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“Wolf of All Streets” Trader Expects Bitcoin To Surpass $100K In 6-12 Months

'Wolf of All Streets' Trader Expects Bitcoin to Surpass $100K Within 6 to 12 Months

Crypto trader Scott Melker, also known by “The Wolf of All Streets”, expects bitcoin’s price to reach new all-time highs before the end of this year. “I would not be surprised at all to see bitcoin trading in six figures within the next six to 12 months, or ethereum even pushing towards $10,000 in that time,” he said. He also views the $1.2 trillion Senate infrastructure bill as the largest advertisement for bitcoin in history.

‘Wolf of All Streets’ Trader Sees Many Upsides to Bitcoin Pushing the Price Toward $100K

Scott Melker, the host of “The Wolf Of All Streets” podcast, shared his bitcoin outlook with Kitco News last week. Melker is an investor and trader, both at Texas West Capital and privately. Melker is the author of “The Wolf Den”, a newsletter that focuses on blockchain-based investments. He also serves as an advisor to several other blockchain-based projects. Binance presented him with the Influencer of North America Award in June 2017.

Commenting last week on the $1.2 Trillion infrastructure bill , Melker said that it was the most prominent advertisement for bitcoin in history. With so many intense discussions within the crypto community and a growing number of lawmakers speaking in favor of cryptocurrency, Melker said:

It’s raising awareness, which is probably actually causing more people to buy than to sell.

He said, “We’re discussing printing over a trillion dollars from thin air to pay an infrastructure bill that has absolutely no connection to cryptocurrency. The bill was frozen for three to four days because of the cryptocurrency provision. We had the whole world talking about Bitcoin and the crypto industry. There is some irony here

The host of The Wolf of All Streets podcast pointed out that the infrastructure bill must still pass the House of Representatives before it can be signed into law. “That wouldn’t even happen until 2023. We’re talking about a very long horizon for any activity here .

Another positive factor that affects the crypto market is the possibility of a bitcoin exchange traded fund (ETF), being approved by the U.S Securities and Exchange Commission (SEC), he stated. He stated that the approval of an ETF would mark the most significant single event in bitcoin’s history. It would allow a large pool of money, including pension funds, sovereign wealth funds, to be able to invest. They will come in when an ETF is available.” The trader added:

That would be the catalyst for real institutional adoption of bitcoin. They need a regulated asset they can trust, that has been vetted by their risk managers as well as the SEC.

While acknowledging the fact that regulation in cryptospace is inevitable, Melker stated that Gary Gensler (the new chairman of the SEC), who was previously a professor at the Massachusetts Institute of Technology, will likely implement sensible regulations that will benefit crypto industry. Gensler recently told Senator Elizabeth Warren that additional authorities and resources are needed for the oversight of the crypto industry.

“A reasonable regulation to protect consumers is a positive thing. It would open the door for a lot big institutional money to wait on the sidelines to get that kind of green light,” stated Melker.

Melker also spoke out about his prediction of the price of bitcoin and ether. At the time of writing, the price of bitcoin stands at $47,218 while the price of ether is $3,273 based on data from Bitcoin.com Markets.

“It is a function of price actually catching up with the value,” The Wolf of All Streets host explained. “We witnessed a significant liquidation of leveraged traders which caused the cascade price drops to go down much more than they should have .”

He elaborated: “When bitcoin dropped from $60,000 to $50,000, we saw almost $10 billion in liquidation. One million retail accounts were closed. And we saw similar activity from $40,000 to $30,000. That was not the fair price of bitcoin, I think. We are now seeing institutional interest returning in order to take advantage of the dip prices .”

Predicting record-high bitcoin and ethereum prices by the end the year, Melker explained:

I believe that this correction is likely over and that we should see new all-time highs by the end of the year. I would not be surprised at all to see bitcoin trading in six figures within the next six to 12 months, or ethereum even pushing towards $10,000 in that time.

He added that in the long run, bitcoin will likely be a seven-figure asset and ethereum a $20,000 to $30,000 asset at a minimum.

In May, Melker said that investors could get into the crypto market by investing in the meme cryptocurrency dogecoin. Tesla CEO Elon Musk and the owner of the NBA team Dallas Mavericks, Mark Cuban, recently said that dogecoin is the “strongest” cryptocurrency when it comes to using it as a medium of exchange.

What do you think about Melker’s comments? Please leave your comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Mint-free OKX Football Cup NFTs for group stage games enter the second round

The second round of group-stage games at the FIFA World Cup 2022 began today. Users can still mint free OKX Football Cup NFTs until the FIFA 2022 Group stage ends Get a chance to redeem stakes and collect rewards by December 20. FIFA World Cup group stage games enter the second round The second round…


  • The second round of group-stage games at the FIFA World Cup 2022 began today.
  • Users can still mint free OKX Football Cup NFTs until the FIFA 2022 Group stage ends

  • Get a chance to redeem stakes and collect rewards by December 20.

FIFA World Cup group stage games enter the second round

The second round of the group stage games for the FIFA World Cup in Qatar is underway. There were some big upsets in the first round, with Saudi Arabia winning against Argentina and Germany losing against Japan.

The second round of games started today and the chances for the host nation to qualify for the knockout round are virtually nonexistent.

You have the chance to get OKX Football NFTs for free as the world cup continues. A week ago, crypto exchange OKX announced the launch of its NFT Football Cup.

