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Bloomberg: Bitcoin Mining Giant Bitmain is Pursuing IPO Plans Again

Bitcoin Powerhouse Looking to Go Public… Again

According to a recent report from Bloomberg, Bitmain, one of the world’s largest crypto companies, still has plans to go public. The Bitcoin mining giant, best known for its ASIC machines, submitted a proposal to trade on public markets, namely the Hong Kong Stock Exchange, but was tacitly denied when its application lapsed. No explicit reason is known for the lapse, but reports suggest that it was due to the company’s inconsistencies in terms of profit, high valuation, and the day-to-day volatility of crypto assets like Bitcoin, leading to Hong Kong regulators to be skeptical.

This time, sources, “people with knowledge of the matter”, told Bloomberg that Bitmain is looking to sell their shares in the United States, which has seen an influx of technology/venture IPOs: Uber, Lyft, Beyond Meats, Slack, etc.

The China-headquartered giant intends to list documents with the somewhat anti-crypto United States Securities and Exchange Commission (SEC), which resides over IPO application, as soon as next month. Bitmain is currently consulting with advisors regarding the sale, which the sources say could raise anywhere from $300 million to $500 million.

With the resurgence in the Bitcoin price, there is likely to be demand for common investors to get their hands dirty. And with hash rate back on the rise, recently hitting all-time highs in fact, Bitmain may see some strokes of luck.

Bitmain Ex-CEO to Launch Matrix

Bitmain’s latest push to go public comes amid reports that Jihan Wu, the former chief executive of the Bitcoin outfit, is planning to launch his own China-based cryptocurrency startup, dubbed “Matrix”.

Per a report from The Block, which cited sources close to the cryptocurrency heavyweight, Wu’s startup will be launching in the coming 30 days. Matrix will purportedly be a multi-faceted crypto services business, which will focus on asset management, custody, and over-the-counter (OTC) liquidity provision for its institution-grade clients.

This confirms a March report from CoinDesk and Primitive Ventures’ Dovey Wan, who both stated that Matrix will be a services provider for crypto firms and those looking to delve into this space.

According to one source, Bitmain, in an odd twist of fate, will be Matrix’s first notable client. What’s odd about this is that Wu was rumored to have left Bitmain, of which he still owns a purported 20.5% stake in, on bad terms, with some stating on Twitter that he and his compatriots on the firm’s C-suite disagreed on certain subject matters.

Regardless, The Block’s sources state that Matrix will likely provide Bitmain with custodial and lending services, presumably for the mining firm’s large (and ever-expanding) Bitcoin stash and its expansion plans.

One familiar with the matter even stated that Matrix, with Bitmain in tow, may even become the “biggest OTC desk and asset-manager overnight,” noting that the desk of Wu’s new company should have access to liquidity not seen before in the industry.

Photo by Christopher Gower on Unsplash

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Crypto Media Outlet CCN Closes Up Shop, Cites Google Algorithm Shift

Crypto News Shop Closes Doors

Crypto media outlet CCN — also known as CryptoCoinsNews — has just revealed that it will be shutting its doors in the coming days. In a fiery editorial piece, Jonas Borchgrevink, the founder of CCN and its network, explained what went down.

Borchgrevink explained that when Google rolled out its “June 2019 Core Update” for its search engine, CCN’s traffic plummeted. In fact, according to SEO sites like Sistrix, the domain’s visibility has plummeted by 53% overall, and 72% on mobile. This means that the outlet’s articles are not being shown as much when you search “Bitcoin” or “crypto”, for instance. This is the lowest the site’s visibility has been since late-2018, prior to its massive spurt of growth.

As a result, Borchgrevink wrote that the site’s revenue has collapsed by “more than” 90%, and that sustaining payroll for its more than 60 staffers, both contracted and full-time, will be tough. The odd thing is, other sites have been affected, but not as much as CCN has been. CoinDesk’s visibility dropped by 34.6%, while CoinTelegraph’s dropped by 21.1% on mobile.

Borchgrevink then laid out some theories, looking to the fact that Google could be cracking down on outlets that push certain political narratives. While CCN doesn’t lean in any direction, its writers have the authority and ability to publish certain pieces that some may deem “offensive” or what have you. This hasn’t been confirmed, as even SEO and Google Search experts don’t have a conclusive answer to what is going on.

