Day: July 30, 2018

About four days ago news.Bitcoin.com reported on a dispute concerning the removal of the owner of Bitcoin.org, an anonymous figure known as ‘Cobra.’ At the time a Github contributor opened an issue on the website’s repository, saying that Cobra had become untrustworthy for showing support towards the Bitcoin Cash (BCH) network. Then the CEO of Blockstream and a large swarm of Bitcoin Core supporters insisted the domain should be handed over to someone else. Since then the maintainers of the BTC repository also removed all of the associated links to Bitcoin.org from the Core client’s website.

Also Read: A Look at What It Was Like to Operate the Lightning Network’s Largest Node  

The CEO of Blockstream Thinks Cobra Should Transfer Control to a Trusted Person or Group

Many Bitcoin Core (BTC) proponents have been upset at the owner of Bitcoin.org for showing some support towards the Bitcoin Cash (BCH) protocol. Four days ago a Github contributor opened an issue that stated a number of individuals feared Cobra because he started “suddenly propagandizing BCH as ‘The Real Bitcoin.’” The individual further noted that he didn’t feel comfortable that a pseudonymous person has “total control of the Bitcoin.org domain name.”

Then in a different chat channel the CEO of Blockstream, Adam Back, asked Cobra to relinquish control over the domain “to a trusted person or group to hold in trust for the public interest.” Back also lambastes Cobra for caring about “Bcash” and at the very least Cobra should call BCH — “Bcash.” Cobra then responds and states “I’m waiting for names Adam.” Back then replies back “Cobra maybe Wladimir? — How about in terms of a name you transferred domain control to Theymos — You obviously know, and trust him quite well for many years from several sites and domains you’ve both maintained.”

Cobra didn’t seem to like Back’s commentary, stating:

Adam, you should not be the CEO of Blockstream. I think you should transfer control of Blockstream to Warren Togami or something… Adam, this notion of “community property” only exists in your head because you want to influence who owns Bitcoin.org so they submit to your agenda.

Bitcoin.org Links Decoupled from Bitcoincore.org

Following the argument between Back and Cobra, this past Sunday a Github commit to the Bitcoin Core website went viral on cryptocurrency forums and social media. The commit called ‘Adjust bitcoincore.org links’ was merged by the most prominent (as far as writing Core code) Bitcoin Core developer, Wladimir van der Laan. Essentially Wladimir removed associated links to Bitcoin.org from the Bitcoincore.org website. Immediately a Github contributor named Daniel Ginovker spoke out against the move to delete the links.

“Seriously? You guys are that upset at Cobra for not denouncing Bitcoin Cash?” Ginovker asks the Core developers.

Cobra, if you read this, I genuinely am on your side at this point. You’ve done an excellent job with Bitcoin.org, and it is in your domain. Don’t succumb to this Blockstream bullying forcing you to give up your playing cards.

However, other Core contributors were pleased with the decision to remove Bitcoin.org associations, and Jonas Schnelli explains the decision had nothing to do with Cobra. 

“This has nothing to do with Cobra or any other influencer — The reason why we still linked to Bitcoin.org was historical since the domain was once owned by Satoshi,” explains Bitcoin Core developer Jonas Schnelli. “It’s a natural and logical step to decouple the Bitcoin Core project from any centralised organised website — Bitcoin Core is the/a reference implementation of the Bitcoin Protocol and there is no need to link it with any website outside of the projects control.”

Cobra: ‘Bitcoin is Much Bigger Than Bitcoin Core’

Following the merge, Cobra writes to his followers on Twitter saying, “Bitcoin is much bigger than Bitcoin Core.”

Bitcoin Core (BTC) proponents don’t know what to think of Cobra, and it’s safe to say a great majority of BTC supporters don’t trust him. It’s also clear and evident that the angst towards Cobra is because he’s not towing party lines and because he doesn’t use the phrase ‘Bcash.’ For now, the Github request, the Blockstream CEO, and the slew of Core followers have not phased Cobra, and it doesn’t seem like he will be relinquishing the domain any time soon. 

What do you think about the controversy towards Cobra and the how Core supporters want him to relinquish the Bitcoin.org domain? What do you think about Core developers removing Bitcoin.org links from the website? Let us know what you think about this subject in the comment section below.

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Key Highlights

• Ripple price declined further and broke a key support at $0.4500 against the US dollar.
• Yesterday’s highlighted key contracting triangle was breached with support at $0.4530 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair is currently under pressure and is facing resistances near the $0.4520 and $0.4550 levels.

