Bitcoin managed to stay above $8,000 after the strong rally late last week. The top cryptocurrency has established a low and is likely to surge and exceed $20,000 within a year, a leading crypto focused hedge fund said. The second largest stock exchange in Germany has launched a cryptotrading application. And a popular Alibaba subsidiary has banned listings of cryptocurrency, blockchain and services related to both on its platform.
Here is a wrap of the main stories from the cryptosphere over the past few hours.
Pantera Capital Predicts Bitcoin To Exceed $20K Within A Year
The leading crypto focused hedge fund predicted that Bitcoin has formed a new low of $6,500 in this bear market and could briefly go below that. Pantera Capital CEO Dan Morehead predicted that Bitcoin could remain above that level for the vast majority of the next 365 days and likely exceed $20,000 within a year. "A wall of institutional money will drive the much higher," he added.
Boerse Stuttgart Subsidiary Announces Crypto Trading App
Sowa Labs, the fintech subsidiary of Germany's second largest stock exchange, Boerse Stuttgart, launched a prototype of its cryptocurrency trading app that will be available free of charge from autumn. The BISON app promises free, uncomplicated and secure trading in cryptocurrencies from users' smartphone.
Alibaba Subsidiary Taobao Bans Crypto Service Listings
Taobao, a subsidiary of the e-commerce and retail giant Alibaba and popularly called the eBay of China, has banned the listing of cryptocurrencies, initial coin offerings and other crypto-related services on its platform. Previously, the website had banned cryptocurrency miners and mining-related educational material. The latest ban also includes listings of products and services that claim to use the blockchain.
MasterCard Recruiting Blockchain Specialists
Payment giant MasterCard announced that it is recruiting Blockchain specialists. They will be part of a team of 175 new developers to be based in Leopardstown, Ireland. Mastercard's research and development arm, Mastercard Labs, is headquartered in the Irish city. The new recruits are supposed to work on creating more efficient payment systems.
Golix Opens First Cryptocurrency ATM In Zimbabwe
Zimbabwean cryptocurrency exchange Golix has opened the first cryptocurrency ATM in the country dealing with bitcoin and U.S. dollar. The Bitcoin ATM comes loaded with US dollars, allowing anyone to buy and sell bitcoin at favorable rates using the physical greenback.
As of 8.31 am ET on Monday, Bitcoin was down 3.46 percent at $8,045.77 and Ethereum was lower by 2.76 percent at $508.57 on Coinbase.
by Jyotsna V