The little-known yet important crypto founder then ended the post with a call to action: Google should give three months’ notice to webmasters in regards to updates, be more transparent, and involve “all national governments” to make sure that it is compliant with universal Freedoms. He wrote:

Diversity is at risk. Freedom of the Press is at risk. Freedom of Speech is at risk. Freedom of Information is at risk. Google controls 88.47% of the global desktop search market (April 2019) according to Statista.com. Google controls 93.08% of the mobile search market in the US (April 2019). It’s time that Google makes a change, or that someone does it for them.

This writer (and presumably EWN too) wishes the CCN team well, and the teams of all other sites in the space.

EWN’s Observations

An aside here, this writer has noticed a number of changes in the crypto media space around. Firstly, as the CCN founder suggests, all sites have been impacted in some way, shape, or form — but some more than others.

The Google algorithm for seemingly cryptocurrency news specifically has begun to prefer mainstream media outlets covering the industry, like Bloomberg, Kitco, Forbes, and FxStreet. The days that CCN, CoinTelegraph, NewsBTC, CryptoSlate, this outlet, and others dominated the “Bitcoin” search term are no more. They have been replaced by the aforementioned mainstream financial news outlets.

At the same time, many of the stories pushed by Google to the “Top Stories” site can be a few days old. In fact, this weekend, this writer saw stories that were purportedly trending that were one or two days old, which is far from normal.

Title Image Courtesy of Thor Alvis Via Unsplash

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If Bitcoin is to Correct, BTC Breaching $9,700 Still Possible

Bitcoin Has Upside Potential

Over the past few months, Bitcoin (BTC) has been on an absolute tear, rallying from $4,200 to $8,800 as of the time of writing this. This represents a gain of over 100%. Yet, with this monumental move higher, which has been one of Bitcoin’s best two-month periods ever, analysts have tried to keep a level head, expecting for a drawdown. While the case for a pullback has been laid out rather well, some are sure that BTC still has a bit of legroom when it comes to further upside price action.

Analyst Crypto Krillin recently noted that if Bitcoin is to fulfill its “usual blow-off top before a major correction”, $9,700 and beyond is still in play. As seen below, he is suggesting that Bitcoin can break out of the ascending channel it is currently trading in, and then rally all the way to $9,750 — a key historical level that acted as resistance in mid-2018.

The reason why that Krillin expects for one leg higher is that when Bitcoin’s chart last looked as it did now, there was one final wick to the upside, which is something that has yet to materialize in BTC’s current price action. If historical precedent is to be followed to a tee, Bitcoin may break above Krillin’s ascending channel, tap $9,750, and then collapse lower in a short-term correction event.

Krillin isn’t the first to have eyed the high-$9,000s as a peak for the current range. Last week, trader Walter Wyckoff noted that throughout Bitcoin’s two historical cycles, BTC always rallied from lows to its 0.382 Fibonacci Retracement level from the last top, and then experienced a 40% correction prior to the next bull run. As it stands, the cryptocurrency’s 0.382 Fibonacci sits at $9,500, implying that BTC will soon enter that region, and then retrace 40% to $5,800.

Legendary commodities trader Peter Brandt has echoed this analysis, explaining last week that his targets for this move are anywhere between $9,320 and $10,600. He added that “once a majority of sold-out crypto bulls capitulate… a more sizable correction will likely occur.”

There have been some, however, that are sure that $9,700 can’t be where the current move higher ends. These optimists look both to fundamentals and technicals, as there are signals in the two subsets of analysis that present that Bitcoin still has room to run. As Andy Cheung, OkEX’s head of operations, suggested in a recent email, “$20,000 is a conservative prediction” for Bitcoin to reach in 2019, as institutional backers should boost this space to new heights.

And most recently, Sonny Singh of BitPay, explained that the recent rally is “just the tip of the iceberg”, as the cryptocurrency space is being backed by some of the biggest names in technology and finance, like Fidelity Investments and Facebook.

Title Image Courtesy of Kent Pilcher via Unsplash 

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Bitcoin (BTC) Could See $400,000 In The Coming Decade, Analyst Quips

Bitcoin At $400,000

According to analyst NebraskanGooner, Bitcoin (BTC) is poised for a massive rally. Gooner’s trend indicator, fittingly named “Top Goon X”, recently printed a black arrow in the weekly chart after a red arrow, which precedes a bottom, was seen. The last two times this technical pattern occurred, Bitcoin rallied by 5,000% in the years that followed.

The thing is, the cycles’ lengths have tripled each time. Thus, if Top Goon X’s trend plays out to a tee here, Bitcoin may take until 2025 to rally by 5,000% from here, $8,500, to $420,000, which is where the indicator predicts this market will top next.

