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$1700? Why Even Bitcoin’s Bear Case Is Still Bullish – CoinDesk


CoinDesk

$1700? Why Even Bitcoin’s Bear Case Is Still Bullish
CoinDesk
As the first public asset manager to gain exposure to bitcoin at $250 through the Bitcoin Investment Trust (GBTC), ARK Invest faced a number of questions and much ridicule in September 2015. Given our research-based conviction, and the knee-jerk


CoinDesk

$1700? Why Even Bitcoin's Bear Case Is Still Bullish
CoinDesk
As the first public asset manager to gain exposure to bitcoin at $250 through the Bitcoin Investment Trust (GBTC), ARK Invest faced a number of questions and much ridicule in September 2015. Given our research-based conviction, and the knee-jerk ...

$1,700? Why Even Bitcoin’s Bear Case Is Still Bullish

Despite the recent price plunge, ARK Invest’s CEO remains convinced bitcoin is the first of its kind in a new asset class, one that is here to stay.

Despite the recent price plunge, ARK Invest’s CEO remains convinced bitcoin is the first of its kind in a new asset class, one that is here to stay.

$4 Billion Foxconn Chairman Invests in Cryptocurrency Merchant Bank

Mike Novogratz is extremely bullish on Bitcoin and other cryptocurrencies. He is convinced this new form of money has a bright future ahead in the years to come. His latest cryptocurrency merchant bank project attracts a lot of attention. Even Foxconn’s Terry Gou wants to get in on this action as of right now. With … Continue reading $4 Billion Foxconn Chairman Invests in Cryptocurrency Merchant Bank

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Mike Novogratz is extremely bullish on Bitcoin and other cryptocurrencies. He is convinced this new form of money has a bright future ahead in the years to come. His latest cryptocurrency merchant bank project attracts a lot of attention. Even Foxconn’s Terry Gou wants to get in on this action as of right now. With this venture already raising $250m through private investors, this new venture will be quite interesting. It seems Foxconn Chairman Guo is one of the people picking up some company shares early on.

Galaxy Digital will be a rather big venture for the cryptocurrency industry. It is designed to trade cryptocurrency and make principal investments, manage assets, and consultancy. While all of these industries are quite popular, combining them into a commercialized bank-oriented venture has not been done before. Mike Novogratz is confident this is the right time to introduce such a business model to the masses.

Foxconn Sees Merit in Cryptocurrency

With $250m raised for this venture, interesting things will happen. It seems Foxconn chief Terry Gou has also gotten in on the action quite early. It is only normal such a big venture attracts some of the world’s most wealthy individuals right now. Cryptocurrency is still a booming business and things are only just getting started. It seems Galaxy Digital will continue to raise money from private investors in the future. How much money, remains unknown at this point.

One interesting aspect of this venture is how Galaxy Digital wants to go public. Mike Novogratz purposefully pursues a model which allows him to do so without disclosing financial statements. It may seem a bit tricky to a lot of people, but it is a legitimate business model. It seems Foxconn chief Terry Gou sees merit in this particular model as well. By going public, company shares can be bought and sold more easily. For now, a holding company will take care of the shares by trading on the TSX Venture Exchange.

For now, it remains unclear how much money Foxconn chairman Gou contributed. Nor are there any other details regarding investors and participants to date. It is not the first time Foxconn contributes to a blockchain or cryptocurrency project either. They even have their own subsidiary blockchain firm, called Chained Finance. It will be interesting to see how Mike Novogratz’s new venture will play out. With so much private capital in place already, the future looks bright.

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Bitcoin Demand From Academia and College Students Rapidly Rises

Bitcoins value may have dropped in the marketplace but interest in cryptocurrency is rising just as fast in the classrooms of top universities across the US. Academia Gets Heavy into Bitcoin Some of the top universities in America including Duke, Cornell and Massachuttes Institute of Technology are now offering classes exploring cryptocurrency and Blockchain technology … Continue reading Bitcoin Demand From Academia and College Students Rapidly Rises

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Bitcoins value may have dropped in the marketplace but interest in cryptocurrency is rising just as fast in the classrooms of top universities across the US.

