Crypto

Bitcoin at $100,000? Insiders say the cryptocurrency could test new highs this year

Published

1 year ago

March 22, 2023

Bitcoin at $100,000? Insiders say the cryptocurrency could test new highs this year

Cryptocurrency trade insiders predict bitcoin might hit a brand new all-time excessive in 2023 and presumably attain $100,000. It comes after a famous investor wager that the digital foreign money might go to $1 million in 90 days.

Chris Ratcliffe | Bloomberg | Getty Pictures

Bitcoin has rallied almost 70% thus far this yr — and trade insiders who spoke to CNBC stay bullish, with one saying the world’s largest cryptocurrency might attain new heights.

Bitcoin beforehand hit its all-time excessive of $68,990.90 in November 2021. Since then it has fallen about 60%.

Marshall Beard, chief technique officer at U.S.-headquartered cryptocurrency change Gemini, stated $100,000 may very well be a chance for bitcoin.

“I feel bitcoin in all probability breaks all-time highs this yr,” Beard stated, including that the $100,000 worth determine is an “fascinating quantity.”

Beard stated that if bitcoin will get to its earlier file excessive of close to $69,000, “it does not take far more for it to carry up” to $100,000.

Bitcoin would want to rally round 270% to hit $100,000.

Paolo Ardoino, chief expertise officer at stablecoin issuer Tether, stated bitcoin might “retest” its all-time excessive close to $69,000.

The predictions of recent file highs mark a extra optimistic outlook than in January when trade executives advised CNBC that they anticipated 2023 to be a yr of warning.

Is bitcoin lastly turning into ‘digital gold’?

A part of the trade’s optimistic view on bitcoin proper now really stems from how the asset has carried out throughout the banking turmoil sparked by the collapse of Silicon Valley Bank and the failure of two crypto-friendly lenders Silvergate Capital and Signature Bank.

Instead of crashing, bitcoin rallied.

Bitcoin proponents say this is evidence that bitcoin is offering an alternative to the traditional banking system as a place for people to keep their money safe.

“I think the rally is explicable by saying, people have got freaked out by the banking system by the collapses,” Oliver Linch, CEO of Bittrex Global, told CNBC in an interview at Paris Blockchain Week on Thursday.

For many years, bitcoin advocates have argued bitcoin is a form of “digital gold” — a safe-haven asset that can provide investors a hedge against inflation and an investment in times of turmoil. But over the past few years, bitcoin has traded in correlation with stocks, in particular the tech-heavy Nasdaq.

There are now signs of decoupling with bitcoin massively outperforming the Nasdaq, many other risk-assets and gold this year.

But bitcoin also got a boost on hopes the banking crisis maybe reduce the U.S. Federal Reserve’s ability to be as aggressive on interest rate rises, which would be supportive for risk assets like cryptocurrencies.

The $1 million bitcoin bet

Discussion of where the digital coin’s price could go this year has been rife since Balaji Srinivasan, an investor and the former technology chief at Coinbase, wagered on Mar. 17 that bitcoin could be price $1 million or extra in 90 days. He wager $2 million.

The wager was in response to a Twitter person who stated that they might wager $1 million that the U.S. doesn’t enter hyperinflation.

Srinivasan argued that the “world redenominates on Bitcoin as digital gold” as hyperinflation kicks in, erodes the worth of the U.S. greenback, and nations, people and firms start to purchase massive quantities of bitcoin. Hyperinflation is the large rise in costs in an financial system.

I feel for bitcoin to be 1,000,000 {dollars} in 90 days, some loopy issues are taking place on this planet, which we do not need.

Marshall Beard
Chief technique officer, Gemini

A $1 million worth on bitcoin would characterize a roughly 3,600% enhance from the digital foreign money’s present worth.

Most individuals have poured chilly water on this prediction.

Gemini’s Bear stated “there’s in all probability a world the place bitcoin hits 1,000,000 {dollars}” however not in 90 days as Srinivasan wagered.

