Galaxy Digital’s Novogratz Remains Bullish as Ever on BTC: “This is the Time for Bitcoin”

The price of Bitcoin has surged 74% from the low the digital currency put on March 12. However, we are still down 36% from 2020 high of about $10,500. But according to billionaire investor Mike Novogratz instead of panicking, this should be taken as a buy the dip opportunity.

In a recent interview with CNBC, the Galaxy Digital Holdings’ CEO said, “If there was ever a time — debasement of fiat currencies, monetization of trillions of dollars of debt, this is the time for Bitcoin.”

The bitcoin bull predicted on Tuesday that the world’s leading cryptocurrency would rally this year as it was designed after the 2008 financial crisis to be an alternative when central banks “run amok.”

In recent weeks, we saw central banks around the world announcing trillions of dollars in stimulus to pump in the financial markets and promising every step necessary to combat the impact of coronavirus on their economies.

“It needs to rally this year,” said Novogratz. “If at the end of the year Bitcoin’s not a lot higher, I’m going to scratch my head and say, ‘Look, what the heck is going on?’”

Bitcoin Looking Promising

Currently, BTC/USD is trading under $6,700 after surging to $6,990 after the $2 trillion stimulus coronavirus bill was passed. The move yet again followed the stock market. Yesterday, the Dow Industrial Average had its historic rise only today to swing between gains and losses.

Meanwhile, one technical indicator, GTI VERA Convergence Divergence is flashing a buy signal. Moreover, according to Christel Quek, co-founder of Bolt Global,

“It could be very likely that traditional investors are seeking to regain liquidity through profit hunting from crypto assets as equities are negative worldwide.”

However, in the short-term, in the next 1 to 2 months, economist and trader Alex Kruger sees everything from equities, their volatility, bitcoin if it remains risk-on, and crude oil to be lower.

It’s worth noting, in less than two months, Bitcoin will experience its third reward halving that would cut down miners block rewards while the cost of mining bitcoin will surge between $12000 to $15,000.

In the next six months, the economist sees equities and gold higher while his 12 months’ view is everything from equities, its volatility, gold to bitcoin going higher. But the main risk he said is if the equities’ bottom is in because of the rising coronavirus cases and the period of lockdown in the US.

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Author: AnTy

Thomas Lee: Bitcoin’s Price Needs To Surpass $150,000 USD to Be Liquid Enough for BTC ETF

People are talking about the so-awaited Bitcoin exchange-traded fund (ETF) for quite a lot of time. However, according to Tom Lee, the co-founder of Fundstrat, Bitcoin is not liquid at the moment, so there is simply no way the ETF could be successfully created.

Lee argues that the price of BTC would need to be at least $150,000 USD for the market to have enough liquidity. Only this would make the ETF possible. This is basically the main reason why we’ll not have the ETF this year. With a market under $200 billion USD, the market is not very liquid at the moment.

The ETF would basically create what Tom Lee describes as a major demand imbalance. This could turn the whole idea into something unfeasible. Also, the U. S. Securities and Exchange Commission (SEC) will probably not want to have its image linked to the dangerous project, which is why it generally just postpones it.

Only after Bitcoin would not be so small anymore that it would be the kind of asset that generally can have an ETF. It is because of this that people, in Lee’s opinion, should be tempering their expectations a bit.

He affirmed that the gold ETF was only approved in 2003 and gold is a very old asset. These developments simply don’t happen overnight, which is why it is important to be very patient and realistic when dealing with them.

If we take what Tom Lee is saying as the truth, Bitcoin would have to really jump in price for the ETF to happen anytime soon. These days, traders are still optimistic, but many of them are believing that prices will increase tenfold this year, though, so it may take a while.

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Author: Silvia A

Is NVIDIA Looking to Control the Ethereum Network? Here’s the Problem Regarding ProgPoW

It has been recently revealed that NVIDIA secretly influenced the development of “ProgPoW”, however, there are many allegations regarding it as well reports Decrypt.

In particular, the accusers are claiming that ProgPoW was built specifically to support NVIDIA’s GPUS. The problem that arises from this is that Ethereum miners will then have to rely on NVIDIA, with the latter possibly taking control over the Ethereum network.

The need for ProgPoW stems from the fact that over the course of years, application-specific integrated circuits (ASICs) have outnumbered the usual use of graphic processing units (GPUs). Unfortunately, those who have been sticking to GPUs were no longer able to mine given the rise in ASIC. Hence, comes ProgPoW, which ensures that miners can make some form of money.

The Evidence

Commenting on this is Kristy-Leigh Minehan, deemed the ProgPoW architect, who has since dismissed the accusations made. She also left her position at Core Scientific, who supposedly commented otherwise. According to the claims made, Core Scientific has been linked to NVIDIA and possibly Calvin Ayre.