The Fundamentals Behind A Six-Digit BTC

The fundamentals also support the idea that Bitcoin could soon see $400,000, beating the expectations of crypto’s countless cynics. For those unaware, if BTC was to absorb all the value of the gold market, each coin would be valued at anywhere from $350,000 to $500,000 — a 4,375% to 6,200% upside from here. While this seems like a crazy proposition, there is growing evidence that BTC could easily act as a better store of value than gold.

Firstly, much of the gold market is paper, meaning that for the billions and trillions of dollars of gold derivatives on the market, there isn’t enough physical metal to back those contracts. As long as these derivative markets don’t blink out of existence, many have claimed that “gold won’t act like gold”, setting the stage for Bitcoin to take over.

More importantly, however, Bitcoin is structurally better than the precious metal. Unlike the metal, BTC is mathematically scarce, capped at 21 million units; BTC is decentralized and verifiable through the Internet; BTC is portable and divisible through digital technologies, and is unconfiscatable. Gold, on the other hand, has an unlimited supply, centralization risks, an inability to be easily divided and moved around, and concerns around its purity.

This isn’t the only fundamental factor backing a Bitcoin rally to/around $400,000. As Filb Filb, a popular trader and researcher, explained in an extensive Twitter thread posted near December’s bottom, if BTC’s supply is issued on schedule, if crypto adoption follows that of the Internet’s, and if debt continues to increase, Bitcoin could easily see six figures by 2021, not decades down the line.

Tip Of The Iceberg?

Some say that $400,000 might just be the tip of the iceberg, though. As reported by Ethereum World News previously, there are a number of pundits expecting for the leading cryptocurrency to breach seven figures. Crazy, right?

They look to the fact that soon enough, certain fiat currencies may start to falter, leading to a rush for save haven assets. With gold, as mentioned earlier, purportedly paling in comparison to BTC, many may turn to cryptocurrency, leading to a massive increase in the asset class’ value and its long-term value proposition.

Title Image Courtesy of Chris Liverani Via Unsplash 

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Bitcoin To Top At $9,800, Correct By Upwards of 30% From There: Analysts

Bitcoin Still Has Room To Run

Bitcoin (BTC) has finally broken out of an ascending triangle/symmetrical triangle pattern it has been stuck in for two weeks now. With this rally, BTC has tapped $8,900 and continues to hold $8,800 as of the time of writing this. As the buying and selling pressure has slowed, analysts have done their best to postulate what’s next for the cryptocurrency. And while some are calling for Bitcoin to “moon”, lacing their comments with hopium, some are adamant that this rally is out of hand, implying an impending correction to potentially pre-run levels.

A number of recent analyses have suggested that all things considered, Bitcoin still has room to run from here, despite its absolutely monumental performance in 2019 so far. The look to the fact that BTC closed its weekly candle above $8,400, the upper band of the aforementioned triangle patterns, suggesting that bulls are entirely in control. From here, analysts across the board are looking to $9,600 to $10,000, as there lie the next horizontal resistances for the cryptocurrency. Once BTC hits that region though, a pullback may just be inbound.

As legendary commodities trader Peter Brandt noted, Bitcoin is finally entering the “FOMO phase” of this ongoing parabolic advance, meaning it may soon come to screeching halt. Brandt, who earlier this year called for BTC to potentially establish new all-time highs over the long run, noted on Sunday night that his target for BTC is $9,321. Once it hits that level and once “sold-out crypto bulls capitulate”, he expects for a “more sizable correction” to occur, killing the current influx of FOMO and senseless hype.

He isn’t the first to have brought up the idea that once Bitcoin enters the $9,000s, a correction may start to come to fruition. Trader Walter Wyckoff notes that he expects for BTC to locally top out at $9,800, looking to the fact that in 2011 and in 2014, the asset hit its 0.382 Fibonacci retracement level and then scaled back. As you likely guessed, BTC’s current 0.382 Fibonacci level sits around $9,800. If historical trends are followed to an exact tee, BTC will tap the aforementioned level, then experience a 40% correction to $5,800.

Some are sure that the ball is in the bulls’ court though. The thing is, market dynamics are entirely different now than it was in cryptocurrency’s checkered history. As it stands, we have more eyes on the industry than ever before, and, more likely than not, more money sitting on the sidelines waiting for an entry point or a certain piece of news.

As content creator Marty Bent reminds us, when BTC last rocketed past $5,200 back in 2017, Cash App, TD Ameritrade, Fidelity, and E*Trade weren’t in the digital asset game in the slightest. Now, as I’m sure you know, they are. And they’re ready to rumble.

