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Bitcoin’s price upsurge: More pain ahead? Spencer Bogart thinks so.

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In to an interview with CNBC, Spencer Bogart, Blockchain Capital partner disclosed that he is “super bullish on crypto right now,” nonetheless, he has admitted that the price of bitcoin in the crypto-market may dip further, therefore, compelling the sales of new cryptocurrency assets.

The ‘Forced Sales’ of New Cryptocurrency Funds

Bogart gave some important reasons on the long-term market characteristics which made investors not to have pondered on it in the past. Furthermore, Bogart declared that the new crypto-hedge funds that were gotten in the summer of 2017, are “hitting their one-year lock-up” this summer – which implies that LPs (Liquid Providers) are ‘forced’ to sell these hedge-funds when cryptos are down to 50%. Due to the fact that LPs are anticipating for the market to be ‘wrecked’ to sell, these hedge-funds might cause a further dip in bitcoin price.

The Blockchain Capital partner stated in an interview with CNBC’s “Fast Money” on Monday (yesterday):

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. They are saying, hey, I want to redeem out of that fund. That means forced selling on behalf of all of these new crypto funds that might have popped up. I think that could take prices artificially lower.”

Bogart also stated that market prices are much overvalued right now – especially with ICOs (Initial Coin Offerings) and inferior altcoins.

The Price of Bitcoin Looking Good at the Moment

On Monday, the price of bitcoin coin recovered after it decreased below $6000 during the weekend. It is important to note that the last time the cryptocurrency reached this price mark was in February, and it also attained its biggest price mark being $19,500 at the end of 2017. However, the increase in price not only occurred for Bitcoin alone but on other cryptocurrencies like Ethereum, too.

Furthermore, as a result of the increase in the price of Bitcoin to $6,254 on Monday at 5:30 pm. ET, lots of investors, have been positive on the crypto-market.

Although, being optimistic on the market due to the recent upsurge in the price of Bitcoin looks rather too early, but the CEO of BKCM LLC, Brian Kelly emphasized he knew the price of Bitcoin would bounce back on Monday due to the signs with “quite a bit of demand coming from Asia.”

Kelly says,

“We saw bitcoin hit new lows; I think we went to $5,779 and then within about 10 or 15 minutes you had a huge ramp up, hundred, two hundred points, and that’s typically the action that bitcoin has shown at bottoms.”

In addition, Kelly disclosed that the price to mine blockchain technology is $5,900; with this, “there’s an incentive for miners to keep that price of Bitcoin above that level.

On the other hand, Bogart stated that lots of ICOs are looking for potential ways to fund their crypto companies and thus, he also made it clear that since the price of Bitcoin is just fine at the moment, it is advisable not to wait and see if the price will go lower before purchasing.

Bogart said,

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.”

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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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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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