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Morgan Creek CEO: 20x Bitcoin (BTC) Bull Run Possible Over Next Decade

Mark Yusko: “Bitcoin — I Love It Long-Term”

Early last week, CNBC’s “Fast Money,” somewhat infamous for its coverage of markets, continued its incessant coverage of Bitcoin (BTC), calling upon Mark Yusko of Morgan Creek Capital Management to make a guest appearance. Surprisingly, while Yusko hails from the realm of traditional finance, he expressed that cryptocurrencies are likely to succeed over the long haul.

Opening his comments on the matter, which came after he painted a dreary picture for equity markets, Yusko was straight and to the point, telling viewers that he “loves Bitcoin for the long-term.”

Touching on the arrival of CBOE’s and CME’s BTC futures vehicles, Yusko noted that he totally missed the mark on how these aforementioned contracts would affect this nascent market. He explained that artificial selling pressure (rehypothecation) has been directly placed on BTC, in spite of the fact that said futures aren’t physically-backed. This, of course, was likely said to attribute BTC’s most recent sell-off, which forced the digital asset under $4,000, to a (group of) catalyst(s).

However, he explained that rehypothecation will be phased out of cryptocurrency markets in the future, pending on the adoption of BTC as a viable store of value, which may subsequently catalyze a leg higher. Yusko, further explaining his long-term penchant for Bitcoin, went on to add that $4.6 billion/day in trading volumes is a far cry from the sub-few-hundred million/day seen in the years prior, only accentuating that this industry is flourishing.

‘Buying Today Isn’t A Bad Idea’

Discussing BTC’s most recent decline and a potential bottom, Yusko, the Morgan Creek chief explained that investors “don’t need a very long time horizon at all” to make a nice return on a BTC investment.

This sentiment, which was short, but sweet, has seemingly echoed claims made by other industry insiders on their short-term view on BTC, specifically from an investment perspective.

BlockTower partner Michael Bucella, formerly of Goldman Sachs Canada, recently told the exact same CNBC segment that while he expects for BTC to fall “one leg lower” before bottoming, he expects a subsequent sharp rebound to the upside, which may put short-term speculators well into the green.

20x Upside In BTC Possible Over Next Decade

Returning to his discussion about Bitcoin’s performance over the long haul, Yusko noted that over the next decade, he truly believes that BTC could see a 20x+ upside, adding that crypto, with its asymmetric risk profile, is a rare asset class that can support such a rally.

He explained that when it comes down to the nitty-gritty, Bitcoin is a network, not a currency or company, before adding that the world’s largest corporations are based on networks, not specific products. So, keeping this in mind, he exclaimed:

Networks don’t grow based on economic growth, interest rates, or profits. [Instead,] that grow on technology changes, regulatory changes — we just saw [the SEC’s] Jay Clayton here talking over at Consensus: Invest about how if you break the securities laws, we’re going to punish you. [But] if you don’t, you play in a place like Bitcoin, which we deem a currency. So I think that this [premise] is fantastic.

Yusko’s Colleague, Anthony Pompliano, Also Lauds Crypto, Bitcoin

Yusko’s appearance on Fast Money’s panel comes amid a newfound drive from Morgan Creek, along with other well-known industry savants and startups, to push for positive mainstream coverage of this decade-old, yet ground-breaking innovation.

As reported by Ethereum World News previously, Anthony “Pomp” Pompliano, an overt cryptocurrency advocate, industry bastion and colleague of Yusko, took to Bitcoin’s defense on the CNBC Squawk Box panel, anchored by one seemingly skeptical of cryptocurrencies and their potential.

The former Snapchat and Facebook employee exclaimed that at its core, Bitcoin is the world’s most secure transaction settlement layer, so value in BTC will always exist. He added that cryptocurrencies as a whole are the best performing asset class in the past decade, even ousting the U.S. equities market, which has been on its longest and most notable bull run in decades.

Title Image Courtesy of Mayur Gala on Unsplash

The post Morgan Creek CEO: 20x Bitcoin (BTC) Bull Run Possible Over Next Decade appeared first on Ethereum World News.