Ripple price is in a negative zone against the US Dollar and Bitcoin. XRP/USD is likely to retest the $0.4300 support if sellers remain in action.

Ripple Price Decline

There was no upside move above $0.4560 in Ripple price against the US Dollar. The XRP/USD pair faced an increased selling pressure, resulting in a downside move below the $0.4500 support. The price declined sharply and settled below the $0.4500 support and the 100 hourly simple moving average. These are bearish signs and suggests more ranging moves with a bearish angle below $0.4600.

During the decline, yesterday’s highlighted key contracting triangle was breached with support at $0.4530 on the hourly chart of the XRP/USD pair. The pair even broke the $0.4400 support and traded as low as $0.4342. Later, it corrected higher and moved above the $0.4400 level. However, the upside move was capped by the 50% Fib retracement level of the last drop from the $0.4560 high to $0.4342 low. Moreover, there is a new connecting bearish trend line in place with resistance at $0.4460. Therefore, a proper break above $0.4460 is needed for a recovery.

Looking at the chart, the price is also likely to face a strong resistance near $0.4500 and the 100 hourly SMA. It also coincides with the 76.4% Fib retracement level of the last drop from the $0.4560 high to $0.4342 low. Overall, a close above $0.4500 and $0.4550 is needed for a decent recovery in XRP/USD.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is mostly placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher towards the 50 level.

Major Support Level – $0.4300

Major Resistance Level – $0.4550

The post Ripple Price Analysis: XRP/USD Upsides Capped Near $0.4550 appeared first on NewsBTC.

Crypto hedge fund Galaxy Digital, owned by billionaire cryptocurrency enthusiast Mike Novogratz, is going to be listed on the TSX Venture Exchange in Toronto, Canada on 1 August 2018. This will make Galaxy Digital a publicly tradeable company, and its shares will now be easy to buy and sell on any major stock trading platform. This is a major milestone for the crypto space since it provides an easy and regulated way for institutional investors to invest in cryptocurrency.

Apparently, it has taken eight months for Galaxy Digital to achieve this public listing, meeting demands from Canadian regulators. Galaxy Digital had to conduct a reverse takeover of a company already listed on the TSX exchange to get listed, a tactic previously used by cryptocurrency mining companies and marijuana businesses. The stock will have the GLXY ticker and its business name is Galaxy Digital Holdings Ltd.

Mike Novogratz aims to have Galaxy Digital listed worldwide and is looking into listings in Frankfurt, London, Hong Kong, and eventually the US. Apparently, a USA initial public offering requires two years of audited financial statements, which is something Galaxy Digital won’t have for years. Regardless, now that Galaxy Digital is listed on TSX, investors worldwide can buy and sell shares of GLXY.

Galaxy Digital is investing hundreds of millions of dollars into the crypto space, with a focus on institutional investment infrastructure like custodians and properly regulated exchanges. Now that the possibility of a Bitcoin exchange traded fund (ETF) appears to have been pushed off by the Securities and Exchange Commission of the United States, the GLXY stock might be one of the best ways for institutional investors to invest in crypto, although it is an indirect way.

 

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One of the “Big Four” commercial banks in China has completed the issuance of a loan worth of $300,000 using a blockchain system. 

Key Highlights

• ETH price struggled to move higher and declined below the $458 support against the US Dollar.
• There are two bearish trend lines formed with resistance at $457 and $468 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair is under bearish pressure and it could decline further below $445 in the near term.

Ethereum price is facing tough time against the US Dollar and bitcoin. ETH/USD is in a negative zone below the $464 and $468 resistance levels.

Ethereum Price Trend

There was an increase in selling pressure below $465 in ETH price against the US Dollar. The ETH/USD pair failed to hold gains and declined below the $460 support area. The decline was strong as the price traded towards the $445 level. It even settled below the $460 level and the 100 hourly simple moving average. A low was formed at $445.98 before the price recovered.

It moved above the 38.2% Fib retracement level of the last drop from the $471 high to $445 low. However, the upside move was capped by the previous support near $458-460. Moreover, the 50% Fib retracement level of the last drop from the $471 high to $445 low also prevented gains. At the moment, the price is under bearish pressure and is likely to decline towards $445. On the upside, there are two bearish trend lines formed with resistance at $457 and $468 on the hourly chart of ETH/USD. An intermediate resistance is near $464 and the 100 hourly SMA.

