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Has the Bitcoin Price Bottomed?

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After a large increase that the Bitcoin price has seen in the last two weeks, the number one currency may have bottomed, at least according to Mike Novogratz.

Bottomed Bitcoin Price

Bitcoin price may have bottomed, according to the new claims from the popular crypto trader and investor, Mike Novogratz. Novogratz, who is the CEO and Chairman of Galaxy Investment Partners has recently expressed this opinion on Korea Blockchain Week’s show ‘Cryptotrader’.

During the interview, Novogratz stated that he is not completely sure that BTC has bottomed, but he does believe that it might be. However, he still thinks that the new bottom is a perfect place to be in order to make a strong next move. He also mentioned that the crypto adoption is increasing at a pretty decent rate.

He added that there are more and more people at crypto conferences around the world, which means that there are more of them in the crypto world. Even the institutions have started joining in by making the first moves, although they are still extremely cautious.

There are others who now share Novogratz’s opinion, some of which came to this conclusion even earlier. Barry Silbert, a member of Digital Currency Group, has said the same thing earlier this month.

What can we expect next?

Mike Novogratz has given several crypto price predictions, one of the more recent ones being about the total crypto market cap hitting $800 billion by the end of the year. He has now modified this prediction, admitting that it will likely not happen by the end of the year, but that it still might come to pass in the next 12 months. His new prediction has been built on top of the new wave of institutional investments that are reaching the crypto world.

One thing has stayed the same though, and that is Mike’s attitude towards the crypto market, which continues to remain completely positive. He does recognize that there are some changes needed for the crypto world to advance further. According to him, the next big move for the better can be achieved by implementing proper custody solution, which would be supported y reputable authority. Additionally, he believes that the regulatory clarity is another necessity that the crypto world currently lacks.

He added that these two things are what is necessary to attract institutional investors. However, he still firmly believes that it is only a matter of time before the market gets what it needs. The need for these changes is real since the current custodial solutions are not good enough to handle the task.

Instead, the institutions need more reliable solutions in order to start trusting the crypto world. However, even the proper custodial solutions would not mean all that much without reliable and trustworthy names to back them up.

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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

As Global Tensions Grow, Bitcoin Price May Go Higher

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BTC Surged Again as A Safe Haven Asset During Global Tensions

  • India – China Border Conflict

After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.

  • North and South Korea Clash

Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries. 

North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.

The tensions grown in Asia and the potential “second wave” of coronavirus in the United States may add more difficulties to the global economic recovery. Thus, Bitcoin, as a safe haven asset, attracts more investors to…

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Bitcoin

CoinFlip Continues to Dominate the U.S. Cryptocurrency ATM Market

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Although cryptocurrency has brought in a lot of traders seeking the dream of overnight wealth, cryptocurrency is a lot more than just striking it rich.  Cryptocurrency is about creating a new market with companies that are building cutting edge technology in an effort to continue elevating our way of life.  As the crypto market continues to expand, several companies are involved in creating ways for more people to participate.  One such company that appears to be making all the right moves is CoinFlip.

CoinFlip is the world’s leading cryptocurrency ATM operator that currently allows users to buy and sell 10 different cryptocurrencies including BTC, ETH, LTC, DASH, TRX, KMD, LINK, BNB, XLM, and USDC.  Due to the company’s quick growth, CoinFlip has quickly gained a reputation of being the place to go for all crypto ATM transactions.  In addition to its massive geographic coverage, there are four advantages that CoinFlip currently offers over its competitors:

  • Lowest fees of any cryptocurrency ATM in the world
  • Lightning-fast transactions that are typically completed between 10 and 30 minutes
  • Extremely easy customer verification
  • 24/7 customer support through phone, text, and chat

Given the global pandemic currently facing us, many companies have been struggling just to survive.  CoinFlip, on the other hand, is not only surviving but thriving.  The company has had an exciting few months and has even bigger plans…

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Bitcoin

Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

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Cryptocurrency Fraud is Evolving
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In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…

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