“I feel for bitcoin to be 1,000,000 {dollars} in 90 days, some loopy issues are taking place on this planet, which we do not need,” Beard stated, including that it might take 10 years to get anyplace close to that determine.

Tether’s Ardoino echoed the sentiment that if bitcoin had been to hit $1 million in 90 days, it could doubtless imply an uncommon financial occasion.

“I am type of skeptical about that, as a result of truthfully, I would not even hope for that,” Ardoino advised CNBC in an interview at Paris Blockchain Week, that aired Thursday.

“As a result of if bitcoin would attain such a excessive worth stage, [it] would imply that the whole financial system will crumble. I am unsure [that] is the world that we wish to dwell in.”

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Crypto

Alleged crypto scammers arrested in $73 million 'pig butchering' scheme

Published

59 mins ago

May 17, 2024

Press Room

Alleged crypto scammers arrested in $73 million 'pig butchering' scheme

The Justice Department said on Friday that it arrested two alleged scammers for laundering “at least” $73 million through shell companies connected to “pig butchering” cryptocurrency investment schemes.

Nvidia stock has all-time closing high in its crosshairs

In a pig butchering scam, scammers contact victims online and gain their trust before manipulating them into investing in a fake cryptocurrency.

Daren Li, a 41-year-old dual citizen of China and St. Kitts and Nevis — and resides in China, Cambodia, and the United Arab Emirates, was arrested on April 12 at Hartsfield-Jackson Atlanta International Airport. According to a Justice Department statement, he was subsequently transported to the Central District of California. Yicheng Zhang, 38, a Chinese national and resident of Temple City, California, was arrested on Thursday in Los Angeles, California, the statement said.

The DOJ accused the individuals of having lured victims into depositing money into U.S. accounts. From there, the two allegedly utilized co-conspirators to launder the money through U.S. financial institutions to Bahamas bank accounts, before converting the funds into the stablecoin Tether, also known as USDT.

“Cryptocurrency investment scams exploit the borderless nature of virtual currency and online communications to defraud victims,” said U.S. Deputy Attorney General Lisa Monaco. “While fraud in the crypto markets takes on many forms and hides in many far-off places, its perpetrators aren’t beyond the law’s reach,” the

Li and Zhang face charges of conspiracy to commit money laundering and six counts of international money laundering. According to the Justice Department, if found guilty, they could be sentenced to a maximum of 20 years in prison for each count.

Two days before announcing the arrests, the Justice Department said it arrested two brothers for allegedly stealing roughly “$25 million worth of cryptocurrency within approximately 12 seconds.” And earlier this month, the department charged ‘Bitcoin Jesus’, a.k.a. Roger Ver, with evading nearly $50 million in taxes.

Crypto

Brothers charged with stealing $25 million in Ethereum in 12 seconds — Cryptocurrency heist exploited transaction validation process

Published

8 hours ago

May 17, 2024

Press Room

Brothers charged with stealing $25 million in Ethereum in 12 seconds — Cryptocurrency heist exploited transaction validation process

In what U.S. prosecutors are calling the first case of its kind, a pair of brothers have been charged with stealing $25 million worth of cryptocurrency in just 12 seconds. They’re now charged with wire fraud and money laundering for the April 2023 heist.

Anton Peraire-Bueno, 24, and James Peraire-Bueno, 28, were reportedly educated at the Massachusetts Institute of Technology (MIT) in mathematics and computer science. Using the skills they learned at MIT, prosecutors say the duo found a way to exploit the Ethereum transaction validation process.

The brothers allegedly used that exploit to gain fraudulent access to pending transactions on the Ethereum blockchain, a public ledger that records and validates cryptocurrency payments.

The pair was arrested on May 14 on the indictment handed down from the United States District Court of the Southern District of New York. The indictment against the brothers was unsealed (PDF) on Wednesday, May 15, 2024.

