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Bitcoin [BTC] to $50k; Time between bear market and bull market will shorten: Says BitMEX CEO

Laira Rebecca

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Bitcoin [BTC] to $50k; Time between bear market and bull market will shorten: Says BitMEX CEO
Source: Pixabay

Arthur Hayes, the CEO, and Co-Founder of the cryptocurrency exchange platform Bitmex was present at the CNBC’s Fast Money show on 29th June. On May 14th, the former Citi group trader, had predicted that Bitcoin [BTC] will rise up to $50k by the end of the year and he continues to stick to his prediction even now.

He mentioned that:

“If BTC can go up to 20k in one year, then the price hike is just one step away from a positive verdict by the SEC.”

Jeff Goodman, a Twitterati says:

“Why did Citigroup let him go ? #fantasyland LMAO All these bitcoin firms popping up like popcorn everywhere. They will all pop away soon once bitcoin dropsand is no longer trading. #REALLYREALLY

A cryptocurrency enthusiast says:

“50 K is not realistic at all. May be 20 if companies keep developing a good usage of the tokens. We need to promote more crypto so the masses drive the price up. It’s not magic is demand”

Further, he was asked about the status of the trade volume of BitMEX during the bearish market. Arthur mentioned that the exchange has tripled what they have done already in 2017, and they are having a great year now. He continued to say that BitMEX also offers 100x leverage to all the clients.

The panel also discussed the market volatility. According to Arthur, the volatility has dropped as the price dropped which is actually an issue. As the volatility is reducing, the chance of BTC reaching a high number is also diminishing.

Considering the history of BTC in the year 2017, when it went up to $20k, the time span between an aggressive bear market and an aggressive bull market will shorten. It is also being noticed that the number of investors involved in the market to trade this asset class has also increased this year, says Arthur.

When asked about SEC’s verdict on Ethereum [ETH] is not a deemed security, he says:

“ETF brings real money to the table then and there. As and when the primary leaders have to go and get inventory. There will be subscriptions for real money to buy the asset. The SEC proclaiming, that ETH is now a utility token and is not a security doesn’t actually mean any money is going to enter the market. It just means people who hold ETH will feel better about that decision.”

Adam Davis, a cryptocurrency investor says:

“Amazing to think it’ll be considered “underperforming” even it drops to $3K…which will still be more than double the price of gold (1 ounce).”

Edgar Soares, Senior Architect at Arquitecto.pt and a cryptocurrency trader says:

“Seems like @CryptoHayes is doing God’s work. Bless you brotha”

Rafi Kasim, an entrepreneur commented:

“Speculating news towards next financial crisis..”

YuLaw, a day trader says:

‏”They’re hyping up a return to bull market to sucker in people to buy so that there is liquidity when they start selling. BTC will continue to crash down to 2k level.”



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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

Bitcoin

Bitcoin’s divisibility and transportability make it much more flexible than digital gold

Priya

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Bitcoin's divisibility and transportability make it much more flexible than digital gold
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Andreas Antonopoulos, the author of Mastering Bitcoin and a Bitcoin proponent, spoke about Bitcoin as a digital currency and whether it would be limited to being just that, in his latest Q&A session on Youtube.

The author was asked about the possibility of Bitcoin becoming the world’s reserve currency, a digital gold and whether other cryptocurrencies would be used as a day-to-day currency. To which, he said:

“I don’t know. I think it would surprise me, actually, if Bitcoin could only fit into the niche of ‘digital gold.’ Bitcoin has characteristics of divisibility and transportability that make it… much more flexible than digital gold.”

Antonopoulos stated that gold is not a good medium of exchanges, because of the difficulty related to verifying whether it is real. He also stated that the store of value is “heavy to carry”, adding that the more one tries to make it fungible and divides it into smaller pieces, the harder it gets to verify its authenticity. According to him, verifying gold in larger amounts, which are stamped by reputable third parties, is easier.

“Then the cost of storing and securing gold is so high that it is better done in a custodial manner, where you put it in a vault and have professionals guarding it. You [are left] with a little paper certificate [of ownership], which have other problems like hypothecation. [All of this] makes it difficult to use [gold] directly as a medium of exchange.”

This was followed by the author remarking that these problems are not prevalent in Bitcoin, even though there is “greater complexity” when it comes to securing the cryptocurrency. He went on to say that this would cause some pressure towards third-party custodians, however, if that pressure is going to be lesser in comparison to the current system, it would still be a “more decentralized future”.

“The ability to transport bitcoin very quickly, in very small amounts [or very large amounts], [including] with second-layer networks that are even faster [and smaller] at the level of microtransactions”

Moreover, the Bitcoin proponent thinks that Bitcoin could be a “very effective” medium of exchange and store of value, adding that the volatility would decrease through use and volume, wherein the currency would not be witnessing a major price fluctuation making it “less speculative in nature”.

“That doesn’t mean there won’t be other coins which [are used] for everyday currency. I think there will be [others]. I don’t think Bitcoin will be just digital gold. It may become a world reserve currency, but I think the concept of a unitary world reserve currency [would] no longer be relevant.”

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb on the bull after price stays locked down

Akash Anand

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb the bull after price stay locked down
Source: Unsplash

The cryptocurrency market’s bearish woes do not seem to have waned with several popular coins seeing a continuous price downturn. Bitcoin [BTC], XRP, and Ethereum [ETH] have only enjoyed sporadic bullish spikes with a definite control being exerted by the bear.

1-hour

The one-hour BTC chart shows the gradual drop in prices. The support has been holding at $3214.17 while the resistance is maintained at $4160.21. The recent downtrend took the prices down from $3558.58 to $3367.97.

The Relative Strength Index shows a slight spike towards the overbought zone. This means that the buying pressure is increasing slightly more than the selling pressure.

The Bollinger band shows a clear divergence with the upper band and the lower band indicating an imminent sideways price movement.

The Parabolic SAR has been predominantly bearish with the markers staying above the markers. At the time, the SAR indicators were below the price candles which is a bullish sign.

1-day

The one-day chart for Bitcoin does not paint a better picture for the cryptocurrency with no uptrends in sight. The long-term support has been holding at3346.6 while the recent downtrend saw the price fall from $6262.97 to $3408.

The MACD indicator shows the MACD line and the signal line moving as a conjoined pair. Other than the bearish dip, the MACD histogram has been undergoing a lull.

The Chaikin Money Flow indicator is just below the zero line, which is a sign of the money flowing out of the market being more than the money coming into the market.

Conclusion

The above-mentioned indicators all point to an extended bear run with the prices still being clamped below the $4000 mark. With the year coming to a close, the predicted bull run does not seem to be occurring anytime soon.

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