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Galaxy Digital CEO Sees Bitcoin Returning To Glory In 2019

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Crypto investment firm, Galaxy Digital CEO, Mike Novogratz, expects the most valuable digital coin, Bitcoin to return to glory in 2019.

Crypto investment firm, Galaxy Digital CEO, Mike Novogratz, expects the most valuable digital coin, Bitcoin to return to glory in 2019. He is not worried as to what is the current situation in respect of the virtual asset that is witnessing subdued and sluggish sentiments. His comments should be a boost to those who are expecting a turnaround of fortunes in the cryptocurrency and that should also lead other virtual assets to follow suit.

 

Bullish Sentiments

Novogratz thinks that bitcoin will break the doldrums that is currently seen with the cryptocurrency. This could happen next year, i.e., 2019 and predicts a price of $20,000 driven by institutional investments. The former Goldman Sachs’ investment banker thinks that fear of missing out would fuel the market in the upcoming months. His confidence stems out from his belief that the virtual asset will gain more mainstream traction. Additionally, conventional finance players’ entry will also boost the overall crypto sector.

Galaxy Digital CEO stated that bitcoin price should first break out the levels of $6,800. Once this is achieved, the digital coin price could hit between $8,800 and $9,000 before the current year ends. According to him, he sees the price reaching $10,000 mark by the end of the first quarter of next year. Once the digital coin has reached the five-digit mark, it will reverse to fresh highs with potentials to hit $20,000 and more. The overall cryptocurrency market has taken a strong hit in the current year after peaking to life-time highs in December 2017.

 

Matter of Time

Though the digital currency market is going through a challenging period, the industry witnessed multi-billion dollar announcements from Universities such as Harvard, Yale, and Stanford while North Carolina, MIT and Dartmouth Universities joined the bandwagon. Until now, the combined endowments reached $108 billion for the crypto segment. Though analysts term the universities’ allocation as a small one, their action could trigger a chain of reaction on other institutional investments like pension funds.

Novogratz and other crypto experts bet it is only a question of time before the floodgates are opened for institutional investors as Wall Street, and conventional financial service providers have the habit of copying each other. Galaxy Digital CEO thinks that the crypto market will gain from formal regulation despite the existing ecosystem taking pride in being a decentralized and unregulated platform.

 

Legitimize Industry

Currently, most of the digital coins are unregulated in most of the countries in the world. Therefore, any regulation will only help to legitimize the industry and push the prices up. At the same time, the regulation could remove the scamsters from the environment. One of the biggest asset managers, BlackRock is slowly embracing the virtual asset. Its CEO Larry Fink indicated that it would launch a bitcoin ETF if the industry becomes a legitimate one.

Fink indicated that “It will ultimately have to be backed by a government. I don’t sense that any government will allow that unless they have a sense of where that money’s going.” This is a clear indication that financial institutions are waiting in the wings to enter the crypto markets and this is where Novogratz places his long-term outlook for the digital coin sectors.

#Bitcoin

Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

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Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

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China to completely ban crypto mining: Bitcoin about to Crash Hard?

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As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

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