Connect with us

Bitcoin

This Venture Capital Firm Is Going ALL IN on Bitcoin (BTC) and Ethereum (ETH)

Published

on

Bitcoin

The declining and unsure crypto markets can be viewed via two sets of eyes. The first set is the pessimistic type that believes this is the end of the world as we know it with relation to cryptocurrencies. The second is the set of eyes that have that sparkle of optimism for the prices of most digital assets are at their lowest. This means this is a prime time to buy in and to buy in big on Bitcoin (BTC), Ethereum (ETH), other prominent coins and the obscure tokens just reaching the crypto markets.

One such Venture Capital firm is doing just that: buying in big into cryptocurrencies. This firm is known as Andreesen Horowitz and it has already raised $300 Million for its first crypto-focused fund. The firm has also brought in its first female general partner who is a former US Department of Justice prosecutor. Her name is Katie Haun and she will be leading the new fund.

Ms. Haun is quoted as saying:

“We want to see crypto move on beyond speculation phase and see it solve eventually billions of real-world problems. We may be investing in things that haven’t been invented yet.”

Ms. Haun helped launch the Justice Department’s first government task force for Crypto. She also worked on the high profile crypto case known as the Silk Road. She is also on the board of Directors of Coinbase and has taught Stanford’s Law School’s first-ever course on digital currencies and cybercrime.

Chris Dixon, general partner at Andreessen Horowitz, was optimistic about the cryptocurrency industry. He stated that the firm was taking a long-term and patient approach towards the industry. Mr. Dixon told CNBC that:

“We’ve experienced ups and downs in the cryptocurrency market, and expect there will be many more. There’s potential in the technology, and some of the downturns can be the best investments.”

Via this statement, Mr. Dixon showed that the firm was very bullish about cryptocurrencies in the long term. He added that:

“There are wild fluctuations in the price, and we see that as an opportunity. We’ve been unphased and investing consistently over time.”

Dixon also compared the current crypto atmosphere to that during the smartphone boom of 2009 and 2010. During that period of time, smartphones and their corresponding Apps ‘ruled’ technology. He was also quick to point out that the crypto industry is just getting started; that the industry is still young.

In summary, and as mentioned earlier, the current crypto market decline can be viewed through two sets of eyes. The first being the pessimistic type that believes it is all over. The second set is the optimistic pair of eyes as exemplified by the Andreessen Horowitz firm. We are truly at the beginning of something revolutionary.

For the latest cryptocurrency news, join our Telegram!

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 Pexels

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

Published

on

By

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…

Continue Reading

Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

Published

on

By

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…

Continue Reading

Bitcoin

Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

Published

on

By

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…

Continue Reading

Trending