Bitcoin
Bitcoin (BTC) Looks Good Right Now, says Blockchain Capital partner Spencer Bogart
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.”
Bogart would also postulate that the price of Bitcoin might drop a bit further as follows:
“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 price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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