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“We Are More Likely to See $10,000, Rather Than $5,000,” Says CEO of Genesis Capital

The cryptocurrency market seems to be recovering from a strong bearish trend that has lasted all year, and the bullish sentiment may be taking over the markets, so several analysts have said, adventuring to study the world of cryptocurrencies and the markets in general. One of those is Michael Moro, CEO of Genesis Global Trading.

In an interview for CNBC, Michael Moro said he is confident that Bitcoin can start a bullish run in the short term if it can overcome its resistance on the 7k band.

Michael Moro discussing BTC prices with the Panel of CNBC’s Fast Money

This opinion is based on simple technical analysis. Those who firmly believe in this prediction method over the use of fundamental analysis can come to this conclusion very quickly.

It is also important to note that other long-term indicators confirm that a reversal of the bearish trend could occur if the bullish are able to pass this severe test.

Michael Moro is quite optimistic about the maximum prices of this fluctuation. For him, after defeating the 7k, it is hard to foresee a near bearish domain. He says that it is easier to see a steep climb than a slightly more moderate descent:

“If the [$7,000] level holds, say for the next week, two weeks, the bulls will 100 percent be back. They will be more comfortable that the lows for the year are in, and that we are more likely to see $10,000, rather than $5,000.”

Michael Moro

Crypto Market is Maturing

Moro considers it important that the markets were not strongly affected by the recent SEC decisions to reject an ETF Bitcoin; however, it is important to note that while this news was discouraging, Hester Peirce’s opinion was a relief to the community, giving optimism to those nervous sellers.

He says he does not think the SEC will approve an ETF in the near future but does not rule out the reality in the longer term.

“I believe the market now understands that the SEC’s ETF approval isn’t any time soon. So I think that the market sentiment regarding the product and the approval process is now far more muted, which I think is a healthier outlook for the next 12 months,”

The Key: 7510 USD

For Mr. Moro, the critical price to follow beyond a band is, specifically, $7150. Bitcoin has not yet reached this level, but seems to slowly begin to get closer.

The well-known businessman believes that the market is able to keep the price close to this amount this week, next week could be a smooth and energetic foundation for a bullish run in the crypto market.

Bitcoin is currently quoted below 7k; however, even though it has exceeded 7k, it has not yet reached the figure set by Mr. Moro.

Fluctuation of BTC Price during August 2018. Graph: Tradingview

Girl in a jacket

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Crypto Market Sees 3% Pullback After A Short-Term Recovery

As Tuesday rolled around, many traders thought that the worst was yet to come for the market, with critics expecting Bitcoin to chip away at the $5,800 support as the week continued. For those who are unaware, the $5,800 level has been continually cited as a strong line of support, with analysts highlighting previous bounces around this price, along with an amassment of technical indicators.

But to the surprise of some, on Tuesday, the crypto market began a slow recovery of its recently-established year-to-date lows.

From $190 Billion To $220 Billion — The Market Recovery

The valuation of all cryptocurrencies recovered from a low of $190 billion to $220 billion within a three-day timespan, with this move restoring faith in an otherwise bearish market. A majority of cryptocurrencies saw strong gains throughout the past three to four days, with Bitcoin taking a cautious move from $5,950 to $6,600 that was backed by consistent volume.

But with this move, altcoins have seen an unexpected resurgence, with Bitcoin dominance taking a three percent dive even as the market continued upwards. As reported by Ethereum World News, cryptocurrencies like Nano (NANO), VeChain (VET), and Populous (PPT) all saw staggering gains of 30% or more, which was quickly attributed to the decreasing Bitcoin dominance figures. Traders saw their portfolios turn green overnight, and a slight sense of FOMO (Fear of Missing Out) return to the minds of optimistic traders.

However, some industry leaders aren’t convinced that the bear market is over yet. Susquehanna’s head of digital assets, Bart Smith, recently claimed that this recovery, albeit relatively strong, could just be a “bear market rally.” This sentiment was doubled-down by Dan Nathan, a CNBC trader and Fast Money panelist, who also agreed with what Smith had to say.

