Bitcoin Bull Mike Novogratz Issues a Warning to the Cryptocurrency Community

Bitcoin is down more than 80% from its all-time high, having plummetted since the beginning of this year, dragging most major cryptocurrencies with it, including the likes of ethereum and Ripple’s XRP.

This time last year bitcoin was fast approaching its all-time high of near $20,000 and investors and traders were euphoric over bitcoin’s epic 2017 bull run.

Now, bitcoin bulls have sobered up in the face of an overwhelming bear market that continues to maul the bitcoin price and former Goldman Sachs partner and founder of cryptocurrency merchant bank Galaxy Digital Holdings Mike Novogratz has a stark warning for the crypto faithful.

Many in the bitcoin and cryptocurrency community believe that adoption of digital tokens will revolutionize the financial services industry (and perhaps society itself), using blockchain, bitcoin’s underlying technology, to improve clunky and outdated systems.

But how exactly this bitcoin revolution is expected to happen is not entirely clear—nor is how long it might take.

“Revolutions don’t happen overnight,” Novogratz warned in an interview with Bloomberg. “While I believe in the underlying technology and believe in the crypto movement, when prices get stupid, I sell. A lot of my friends in crypto just couldn’t let go. They were saying, ‘This is going to change the world.'”

Earlier this year the bitcoin price appeared to have found a floor at a little over $6,000. Bitcoin hovered around there for months and many, including Novogratz, thought this was as low as it was going to go.

“I did think Bitcoin was going to hold at $6,200,” said Novogratz. “It stayed there for four months. It felt like the selling was finished. But then Bitcoin Cash decided to fork again.”

However, Novogratz remains confident that bitcoin will make a comeback.

“I do believe Bitcoin is going to be…

Continue reading at FORBES.com

A string of great bitcoin calls makes this trader a must-follow

“Good morning folks I want to introduce you to the power of bitcoins and I know that you probably didn’t want to hear this on a silver channel but I have to point out its amazing stuff.”

That was June 1, 2011, and it was not Tyler or Cameron Winklevoss, or Barry Silbert or any other crypto heavyweight. It was Chilean software developer Davinci Jeremie and going by his previous calls he might be the least-known bitcoin guru.

In 2011, the gold and silver bug posted a video explaining how he had recently stumbled across this new way to transfer something of value when he made a donation to a local author. “I don’t have to pull out my credit card I didn’t have to type in my address, remember my postal code and all the rest of crap,” he said. “It was instant it was fast there’s no middleman transaction taking a cut 3% cut or more of his money that I sent him it was just smooth and easy.”

He was talking about bitcoin, BTCUSD, -2.17%  and at the time, a single coin set a buyer back around $9.

However, by the time Jeremie posted his first video about the nascent cryptocurrency in June, he was well on his way to accumulating his stash. He bought his first bitcoin in March 2011 for the princely sum of $1 and at its peak, his portfolio consisted of 3,000 bitcoins and a smattering of altcoins, or digital currencies other than bitcoin.

In a phone interview with MarketWatch, Jeremie said buying bitcoin early on was not easy because the main source of liquidity was an exchange that he refused to deal on, and which would lead to, arguably, his greatest call.

In a 2013 video, he warned investors against holding money and bitcoins with Tokyo-based exchange Mt. Gox. At the time, Mt. Gox was facilitating more than half of all bitcoin transactions world-wide. “It is my opinion that you should abandon Mt. Gox,” he said in a June 23, 2013, video. “I would suggest you move out of it. Do the trade on the day and get out. Do not leave money in there.”

Jeremie said prior hacks, coupled with worsening banking relationships, led him to believe all was not well with the exchange. Six months later, his fears were realized when Mt. Gox announced it had been hacked and 850,000 bitcoins had been stolen, which at the time were worth around $450 million. The heist remains the largest in the history of bitcoin.

Read: Former Mt. Gox CEO does not want his billion dollars

The prescient calls didn’t stop there. After riding the seven-year wave from $1 to above $10,000, Jeremie felt the tide was turning and the epic bull run was showing signs of slowing. On Dec. 4, 2017, as crypto euphoria was taking hold, he posted a video where he told followers it was time to book some profits. “You’d be a fool to not take some off the table,” he said.

Thirteen days later, bitcoin made an all-time high above $19,000 before doing a U-turn and diving into a brutal bear market that’s lasted all of 2018. Peak to trough, the best-known cryptocurrency lost more than 80% and the entire market value of all coins is down more than $700 billion.

