Following a tumultuous Friday evening in the cryptocurrency markets and a similarly shaky weekend, Bitcoin (BTC) managed to bounce back to levels above $6,200 late on Sunday and depending on your time zone. the King of Crypto had seen its value depreciate to new low levels of $5,800 on the same Sunday. BTC is currently trading at $6,183 and has exemplified stability in the last few days.
It is therefore not surprising that Spencer Bogart, a Blockchain Venture Capitalist, is very much bullish about the digital asset and the entire cryptocurrency market in general. In an interview with CNBC, Bogart stated that:
“I’m super bullish on crypto right now…I think the prices are pretty good right now if I was looking into going and buying something like Bitcoin”
He also cautioned against waiting for Bitcoin to bottom out as is the current conversation amongst traders hoping to buy a lower priced BTC:
“Most people that are going to wait for lower prices will end up paying higher prices than they are today. So I think the right move is to not try and time the market and try and average into it.”
“If we go back to the summer of 2017 when crypto prices were booming, there was about a 100, 200, maybe 300 new crypto hedge funds that were formed…many of these funds are hitting their one-year lock up…They’re saying, ‘hey, I want to redeem out of that fund’…That means forced selling on behalf of all of these new crypto funds that have popped up. I think that could take prices artificially lower.”
To add on Mr. Bogart’s comments, many seasoned Crypto-traders believe the crypto markets are behaving like they are supposed to. After every market rally, there is bound to be a phase of serious market correction that will leave many inexperienced traders and HODLers panicking and force selling. The best course of action is to learn from previous mistakes of probably being caught up with the hype of Bitcoin and crypto that started mid last year. Once traders learn from their mistakes, they can make wiser investment options moving forward with ‘battle wounds’ in the form of losses and lessons.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Wisebitcoin Launches Professional-Grade Crypto Exchange
Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.
In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.
For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750.
Beyond leverage, Wisebitcoin additionally offers a simple and…