While Arthur Hayes, the CEO of BitMEX, still expects Bitcoin to reach and establish a low of $5,000 before eventually continuing to new all-time highs. Moreover, some analysts expect that this is a “dead cat bounce,” where the price(s) of a publicly-traded asset sees a quick recovery after a downtrend, only to fall further at a later date.

“Too Much Of A Good Thing Is A Bad Thing”

Attesting to this bearish sentiment, on Saturday, traders were reminded of the age-old saying — “too much of a good thing is a bad thing” — as the market experienced a slight pullback after the aforementioned recovery.

At the time of writing, Bitcoin is currently down by 2%, with altcoins posting similar losses. It remains to be seen whether the market will continue to head lower in the near future, but according to the traders on CNBC Fast Money, the technicals on Bitcoin’s chart has begun to show signs of weakness. CNBC analyst David Seaburg stated:

“Look at just the charts, without any other knowledge, it looks like its going lower. The technical set-up right now for Bitcoin does not look promising in my eyes.”

Michał Mancewicz

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Are The Bitcoin Bulls Back? Brian Kelly Weighs In

As reported by Ethereum World News, the cryptocurrency market has been on a surprising tear over the past 24 hours, with a majority of assets posting gains of upwards of 6-7%. At the time of writing, Bitcoin stands at $6,400 after a brief step over the $6,500 line, while a majority of altcoins have seen a return of upwards of 5%. Some altcoins, like Nano, have had an astounding day, with bulls pushing the price of the cryptocurrency up by 25% or more.

Although the cryptocurrency market may have been on thin ice before this recovery, the ice isn’t so thin now, with Bitcoin establishing lines of support at higher lows.

On Wednesday, Bria’s “Fast Money” segment covered this recovery, with Brian Kelly, CNBC’s in-house crypto analyst, doing his best to reason why the market saw such a strong rebound.

Kelly opened up his section calling the market’s price action a “wild ride,” alluding the trials and tribulations the market has faced over the past few weeks. The analyst went on to draw attention to the performance of BTC before, during, and after the expiry of CBoE-based Bitcoin futures. According to statistics which CNBC has attributed to Justin Stanislaw, Bitcoin often does poorly in the days leading up to an expiry date, but sees a 10% move upwards in the week following a futures expiry.

Likening today’s expiry to a similar occurrence, Kelly noted that following the April futures expiry, Bitcoin saw a 20% gain in a mere 6 days. While not explicitly stating it, it’s clear to see that founder of the crypto-centric BKCM fund is expecting for Bitcoin to continue to experience positive bouts price action over the next few days.

To add fuel to the metaphorical bullish flame, Kelly, who has become a near-notorious permabull, added that Bitcoin may be undergoing a short squeeze, as shorts cover their losses in this potential trend reversal.

This sentiment sparked a question from another CNBC panelists, who asked if “these other cryptocurrencies” will bottom out along with Bitcoin. Kelly responded, stating:

They (altcoins) are still quite correlated (with Bitcoin). Over the last 60 days or so, Bitcoin has really been the leader — a lot of that had to do with the speculation about an ETF. But what you did see today is stuff like Ethereum almost 10% off yesterday’s lows, stuff like Stellar Lumens — still holding up quite well. So yes, if you get a 10 or 15 percent run on Bitcoin on a short squeeze, it should bring everything else back up.

So as is normally the case, it is likely that if Bitcoin runs, so will a majority of altcins, albeit with some variance in either the bullish or bearish direction.

However, some had their doubts, including CNBC trader Dan Nathan, who queried Kelly on if the capitulation phase of the market has “petered out.” Turning the question somewhat on its head, the cryptocurrency bull noted that $5,900 may prove to be a level of support if a sell-off continues. Nonetheless, it seems that with this episode of CNBC Fast Money passing by, Kelly remains as bullish as ever.