Jeremie halved his portfolio in…

Continue reading at MARKETWATCH.com

 

Is the Bitcoin bear market over? An analyst’s opinion

Bitcoin prices rallied as much as 10% over the weekend, giving virtual currency owners some respite after another tumultuous week.

However, after moving above $3,600 on Sunday, the price of a single bitcoinBTCUSD, -4.54%  has drifted lower and was last fetching $3,413.40, down 3.3% since 5 p.m. Eastern Time Sunday on the Kraken crypto exchange.

The market value of all cryptocurrencies is hovering above its 15-month low at $110.8 billion, according to data from CoinMarketCap.

Read: Opinion: Bitcoin is close to becoming worthless

What are analysts saying

Stephen Innes, head of Asia Pacific trading at Oanda, is arguing that the bitcoin bear market is far from over because the No. 1 digital currency has yet…

Continue reading at MARKETWATCH.com

Is Bitcoin Really Going To Zero?

In my opinion, bitcoin is dead.

It won’t go quietly, but the recent precipitous drop may be the beginning of its inevitable and inexorable death spiral. Or there could be a dead cat bounce. Either way, I see bitcoin as a dead man walking. Future generations may read about bitcoin in a finance textbook as a curiosity and wonder what all the fuss was about. There are still some die-hard adherents espousing the virtues of bitcoin, desperate to make a silk purse out of a sow’s ear. Unfortunately for them, the end may not be pretty when it comes.

Proponents of bitcoin tend to focus on the impact of the blockchain technology that drives it, and make no mistake, blockchain is the real deal. Blockchain is fundamentally changing the way industries do business, from traditional banking to supply chain management. But just because blockchain technology is creating a new paradigm doesn’t mean that bitcoin shares that same distinction. Television fundamentally changed the way the world received news and entertainment. However, it also gave us the likes of Manimal and My Mother the Car.

For those who purchase bitcoin, there are serious headwinds that make it unlikely they will enjoy any profits over the long term. Most cryptocurrency transactions are purely speculative. There are no real fundamentals to evaluate; bitcoin doesn’t produce any products or services, hire any employees or pay any dividends. The only way profits are generated is when the owner is lucky enough to find someone else who will pay more for the thing. If you are getting into the bitcoin game now, you are paying the higher price that makes this whole scheme work. That’s not a distinction you want.

Some bitcoin aficionados are attracted to the idea of a currency beyond government control, one that provides a store of value that easily crosses borders around the globe, and the comfort of anonymity it can provide. For many, it seems like the ultimate safe haven for their money in times of global uncertainty. But these characteristics have only persisted because governments have largely treated cryptocurrencies as novelties. The minute bitcoin or any other cryptocurrency appears to have even the slightest chance of disrupting national monetary supply, I expect regulation to be swift and decisive. The SEC has already issued guidance around cryptocurrencies that has created roadblocks to gaining the same legitimacy as traditional marketable securities.

Cryptocurrencies themselves aren’t going away, and they will likely remain part of the financial landscape indefinitely. But there’s very little reason to believe that bitcoin will be the one that stands the test of time. Other than the name recognition it carries in the market, it’s…

Continue reading at FORBES.com

 

Breaking: Bitcoin Moves To Fresh Yearly Lows After Wild Swings

Bitcoin has today sunk to its lowest level since the beginning of the year as a cryptocurrency-wide market rout continues to cause pain for holders of bitcoin, ethereum, Ripple’s XRP and other major digital tokens.

The bitcoin price fell to a low of $3,563 earlier today, down around 6% over the last 24 hours according to the CoinDesk bitcoin price tracker, before rebounding slightly. Earlier in the week, a bounce in the bitcoin price had led some to speculate the worst was coming to an end for the bitcoin and cryptocurrency market.

Bitcoin is down some 80% from its all-time highs at the end of 2017, a drop which has dragged many other coins down as much if not more, as investors worry long-expected institutional investment in the sector will fail to materialize.

The latest downturn follows a report of Bloomberg analysis of technical data that suggests the bitcoin price could be heading into a “negative pattern.”

The Average Directional Index (ADX) a technical indicator that rises as negative selling trends strengthen, is at its highest level since July, Bloomberg reported. The ADX is currently around 47 and if it crosses 50 it will be the first time it does so this year in a negative pattern, according to Bloomberg.

