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Has the Bitcoin Price Bottomed?

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Bitcoin Price

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

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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.

NFTs are already being actively traded in markets globally. For…

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