While some were quick to cast Wednesday’s bout of positive price action aside, calling it a classic bull trap, there are some optimists who are convinced that this might be the beginning of the end of the crypto bears.

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Bitcoin Sees $350 Recovery, Amidst Altcoin Drop Off

As Ethereum World News reported on Friday, Bitcoin saw a rapid sell-off from $6,450 to the $6,100 price level, as a direct result of an influx of sell-side volume cascading through the whole cryptocurrency market.

This move unfortunately set a new one-month low for the price of Bitcoin and a new year-to-date low for the collective valuation of the cryptocurrency market.

As Bitcoin hovered around $6,100, some technical analysts began to speculate that Bitcoin’s next stop would be at the heavily contested $5,800 level of support. But as seen by Saturday’s strong recovery, with the price of the foremost digital asset surging back to $6,400, this move lower to establish new levels of support has been staved off, or at least for now anyway.

However, this time around, altcoins didn’t follow Bitcoin’s ~4% recovery. As it stands, a majority of altcoins have still suffered, posting losses of anywhere from -4% to -10% (and beyond).

Over the past 24 hours, Ethereum has unarguably had a dismal performance, falling over 12% to a low of $307 before slightly rebounding to trade at $325 now. IOTA and XRP follow closely behind in terms of percentage losses, posting 9% and 8% losses respectively.

This widespread capitulation in altcoins has led Bitcoin’s market dominance to see an abnormal surge upwards. At the time of writing, Bitcoin dominance sits at a hefty 51%, which is the highest this figure has been since December 2017. While the relative strength of digital gold surprised more than a few traders, to an assortment of knowledgeable traders, this comparable astronomical rise was an expected event.

One of these knowledgeable traders would be Tom Lee, who recently sat down with CNBC Fast Money to explain his opinion on Bitcoin’s dominance, and what has been catalyzing its movements as of late. Speaking with panelists, one of Wall Steet’s foremost Bitcoin bulls stated:

“Bitcoin’s dominance has been creeping up… So it tells us that the news we have seen, from the SEC saying that Bitcoin is a commodity, to ICE’s announcement and a potential for a (Bitcoin) ETF, are causing investors to decide that Bitcoin is the best house in a tough neighborhood. So I think that Bitcoin dominance is actually showing that the market is reacting to what is good news.”

Image Courtesy of CNBC and Jeff deGraaf

It is important to note that although this move downwards was by not bullish, to say the least, Bitcoin didn’t break the ever so important resistance line pointed out by well-respected technical analyst Jeff DeGraaf. If Bitcoin moves under the line at ~5800, DeGraaf expects the technical state of the asset to go in a so-called “game-over” phase, which isn’t the best sign for such an early-stage investment.

But as aforementioned, the fact that Bitcoin didn’t break that level shows that some hope remains for the fate of this asset. So as Bitcoin begins to pose a stronger shot at a recovery, maybe Dan Morehead’s prediction of a market overreaction to the most recent SEC verdict regarding a crypto-backed ETF might be right after all.

Photo by Austin Neill on Unsplash

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Bitcoin (BTC) ETF Might Be Possible With the Bakkt Announcement, says CNBC’s Brian Kelly

Less than 24 hours ago, the owners of the New York Stock Exchange – Intercontinental Exchange (ICE) – announced that they would be partnering with Microsoft, BCG, Starbucks and other firms, to launch  a market and ecosystem to list physically settled Bitcoin futures contracts and for a new company to push Bitcoin and other digital assets towards becoming mainstream financial asset. This new company will be known as Bakkt.

It is with this background that CNBC’s Brian Kelly has dubbed this announcement the biggest Bitcoin news of the year. He went on to explain the following:

This is huge news. I think the market is completely underappreciated. So let us talk about why this is the biggest news of the year for Bitcoin.

It paves the way for a Bitcoin ETF. Last week I stood here and said you know what, I don’t think the Bitcoin ETF will get approved. And guess what? The Winkelvoss ETF got rejected. Why?

Because there was not a US regulated exchange and there wasn’t US regulated custody.