What does this Upgrade Mean for NIVIDIA?

Obviously, it would imply an increase in sales in their specific GPUs, but interestingly, at the expense of ASICs and GPUs of its competitor, AMD. This implies that the NVIDIA is trying to secure the company’s monopoly over the network.

Turns out that the connection between Core Scientific and NVIDIA is that the latter is supposed to provide artificial intelligence GPUs that can be adapted to mine either, writes the news outlet. The duo has also come together in Core Scientific’s incubator program, which according to the President of gpuSTASH, Alexander Levin, involves the sharing of ProgPoW-ready mining technology.

As per Levin, ProgPoW’s other creators, Def and Else have been getting paid by NVIDIA. He also accused Minehan as being a “NVIDIA patsy”. However, Minehan affirms that they were changed to dishonestly convict her.

The Chief Administrative Officer of Core Scientific, Matthew Bishop has since denied the connection established above, adding that he doesn’t even know what ProgPoW is and that his clients have not been affected by the proposed Ethereum algorithm change.

Minehan noted that the aforementioned is false, adding that a connection was established. According to the architect, the AI GPUs would help generate a bit of profit from crypto mining, but for sure will positively impact the duo’s GPU sales.

As for Def and Else, Minehan affirmed that it is not true, adding that that the ProgPoW does not favor NVIDIA’s chips over its competitor, AMD. That said, the architect has had links with both NVIDIA and AMD. She said:

“I have worked very closely with NVIDIA and AMD for the majority of my professional life […] NVIDIA keeps an eye very closely on the GPU market.”

As for Calvin Ayre’s role in all this, it has been found that both the CEO of Core Scientific, Kevin Turner, the former and Craig Wright serve on the advisory board for Squire Mining. Apparently, months later, Squire signed a binding letter of intent to Core Scientific to host 41,166 Bitcoin SV compatible ASIC devices. The news outlet questioned whether this was the doings of Calvin Ayre – that way all control over ProgPoW rests in the hands of CoinGeek.

Ethereum Classic’s Cooperative Executive Director, Bob Summerwill has been very vocal about the aforementioned connection arguing that CoinGeek is planning to be NVIDIA’s primary purchaser once ProgPoW is ready. Surprisingly, he affirms that Minehan also has connections with CoinGeek and BSV.

This is what a spokesperson from CoinGeek had to say:

“I can say with some authority that this is a conspiracy theory nonsense.”

Then there’s Minehan who denies everything and while Craig Wright did not comment on the matters, he previously described ProgPoW as being, “dumb as f*ck”.

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Author: Nirmala Velupillai

Consensys and Coinbase-Backed Exec To Create GitHub-Like Platform For Web3

Most developers still use GitHub to share their open-source code. However, some people think that this kind of solution is not ideal when we have an emerging crypto world being born. Because of this, Harrison Hines, the CEO of Terminal, has decided to make his own crypto-version of GitHub.

Terminal, which received $3.7 million USD in investments last year from companies such as Coinbase Ventures and passed by the ConsenSys accelerator program, is ready to launch its own developer hub for decentralized projects.

The idea was to create something similar to GitHub but to make it easier for Web3 developers to deploy smart contracts there. As many projects need to use smart contracts, Terminal will allow them to use them on the platform without having to find another more complicated way first.

Vamsi Alluri, a MakerDAO engineer, was bullish on this idea. According to him, a large ecosystem that constantly needs to use smart contracts would benefit from a platform that was designed specifically for their needs.

Web3 platforms are not really hosted or controlled by a single party, so they really need some specific things in order to work properly. The whole process of using them and programming for them changes.

Terminal is set to offer smart contracts, node services, and direct conduits to external programs; all for free. According to the Terminal executives, it would be considerably cheaper to simply use their already existing infrastructure instead of having to pay to use nodes.

How will the project be maintained? It will use a “freemium” system. People can access all the basic features for free, but if they really like the platform and want to upgrade, they will have to pay.

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Author: Gabriel Machado

Bitcoin Volatility Is At Four Months Low, What’s Next for the Price of Bitcoin?

The volatility of Bitcoin has always been one of the biggest criticisms of it, however, the past few months it has been relatively quiet.

The chief investment officer at U.S. asset manager Blockforce Capital, David Martin says:

“So far in September, bitcoin’s price has continued the consolidation and range-bound nature that was kicked off early August. As of this morning, bitcoin’s volatility is now at a four-month low of 53.5%, a level not seen since May 11th,”

In August, the cryptocurrency started moving higher after President Trump tweeted his plans to impose additional tariffs on China, and received a boost when the Chinese yuan reached a more-than 10-year low against the U.S. dollar. However, Bitcoin surrendered these gains, falling to as little as $9,325.39 but it bounced back again.