“There’s little to prevent fading Bitcoin prices from reaching the continuous mean of $1,500,” wrote Bloomberg analyst Mike McGlone in a note, indicating a drop of 60% from bitcoin’s current price…

Continue reading at FORBES.com

3 Can’t-Miss Cryptocurrency Price Predictions for 2019

The cryptocurrency markets took a beating in 2018, but after the incredibly sharp run-up they had in 2017, something had to give.

After all, investors can get far too excited about any market, especially one that covers a new technology and possibly a revolutionary change in commerce. They push prices well above real value and the market eventually corrects, bringing prices back into more of an equilibrium.

However, the correction we’ve just seen, even one of great magnitude, sets the table for a more sustainable bullish trend.

In fact, cryptocurrency experts are predicting another rally in 2019, and we want so show you exactly how high prices could rise.

Let’s take a quick look at why prices are down, and then we’ll turn to the latest cryptocurrency price predictions for 2019…

Why Bitcoin Prices Are Down

In addition to the speculators selling, there are two reasons why crypto prices declined this year.

One such negative catalyst was that the U.S. Securities and Exchange Commission (SEC) rejected Bitcoin ETFs. Pundits viewed this as a failure of the market to accept widespread investment in all cryptos.

Plus, investors did not trust exchanges to hold their wealth securely, which put downward pressure on prices.

See Why Bitcoin Is Far from Dead: Cryptocurrency legend Michael Robinson just revealed why Bitcoin could be poised for a record-breaking rebound. Before the mainstream public gets any wiser, you need to see this now.

CNN reported that $731 million worth of cryptocurrencies were stolen from crypto exchanges in the first half of 2018. It’s no wonder investors ran away.

Still, big corrections are good. They wash away the fast-money speculators, leaving the market to true investors and believers in cryptocurrencies.

We remain bullish on cryptos going forward, which is why we wanted Money Morning readers to see these crypto price predictions for 2019.

You’ll see there’s plenty of profit to be made for investors who get back into the market right now…

Where Litecoin Prices Are Headed in 2019

Litecoin (LTC) is now down 93.7% from its peak but has traded up from its lows in recent weeks.

Now trading at $30.16 a coin, there is a wide range of viewpoints on where it could go next.

The lowest price target on Finder.com for Litecoin in 2019 is $40. That’s a potential gain of 32.7%.

However, four others predict an average gain of 114.5%. Recall that it peaked at $420 about one year ago, so that sort of rally is more than plausible.

Still another expert has a more aggressive target of $150 a coin for a gain of about 400%. That would be a great haul for Litecoin owners, but we can bank some impressive profits with some of the more “average” predictions.

Ethereum Price Predictions for 2019

Ethereum (ETH) dropped 92.5% from its Jan. 13, 2018, peak of $1,419.96 and now trades at $106.32 per coin.

Once again, Finder.com offers a wide range of predictions. The lowest of $240 would result in a gain of 125.7%.

But again, there are other predictions, ranging from a low of $360 to a high of $550. The average of that group looks for a price target of $446.70, which would result in a whopping gain of 320.1%.

Keep in mind that a price of $446.70 is still only a recapture of about two-thirds of the all-time high price. In other words, we can make money even if Ethereum only rallies a few hundred dollars and not a few thousand.

And we’re most excited about Bitcoin in 2019…

The Top Bitcoin Price Predictions for 2019

Read more

The Most Promising Altcoins For 2019

2019 is almost here if you have plans of venturing in the cryptocurrency business, this is the best time to do your calculations. Although 2018 has been such a tough year in altcoins preparing for the New Year with higher expectations is essential. However, for you to attract positive results for next year, it is essential to learn of which altcoins are convenient and most relevant to the market. This blog contains a list of the most promising altcoinsthat will take over in 2019 based on their technology, and other criteria’s.

Stellar XLM

XLM (stellar) focuses on providing its users with reasonable, efficient and fast cross-border payments. Unlike other altcoins that focus on large institutions, stellar deals mostly with individuals. The best thing about this altcoin is that it has partnered with large tech companies to ensure that it has a substantial investment representation. Its blockchain processes higher transactions at a lower fee which makes it highly competitive.

Litecoin

Since its innovation in 2011, litecoin has continued to be among the best altcoins and it guarantees easy money for every investor. The difference between litecoin and bitcoin is in its advanced technology. It has a large market cap, and its popularity is proliferating. Additionally, litecoin has tons of active traders who are always ready to invest even more to see it rise to the top in the crypto market. Over the years, this altcoin has proved to make progressive growth with New Year.

