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Bitcoin’s price upsurge: More pain ahead? Spencer Bogart thinks so.
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.
Image courtesy of Wikipedia Commons
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. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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