Bitcoin generated some sharp gains earlier this year, climbing more than 200% between the start of April and June 26, when it reached nearly $14,000. Since Bitcoin has not definitively surpassed the $10,000 psychological barrier, it is believed that investors have adopted a wait and watch approach, as a breakdown below $10,000 can see the price plummet swiftly.

Traders have been focusing on macroeconomic developments, as any major changes could have a significant impact on the global asset markets. As the BTC price increased due to the massive adoption at all levels, everyone hoped that the coin would become less volatile over time. Traditionally, it is known that company stocks become less volatile as they grow from penny stocks or small caps to large caps or mega caps.

Interestingly, while Bitcoin can be compared to large caps and Litecoin can be regarded as a small-cap in this context, both cryptocurrencies demonstrate similar volatility levels.

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Author: Sritanshu Sinha

Closed Polish Crypto Exchange Bitmarket Sees Co-Owner Shot Dead, Body Buried

Closed-Polish-Crypto-Exchange-Bitmarket-Sees-Co-Owner-Shot-Dead-Body-Buried

Crypto ecosystem generally attracts negative stories of hacks and scams. However, there are times, albeit not too often, when the crimes are as serious as kidnapping and murder. This was the case for the unfortunate Tobias Niemiro who was found dead with a bullet in his head in a forest near his house.

Exchange Shut Down

The exchange that Tobias owned, Bit Market – Poland’s second-largest cryptocurrency exchange was shut down permanently earlier this month. Marcin Aszkiełowicza, a Director working for Bitmarket revealed that hackers were able to steal over 600 bitcoins from the firm a couple of years ago.

The group also left a cryptic message in which they stated that following the attack, the trading platform would be shut down completely. This was primarily because of lack of liquidity.

Aszkiełowicza went on to say:

“The persons actually managing the stock exchange at the time, being aware of this immensely difficult situation, left me alone with the problem of a huge deficit. For the last 2 years, I have been doing everything with the whole team to bring the company out of this stalemate.”

The interesting part in this story is that Niemiro had released a separte statement for the shut down of the exchange. He had earlier said:

“ I lost everything because somebody caused the collapse of the exchange. Now, I’m losing face and my good name for which I’ve worked all my life. I am one of the victims.”

Suspicious Circumstances Around The Death

Tobias Niemiro lived in the small town of Olsztyn, located about 3-hours from the Polish capital of Warsaw. The first reports of the death show that it was a suicide, although police haven’t ruled out foul play yet.

Adam Socha who is a friend of the deceased says that he got an-email just 3-hours before his supposed death. He explains:

“The email was long. It seemed like he had found himself in an environment of shady businessmen. He gave names. I will not disclose its content because of the investigation. I forwarded the email to the prosecutor’s office. He also wrote that he would provide certain materials, but he didn’t have time.”

This event sends an immediate flashback to the events following the death of QuadrigaCX founder. Gerald Cotten mysteriously passed away while working in India due to complications from Chron’s disease and the exchange ended up losing 100s of millions of dollars.

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Author: Sritanshu Sinha

Zcoin Price Prediction Today: Daily (XZC) Value Forecast – July 16

  • However, if the price does fall it will depreciate to the previous low of $7.00 price level.
  • The crypto’s price is below the moving averages suggesting that price may fall.

XZC/USD Medium-term Trend: Ranging

  • Resistance Levels: $12.0, $13.0 $14.0
  • Support levels: $10.0, $9., $8.0

Yesterday, July 15, the price of Zcoin was in a bearish trend that broke below the 12-day EMA and the 26-day EMA. The moving averages are trending horizontally indicating the price is in a range bound move. The crypto’s price is below the moving averages indicating that price may likely fall.

However, if the price does fall it will depreciate to the previous low of $7.00 price level. From the Fibonacci tool, the coin has reached the downtrend zone of 0.618 Fib retracement level. The previous trend has already been reversed. Meanwhile, the price of Zcoin is in the oversold region of the daily stochastic but below the 40% range. This indicates that price is in the bearish momentum and a sell signal.

XZC/USD Short-term Trend: Bearish

On the 1-hour chart, the XZC price was in a bearish trend. The 12-day EMA and the 26-day EMA were sloping southward indicating that price is falling. The crypto’s price is below the moving averages suggesting that price may fall.

The market was on a downward correction to a low at $10 price level. Meanwhile, the price of Zcoin is in the overbought region of the daily stochastic but below the 80% range. This indicates that price is in the bearish momentum and a sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha

Ethereum Classic Price Prediction: Long-term (ETC) Value Forecast – July 13

  • However, if the support level is broken the crypto’s price will fall to the low of $5.50 price level.
  • On June 2, the bulls reached a high of $9.50 but could not break the resistance level.