The OKX Football Cup is part of the crypto exchange’s ‘The OKX Football Festival,’ and it is giving millions of fans around the world the opportunity to earn from a great prize pool.

With this competition, users can mint free NFTs of their preferred teams and use the NFTs to predict matches and stand a chance to win huge prizes.

NFT minting will end after the group stages

The free minting of the NFTs began on November 21st and will end on December 3rd. All users can participate in minting as long as there are group stages. Users must stake 0.01 for each mint. 01 ETH. You can create up to three teams prior to the group stage. With the first round of games producing some shocking results, you can look at the tables so far and partake in the OKX Football Cup.

Each match offers a fixed prize pool of 20,000 USDT. OKX revealed that it adds 10 USDT for every NFT minted, thus, growing the prize pool.

As an NFT owner, you will earn a share of the $20k in USDT if your team wins a match. However, when the teams draw, each side will share $10,000 in USDT

Participants will also have the option of redeeming their full stakes at the completion of the OKX Football Cup.


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BNB recovers above a critical level. Do we need to wait for another bullish push?

Binance token rose by 17% on Wednesday. The crypto exchange has announced the sale of HOOK tokens on Binance Launchpad. BNB eyes $330 next and is a buy on a retracement As Binance coin (BNB/USD) slipped below $266, it signalled the start of a bearish market. Since July, BNB has maintained the level and any…


  • Binance token rose by 17% on Wednesday.

  • The crypto exchange has announced the sale of HOOK tokens on Binance Launchpad.

  • BNB eyes $330 next and is a buy on a retracement

As Binance coin (BNB/USD) slipped below $266, it signalled the start of a bearish market. Since July, BNB has maintained the level and any decline below could have given bears complete control. However, it is now not the case as BNB trades at $295, well above the crucial level. It is possible that cryptocurrency may be heading for the next level. What happened then?

The gains in BNB happened after November 23 cryptocurrency news. BNB’s price rose by 17% on the day after the exchange announced the Hooked Protocol (HOOK) token sale on Binance Launchpad. This is the 29th project launching on Binance Launchpad.

According to the announcement, the token sale will occur through a lottery and conclude on December 1. 25 million HOOK coins have been allocated to the launchpad, equivalent to 5% of the total supply.

This latest development comes as Binance continues to reassure users following the collapse of FTX. Binance announced Thursday that it would contribute $1 billion to help protect crypto-related firms. Binance has committed to increasing this amount if necessary and will look to include traditional financial institutions. This fund is the result of a series of measures that are designed to ensure users have sufficient reserves in case of a crypto confidence crisis.

BNB price action as token hits a 2-week high

BNB/USD Chart by TradingView

BNB rose from a low of around $250 to a 2-week high of $303. The $266 has been re-established as the immediate support for the cryptocurrency.

A bullish MACD crossover was initiated after the bullish push. The RSI also moved above its midpoint, which suggests that BNB has attracted a lot more buyers since the breakout. The cryptocurrency is consolidating ahead the next move.

Should you buy BNB now?

Buyers may not be done with BNB, with the area around $330 and $360 as the next target. However, if intending to buy BNB, wait for some correction to snap it lower. This consolidation could lead to a correction before the next bullish leg.

Where to buy BNB

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users have the ability to connect with, learn, copy, or get copied from other users.


Buy BNB with eToro today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is known for its low trading fees and multiple trading options. These include margin trading, peer-to-peer, spot trading, and margin trading.


Buy BNB with Binance today


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Bitcoin Mining Pool Btc.com Suffers $3 Million Cyberattack

Bitcoin Mining Pool Btc.com Suffers $3 Million Cyberattack

A major cryptocurrency mining pool was attacked by hackers in early March, according to the pool’s owner. The hackers stole digital assets worth $3 million from the pool and its clients.

Chinese Authorities Open Investigation into Crypto Mining Pool Hack

A subsidiary of Bit Mining, a coin minting company, was the victim in a hacking attack. The company released a press release. The affected entity is a leading bitcoin mining pool, Btc.com, which in the past week accounted for over 2.5% of the pool distribution and has a share exceeding 4% on annual basis.

According to the announcement published Monday, Dec. 26, the platform was hit on Dec. 3, 2022. As a result, $2.3 million worth of digital assets owned by the company and another $700,000 in asset value belonging to its clients were stolen.

The cyberattack has been reported to law enforcement in Shenzhen, China on Dec. 23. With the support of other agencies Bit Mining highlighted that the Chinese authorities are investigating the incident and collecting evidence.

The company will devote considerable efforts to recover the stolen digital assets.

The mining company stated that certain crypto assets of Btc.com were already secured. It pointed out that it had implemented technology to better intercept and block hackers after discovering the breach.

Btc.com is currently operating its business as usual, and apart from its digital asset services, its client fund services are unaffected.

Besides the top-10 mining pool, which provides mining services for bitcoin (BTC), ether (ETH), and litecoin (LTC), Bit Mining Limited also owns the mining device manufacturer Bee Computing and operates coin minting facilities.

Since the Chinese government cracked down on the industry in the spring of 2021, Bit Mining has sought to expand its activities in Kazakhstan, which has become a major crypto mining hotspot. In August of this year, the company announced it had secured a $9.3 million registered direct offering from institutional investors.

What are your thoughts on the hacking attack against the bitcoin mining pool Btc.com? Please leave your thoughts in the comments below.

Lubomir Tassev



Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or related to the use or reliance of any content, goods, or services in this article.

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