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Bitcoin [BTC] to reach $10,000 slow and steady, says Genesis Capital CEO

Priyamvada Singh

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Bitcoin [BTC] to reach $10,000 slow and steady, says Genesis Capital CEO
Source: Pixabay

On 29th August, the CNBC Fast Money panel interviewed Michael Moro, the Chief Executive Officer of the investment and merchant banking firm, Genesis Capital. During the discussion, Moro speaks about the Bitcoin price breakout of $7,000, the catalysts involved in encouraging the coin to rally up, the sell-off activity in the market and more.

Last week, the cryptocurrency space broke out with the news of the US Securities and Exchange Commission [SEC] rejecting nine Bitcoin ETFs. Moro stated that this rejection led to the increase in the short interest across the exchanges as well as the lending activity witnessed by his investment firm. He added:

“Once the news broke about the SEC rejection and the price actually held, we didn’t see the 5%, 10% or 15% sell-off that you’ve seen in previous rejections and that the technicals at right around the $5,800-$5,900 levels held. So I think the bears have realized that they’ve run out of steam. So we also saw on the spot trading side is right around the 6k level, very few sellers.”

Regarding Moro’s call that the next stop for Bitcoin will be around $10k and the catalyst to push this speculation, the crypto-trading expert said that the market growth for the coin is going to be slow and relaxed. He speculated that the price will behave less violently, for instance, a minor swell of 5-10%.

Moro believes that the market expectations for the SEC to approve the ETF are lowered, thus muting the market sentiment and providing an overall healthier outlook for the next 12 months.



Next, he speaks about the recent trend of sellers and buyers wherein the traders sell at the first Bitcoin pop that happens. For instance, those who managed to buy at $6k in the last two weeks are ones selling in the last 24-hours. According to Moro:

“The question is are the Bulls here to stay. We haven’t really seen the strong buy-side demand yet coming in, even though there have been sell side interest in the last 24-hours. So I think the question ultimately is is the marquee going to head back down to the 6k level simply because the bowls are so waiting to see is the 7 K really going to hold and then see where we go from here.”

He concluded his viewpoint by implying that the market sentiment will see a turnaround if the Bitcoin market is able to defend its mark of about $7,150 for the next week.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Bitcoin

Bitcoin [BTC]: Debating on king coin’s transaction speed is a red herring argument, says Charlie Shrem

Akash Anand

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Bitcoin [BTC]: 'Debating about BTC's transaction speed is a red herring arugument', claims Charlie Shrem
Source: Pixabay

The debate around Bitcoin [BTC] and its effectiveness in the current financial atmosphere has been a long ensuing debate in the cryptocurrency industry. The supporters and naysayers of the world’s largest cryptocurrency have locked horns on various aspects of the coin, be it the coin’s characteristic as a store of value or the amount of time it takes to settle Bitcoin transactions.

In a recent tweet, Charlie Shrem, the Founder of Bitcoin.org and one of the most popular Bitcoin proponents, spoke about the topic, directly addressing critics who had a problem with settlement times. His tweet read:

““Transaction speeds” when debating #bitcoin vs other faux-crypto’s is red herring argument. There were plenty of fast ways to move money before bitcoin. That’s not why we’re here. We’re building a censorship resistant value network that can-never be controlled by a single party.”

Bitcoin proponents had always made it a point that the cryptocurrency was never meant for fast transactions, but rather to compete with Gold as the standard for a ‘store of value’. Even Samson Mow, the CSO at Blockstream had earlier claimed that BTC was never meant to be fast by adding:



“If you want money, it does not need to be very fancy, and a lot of the altcoin projects; I don’t wanna go into it but they are just based on gimmicks. What you really want is sound money, something which is reliable and bulletproof.”

The ‘BTC is not effective’ camp had responded voraciously many a time by stating that something aimed at changing the financial dynamic should be nothing short of fast or else there was no way it could become an effective form of value. This rebuttal for this argument was that Bitcoin’s goal was to create a cryptocurrency integrated mainstream structure and even though it was not lightning fast, the transaction speed of Bitcoin was still faster than that of current methods like Visa and MasterCard.

Charlie Shrem was also in the news recently when he stated that when Mt Gox imploded, the market created the first “token as debt”. The statement was made in connection with the massive loss of funds which occurred following the hack of the then largest cryptocurrency exchange.





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