Investigators say the brothers altered enough transactions in 12 seconds to redirect $25 million in cryptocurrency to themselves instead of the intended recipients.

In a press release, U.S. Deputy Attorney General Lisa Monaco stated that the brothers used “a technologically sophisticated, cutting-edge scheme they plotted for months and executed in seconds.” She also explained that agents from the Internal Revenue Service (IRS) played a crucial role in solving the riddle of where the cryptocurrency went.

A representative for Ethereum confronted the Peraire-Bueno brothers, but they refused to return the funds. Instead, they worked to launder and hide their ill-gotten gains, prosecutors allege.

U.S. Attorney Damian Williams stated the exploit “calls the very integrity of the blockchain into question.” Even though this theft was the first of its kind, prosecutors are prepared to uncover any other new forms of cybercrime. “As cryptocurrency markets continue to evolve, the Department will continue to root out fraud, support victims, and restore confidence to these markets,” Monaco pledged.

The Peraire-Bueno brothers face one count each of conspiracy to commit wire fraud and conspiracy to commit money laundering. If convicted, they each face more than 20 years in prison.

Crypto

Voice of Web3 by Coingape : Showcasing India’s Cryptocurrency Potential

Published

15 hours ago

May 17, 2024

Press Room

Voice of Web3 by Coingape : Showcasing India’s Cryptocurrency Potential

Coingape’s “Voice of Web3” is an inaugural event that is set to attract over 1000 crypto leaders and enthusiasts in late June. The conference intends to have conversations with participants so that they understand how blockchain and cryptocurrency can democratize India’s policy, financial services, and business sectors. It further seeks to encourage mass adoption by bringing together the tech, startup, and developer communities. The event has multiple tracks for everyone, such as a session on future innovations, the evolution of money, business transformation, or even “Crypto 101.”.

Mark your calendar for the last week of June as Coingape brings to you Voice of Web3. This will be a one-stop stage for all things cryptoeconomic, and by this, it means that there is no going back. With the rapid expansion in the realm of cryptocurrencies in the dynamic landscape of digital finance, this event stands out as an icon for enlightenment and inventive ideas.

Why Should You Attend Voice of Web3?

With Crypto leading the pack at the beginning of the ‘financial internet’, Voice of Web3 plans to bring together more than 1,000 crypto leaders, thinkers, and investors under one virtual podium. This gathering will give room for discussing India’s crypto economy, from first principles to difficult policy conversations.

Whoever you are and whatever your work entails, Voice of Web3 summons you towards a better understanding and design of future finance trends. The tailor-made event suits experienced professional traders, regulators swimming amid policy frameworks, venture capitalists looking for breakthroughs, and corporate leaders looking forward to growth opportunities elsewhere.

What’s on Offer at Voice of Web3

The Voice of Web3 event is designed to be an immersive experience with four distinct tracks that are built for various interests and expertise levels found within the crypto and blockchain industry. Here’s a look at each of the tracks that await attendees.

Future: This track looks at crypto and blockchain innovations and trends that may disrupt businesses and economies, talking about future money in a DeFi world or the rise of creator economies as well as DAOs.
Money: Decoding the DeFi landscape, what it means for the future of money as well as central bank digital currencies (CBDC), implications of tokenization physical assets.
Business: For your business transformation involving cryptocurrency, discuss navigating regulations, financing crypto projects, NFTs for gaming, and the creator economy.
Crypto 101: This track is meant for beginners who know nothing about cryptocurrencies, providing a primer on the basics such as tokens, protocols, or important concepts, i.e., DeFi lending and threatening strategies.

Coingape’s Voice of Web3 is expected to become a significant turning point that will close the gap between the theory and practice of the cryptocurrency economy. This is an opportunity you can’t afford to miss out on; be part of the conversation that shapes the future of finance in India and beyond. Ensure your place at the forefront of the crypto revolution by registering today.

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