The #1 cryptocurrency in the market, Bitcoin [BTC], recently saw a plunge below the $6000 mark over rising concerns of mining and the upcoming Bitcoin Cash [BCH] hard fork. The market for the coin continued to move below the $5500 mark and is currently resting below its most crucial resistance in its bearish run over the year.
Brian Kelly, a partner at BKCM, a hedge fund, recently appeared on CNBC’s Fast Money to speak about the “meltdown mode” that Bitcoin is going through, with the coin dropping more than 10% in recent times. He stated that this breakout had Bitcoin see the lowest level it has this year, after a period of low volatility almost in the entire history of Bitcoin. He went on to say that things suddenly exploded this year, and added:
“So Bitcoin Cash, which is the one that forked off of Bitcoin last year, is doing a hard fork. A hard fork is effectively a software upgrade. That’s the easiest way to think about it. When you do a software upgrade, everybody usually agrees. In this particular case, everybody is not agreeing about what that software upgrade should be.”
According to him, this has led to a “crypto civil war”, stating that that was what people were calling it. Moreover, he stated that this has caused concern between both Bitcoin and Bitcoin Cash communities over slower networks. He said:
“That software upgrade might not go through or if it does go through we’ll end up with some chaos. People started selling, that triggered stops, everybody got concerned and that’s what happened today. The entire market sell-down.”
Kelly offered his opinion about the sell-off, stating that it was a short-term type of event, calling it an opportunity to buy. He also stated that he also bought up digital assets at his fund. He stated:
“I mean there’s just nothing going on. I was falling asleep back then then. All of a sudden today it falls apart, breaks through the year’s lows down the $5500.”
He also mentioned the difference between Bitcoin and Ethereum in terms of the performance over the last day, with Ethereum actually performing better than Bitcoin. Kelly stated:
“It outperformed Bitcoin particularly on the upside. If you’re looking to play this and you don’t understand the hard fork. I would say if you don’t understand what a hard fork is, do not jump into that pool right now. It is the deep end but take a look at Ethereum might be interesting that’s something I bought today.”
Subscribe to AMBCrypto’s Newsletter
Bitcoin’s [BTC] current performance shows that it is a great diversifying asset, says Morgan Creek’s CIO
The phenomenal rise in Bitcoin’s [BTC] price has excited the cryptocurrency market, with many speculating that the end of the prolonged bear market is near. Many proponents in the cryptocurrency space have also voiced their opinion about how positive fluctuations in the world of digital assets have actually enabled them to outperform the best of the S&P market.
In a recent interview on CNBC’s Fast Money, Mark Yusko, Chief Investment Officer at Morgan Creek Digital Capital, spoke about the rippling effects of the cryptocurrency market and the implications of Bitcoin’s current run. Brian Kelly, CNBC’s famous Bitcoin bull, further added that he hoped people would put their money on Bitcoin. To this, Yusko replied,
“Morgan Creek had launched the cryptocurrency challenge back in December and there were not many takers. In a way that was good because BTC is up by more than a 100 percent right now, which is a much better hit rate than that of the S&P market. We will see that in the next 10 years, Bitcoin will outstrip even its current performance and maybe even more.”
Morgan Creek’s CIO further opined that BTC is a great diversifying asset and that it should be in everybody’s cryptocurrency portfolio. He added that at the end of 2018, many analysts thought that 2019 would be the year when BTC would see a lot of bear bounces. However, the world’s largest cryptocurrency managed to beat expectations. Another argument that he laid out for BTC’s longevity was the predicted credit crisis in 2020, a market shift that is expected to cripple mainstream banking systems.
Despite the coin’s present performance, the ‘king coin’ was hit with some negative news recently after the latest Binance research report hinted at ‘disruption with trading pairs,’ as BTC pairs lost 38.9 percent of its market share. The research stated that out of all the trading pairs, USDT saw the largest net inflow, with a total increase slightly below $1 billion.
Subscribe to AMBCrypto’s Newsletter
Ripple-backed InstaReM to roll out cross-border transactions by collaborating with Thailand’s Kasikornbank
Rabobank announces plans to drop its crypto-project
BSV STN is mining 1.4-gigabyte blocks; Is this a scaling solution or a journey towards centralization?
Ripple: SCB Thailand asks crypto-enthusiasts to wait for announcement regarding XRP adoption
Grayscale Investments: Ethereum Trust [ETHE] receives FINRA approval for public quotation on OTC markets
Tron [TRX] announces future trading on OKEx platform from May 20
Bitcoin’s [BTC] Lightning Network is awesome, says Blockstream’s Samson Mow
Crypto is replacing the US Dollar and no one seems to be noticing, claims prominent investor Robert Kiyosaki
Coinbase extends XRP trading access to New York users; coin pumps by 22%
Litecoin [LTC] bought at $100k on Binance when coin was trading at $90
Cryptopia hack: Over $7 million worth of Ethereum [ETH] transferred by hacker to unknown wallet
Tron [TRX] DApps surpass Ethereum, EOS in terms of weekly active and new users
XRP/Ripple: R3’s Corda to further partnership with credit-union centric CULedger
Bitcoin? Bitcoin Cash? Bitcoin Satoshi’s Vision? Will the real Bitcoin please stand up?