Fundstrat Predicts $36K price for Bitcoin

Crypto research firm Fundstrat Global believes that despite the current market bearish sentiment bitcoin will reach $36,000 price range by the end of the year 2019 and will continue to increase for years to come.

Their findings are based on the correlation of Bitcoin Price and Miner’s Breakeven Cost or BItcoin Price to Mining Breakeven Cost metric (P/BE) which they say have the historical average of 1.8 P/BE multiple.

The research firm also added that the price range would be around $20,000-64,000 at the same year.

Regulated Futures Launched In UK

A UK- based Cryptocurrency trading company, Crypto Facilities, has launched what it said to be the first regulated Ethereum futures contract.

This new financial instrument started yesterday May 11, 2018 and the company believes will bring more investors and liquidity to the marketplace.

This new offering will expand the range of derivatives offered by the platform which already includes Bitcoin Futures and Ripple Futures.

No one know what will be the impact on the price of Ethereum with the release of the financial instrument, however, we might see the similar effect to what happened to bitcoin prices when futures contracts was made available and speculative price dynamics were lessen resulting to a massive drop on bitcoin’s price.

Upbit Raided By Local Police

South Korean authorities have raided the office of Upbit, one of the largest exchanges in the country on suspicion of fraud.

According to reports Upbit committed fraud by selling customers digital currencies that the exchange doesn’t really own.

The raid was executed by local police and federal investigators confiscating hard drives and accounting records that may shed light on the matter.

The embattled exchange have acknowledge the raid but assured its customers that all their digital assets are safe and all services are running.

Interesting a significant drop in value of every major cryptocurrency occurred since the raid although there is no proof of correlation to the said event.

Nvidia Releases Q1 2018 Crypto Related Earnings

The world’s leading GPU manufacturer, Nvidia, revealed their financial result for the first quarter of this year.

They reported $3.21 billion of sales which is more than their target of $2.89 and 9% of those total sales, about $289 millon come from cryptocurrency miners.

They have outperformed their main rival AMD whose reported first-quarter revenue was $1.6 billion out of which 10% came from cryptocurrency related sales.

Nvidia tried to control the sales of their GPU from mining operation due to lack of supply but ultimately failed.

The upcoming Bitmain ASIC miner might finally free up their supply constraints.

Nasdaq CEO Believes Cryptocurrencies Next Right Step In Currency

In an interview with CNN podcast, CEO of Nasdaq, Adena Friedman, shares her opinion about cryptocurrencies stating that indeed cryptocurrencies will play a role in the economy in the future and she feels that it is the right step in space of currency as it is a more efficient means for payments and value transfer than traditional systems.

She also added that digital currencies will continue to persist and mature overtime.

Once it has and proper regulatory are in place Nasdaq will consider having its own cryptocurrency exchange.

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