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Bitcoin (BTC) On Verge Of Full-On Bull Rally If Historical Signal Has Merit

bitcoin

Bitcoin Ready To Run

Bitcoin (BTC) has finally begun another leg higher. After failing to surmount $8,300 for two weeks, the cryptocurrency suddenly burst from $8,000 on Sunday, rocketing to $8,900 in under an hour.

With this, Bitcoin’s weekly chart, a great gauge of medium to long-term price action, saw four weekly candles in a row that closed above the 50-week moving average. While this doesn’t sound significant, analyst Nunya Bizniz notes that this series of events has never failed to initiate a bull run in Bitcoin’s ten years as a liquid asset.

As seen in the Twitter post below, when BTC last saw four weekly closes above the 50-week MA, what followed was a move from the hundreds to $20,000. And, when Bitcoin only saw three weekly closes above the aforementioned level, a drawdown was seen. So, this recent noticing seemingly confirms that the cryptocurrency market is on the verge of its next rally, which many expect to kick fully off after 2020’s halving.

Strong Fundamentals Suggest Bears Capitulated

Fundamentals also suggest that BTC is decidedly in a bull market. As Ethereum World News reported previously, Thomas Lee of Fundstrat Global Advisors, the Bitcoin boosters of Bitcoin boosters, laid out thirteen reasons why he believes that the fabled “crypto winter” is over. Most of them are as follows:

  • The Bitcoin Cash hash war of late-2018 came to a close earlier this year/late-December, which many believe is what catalyzed the drop from $6,000 to $3,150.
  • Grayscale’s Bitcoin Trust saw its premium over BTC spot fall to 5%, implying that “capitulation” in this market has occurred.
  • The number of on-chain transactions has turned positive year-over-year, meaning that users of the blockchain have yet to disappear, and are actually a growing demographic.
  • Fundstrat’s Bitcoin Misery Index reached 89 on April 2nd. This is the highest reading since June 2016, and could indicate that overall bullish behavior for Bitcoin is on the horizon. As Lee explains, since 2011, a Misery reading of over 67 came only during bull markets. However, when Misery peaked above 67, BTC, on average, fell by 25%, as investors look to take profits. The Fundstrat executive did may it clear though that even if a drop is inbound, Bitcoin has more likely than not seen its one-year bear trend end at $3,000.
  • Bitcoin moved above its 200-day moving average, then the golden cross occurred just days later.
  • This one is funny. ParabolicTrav, a diehard crypto bull, reappears after a seven-month hiatus.
  • Adamant Capital revealed that think the market had bottomed, releases a bullish report after effectively calling the last rally. They explained that the 
     Bitcoin Unrealized Profit/Loss (BUPL) indicator then revealed that the cryptocurrency market was entering a phase of “hope”.
  • Over-the-counter (OTC) volumes surge, hinting at immense institutional interest.
  • The news unveiled at Consensus 2019 confirm that the industry is still strong and developing.
Title Image Courtesy of Matthew Henry Via Unsplash 

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Coinbase’s Crypto Payment Portal Hits Milestone: Adoption Is Happening

Coinbase Commerce Hits $50 Million In Processed Transactions

According to a recent report from CoinDesk, Coinbase Commerce, the crypto startup’s application for merchants and online retailers, has recently surpassed $50 million in processed transactions. Speaking to the outlet, the facet of Coinbase has seen volume pick up through Q2 of this year, which coincidences with the bullish price action. Coinbase Commerce has already been integrated into online e-commerce giants like Shopify, WooCommerce, and others, which has helped to boost the adoption of the application.

While Coinbase Commerce has done well, BitPay has arguably done even better. The Coinbase competitor processed over $1 billion in transactions in fiscal 2018, as we reported previously. And it’s chief executive, Stephen Pair, wants this sum to grow to $10 billion and $100 billion in the years to come as a sign of the growing influence of cryptocurrencies on a global scale.

Crypto Sees Adoption

This recent milestone achievement comes as some large players in the corporate world have begun to accept cryptocurrency as a payments option.

Announced Thursday, AT&T, a Texas-based American technology giant valued at $234 billion, will be accepting Bitcoin payments for its services through the Atlanta-headquartered BitPay. Per a press release, AT&T is now the first “major U.S. mobile carrier” to provide its millions of customers with the ability to purchase services for cryptocurrency. Speaking on the matter, Kevin McDorman, vice president of AT&T Communications’ Finance Business Operations unit drawled:

“We’re always looking for ways to improve and expand our services… We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.”