Kelly went on to explain that with the Bakkt announcement, there is going to be a regulated exchange and a licensed warehouse where commodities are stored. Thus paving the way for an ETF approval. He added that:

That’s going to make it a lot easier for an ETF to come through. It is even better than Bitcoin Futures…[because] they are talking about getting this into you 401k. They are talking about getting it into your Schwab, Fidelity or TDAmeritrade account…you are going to be able to buy a Bitcoin ETF, a Bitcoin Mutual Fund. It expands the universe.

Brian Kelly would go on to conclude the following:

My conclusion is that the crypto-market is completely missing this. Perhaps the market in general is missing this…this is very, very big news.

From Brian Kelly’s commentary on CNBC, this might be a good time to make an entry into the Bitcoin market as well as stock up on your favorite cryptocurrencies. Mr. Kelly also noted that the timing of the announcement came on a Friday morning when trading in Asia had closed for the day. This in turn meant that the news would not be received until today explaining why there was no market reaction to the news.

To note is the possibility of using Bitcoin to pay for you coffee at Starbucks. This is a major step towards crypto adoption.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Bitcoin is Set to New Highs, Spencer Bogart Says

Blockchain Capital’s Spencer Bogart, reiterated his bullish position on Bitcoin, affirming he is definitely expecting for it to begin its race towards new highs.

In an interview for CNBC’s Fast Money, Bogart explained his impressions of Bitcoin’s current situation in the market. For the well-known businessman, Bitcoin has already experienced the 2017’s record lows, and for the rest of the year, a bullish trend is expected.

His comments show a more enthusiastic attitude compared to previous participation in which he has been more cautious:

“It’s Possible we’ve seen the lows, and I’m definitely expecting to see new highs, I mean, listen I think prior times I’ve been in the show I’ve said expect to see new lows before new highs… That low may already be in.”

Spencer Bogart

Bitcoin’s current reality justifies the reasons for Mr. Bogart’s recent optimism. From his point of view, many possible catalysts could start a Bitcoin price boom:

“Bitcoin is kind of a tinderbox right now, waiting for reasons to go higher; whether that’s global currency wars, trade wars, whether there is an ETF approval; I think any number of catalysts can send Bitcoin exploding higher.”

Although there has been speculation and analysis about a possible ETF approval in the current year, Mr. Bogart believes that this is much more likely to happen by 2019:

“My guess is sometime in 2019. I think the SEC is going to be thoughtful and take some time but… the cat is already out of the bag here.”

Bogart Focuses on Fundamentals

For Bogart, the conditions for ETF approval are becoming increasingly favorable. Not only from a legal point of view but also from an economic one. He says that there is already high exposure to blockchain technologes, and the adoption of cryptos is increasing.

Also, institutional investors are gaining exposure to cryptocurrencies too, which may increase regulators’ interest in approving crypto ETFs soon.

He commented that currently, the investments he finds most interesting are those of traditional equity startups. He told the staff at Fast Money that “We’ve found great opportunities there.”

As stated By Cryptocrimson.com, Bitcoin is on a bullish run. Thecnical Analysis confirm Mr. Bogart’s opinions. However, being a volatile market changes can happen quite unpredictably:

“There wasn’t much to chew on for bulls last week as market watchers were mostly focused on the SEC decision on the bitcoin ETF applications. Some of these were shelved for a later decision date while the application filed by the Winklevoss twins was denied again.

With that, investors are hoping to get more positive industry updates this week to see the climb sustained. Security troubles like hacking incidents might force a larger retreat but more signs of institutional interest from big names could be enough to spur more gains.”

Currently, the Bitcoin is trading above 8.2k. The bullish run has allowed it to increase its value from its historical lows of close to 6k and during this week has remained relatively stable within the 7.5 -8.5k range.

