: ‘Market Is Not Quite Ready’—Bitcoin Billionaire Issues A Serious Crypto Warning As The Price Of Ethereum, BNB, Solana, Cardano, XRP And Luna Suddenly Crash

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Critics:

MicroStrategy CEO and Bitcoin permabull, Michael Saylor believes that traditional financial markets aren’t quite ready for Bitcoin-backed bonds. Saylor told Bloomberg on Tuesday, that he’d love to see the day come where Bitcoin-backed bonds are sold like mortgage-backed securities, but warned that, “the market is not quite ready for that right now. The next best idea was a term loan from a major bank.”

The remarks come two days after MicroStrategy’s (MSTR) Bitcoin-specific subsidiary MacroStrategy, announced that it had taken out a $205 million Bitcoin-collateralized loan to purchase even more Bitcoin. This loan was unique, as it marked MicroStrategy’s first time borrowing against its own Bitcoin reserves — which are currently valued at approximately $6 billion — to buy more of the cryptocurrency.

Saylor’s comments also follow El Salvador’s recent decision to postpone the issuance of its $1 billion dollar Bitcoin-backed “Volcano Bond” on March 23rd. According to El Salvador’s Finance Minister Alejandro Zelaya, the decision to delay the bond was due to general financial uncertainty in the global market driven by conflict in Ukraine.

In a potential warning to El Salvador, Saylor said that the country’s Volcano Bond was somewhat more risky than his company’s Bitcoin-collateralized loan,Saylor added that he remains extremely bullish on the long-term potential for Bitcoin-based bonds, going as far to say that it would be a good idea for cities like New York to use Bitcoin as a debt instrument.

Related: MicroStrategy CEO won’t sell $5B BTC stash despite crypto winterSince its initial $250-million Bitcoin investment in August 2020, MicroStrategy has now amassed a substantial 125,051 BTC — which at the current price of $44,547 equates to $5.5 billion. MicroStrategy has made a series of separate BTC purchases using the company’s cash on hand as well as the proceeds of sales of convertible senior notes in private offerings to institutional buyers.

Saylor’s actions have gradually transformed MicroStrategy into a partly leveraged Bitcoin holdings company, with MSTR shares closely correlated with the price of Bitcoin.

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Bitcoin And Crypto Now Braced For A $10 Trillion Earthquake As Ethereum, BNB, XRP, Solana And Cardano Soar

Bitcoin and cryptocurrencies have rebounded this week, riding a wave of good news for the crypto market.

The bitcoin price jumped to over $45,000 per bitcoin after a senior Russian official said the country would accept bitcoin as payment for its energy exports. Meanwhile, the ethereum price has continued to climb as “enthusiasm” builds ahead of a long-awaited upgrade.

Now, Larry Fink, the chief executive of BlackRock, the world’s largest asset manager with around $10 trillion in assets under management, has said his company is “studying” digital currencies due to climbing client demand.

“As we see increasing interest from our clients, BlackRock is studying digital currencies, stablecoins and the underlying technologies to understand how they can help us serve our clients,” Fink wrote this week in a letter to BlackRock shareholders.

Fink has previously dismissed bitcoin and crypto, saying in a CNBC interview last year that he doesn’t see much demand for crypto. In February, Coindesk reported BlackRock was gearing up to follow other Wall Street giants including Goldman Sachs, Morgan Stanley and Citi, into crypto services, and is planning to let clients borrow from BlackRock by pledging crypto assets as collateral.

This week, Goldman became the first major U.S. bank to trade crypto over the counter, working with crypto merchant bank Galaxy Digital to offer a bitcoin-linked instrument called a non-deliverable option.

Fink, who branded bitcoin an “index of money laundering” five years ago, pointed to Russia’s invasion of Ukraine and wide-ranging financial sanctions placed on the country as a catalyst for mainstream crypto adoption.

“The war will prompt countries to re-evaluate their currency dependencies,” Fink wrote. “Even before the war, several governments were looking to play a more active role in digital currencies and define the regulatory frameworks under which they operate.”

The war in Ukraine has also upended the world order that had been in place since the end of the Cold War, according to Fink, who predicted it will “put an end to the globalization we have experienced over the last three decades.”

“It has left many communities and people feeling isolated and looking inward,” he wrote. “I believe this has exacerbated the polarization and extremist behavior we are seeing across society today.”

Fink’s comments chime with others in the financial world who see strict Russia sanctions, which have included the country’s banks being excluded from the SWIFT interbank messaging service and restrictions put on the central bank’s foreign exchange reserves, as a shake-up of the system.

In March, a Credit Suisse analyst said the Russian war in Ukrainian will create a new world financial order that could boost the price of bitcoin and other cryptocurrencies.

“We are witnessing the birth of Bretton Woods III—a new world (monetary) order centered around commodity-based currencies in the East that will likely weaken the Eurodollar system and also contribute to inflationary forces in the West,” Zoltan Pozsar, global head of short-term interest rate strategy at the giant investment bank, wrote in a report.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk

Source: Bitcoin And Crypto Now Braced For A $10 Trillion Earthquake As Ethereum, BNB, XRP, Solana And Cardano Soar

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Critics:

The Federal Reserve’s surprisingly hawkish policy turn has had a surprise beneficiary: Cryptocurrencies. Digital coins extended gains on Thursday after the Fed stepped up its taper, and laid the foundation for a tightening cycle that could bring as many as three rate hikes in 2022. Normally, cryptocurrency benefits from loose monetary policy and its inflationary side-effects; but at least for now, investors are taking the longer view.

Bitcoin (BTC-USD), barely a week removed from an ugly selloff that dragged it below $50,000, rallied by over 2% on the day. Other digital coins that power smart contract layer-1 blockchains like Ethereum (ETH-USD) — which helps power the blockchain for the majority of decentralized finance (DeFi), non-fungible tokens (NFTs) and other smart-contract applications like Decentralized Autonomous Organizations (DAOs) — Solana (SOL1-USD), Terra (LUNA1-USD) and Avalanche (AVAX-USD) are also posting big gains.

It’s been a rough fall for cryptocurrencies, even as the introduction of Bitcoin exchange-traded funds (ETFs) lure in smaller investors. In recent weeks, the value of the asset class has plummeted by more than $700 billion from almost $3 trillion to $2.15 according to Coinmarketcap.

Fears over the Fed’s policy and the Omicron variant of COVID-19 have contributed to a volatile tone in markets, with crypto trading in tandem with risk-sensitive stocks. Louis LaValle, a managing director with crypto investment firm 3iQ Digital Assets U.S., told Yahoo Finance that crypto’s whipsawing is linked to the sheer volume of new investors, especially institutions, who purchased digital coins for the first time this year.

That includes billions that have flooded into crypto derivatives. Open interest on BTC futures is down by $10 billion since October, but still more than twice as high as the $8 billion it saw a year ago, according to data from The Block.

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