Daily Archives: July 7, 2021

SlateStone Wealth chief market strategist Kenny Polcari provide insight into the markets, Bitcoin and big banks laying out their back-to-work plans.

Bitcoin was trading lower by 0.1% on Wednesday morning.

The price was around $34,787 per coin, while rivals Ethereum and Dogecoin were trading around $2,382 and 23 cents per coin, respectively, according to Coindesk.

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There's another place where you can use cryptocurrencies to pay your tab.

The Pavilions Hotels & Resorts, a high-end hotels group, will begin accepting cryptocurrency to book accommodations on Wednesday, according to a press release reported by Coindesk.

The company is partnering with crypto payment services provider Coindirect to allow customers to book rooms using bitcoin, ethereum and 40 other digital currencies.

BITCOIN MINING OPERATION IN FINGER LAKES SPARKS LOCAL CONCERNS

Pavilions portfolio of 14 properties in Europe and the Asia Pacific region includes locations in Madrid, Rome, Lisbon, Bali, Thailand, Mongolia and the Himalayas.

If you are in El Salvador, be in the lookout for new cryptocurrency ATMs.

Athena Bitcoin, has made public its plan to install a total of 1,500 ATMs in El Salvador, as the activation date of the Bitcoin Law - approved last month - approaches, according to Reuters via the Latin America News Agency.

Dozens of test machines have been installed throughout the country. The plan is expected to cost $1 million.

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The Salvadoran territory already had an ATM installed in El Zonte, the region where Bitcoin Beach is located, and the second ATM in the country was installed on June 24 in La Gran Va.

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Bitcoin price above $34,000 as places accepting cryptocurrency rises - Fox Business

It's time to back up the truck and buy the beat-up shares of pioneering crypto exchange Coinbase (COIN), contends Oppenheimer analyst Owen Lau.

Coinbase shares don't deserve to be swept up into the latest crypto winter, according to Lau.

"We think Coinbase should not trade in lockstep with bitcoin because bitcoin can be very volatile, but at the same time because of their volatility it drives higher trading volume. It is similar to all the traditional exchanges, and we think that it's still a misunderstanding in the market that people think Coinbase should trade along with bitcoin going forward," Lau said on Yahoo Finance Live moments after releasing a bullish research note on the company.

Lau reiterated his Outperform rating on Coinbase along with a 12-18 month price target of $440. In effect, Lau is looking for Coinbase shares to nearly double within an 18 month timespan.

Here are key aspects to Lau's call:

Stronger than expected second quarter volumes.

Wall Street analysts will likely be forced to raise their 2021 estimates in light of a strong second quarter for volumes.

Concerns of Coinbase cutting its fees are overblown and will subside.

That being said, Coinbase shares have been swept up into the downdraft in crypto prices going on for months already.

From the record highs of more than $63,000 in mid-April, bitcoin (BTC-USD) has shed about 50% (including a trip below the $30,000 level). Major sell-offs have spread to other top cryptos such as dogecoin and ethereum amid fears of regulator crackdowns in the U.S. and China.

Coinbase shares are down about 30% over the past three months. At $234.88, Coinbase shares trade well below the $328.88 level set on its Nasdaq debut in mid-April.

Coinbase employee Daniel Huynh holds a celebratory bottle of champagne as he photographs outside the Nasdaq MarketSite, in New York's Times Square, Wednesday, April 14, 2021. Wall Street will be focused on Coinbase Wednesday with the digital currency exchange becoming a publicly traded company. (AP Photo/Richard Drew)

The pullback comes despite Coinbase CFO Alesia Haas reiterating in an interview on Yahoo Finance Live that the second quarter started off strong.

Said Lau in his note, "Looking ahead, we believe management will continue to strategically increase contributions from 1) recurring revenue (e.g., the Coinbase Earn campaign, staking, and M&A) and 2) altcoins. Coinbase indicated ~40% of its trading volume in 1Q came from altcoins, materially lower than peers (e.g., ~85% of spread revenue for Voyager). After adding Dogecoin, Polkadot, and others, Coinbase should gradually reduce its reliance on Bitcoin. We continue to see a sharp dislocation between Coinbase's fundamentals and its valuation and believe the current price offers an attractive entry point for long-term investors."

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Bitcoin prices have crashed, but CoinBase stock may still double: analyst - Yahoo Finance

Mastercard and BNY Mellon warmed to bitcoin on Thursday, supporting XRP, ether and other cryptocurrencies

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Ether's real use cases give it the potential to become the dominant digital store of value in the coming years, Goldman Sachs said in a note on Tuesday.

The bank believes ether "currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications," according to the note.

That means ether could eventually overtake bitcoin as the top cryptocurrency, according to Goldman. While bitcoin may have the stronger brand given its first mover advantage, it lacks some of the often-cited real use cases of ether, in part due to its slow transaction speed of just seven per second.

But regardless of which cryptocurrency reigns supreme, neither will be able to overtake gold any time soon, Goldman said, arguing that its high volatility doesn't make it a direct competitor to a safe haven asset like gold.

"Gold is competing with crypto to the same extent it is competing with other risky assets such as equities and cyclical commodities. We view gold as a defensive inflation hedge and crypto as a risk-on inflation hedge," Goldman explained.

And the competition between different crypto assets is also hurting its ability to become an asset class that investors view as safe.

