Bitcoin Bull Mike Novogratz Predicts that Crypto Prices Will Not Go Up in the Short Term
It is a mixed day again on the crypto market as the top 20 digital assets record mild gains and losses. Bitcoin has broken the $3,500 level and is now trading at $3,521, 0.9 percent higher than it did in the past 24 hours.
The top 10 assets had a good day after 7 of them registered gains ranging from 0.65 percent to 4.46 percent. The majority of the top 100 assets are also in the green. While small, the gains are significant because they slightly lift the market. Several analysts have already predicted that there won’t much price swings this year.
Staking: a new way for investors to keep warm during the crypto winter
After watching the market slide into a long bear market with no end in sight, some investors are content with earning interest on their crypto holdings.
Investors are directing their attention to something known as staking – their tokens are held in digital wallets and used to validate transactions and create new blocks on the network. The investors are rewarded with tokens.
Kyle Samani, managing partner at Texas-based Multicoin Capital Management said, “Regardless of market conditions, staking provides returns denominated in the asset being staked. If you’re going to be long, you might as well stake.”
Several startups such as Staked and EON Staking Inc. have been launched as a result of staking. Staked recently announced that it had secured $4.5 million in funding from leading crypto investors that include Pantera Capital Management, Coinbase Inc., Digital Currency Group, etc.
Anchorage is a crypto custody service that recently started offering staking. The firm offers institutional staking to clients that include Andreessen Horowitz and Paradigm, a crypto asset investment firm.
Crypto prices will not go up in the next few months, says crypto bull Mike Novogratz
Bitcoin king and founder of crypto merchant bank Galaxy Digital Mike Novogratz says that the prices of cryptocurrencies will not likely go up in the next few months. However, the former Goldman Sachs partner said that there is plenty of development activities going on the market at the moment.
“Realizing having tweeted about crypto in a while. It’s a grind. Don’t think we head north for at least a few more months. Always take longer for institutions to move. Very confident they will. Tons of activity under the hood. Stay the course,” tweeted Novogratz on Feb. 1.
This is a significant tweet because Novogratz is one of the most bullish Bitcoin investors who joined the crypto ranks from traditional finance.
He stated that it takes longer for institutions to move into the young sector that is still navigating its way in a world in which it faces competition from existing legacy financial systems.
The crypto market has had its fair share of bad publicity as a result of hacks, scams, and sometimes, the infighting among the very people pushing for mass crypto adoption.
The rejection of several Bitcoin exchange-traded funds (ETFs) has also resulted in a number of institutions taking a cautionary approach towards the nascent market.
The silver lining at the moment is the development going on in the sector. Analysts believe that the industry is in a new phase that depends on real-world applications of technology rather than hype and speculation.
Bitcoin bulls ahead but must first finish the weekend trading above $3,480
The crypto market is big and has enough space for market analysts, commentators, trading experts, and the like.
After Novogratz tweeted that Bitcoin’s price will not enjoy an upswing in the next few months, a Twitter crypto analyst claims that Bitcoin’s price needs to finish the weekend above $3,480.
Mitoshi Kaku predicts that Bitcoin may experience a bull run if the data from Gran Price Cycle is anything to go by.
“Just finished a deeper $BTC analysis. I decided to move my longs around $3370 and a bullish break out around Feb 3/4. (Gann Time Cycle) – It is time things turns around,” tweeted Kaku.
In another tweet, Kaku said, “Closed my longs partially here, for the rest I would love something around 3480 // Weekend getaway is here so I’ll probably fill lower longs in the next few days, looking at 3280. Long SL Order set too if the price breaks the HTF Resistance.”
Bitstamp clients can trade on the go following the launch of a mobile app
Bitstamp offers its clients the opportunity to trade on the go after the Luxembourg-based exchange announced the launch of a new mobile app on Jan. 31.
The new app is compatible with both Android and iOS devices and has been built from scratch. It was built with simplicity in mind so that everyone can easily use it.
“We just launched a new Bitstamp app for iOS and Android. Built from the ground up to combine all the tools that make Bitstamp attractive for advanced traders in an intuitive interface, simple enough that anyone can begin trading in seconds,” announced the exchange.
The app allows Bitstamp users to buy and sell and cryptocurrencies and “explore the market through real-time charts.” Moreover, users can also send and receive digital assets without incurring any costs.
The app’s user interface is optimized for both beginners and experienced traders. All currencies listed on the app are paired against the USD, Euro, and BTC. Users have access to their balances and transaction history.
There is also a feature that allows users to remotely disable the app in case they lose their smartphones. This is a security measure designed to minimize the damage that may occur as a result of losing a phone.
The old Bitstamp app will remain functional but only for a limited time. Users are urged to switch to the new app during the one-month cross-over period.
Bitcoin OIL planning a major Bitcoin fork upgrade
Bitcoin Oil, a company that develops innovative blockchain technology for improving the Bitcoin network announced on Feb. 2 that it is planning to fork the Bitcoin network in order to implement major upgrades.
The company wants to use Bitcoin’s existing platform as a base for what it calls the next-generation cryptocurrency.
