Bitcoin
Has the Bitcoin Price Bottomed?
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 price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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