DBS Bank, the biggest bank in Singapore, is in the process of launching a cryptocurrency exchange. The platform will list major cryptocurrencies, including Bitcoin, Ethereum, XRP, and Bitcoin Cash. These coins will be traded against the US dollar, the Singapore dollar, the Japanese yen, and the Hong Kong dollar.
Publicly-traded business intelligence company MicroStrategy recently revealed that it had made a further investment in Bitcoin. The firm’s CEO Michael Saylor announced the company’s latest investment in a tweet, revealing that MicroStrategy has purchased an additional 2,574 Bitcoins. The purchased Bitcoins are worth around $50 million, and MicroStrategy paid $19,427 per BTC on average.
Bitcoin’s price might have dropped by a small 2% today, but the cryptocurrency still remains strong after a 23% price increase over the past month. The coin had bounced at $16,400 toward the end of November as it continued to push back into the ATH price of $19,893 at the start of December.
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The position of Bitcoin is now arguably more bullish than ever before, and its price is rising rapidly. The biggest over-the-counter (OTC) trading desks are also riding this wave, and are reporting increased trading volumes. It’s not the first time that we experience this phenomenon – during the 2017 bull-run, major OTC trading desks like Genesis Global Trading and B2C2 also reported a volume increase and big trade sizes. BTC’s recent bullish market shows many similarities to that period, and current volumes are even larger than what we saw in the 2017 rally.
As with most fraudulent crypto investment schemes, PlusToken victims were promised high and consistent returns with minimal to zero risk. The operators of PlusToken said that the returns “earned” by investors were generated through arbitrage trading. In reality, there was no arbitrage trading going on – the returns were generated by distributing investments from new members to old members.
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Macro investor Dan Tapiero predicts that $15 trillion in capital will come to Bitcoin from institutions. If this happens, BTC’s price can go up to approximately $500,000.
Leading crypto asset manager Grayscale’s »Drop Gold« advertising campaign was design to convince investors that Bitcoin is a superior investment to gold. Grayscale ran the »Drop Gold« campaign last year, but it seems that its main message is resonating better right now. Michael Sonnenshein, the managing director of Grayscale, described 2020 as an unprecedented year regarding wealth inflows for the firm.