The OIL in Bitcoin Oil is an acronym for “Optimally Improved Ledger.”
“The centerpiece of Bitcoin Oil and its “Optimally Improved Ledger” will be the so-called “SSPSS” strategy focusing on the development and implementation of essential Bitcoin improvements in the fields of Stability, Sustainability, Privacy, Smart Sidechains, and Scalability, or “SSPSS”,” reads part of the press statement.
The fork will several new features that include:
- Reducing Bitcoin’s volatility
- Minimizing the energy consumption in maintaining the Bitcoin network by introducing the PoS consensus algorithm.
- Enabling true privacy features to make Bitcoin transactions truly confidential.
- New full smart contract capabilities
- Scalability solutions
The Bitcoin network is often criticized by many for its slow speed – it currently supports 7 transactions per second (TPS). However, new off-chain solutions such the Lightning Network are being developed in order to improve the speed.
Bitcoin’s consensus algorithm – the Proof-of-Work – has also not done the number one digital asset any favors due to high energy consumption and the footprint it leaves behind on the environment. The high energy costs have negatively impacted Bitcoin miners as prices of digital assets continue on their bearish run.
Bitcoin is the currency of the internet, says Twitter founder and CEO
Joe Regan hosted Jack Dorsey, the founder and CEO of Twitter on his podcast published on Jan. 2. The two-hour interview focused on a wide range of topics such as Donald Trump, and of course, Bitcoin.
Dorsey, well-known Bitcoin advocate believes that at some point, the internet will have its own native currency and Bitcoin is in a better position to fulfill that role.
“I believe the Internet will have a native currency and I don’t know if it’s Bitcoin. I think it will be [Bitcoin] given all the tests it has been through and the principles behind it, how it was created. It was something that was born on the Internet, was developed on the Internet, was tested on the Internet, [and] it is of the Internet,” said Dorsey.
He also serves as the CEO of financial service and mobile payment company Square.
Dorsey said that they integrated Bitcoins on their Square Cash App because they wanted to learn and take some risks.
“We’re the first publicly traded company to actually offer it as a service. We’re the first publicly traded company to talk to the SEC about Bitcoin and what that means, and it made us uncomfortable,” he said.
Bitcoin has taught people about markets and investing
The crypto market has long been viewed as a market for speculators, retail investors, and as Nouriel Roubini puts it, “people with zero financial literacy.”
This is simply because Bitcoin is designed for everyone, thanks to decentralization. There is no bureaucracy to determine who qualifies to be an investor.
Gabor Gurbacs, VanEck’s digital assets strategist and director tweeted that Bitcoin has taught many people about the fundamental basics of investing and the markets.
“Thanks to Bitcoin and digital assets, I believe, many people learn about markets, investing, charting, fundamentals, gold, safe havens & other economic concepts for the first time. This is a phenomenal form of education & experience that will shape a new generation of investors,” tweeted Gurbacs.
The cryptocurrency market has attracted young and tech-savvy people who see the potential of the digital asset as an investment asset and borderless method of making international payments.
German stock exchange finally launches a crypto trading app after a year of development
German second-largest stock exchange Boerse Stuttgart Group has finally released its crypto stock trading app after a year of development. The exchange made the announcement on Twitter and revealed that the name of the app is Bison.
The trading app was custom-built by Sowa Labs Fintech, a subsidiary of Boerse Stuttgart Digital Ventures. The developers of the app claim that they were inspired by the need to create a simple gateway into the world of cryptocurrencies.
The Bison app is compatible with devices that support the popular and maybe the only important mobile platforms – Android and iOS. Those who want to use the app can download it for free from the Google Play Store and the Apple App Store.
Before using the app, users must first register their accounts and complete proper security checks. The app is currently open only to Germany residents. However, Boerse Stuttgart Group is planning to roll out the app to the rest of Europe by year-end.
The app will allow users to buy and sell a number of select cryptocurrencies that include Bitcoin, Ether, Litecoin, and Ripple during specified market hours.
Without scrutinizing the relevance of the app, this development is big for the industry because it pushes cryptocurrency towards mainstream adoption. 2019 is a year that new ground will be broken and institutions start to have a renewed belief in the market that is so far doing its best to negate the gains of the 2017 bear market.
Coinbene exchange and Komodo engage in a partnership to boost blockchain security
Multi blockchain ecosystem Komodo announced a strategic partnership with Coinbene exchange to focus on the exchange’s security initiatives. Coinbene is one of the leading crypto exchanges in the world with 171 listed digital assets and more than $300 million in daily trading volume.
The deal will see Coinbene endorsing Komodo’s blockchain security services. Komodo’s Blockchain Security Service is considered to be a solution that can address the 51 percent challenge that has affected many projects and crypto exchanges. Coinbene is scheduled to list Komodo’s token KMD.
Yhangbing Zhang, the founder of Coinbene exchange was quoted as saying, “Coinbene is excited to be entering this strategic partnership with Komodo. We have reviewed the technical aspects of Komodo’s security service and it is by far the best third-party security solution being offered right now. We’re pleased to help promote Komodo to the cryptocurrencies listed on Coinbene and to help make the blockchain industry more secure.”