ETC/USD Long-term Trend: Bearish

  • Resistance levels: $6, $6.5, $7.0
  • Support levels: $5.50, $5.0, $4.5

The ETC market was in a bullish trend in the month of May 2019. On June 2, the bulls reached a high of $9.50 but could not break the resistance level. The crypto’s price fell to the 12-day EMA support level and commenced an upward move to retest the resistance level. On June 26 the bulls were resisted again as the price fell to a low of $7.50 support level.

At the support level , the crypto’s price was in a range bound move before resisted by the 12-day EMA. The ETC price is in a final push in the bearish trend as it fell to the low of $5.81. The $5.81 support level is the previous low of May 12. If the $5.81 support level holds, the crypto’s price will rise and resume a bullish move to the EMAs.

However, if the support level is broken the crypto’s price will fall to the low of $5.50 price level. On the downside, if the bulls fail to break the EMAs, the price of EOS will continue its range bound move below the EMAs.  The stochastic is at the oversold region but above the 40% range which indicates that ETC price is in a bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \ Investment Disclaimer

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Author: Azeez Mustapha

Ethereum Classic (ETC) Mining Profitability Has Been Growing Steadily (Stats Inside)

Ethereum-Classic-ETC-Mining-Profitability-Has-Been-Growing-Steadily-Stats-Inside
  • At one point, ETC was ranked in the list of top -10 crypto assets by overall market capitalization. However, the digital currency is now ranked 20th on the same list.
  • Supporters of ETC claim that it is the only ETH hard fork to have stayed true to the original vision of the currency.

As most of our regular readers are probably well aware of, Ethereum Classic [ETC] first came into existence during the latter half of 2016. Upon its inception, the currency was viewed as a fork of ETH that stuck to the original Ethereum blockchain and could be used by developers to create a host of novel dApps (decentralized applications) as well as smart contracts.

With that being said, it bears mentioning that over the past couple of years, the currency has been sliding in value — with a single token currently trading around the $7.79 mark. Additionally, the once sought after altcoin currently possesses a total market cap worth $870 million. However, despite all this, over the last 12-14 months, ETC mining activity has been on the rise, with many crypto enthusiasts claiming that the currency is on the verge of a serious breakout.

As can be seen from the chart above, Ethereum Classic’s [ETC] mining profitability has been on a steady rise since the start of the year. Not only that, a number of independent research studies have shown that the most profitable ETC-oriented mining pool right now is ’2Miners’ — which recorded a profitability ratio of 100% and displayed a weekly income of 21.391 ETC [$164.50]/1 GH/s.

Ethermine — another extremely popular mining pool — also registered returns of over 98% during the last week or so. To be a bit more specific, we can see that the pool’s weekly income stands at 20.486 ETC [$162.06]/1 GH/s.

Lastly, Nanopool was able to rake in profits of around 95% (estimated returns of $20.486 ETC [$157.54] /1 GH/s) over the week gone by.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Shiraz J

Facebook’s Libra Movement Receives Backlash in Washington About Cryptocurrency Project

Facebooks-Crypto-Plan-Draws-Criticism-From-Washington

Facebook’s Libra plan has once more been criticized. This time, however, the complaints do not come from the crypto community, which is fairly negative on the whole project, but from the government of the United States.

A letter signed by over 30 influential groups in Washington was recently sent to Facebook. The letter demanded the project to be halt immediately as there were “profound questions” about the project, as reported by Bloomberg.

This letter was signed by five congressional committees’ leaders and the main point was that the regulators were simply not prepared to deal with something like the Libra project right now.

In their view, the project of the social network company would still need to address some questions and concerns before the project could be allowed to move forward and be really launched in the United States.

Maxime Walters, the House Financial Services Committee Chairwoman, affirmed that she believed that Facebook’ Libra posed a risk that was simply too big to be allowed to go forward with so many questions without a proper answer.

Facebook did not publicly respond to the letter until the time of this report.

Facebook’s Libra Will Have A Hard Time Being Regulated

If cryptocurrencies posed a huge problem for regulators who were uncertain of how to deal with them, the truth is that Libra is possibly even more troublesome, mostly because Facebook is huge. The reach of a project such as this one is unseen in history and we all know that Libra has the potential to reach even more people than Bitcoin did.

When that happens, how will the world react? Facebook has announced the Libra Association, which has companies such as Mastercard, Visa, Paypal and Uber in its ranks, but most people are still afraid that the new token could be way too centralized.

Governments such as India have already indicated that maybe Facebook’s Libra will not be welcome there, while other governments, such as the Russian, will treat it just like any other crypto.

The United States will possibly provide a good thermometer for how difficult it will be for Facebook to get approval and, so far, it does not really seem that it will be very easy. Libra is still far from its launch but the team behind the new cryptocurrency already has a lot of problems to solve.

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Author: Gabriel Machado