Among large U.S. financial institutions, the giant money manager Fidelity Investments has been one of the most publicly committed to bitcoin and digital assets, as most banks and other firms await more clarity from regulators on evolving rules for the crypto industry.
Ria Bhutoria, director of research for the firm’s cryptocurrency-focused unit, Fidelity Digital Assets, published a blog post Thursday outlining her reflections on bitcoin in 2019. The Boston-based company is led by Abby Johnson, one of the world’s richest women, and manages about $2.5 trillion for clients.
In just a few years, according to Bhutoria, bitcoin has begun to realize what she calls the true potential of its network: a new type of value-transfer system, a tool for freedom, a savings technology and possibly more uses that "we have yet to discover."
"Its potential cannot be ignored," Bhutoria writes.
Trading and investment on incumbent, regulated platforms is growing, while key performance indicators like hash rate are improving and cumulative miner revenue has surpassed $15 billion, according to Bhutoria.
She cites the introduction of futures contracts that can be settled via delivery of bitcoin as a major step forward, with new options contracts now or soon to be available from the exchanges Bakkt and CME. New large-scale bitcoin-mining operations are coming online.
Bhutoria concludes by saying that bitcoin continues to boast a dominant position in the crypto market, with growing usage and adoption.
Bitcoin has "unapologetically maintained its core properties as an anti-fragile, border-less, censorship and seizure-resistant decentralized value-storage and transfer system," she writes.
Bhutoria says she sees increasing bitcoin adoption over the coming year, with continuing maturation of the network and its infrastructure. |
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Low-Volume Pullback
BTC: Price: $7,870 | Market cap: $143 billion | 24-Hr Volume: $25 billion
Trend: Bullish Bitcoin fell to $7,700 during European trading hours on Friday, extending the pullback from the seven-week high of $8,463 reached on Wednesday.
The price drop, however, is backed by falling volumes and so far has not done any damage to the bullish setup, as the inverse head-and-shoulders breakout confirmed on Jan. 6 is still valid.
A low-volume pullback is often short-lived. So a quick move higher cannot be ruled out. In fact, prices have already recovered to $7,950. That said, a break above $8,000, a level which acted as strong resistance on Thursday, is needed to confirm the pullback has ended.
A violation above $8,000 could invite technical buying, putting the cryptocurrency on path to re-test of recent highs.
Focus on weekly close (Sunday, UTC)
Bitcoin is looking to break out from the six-month-long bearish channel. The breakout would be confirmed if prices close above $7,965 on Sunday. That would imply a revival of the bull run from lows near $4,100 observed in early April 2019.
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In this new feature of the markets daily newsletter, we aggregate news, reports, ideas and tweets relevant to crypto traders and investors.
Taking a look at the numbers of bitcoin's growth outside the usual price volatility of the world's leading digital asset, author Joel John goes into greater detail about the advantages to circumventing limitations in authoritarian regimes through to an uptick in on-chain activity.
Bloomberg takes a look at Facebook's vice president of messaging products, David Marcus, and reveals the hardships, stresses and ambitions behind the man of the Libra project - against those bent on thwarting the social network's foray into crypto. Fidelity's 2019 Bitcoin Retrospective (Fidelity) Ria Bhutoria, director of research for Fidelity Digital Assets, argues that bitcoin's potential has begun to realize what she calls the true potential of its network: a new type of value-transfer system, a tool for freedom, a savings technology and possibly more uses that "we have yet to discover."Psychology of a Market Cycle: Are Bitcoin Investors In Denial? (NewsBTC) According to a famous cheat sheet from Wall Street, bitcoin bulls could be in denial about where the world's largest crypto by market capitalization currently sits in its market cycle, potentially catching a lot of investors off guard. |
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| | | Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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