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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.

Image courtesy of Wikipedia Commons

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How Can Foreigners Get Loans in Singapore

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Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…

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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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