Academia Gets Heavy into Bitcoin

Some of the top universities in America including Duke, Cornell and Massachuttes Institute of Technology are now offering classes exploring cryptocurrency and Blockchain technology as reported by the New York Times.

“There was some gentle ribbing from my colleagues when I began giving talks on Bitcoin but within a few months, I was being invited to Basel to talk with central bankers … joking from my colleagues stopped after that.”

Said David Yermack a professor of business and law at New York University who began teaching one of the first classes on the subject in 2014.

The classes have proven so popular among students that schools have had to shift classes to the largest lecture halls on campus and limit student enrollment.

As changes in the technology and market happen so rapidly teachers and professors aren’t promising a definitive syllabus.

“We aren’t waiting until we perfect it, don’t compare it to the perfect blockchain course. Compare it to having no blockchain course at all.”

Said Greg La Blanc one the professors teaching a course called Blockchain, Cryptoeconomics and the Future of Technology, Business and Law at the University of California, Berkley. A course that attracted so many students the three departments involved had to split the seats between them to make attendance fair.

The popularity of the courses may be fueled by the meteoric rise of Bitcoin prices in late 2017 but many students are reporting interest beyond making money fast from investing.

Blockchain Vital to the Future of Doing Business

There are as many classes on offer that explore the future of the Blockchain technology as there are examining the nature of digital currency.

“The students in my class are from every possible discipline, They understand that this is going to disrupt many different areas of business, and they want to be the disrupters, not the disruptees.”

Quipped Duke Universtiy business school professor Campbell Harvey, who is teaching a class with 231 students this semester.

Back at Berkley students who couldn’t find seats in crypto classes have formed their own campus club that offers classes and forums on Blockchain technology.

Students in these classes are looking towards the changes Blockchain ledger technology is going to bring to the immediate future to industries as far reaching as transport logistics, music streaming and of course money management.

“This is a very precious opportunity for you to be able to sit in this class, There are a bazillion other students who are waiting for your spot.” Professor Dawn Song tells her students.

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Cardano Price Technical Analysis – ADA/USD Consolidating below $0.4000

Key Highlights ADA price is struggling to move above the $0.3600 and $0.3800 resistance levels against the US Dollar (tethered). There is a short term contracting triangle forming with resistance at $0.3400 on the hourly chart of ADA/USD (data feed via Bittrex). The pair may soon break the triangle for the next move either above … Continue reading Cardano Price Technical Analysis – ADA/USD Consolidating below $0.4000

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Key Highlights

  • ADA price is struggling to move above the $0.3600 and $0.3800 resistance levels against the US Dollar (tethered).
  • There is a short term contracting triangle forming with resistance at $0.3400 on the hourly chart of ADA/USD (data feed via Bittrex).
  • The pair may soon break the triangle for the next move either above $0.3500 or below $0.3200.

Cardano price is currently moving inside a range against the US Dollar and Bitcoin. ADA/USD may soon make the next move either above $0.3500 or below $0.3200.

Cardano Price Resistance

There were a couple of attempts by buyers to push ADA price above the $0.3800 and $0.4000 levels against the US Dollar. However, they failed and as a result, there was a downside reaction below the $0.3500 level. The price moved below the 23.6% Fib retracement level of the last wave from the $0.2615 low to $0.3805 high. The downside move was steady, but the price found support near the $0.3200 level.

Moreover, the 50% Fib retracement level of the last wave from the $0.2615 low to $0.3805 high acted as a support. ADA is currently holding the $0.3200 support, but it is struggling to move higher. There is a short term contracting triangle forming with resistance at $0.3400 on the hourly chart of ADA/USD. The pair may soon make the next move either above $0.3500 or below $0.3200. If there is a break above $0.3500, the price may retest the $0.3800 level. Above $0.3800, there could an attempt to break the $0.4000 level.

Cardano Price Technical Analysis ADA USD

On the downside, an initial support is around the $0.3200 level. A break below $0.3200 could push the price below $0.3000. The next major support sits around the last swing low of $0.2615.

Hourly MACD – The MACD for ADA/USD is currently placed nicely in the bearish zone.

Hourly RSI – The RSI for ADA/USD is struggling to move above the 50 level.

Major Support Level – $0.3500

Major Resistance Level – $0.3200

 

Charts courtesy – Cryptowat, Bittrex

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