As this news broke, many in the crypto community saw this as validation of the return of the Bitcoin bull. Because why would a massive company accept an asset that is “dying” is “already dead”, right?

What’s more, Tor, the de-facto go-to privacy- and anonymity-centric browser provider, unveiled a donation jar that accepts crypto assets earlier this year. Tor’s website now accepts payments in nine leading cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar Lumens, Monero, ZCash, and Augur. And even more recently, Flexa, a little-known startup looking to make “cryptocurrency spendable everywhere”, will be making Bitcoin, Bitcoin Cash, Ethereum, and Gemini’s in-house stablecoin available to spend in 30,476 retail outlets. Chains accepted the aforementioned digital assets include Crate & Barrel, GameStop, Lowe’s, Nordstrom, and arguably most importantly, the Amazon-owned Whole Foods.

But this may be the tip of the iceberg. Square, the fintech company headed by Twitter’s Jack Dorsey, is looking to make BTC spendable as the Internet’s currency in more places. He specifically wants to integrate the Lightning Network into Square’s Cash App, which already sells Bitcoin at a breakneck pace.

Title Image Courtesy of Marco Verch Via Flickr

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Crypto Execs Expect Bitcoin (BTC) To Reach $9,600 By Year’s End, Why?

Bitcoin Expected To Rise 22% By EOY 2019

Some crypto analysts may be calling for the moon, but some only expect Bitcoin (BTC) to reach $9,500 by year’s end, and not much higher than that. This is according to a recent poll/survey conducted by Finder, which was targeted at ten fintech “specialists” who are aware and knowledgeable about cryptocurrency and its ilk.

Predicted Bitcoin Price Action

Per the South China Morning Post, which managed to obtain the results of the poll, Bitcoin will end the year at $9,659, 22% higher than current levels, if the average of price predictions from the specialists is hit. These fintech gurus purportedly included executives from Arca, BitBull Capital, and unnamed academics. What’s interesting was the exact path they expect for BTC and other digital assets to follow as we head into the latter half of 2019. Most postulated that they expect a pullback in the coming weeks and months, prior to a slow and steady uptrend to just below $10,000 by year’s end.

They aren’t the first to have called for a healthy pullback. Josh Olszewicz, a leading technical analyst that frequently posts articles to Brave New Coin, suggests that the Ichimoku Cloud, a series of technical indicators meant to determine trends and key levels, is saying that Bitcoin is “insanely overbought”.

He goes on to add the Cloud is “calling for $6,150, looking to the fact that one of the indicator’s leading lines, which acts as support in bull runs and resistance in bear trends, sits at that price level. Olszewicz also notes that the Relative Strength Index (RSI) reading on the one-day chart is at 90, which is well overbought, hinting that a move lower may be inbound.

What Caused The Rally?

When asked about the recent catalysts behind the move from $4,200 to $8,000, or at least some of the intermediate moves higher, eight out of ten panelists agreed that the news released during Consensus Week was a primary catalyst behind the bullish price action. Five out of ten revealed that they, themselves, have been enticed to invest in a cryptocurrency like Bitcoin following the start of the U.S. and China trade war, confirming analysis that the recent BTC rally might also have something to do with it being a hedge in adverse geopolitical and macroeconomic environments.

So what pieces of news were the cryptocurrency panelists looking to other than the trade war? Well, according to the article, these include the news that Bakkt is finally going to launch its product in July, Whole Foods & Co. are accepting indirect crypto payments, and institutional players are delving into the cryptocurrency game at last.

They note that this news is likely to continue to entice investment in the space, resulting in a slow uptrend.

While $9,500 for each Bitcoin is not bad by any means, many cheery investors expect for the cryptocurrency market to head much higher than that price level by year’s end, especially considering the decidedly positive news cycle (save for ETF denials/delays of course).

Title Image Courtesy of Marco Verch Via Flickr

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Shorts (Finally) Squeeze As Bitcoin (BTC) Settles Around $7,200

Bitcoin Shorts Finally Begin To Liquidate

At last, the long-awaited short squeeze has begun to grace Bitcoin (BTC). For those unaware, over the past three or so weeks, the amount of money shorting BTC on platforms like Bitfinex and BitMEX has exploded, as the news regarding Tether and Bitfinex’s potential insolvency and the Binance hack have been seen as negative catalysts by some.