4New

If you are a keen follower of the cryptocurrency market, you understand that this altcoin is new on the market. However, that does not indicate that it does not have what it takes to take over the market in the coming 2019. 4New project runs factories that convert waste to electricity after burning the trash. They then tokenize the electricity, which enhances their position in the crypto market. What makes this altcoin more promising is the fact that they use progressive technology in waste cleanup and application to the world of cryptocurrencies. Although we cannot entirely say that this altcoin will take over 2019, its technology will…

Continue reading at ZyCrypto.com

Bitcoin makes an 8% move to kick off December

  • The world’s largest cryptocurrency hit a low of $3,790.96 on Monday.
  • Bitcoin has struggled to recover above the $4,000 mark after dropping 37 percent in November.
  • December of last year was a record one for bitcoin, and marked the beginning of its surge to almost $20,000.

Bitcoin is kicking off the last month of 2018 with another downward drop.

After ending November deeply in the red, the world’s largest cryptocurrency fell as much as 8 percent on Monday to a low of $3,790.96, according to data from CoinDesk.

At this time last year, bitcoin was beginning its climb to almost $20,000 and ended last December up 40 percent. It entered its hot streak just after Thanksgiving last year, surging in price largely because retail investors were buying in.

But the tail end of this year has been a different story: Bitcoin is now down 73 percent since the beginning of January. Twenty-four-hour trading volumes are down 56 percent since Jan. 1, while the entire cryptocurrency market capitalization has fallen 80 percent.

Other cryptocurrencies also fell on Monday. XRP, the world’s second-largest by market value, was…

Continue reading at CNBC.com

Bitcoin had another major move today, 11/30/18

Any bitcoin revival is on hold as the price of the world’s best-known cryptocurrency trades back below $4,000.

After bouncing more than 20% of its low, bitcoin BTCUSD, -5.31%  has surrendered close to half of the gains and was last trading at $3,988.91, down 5.2% since Thursday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange. Earlier in the session bitcoin traded to an intraday low at $3,893.31.

Read: If history repeats itself, this chart will awaken bitcoin bulls

What are strategists saying

Analysts at U.K.-based research firm FX Pro Insights said the selling above $4,000 is most likely short-term traders booking some profits. “The real question is: Has the crypto market indeed reached the bottom?” they wrote.

“Many market participants have decided to take an optimistic approach and BTC’s decline to $3500 was an important support point for the cryptocurrency. Within this context, it should be noted that speculators may soon begin to profit from this trend, which may trigger a new wave of sales,” FX Pro Insights analysts wrote.

Altcoins stumble again

Altcoins, or coins other than bitcoin, were…

Continue reading at MARKETWATCH.com

2019 could be a Huge year for THIS CRYPTOCURRENCY

In 2019 the cryptocurrency sector will continue its evolution. While its early years have been dominated by almost entirely speculative trading, as the market matures, a digital asset’s ‘fundamentals’ will become increasingly important as value indicators. BNC’s ‘Alt-Coin Contenders’ series introduces assets with fundamental characteristics that set them apart from their competitors and justify their inclusion in any investor’s ‘ones to watch’ list.


From an investment perspective, valuing businesses is typically done using time honored formulas like price to earnings and price to book ratios, PEG calculations and dividend yields. In the crypto space, none of these methods apply directly — and investors continue to wrestle with how best to assign a value to digital assets in a nascent industry that is sentiment driven and characterized by wild volatility.

To that end, the purpose of this ‘Alt-Coin Contenders’ series is to identify specific assets that BNC analysts have identified as having fundamental characteristics that at the very least, justify investors including them in a ‘ones to watch’ list.

Our selections are made based on a range of criteria – things like the number of Dapps deployed or an increase in on-chain transactions. Or the amount of Github activity and the size and enthusiasm of an asset’s ‘community’. Or apparent liquidity — significant exchange listings and fiat on-ramps. Exposure to potential legislative action is also important, as are the people behind the scenes — inspiring leaders with ‘rock star’ social media status, or alternatively, big-time financial backers with deep pockets and a track record of success. No single asset will tick every box, and some will tick more than others, but what this series aims to do is move readers beyond simplistic FUD, FOMO and speculation — and introduce the range of fundamental token attributes that should become recognized value indicators as the industry matures…

Continue reading at BRAVE NEW COIN