Looking at the chart, the price is clearly trading in a bearish zone below $468. It may perhaps continue to decline towards the last swing low of $445. Below this, there are high chances of a sharp downside move towards the $430 level in the near term.

Hourly MACD – The MACD is slightly placed in the bullish zone.

Hourly RSI – The RSI is well below the 50 level with a bearish angle.

Major Support Level – $445

Major Resistance Level – $468

The post Ethereum Price Analysis: ETH/USD Bearish Below $468 appeared first on NewsBTC.

The Commonwealth Bank of Australia (CBA) has announced that it has successfully shipped 17 tons of almonds from Sunraysia to Hamburg, Germany using a newly-developed blockchain platform. This live trial has demonstrated the usefulness of blockchain technology in international supply chains by tracking the almonds every step of the way from packing in Australia to delivery in Germany.

The managing director of Industrial and Logistics at CBA, Chris Scougall, says, “Our blockchain-enabled global trade platform experiment brought to life the idea of a modern global supply chain that is agile, efficient and transparent. We believe that blockchain can help our partners reduce the burden of administration on their businesses and enable them to deliver best-in-class services to their customers.”

This blockchain trial was a coordinated effort between the CBA, Olam Orchards which provided the almonds, Pacific National which provided rail transport, the Port of Melbourne, Patrick Terminals, OOCL Limited which provided shipping, and LX Group which provided technical support.

The blockchain stored documentation, finance information, and operations information. As the shipment passed through various countries, customs documents were uploaded and could be viewed by all the parties involved. The location of the shipment could be tracked at all times, as well as temperature and humidity inside the shipment which was measured by instruments connected to the internet of things (IoT). Overall, the blockchain platform provided full transparency to the supplier and consumer, so they could see that the shipment was authentic and the goods were in optimal conditions at all times, and if there were any problems along the way they would know about it.

The blockchain is inherently cryptographically secure and immutable, so people who use this supply chain blockchain know the data is trustworthy. The data can be used to make the supply chain shorter and stronger in the future, making their enterprises more profitable.

Chief commercial officer at Patrick Terminals, Ashley Dinning, says, “We are always looking for ways to innovate and drive better results. This project has provided a heightened level of transparency, enabling us to explore further efficiencies for our business, such as improving yard management.”

 

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The Australian government has provided a grant to a project deploying blockchain technology to ensure the provenance of sustainable sugar

A Washington utilities company has stopped accepting applications for electricity use for crypto mining and related blockchain operations

Key Points

• Bitcoin cash price is slowly declining and is currently well below $830 against the US Dollar.
• Yesterday’s highlighted important bearish trend line is intact with resistance near $825 on the hourly chart of the BCH/USD pair (data feed from Kraken).
• The pair must clear the $825-830 resistance and the 100 hourly simple moving average to gain pace.

Bitcoin cash price is currently bearish below $830 against the US Dollar. BCH/USD has to surpass the 100 hourly SMA to move into a bullish zone.

Bitcoin Cash Price Upside Hurdle

During the past three sessions, there was a steady decline from the $840 resistance in bitcoin cash price against the US Dollar. The BCH/USD pair settled below the $830 level and the 100 hourly simple moving average, which is a bearish sign. Recently, the pair even broke the $800 support and formed a new intraday low at $785. Later, it recovered and moved above the 38.2% Fib retracement level of the last drop from the $840 high to $785 low.

However, the upside move was capped by the $815 level and the 100 hourly SMA. Moreover, there was no proper break above the 50% Fib retracement level of the last drop from $840 to $785. It seems like the price is struggling to break the 100 hourly SMA, which is currently at $815. Above this, yesterday’s highlighted important bearish trend line is intact with resistance near $825 on the hourly chart of the BCH/USD pair. Therefore, a close above the 100 hourly SMA and $825 is needed for more gains in the near term.

Looking at the chart, the price may perhaps move down if it fails to move above the $815 and $825 resistance levels. Supports are seen at $800 and $785.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is placed near the 50 level.

Major Support Level – $800

Major Resistance Level – $825

The post Bitcoin Cash Price Analysis: Can BCH/USD Break Above 100 SMA? appeared first on NewsBTC.

EOS is in the early stages of determining how the network will handle decentralization, scalability, and security. Despite having several issues the network has remained robust, able to handle any challenge, and correct course. A swift response to the seemingly unforeseen RAM price spike, which will be seen as a threat to scalability, appears to be a product of a new platforms inherent centralization.