In fact, there was over 30,000 BTC worth of capital (margin included) in short positions on Bitfinex just hours ago. Yet, as BTC has continued to push higher, moving past $6,400, $6,800, $7,200, and $7,300 in rapid succession, shorts have begun to lose their shirts. According to a recent analysis by Willy Woo, a prominent researcher, short positions on the two aforementioned platforms are being liquidated left and right.

As seen, in the chart below, the amount of shorts open on Bitfinex has dipped drastically, falling by over 2,000 BTC in the past few hours, all while longs have been opened en-masse. Simultaneously, funding on BitMEX has flipped positive, meaning that longs now outweigh shorts.

This, in the eyes of some, is a clear sign that the current rally is over. Yet, it is important to note that there remain a proverbial metric ton of shorts that have yet to bite the dust, meaning there is potential for a move even higher.

Once (or if) the squeeze finishes, Woo expects for the cryptocurrency market to return to more sustainable levels. As he wrote, once the blow-off top occurs, “the price comes down to organic levels… all this happens without any on-chain activity. As it’s an exchange-driven game, no real investors are buying into the rally.”

This kind of confirms analysts’ sentiment that Bitcoin is currently reaching a local peak.

Trader Cantering Clark explains that while the ongoing move seems “incredibly bullish”, BTC is still sitting under resistance, and is too far above its 20-week moving average. The 20-week moving average, according to Clark, has and is likely to continue to act as Bitcoin’s center Bollinger Band, meaning that it should return to that level’s vicinity in the near future.

He explains that as it stands, BTC is a “good three standard deviations from the norm,” with this move being fueled by retail shorts. This hints that Bitcoin may soon see a retracement, returning to more organic and sustainable levels as buying pressure slows in the coming weeks.

But, a further short squeeze could null this analysis entirely.

Title Image Courtesy of NG 978 On Unsplash

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Bitcoin (BTC) Could Retest $20,000 By Late-2020: Crypto Investor Novogratz

bitcoin

Novo Expects BTC Price Rally

Whether you hate or love him, it may be hard to deny that Mike Novogratz, a Goldman Sachs banker-turned-Bitcoin (BTC) diehard, is committed to the crypto cause. In a recent appearance on an array of mainstream media outlets, the investor revealed that he sees a bright future for the cryptocurrency space, especially in terms of the value of BTC.

In a brief interview with CNN Business at SALT Conference, a massive finance and tech event conducted in Las Vegas, Novogratz, who goes by Novo, explained that “Bitcoin has popped back up,” making it clear that the cryptocurrency isn’t dead. He then asserted that more likely than not, the bottom is in, unless, of course, the industry sees a black swan event, like the recent hack on Binance yet far, far worse. Novogratz explains: “It would take something like that to shatter this newfound confidence.” The former institutional investor, who adopted Bitcoin in 2012 or 2013, does note that the hack on Binance does deter institutional investment, adding that “a little bit of guardrails can go a long way”.

In the long-term though, he is abundantly bullish. He explains that over the next 18 months (so by the end of 2020), Bitcoin could begin to a rally

However, it is important to note that for the time being, he expects for BTC to “struggle” at the $6,000 price level. The given reasoning for the quip was minimal, but this point ties in with theories that as Bitcoin failed to fall under $6,000 for months in mid-2018, it may take a while for BTC to do the reverse.

Novogratz’s recent appearance comes after his firm was revealed to have bled out of 2018.

In a press release published last Monday, the New York-headquartered cryptocurrency merchant bank Galaxy Digital unveiled its financial results for the fourth quarter, and thus, fiscal 2018 as a whole. It lost $97 million in Q4 of 2018, up from the $76.7 million loss registered in Q3. Per the filing, much of this loss can be attributed to its principal investing and trading businesses, presumably due to the fact that November and December saw Bitcoin and other cryptocurrencies fall to fresh lows, far below what most analysts suspected. In summation, the firm burned a jaw-dropping $272.7 million if 2018. Ouch.

Fundamentals To Push Bitcoin & Crypto Higher

On the matter of what will push the space higher, Novogratz has looked to a number of subjects. On Twitter recently, he postulated that the Federal Reserve’s recent action to bend to the will of Donald Trump, along with proposed policies from the other side of the political spectrum, are making him extremely bullish for a sound money that is decentralized, censorship-resistant, among other things.

What he also looked to was fundamental news. For instance, he suggested that the news that Facebook is poised to delve into the blockchain space with its own digital asset may boost traditional cryptocurrencies, as awareness and love for this asset class will skyrocket tremendously. But only time will tell if this is true.

Photo by Chris Liverani on Unsplash

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