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Crypto Market Will Bounce Back, Claims Billionaire Tim Draper

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Tim Draper
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As the period of uncertainty for the crypto space continues, not everyone seems to be equally as scared for the future of digital currencies. Despite the recent Bitcoin sell-off, billionaire and major crypto investor, Tim Draper, seems to believe that a period of recovery is about to start soon.

While even the near future of Bitcoin and other digital currencies cannot be predicted with accuracy, Draper believes that Bitcoin value is going to keep getting higher, especially in the next several years. In fact, he even stated that cryptocurrencies will likely overtake fiat currencies at some point in the future.

During the Las Vegas-based World Crypto Con, Draper stated that cryptocurrencies will be much easier to spend, use, and invest with, in the near future. People will be able to do whatever they want with them since they are frictionless and they cost less. These reduced costs alone will be a significant improvement for people, according to Draper.

He believes that for these and other, similar reasons, people will eventually want to move to cryptocurrencies, while fiat currencies, which he calls political currencies, will be left behind.

In the meanwhile, the market remains unstable, with Bitcoin often going below and above $4,000 per coin. The lowest that it ended up being this year was at around $3,700, which happened only days ago, while Bitcoin’s current price remains slightly over $4,000.

Since the rest of the market dropped as well, and Bitcoin’s market cap is more than half of the market cap of the entire crypto space, the total crypto market capitalization also lost half of its value in the last 15 days.

The turning point

According to Draper, there are multiple countries that understand that cryptocurrencies are bound to bounce back at some point. Because of that, they already started adopting them, and the current market crash did not discourage them. Trying desperately to cling to old currencies is a mistake and a waste of time, according to him. This is why smaller countries seem so prepared to accept and adopt Bitcoin, cryptos, ICOs, as well as blockchain.

A lot of investors also remain convinced that Bitcoin will reach the value of $250,000 in the next 2-5 years. In addition to that, Draper is convinced that the world will soon reach an uneasy balance when it comes to the use of crypto and fiat currencies and that it will become easy to exchange Bitcoin for dollars and vice versa.

Draper’s positive outlook has inspired him to even start a Bitcoin venture fund, which is one of his next big projects. He has revealed this plan quite recently, although he has yet to decide when he will actually start the project. However, so far, his plan is to raise a fund that is all Bitcoin, invest into numerous companies, and have them pay their workers, as well as suppliers, in Bitcoin.

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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

Bitcoin Grows Beyond $4,000

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Bitcoin grows beyond $4000
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Bitcoin (BTC) is starting to make waves again, and while they are still small, investors around the world are welcoming the positive development. The number one cryptocurrency has just breached the $4,000 mark, and while this is still five times lower price than it was in early January 2018, it is over $800 higher than in early December 2018.

At the time of writing, Bitcoin price is at $4,048.60, after the coin experienced a 5.53% growth in the last 24 hours. Meanwhile, its market cap sits just above $70.5 billion, while the coin’s daily trading volume is at $5.7 billion.

Bitcoin has had a rough 2018, just like the rest of the crypto market. In fact, the coin is so influential that it usually dictates the market behavior, whether positive or negative. Right now, the rest of the market follows the positive trend, with all of the top 10 cryptocurrencies currently trading in the green, while only a few among the top 100 coins are experiencing minor losses.

The largest gainers among the top 10 cryptos by market cap are Litecoin (LTC) with a 7.64% growth, and Stellar (XLM), which is growing by 7.27%.

Bitcoin’s behavior in the new year has mostly been positive, which is a trend that originally started on December 17th, 2018. After a month and a half of constant losses, which have brought…

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Bitcoin

What Will Happen First: BTC 2k or 5k?

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BTC
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2018 has ended, and while there was no enormous surge that investors were hoping for, it still ended with a bit of hope for those wishing to see Bitcoin BTC rise.

Only two weeks before the end of 2018, BTC was in a desperate position, with the value of its coin being at $3,200, threating to drop even lower. However, a sudden surge occurred on December 17th, which returned $1,000 to its value. And, since it lost approximately $400 since then, the final days of 2018 have still seen BTC well-above its lowest point of that year.

Now, 2019 has arrived, with traders and investors wondering what will happen next? Is BTC going to drop to $2,000? Will it rise back to $5,000? Will the bear market expand to this year as well, or is the market ready for a proper bull run this time?

The answer, once again, remains uncertain. The problems with scalability may be reduced significantly soon, but high volatility remains an issue. Even the slightest shift can have enormous consequences for the entire market, and any news can impact the BTC price, no matter how big or small, or if positive or negative. To stop its further drop, BTC had to find a balance. However, this balance is more fragile than ever, and the price is expected to move very soon.

What to expect…

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Bitcoin

Is Bitcoin Spiraling Down to a New Bottom?

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Bitcoin
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Bitcoin (BTC) appears to be in yet another free fall, with no indication when or where it will stop, and investors are wondering if the coin is going to breach its recently identified bottom once again.

Bitcoin behavior in 2018

Bitcoin has had an eventful 2018, with countless ups and downs in the last 12 months. As many are aware of at this point, the BTC started this year with an all-time high, when it reached $20,000 per coin. The situation quickly took a turn for the worse, and in mid-January 2018, the market crashed. As a result, BTC started losing value, and over the following months, it lost over 30%.

The free fall stopped at around $6,300, which is where the coin managed to stabilize for several months. At this point, it often had small surges which provided investors with hope that the coin has reached a bottom. Many believed that it will stop dropping and that it can only go up from this price. Then, in November 2018, the market crashed yet again, and BTC breached its bottom.

It continued its downward spiral until it reached $3,200, which experts identified as the new bottom. Once again, investors were hoping that this will be the end of Bitcoin’s value loss and that the market will switch from bearish to bullish. That also seemingly happened on December 17th,…

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