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

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Bitcoin
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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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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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