The Neluns team recently announced it’s ICO, which will be held in three stages (rounds): Pre-Sale, Pre-ICO, ICO. The mission of Neluns is to create an innovative financial ecosystem combining within itself a bank that works with fiat as well as cryptocurrencies, a cryptocurrency exchange, and insurance company, thus, creating the most beneficial conditions for the quality development of the cryptocurrency market.

Main project features

The Neluns ecosystem includes:

• Neluns Bank – new generation bank, providing all key banking services with fiat and cryptocurrencies.
• Neluns Exchange – an innovative cryptocurrency exchange, making secure and fast cryptocurrency trade operations accessible.
• Neluns Insurance – an insurance company, allows for any transaction_ and trade_ carried out by ecosystem users to be secured.

Within the Neluns ecosystem users can:

• Buy and sell cryptocurrencies in a few clicks.
• Carry out active cryptocurrency trading on the exchange.
• Make deposits and withdrawals into the system from any part of the world in just a few clicks.
• Open an IBAN account – private or corporate multicurrency accounts.
• Issue debit and credit Visa, MasterCard, American Express cards.
• Instantly send and receive international money transfers.
• Store funds in Neluns deposits in fiat or cryptocurrencies and gain interest.
• Receive loans from Neluns in fiat and cryptocurrencies.
• Gain profits by lending out funds at interest on a Peer-to-peer (P2P) Lending Platform.
• Insure any trades.
• Draw profits from trading NLS tokens on cryptocurrency exchanges.
• Receive dividends.  
• Active market participants will be able to increase their profits and lower risk levels.

Neluns bank presents a broad spectrum of services for personal and corporate goals. While at the same time, all operations are conducted in fiat and in cryptocurrencies.

After opening a multicurrency account, Neluns users will be able to carry out operations in USD, EUR, GBR, as well as in cryptocurrencies. A bank card will accompany the multicurrency account.

We have developed four types of software products and bank cards for our users: Lite, Silver, Gold, Platinum.

Carrying out payments, purchasing and selling cryptocurrencies, and fund withdrawals from any ATM in the world will be available 24 hours a day 7 days a week.

In the Neluns Bank, users will be able to receive loans in fiat and cryptocurrencies, make interest yielding deposits. Bank deposits are FDIC (The Federal Deposit Insurance Corporation) insured. A P2P fiat and cryptocurrency lending platform will function at the base of Neluns Bank. Authorized users will be able to receive and provide loans to other users.

The use of the “Bank guarantee” principles allows us to create a new, high-quality cryptocurrency exchange, the Neluns Exchange. The combination of this principle with the use of innovative technologies, which allow easy fund withdrawals, high levels of protection from cyber attacks, and continual operations even under peak loads, creates the best conditions for cryptocurrency traders and funds.

Neluns mobile application for iOS and Android devices will make bank and exchange operations accessible at any time from any part of the world. While around the clock support services will instantly solve all users’ issues.  

The Neluns team aims to minimize risks and carry out the project in accordance with all legal norms. We are working on acquiring a bank license. The Neluns Bank will adhere to all financial regulatory requirements, which licensing and supervisory activities over banks. The Neluns exchange and insurance company will also be registered in accordance with all regulatory requirements. The Neluns Exchange will carry CFTC (U.S Commodity Futures Trading Commission) and SEC (U.S Securities and Exchange Commission) licenses.

About the Initial Coin Offering

The NLS token is created in accordance with the ERC-20 standard, it is a security token, and will provide its holders with 50% dividends based on the Neluns ecosystem (Neluns Bank, Neluns Exchange, Neluns Insurance) profits.

Dividends will be distributed quarterly in accordance with the number of tokens one holds compared to the total.

Aside from this NLS token holders will have access to bonuses and privileges when using Neluns ecosystem products. The more tokens one holds, the greater are his privileges.

•      During the ICO, 200 000 000 NLS tokens will be released
•      Base price of 1 NLS token = 1 USD  

In accordance with the law, in 15 days from the start of the first stage (round) of ICO, the Neluns team will send an official notification (Form D) announcing the start of the ICO to the SEC (U.S Securities and Exchange Commission).