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3 Reasons Why the Bitcoin (BTC) Rally is Here to Stay According to Brian Kelly of CNBC’s Fast Money

The total crypto market capitalization has surpassed the $300 Billion mark and is currently valued at $301.5 Billion. With the increase in volume of the crypto markets, Bitcoin (BTC) has broken past two recently stated resistance levels of $7,600 and $8,000 in quick succession and in a period of less than a week. The King of Crypto is currently trading at $8,310 and looks set to get to $10,000 by the time August rolls by.

With the increase in value of BTC comes the question of whether the current Bitcoin rally will continue into the rest of the year. Many crypto-traders have been treading cautiously as they too are not sure if this is an official bull run or the feared bull trap.

Brian Kelly, a regular contributor on CNBC’s Fast Money offered his insights as to why the Bitocin rally is here to stay. To begin with, Kelly stated that the current Bitcoin ETF frenzy is one of the driving forces of the current market excitement. Many traders believe that the SEC decision will be made around the 16th of August but Kelly believes that the chances of the Bitcoin ETFs being approved in 2018 are very slim. He stated that:

The chances of an ETF in 2018 are relatively low…but that does not stop the speculation on that. And that is one reason why we have seen this bottoming process to $5,800 all the way up here

A second reason the Bitcoin rally is here to stay according to Brian Kelly, is the interest of the crypto markets by institutional investors. He added that:

Institutions are starting to get serious. I can tell you from the calls I am getting. People who looked at [BTC] in December did not like the price. They are coming back now and saying, ‘Alright this thing is not going away. We need to understand what it is.’

The third reason why the current Bull run will continue, is that the said Institutions have acknowledged what is known as ‘Web 3.0’. Kelly described Web 3.0 as follows:

Web 3.0 is the new Internet, an improved Internet, with data that can be monetized. How do you send something of value across an open network like the Internet? With a cryptocurrency, and that is exactly why institutions are starting to get into this [bitcoin]. They’re seeing how this fits into a portfolio of Web 3.0 stocks.

In conclusion, even thought leaders such as Brain Kelly believe that the current Bitcoin rally is here to stay.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Brian Kelly Brings Clarity To Why Bitcoin May Be Turning Bullish

Over the weekend, Bitcoin began to see rising market dominance, rising from the $7,400 price level to near $7,800 as of the time of writing, while altcoins stagnated, with many falling by two to three percent.

This surprising price action has led some to ask where it is going to go next.

As pointed out by Bob Pisani at CNBC, Bitcoin is now 30% higher than its yearly lows at around $5,750, leading some to think that it will continue to head higher, and may begin to approach 2017’s all-time highs later this year.

In a recent appearance on CNBC’s “Fast Money” segment, Brian Kelly, the CEO of the digital asset focused BKCM fund and CNBC’s in-house crypto analyst, gave multiple reasons why Bitcoin is beginning to look a lot more bullish.

Investors Await The Upcoming Verdict On The Bitcoin ETF

The Bitcoin ETF has become the talk of the town in the cryptocurrency community, with one of the world’s largest exchange holding firms recently resubmitting a request for an ETF to the SEC. The ETF proposal, which was filed on June the 26th, quickly gained support from many members of the cryptocurrency community.

While Brian Kelly didn’t think that the SEC would approve the ETF this time around, he noted that this hasn’t stopped the market from speculating, resulting in a “bottoming out” phase for Bitcoin off $5,750. He stated:

I think the chances of an ETF in 2018 are relatively low. There’s still quite a few things, but that doesn’t stop speculation on that. And that’s one reason why we’ve seen this bottoming process here from $5,800 all the way up here.

Institutions Are Starting To Pile Into The Industry 

Next, the BKCM CEO pointed out that institutions from the legacy markets are starting to “get serious,” indicating that they see these price levels and the current state of the market as a good entry point. He noted:

Institutions are starting to get serious, I can tell you from the calls I’m getting. People that looked at it (cryptos) in December that didn’t like the price are coming back now and saying all right this thing is not going away. We need to understand what it is, where does this asset class fit into our portfolio.

He went on to point out that Coinbase has possibly secured the business of a $20 billion hedge fund for the Coinbase Custody service, which means that large institutional players are starting to get interested in this industry.