"This competition among cryptocurrencies is another risk factor that prevents them from becoming safehaven assets at this stage," Goldman concluded. As of Tuesday afternoon, there are 10,772 different cryptocurrencies in existence, according to data from CoinMarketCap.

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Don't be surprised if ether takes over bitcoin as the dominant digital store of value, Goldman Sachs says - Markets Insider

Shortly after being entwined in a legal decision in the U.K., the Bitcoin.org website has faced another battle, this time on the technical front.

According to the sites pseudonymous operator, Cobra, Bitcoin.org was hit with an absolutely massive distributed denial of service (DDoS) attack. CoinDesk was able to access the site without issue.

Decrypt reported on Monday that attackers had demanded 0.5 bitcoin ($17,012 at the time) to have the sites services and operations restored to normal.

CoinDesk attempted to contact Cobra to discuss the issue but did not hear back by press time.

DDoS is a type of cyber attack that targets a sites host or its infrastructure by flooding the host with request traffic that then overwhelms the system and renders it inoperable.

The attack is the latest development for the site, which is designed to educate and instruct others on how to buy and sell the crypto.

Last week, Londons High Court awarded nChain Chief Scientist Craig Wright a default judgment because Cobra, not wishing to reveal their true identity, decided not to show. The court ruled Bitcoin.org must discontinue hosting its copy of the Bitcoin white paper.

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Bitcoin.org Hit With DDoS Attack, Bitcoin Demanded as Ransom - CoinDesk - CoinDesk

The price of the world's biggest cryptocurrency declined again on Friday. Photo: Liu Junfeng/Costfoto/Sipa USA

Bitcoin (BTC-USD) looked set to register a weekly price decline, as the world's biggest cryptocurrency lost value yet again on Friday morning.

Bitcoin was down 1.4% against the dollar in early trade to reach $33,067 (24,042). The early weakness raised the prospect of a third straight day of price declines for bitcoin, which is now below the $34,294 mark it started the week at.

Other major cryptocurrencies were also in retreat on Friday morning. By 8.15am in London, the market had lost more than 8% of its value over the last 24 hours according to data provider CoinMarketCap.com. Ethereum (ETH-USD), the world's second biggest cryptocurrency, was among the worst hit. The token was down 5.3% to $2,037.

Price declines come as the crypto market struggles to recapture the momentum seen earlier in the year. Bitcoin hit an all-time high above $64,000 in April but has since seen its price near half.

The record high was driven by increased institutional adoption and boosterism from the likes of Tesla's (TSLA) Elon Musk. Stalling momentum coincided with a crackdown in China, growing concerns about bitcoin's energy use, and waning enthusiasm from Musk.

"We enter the third quarter of 2021 at somewhat of a cross-roads for cryptocurrency in general," Carl Capolingua, an analyst at ThinkMarkets, wrote in an outlook report published this week.

"There remain a number of high profile proponents of the space such as Microstrategy CEO Michael Saylor, Twitter founder Jack Dorsey, and hedge fund investor Cathy Wood, but just as many detractors including legendary stock investors Warren Buffett and Charlie Munger among others.

"The price of bitcoin seems to reflect this, having found a base around the $30,000 mark it has struggled to decisively break back into the $40,000's."

Watch: What are the risks of investing in bitcoin?

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Bitcoin set for weekly fall as price dips to end the week - Yahoo Finance

HATTIESBURG, Miss., July 7, 2021 /CNW/ -- Spartan Mosquito, the leading mosquito-control company in the U.S., today launched their "Serve the Underserved" Program, focused on removing trade barriers with parts of the world that could directly benefit from its technology. One of the trade barriers removed in their announcement is their official acceptance of Bitcoin and other cryptocurrencies from countries worldwide.

Malaria kills over 750,000 people every year.

Spartan Mosquito accepts cryptocurrencies to focus on Anopheles gambiae, reaching unbanked mosquito ridden economies

Ac2T Inc dba Spartan Mosquito accepted its first official crypto payment over the last 48 hours and has upgraded its website to now accept many of the major cryptocurrencies including Bitcoin, Bitcoin Cash, Dai, Ethereum, Litecoin, and USD Coin.

Jeremy Hirsch, the company's Chairman and Founder, said that "we are finally closing the loop on the unbanked economies that struggle with the devasting impacts of mosquitoes from Africa to Asia." Hirsch said, "As a company most of our efforts are focused on Culex quinquefasciatus (the Southern House Mosquito), Aedes aegypti (the Yellow Fever Mosquito), Anopheles quadrimaculatus, and Anopheles gambiae (the most important vector of malaria in sub-Saharan Africa). In particular, there are many areas of the world that struggle with Anopheles gambiae almost as much as they struggle with reliable commercial banking infrastructures. It is irresponsible for us to merely have effective technologies in the United States; these technologies must reach those most in need across the globe. We are opening sales outside of the United States mid-July and are extremely proud that our 100% American Made product will finally reach the unbankable."

Based in Hattiesburg, Mississippi, Spartan Mosquito developed the Pro Tech technology as the next generation of its attractive toxic sugar bait slow release devices. Spartan Mosquito Pro Tech system uses naturally occurring borate and easy installation to kill mosquitoes.

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Spartan Mosquito

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Spartan Mosquito Accepts Bitcoin and Other Cryptocurrencies From Countries Worldwide - Yahoo Finance