ICO stages (rounds)

Pre-Sale

Hard Cap – $2.000.000

Soft Cap – $500.000

1 stage (round), pre-sale, stage (round) length 14 days, from 08-01-2018 to 08-15-2018.

bonus 30%

extra-bonus 40% investment of more than 1 ETH in one transaction

extra-bonus 50% investment of more than 10 ETH in one transaction

Pre-ICO

Hard Cap – $10.000.000

Soft Cap – $2.000.000

2 stage (round), pre-ICO, stage (round) length 21 days, from 08-15-2018 to 09-05-2018.

bonus 20%

extra-bonus 30% investment of more than 1 ETH in one transaction  

extra-bonus 35% investment of more than 10 ETH in one transaction  

ICO

Hard Cap – $112.000.000

Soft Cap – $10.000.000

3 stage (round), ICO, stage (round) length 31 days, from 09-05-2018 to 10-05-2018

bonus 10%

extra-bonus 20% investment of more than 1 ETH in one transaction

extra-bonus 25% investment of more than 10 ETH in one transaction

Projects Website: https://neluns.io/

White Paper: https://neluns.io/static/ver165/whitepaper/whitepaper.pdf

E-mail: [email protected]

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research.

Andy Tian, CEO of Gifto, announced his ambition to make Gifto the world’s largest mass consumer blockchain project in 2018 during his keynote speech of Blockchain Partners Summit in Seoul Korea 21st-22nd July.

This commitment is founded upon an aggressive expansion plan that seeks to drive the value of Gifto through usage. During 2018’s Blockchain Partners Summit in Seoul, Andy reiterated this message stating, “Only blockchain projects that are able to provide their users with genuine economic benefits will be able to generate sustainable value. Gifto will provide access to multiple blockchain applications that provide practical ways to use GTO.”

Gifto has already started to provide users with platforms that embrace GTO. One of these applications is http://www.giftomon.io, the world’s first blockchain-based game. The game is HTML 5-based, allowing users to play on nearly any device. Since its release in July, Giftomon’s number of daily active users has already exceeded 4,000. This is twice the amount of daily active users of the next largest competitor. Giftomon’s selling points include engaging gameplay, and the ability to use Giftomon to mine GTO.

Meaningful partnerships have been instrumental in expanding the use value of Gifto. At the end of June, Gifto signed a partnership with FHL, one of South America’s most prominent game publishers. Currently, 1.8 million people use KAYBO.com, a gaming platform published by FHL. If online gamers adopt GTO as method of payment for in-game items, thn the number of Gifto users will rise exponentially.

Gifto is already partnered with nine iconic Taiwanese companies, including Taiwan’s largest consumer brand Styleup, Alfa Music Entertainment Company, and ERA TV. These collaborations are the gateway to expansion in the offline sector of cryptocurrency. 70% of Taiwan’s total population are consumers of these brands, and they can now use GTO in exchange for goods and services.

Gifto’s vision is to become a cross-industry mass consumer social entertainment platform. During the Blockchain Open Forum last June, Gifto announced its plan to expand its business into content creation, gaming, and charity. At the core of this vision is a simple goal: to be a token with real value and real usage. Look below for a summary of Gifto’s goals for 2018.

Sneak-Peak to Gifto’s Plan in 2018:

– Become the world’s largest blockchain project by number of users this year

– Gain 300 million application users

– Drive value through meaningful partnerships that provide holders with real usage.

More news to come, join Gifto telegram https://t.me/giftoOfficial

Check Gifto latest news: www.gifto.io

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research.

Stellar Lumens Price Key Highlights

• Stellar Lumens is currently retreating from its highs but may be waiting for more bullish pressure to kick in.
• Price is currently testing the 38.2% Fibonacci retracement level, with the area of interest still a bit lower.
• Technical indicators seem to be supporting a continuation of the bullish run.

Stellar Lumens is in correction mode and may find more bullish energy waiting right at the Fib retracement levels.

Technical Indicators Signals

The 100 SMA is safely above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This signals that the uptrend is more likely to resume than to reverse. The gap seems to be widening to signal strengthening bullish pressure also.

However, Stellar Lumens just broke below the 100 SMA dynamic support to indicate that a bit of bearish momentum is returning. In that case, a deeper pullback could be in the cards, possibly until the 61.8% Fib at the area of interest marked and the 200 SMA dynamic inflection point.

RSI is already dipping into oversold territory to suggest a return in bullish pressure soon. Stochastic is already making its way up to signal that buyers are regaining the upper hand while sellers take a break.