Additionally, as reported by Ethereum World News, a report from the blockchain-centric Grayscale Investments has shown that approximately 56% of all the capital they received in the first half of 2018 came from institutional investors, which amounted to over $125 million.

These figures go to show how there is a growing institutional sub-industry in what was a previously retail-dominated market.

Blockchain’s Role As “Web 3.0”

Highlighting the three ‘iterations’ of the internet, the CNBC crypto specialist first pointed out that Web 1.0 and 2.0 are coming to a close, with the web moving from a “database to a databank.” This now means that data can be monetized, with Kelly pointing out that cryptocurrencies will play a key role in this new era of Web 3.0.

He also notedthat cryptocurrencies make a great investment for institutional firms looking to get involved in Web 3.0, which means that adoption rates will only increase moving into the future.

Brian Kelly: The Headwinds For Bitcoin Are Gone Now 

Kelly closed out his segment by stating that the headwinds which were previously present for Bitcoin have begun to disperse, with selling pressure beginning to alleviate off the shoulders of the market. He summed it up nicely with the following statement:

Five months ago we had some headwinds. Remember we had multiple different bouts of tax selling, we had Mt.Gox trustee selling. There were a lot of big sellers out there, (but) that appears to be over and so now you’ve had this positive news flow… sometimes it just takes the market a little bit to catch up, so here we are and I don’t think its done (yet).

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CNBC Fast Money Speaks On Bitcoin Run-Up And Stellar’s Astonishing Week

On Friday, CNBC’s “Fast Money” show has continued its coverage of the cryptocurrency market, recapping the past week’s crypto price action, namely the Bitcoin and Stellar run-ups.

“Currency War” Could Push Cryptos Higher

The past seven days have been generally bullish for the cryptocurrency market, with Bitcoin seeing an over 15% move to the upside, with many altcoins following closely behind. Despite staying relatively stagnant over the past 2 to 3 days, with Bitcoin holding and altcoins taking a slight hit, some cryptocurrency analysts think that this is a bullish sign.

Despite not physically being present, Brian Kelly, CNBC’s in-house crypto expert and CEO of the blockchain-centric BKCM investment firm, issued a message to the Fast Money hosts regarding this week’s price action.

Holding a bullish tone, Kelly wrote:

The character of the market appears to have changed. For most of this year, every rally was met with aggressive selling, that has changed over the last 2 weeks.

Essentially, Kellly believes that if Bitcoin can hold key resistance levels for extended periods of time after a run-up, it is a bullish sign. Kelly also went on to explain that a potential for a “currency war” could be a “tailwind” for Bitcoin moving forward.

For those who are unaware, the U.S. President Donald Trump recently made a series of orders that put trade restrictions on a variety of U.S. trading partners, making some believe a “currency war” is inbound, resulting in a higher level of financial imbalance between nations.

This financial instability and uncertainty could spark a growing need for a financial safe haven for investors in the near future, with Bitcoin filling that need perfectly as “digital gold“.

Brian Kelly Speaks On The Stellar (XLM) Project 

As reported by Ethereum World News previously, the past week saw XLM take off, easily outperforming a majority of altcoin projects, rising from 20 cents to 30 cents within a week. This enormous price move was attributed to an influx of positive news regarding the project, namely IBM’s use of a Stellar-based stablecoin and the potential addition of XLM to Coinbase.

As a result of this bullish price action, Stellar’s collective market cap surpassed Litecoin’s, with the former becoming the 6th largest cryptocurrency in the entire industry. Kelly also expressed his thoughts about Stellar’s run-up in the aforementioned message, writing:

Stellar is both a currency and a platform, so it makes sense that it is more valuable than Litecoin. The partnership with IBM is very interesting and could add even more value as they build more products on the Stellar platform.

Another host on the Fast Money panel doubled-down on Kelly’s apparent bullish sentiment regarding XLM, stating that there could be a “capital flight” from XRP to Stellar in the near future, citing the reason of Stellar’s use case as a viable transactional tool.

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