Cryptocurrencies have been in correction or consolidation mode after the past few weeks of rallies as bulls pause to reevaluate their holdings and wait for more positive catalysts. In addition, the dollar has drawn some support on GDP expectations and positioning for the FOMC statement and NFP release this week.

Still, Stellar Lumens could be poised to gather some momentum as one of its partners, SatoshiPay, is set to enter the London Stock Exchange through an IPO. In their announcement, SatoshiPay noted:

“We are preparing to go public on AIM, the market for growth companies at the London Stock Exchange, later this year. We are also happy to announce that London based crypto-investor Daniel Masters is supplying us with €566k in pre-IPO funding. This will be a major boost for Stellar (XLM) visibility and adoption.”

The post Stellar Lumens (XLMUSD) Price Watch: Major Correction Underway? appeared first on NewsBTC.

Last two weeks have been very eventful for Gabrotech, a startup creating an entirely new ecosystem for Loyalty Rewards. While they have successfully filed a patent for their blockchain based solution to facilitate loyalty rewards management, their reputation and credibility has attracted a new partner in Trade.io

Trade.io is a dedicated platform for better, faster and smarter cryptocurrency trading. This partnership is more like an affiliation between Trade.io and Gabrotech where both Gabrotech and Trade.io stand to benefit equally, through a series of arrangements :

Whitelist Campaign :

Trade.io community will benefit from an additional discount of 10% offered by Gabrotech. Members will have to purchase GBO tokens from the affiliate link once the ICO opens on 31st July.  

Seed and venture Funding :

An investment of 2 million USD in Gabrotech has been made through a partner venture fund of Trade.io . Gabrotech targets to achieve a significant market share in an industry estimated to be as big as 500 Billion USD.

Airdrops :

In the near future, TIO holders will be able to benefit from an upcoming airdrop of GBO tokens.

Also, Gabrotech has filed for a patent for its unique solution, which has created more trust and credibility amongst investors a week ahead of the ICO. In its unique solution, Gabrotech proposes a platform where users can avail benefits from multiple loyalty programs. This will also benefit the companies offering loyalty programs as they will now be able to achieve their business goals through success of their loyalty programs, as Gabrotech 2.0 further expands throughout the world. Use of blockchain will make the entire process of facilitating loyalty rewards transparent and secured. The team at Gabro is a right mix of experienced and young professionals with expertise in Blockchain, Loyalty rewards and business ventures.

Both these milestones are great achievements for team Gabrotech, 1 week before the ICO begins. Come 31st July, cryptocurrency investors will start making key decisions, which will decide the future of this company.  

You can join the Gabrotech whitelist here :

https://goo.gl/forms/9g3tIE1tWieFCZiJ3

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research.

 

Cryptocurrency hedge fund manager Spencer Bogart has weighed in on Bitcoin price speculation, saying he is waiting for any positive trigger to push the price of Bitcoin up.Featuring on CNBC’s Fast Money, Bogart shared that he has been encouraged by Bitcoin’s recent upward trend, believing that this will continue. He added that he thinks the pullback momentum has passed and he is now waiting for any catalyst to send it to new price highs. Bogart cited several possibilities for this including the current global currency and trade wars.

Foreseeing the US Securities and Exchange Commission’s (SEC) rejection of the Bitcoin exchange-traded fund (ETF), he noted that 2019 may be a more realistic time frame for this to happen. Despite this, Bogart sees several other vehicles already available for retail and institutional investors to enter the market, pointing out Coinbase’s exposure of retail companies, and firms such as Bitwise Asset Management’s outreach to institutional investors.

While naysayers may query specific price forecasts, predicting market swings is essential for investors looking to maximize profits.

Bitcoin has not surpassed USD 8,000 since May this year before it fell back to approximately USD 6,000. While many pundits have shared their expectations and predictions during this most recent upswing, Bitcoin’s valuation is still far from its top price of nearly USD 20,000 in December last year.

Calls for increased security

With many spectators such as Bogart sharing their price rise expectations, another rally is suspected to attract such bad actors as it did in 2017 when the number of hacks on cryptocurrency exchanges and sited increased sharply. While this is not surprising as the potential profits increase substantially for attackers, there has been a call for all investors to prioritize their security.

There is nothing to stop hackers from trying, but so long as investors and cryptocurrency service providers practice due diligence the majority of such attacks can be prevented, and it is indeed important to do so for the reputation of the industry.

 

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