In the latest cryptocurrency news we have Vinny Lingham who is the chief executive of the blockchain startup Civic and a prominent investor. As of recently, Lingham issued a multi-part thread on the matter and broke down on why he believes that the ongoing Bitcoin Rally might not be sustainable.
What’s also interesting is the fact that Lingham pins his thought process to a single fact – altcoins – or what the blockchain entrepreur labeled as “various crypto assets” which have yet to decouple from the price action of Bitcoin.
Many people believe that the crypto winter is over. Here are some of my unfiltered thoughts on this topic. Charts & technicals aside, I don’t believe this rally is sustainable for one reason: The market has not yet decoupled the various crypto assets from Bitcoin.
— Vinny Lingham (@VinnyLingham) April 10, 2019
According to Lingham’s remarks, if Bitcoin rallies or collapses, so will altcoins. Even though these moves are often on different magnitures, the overall trends are similar.
“This makes no sense. How can we have a situation where the market price of one asset dictates the value ascribed to other unrelated assets ,irrespective of whether or not anything changes in their own separate networks,” Lingham elaborated.
He also concluded that if Bitcoin is to enter a sustainable bull run which is backed by industry developments rather than a hype cycle, other assets will also need todecouple from BTC.
And while Lingham looks hesitant when admitting that bears are done with their bloodshed, the industry insider claimed that Bitcoin moving above $6,200 will put the asset into a “bull run” territory.
Simply put, $6,000 may be a crucial target for Bitcoin because it is also a margin where BTC held for more than two or three months in the middle of last year, making analysts think that it was the bottom and the penultimate level of support.
Right now, the predictions vary from analyst to analyst and until BTC convincingly surpasses $6,000 it would be irrational to determine if the market is in a “bull” or a “bear” state.
For more price predictions, analyses and opinions, keep on reading DC Forecasts and see how we entered the list of best cryptocurrency news sites!
Hong Kong Demonstrations Strengthen Bitcoin’s Safe-Haven Status
‘’Last week was a significant risk off week for equities. There were a lot of holders of digital assets whose portfolios were taking a hit and if they had gains, Bitcoin is up over 100%, almost 200% over the past 9 months, it was a place to take some gains.’’The correction, however, does not affect bitcoin’s appeal as a method of preserving value. Bitcoin’s price has previously been pushed by multiple economic and geopolitical factors including the Hong Kong demonstrations and the China-US trade war. The heads of the G7 countries will soon meet in France and will talk about bitcoin and the entire crypto space according to Allaire. It is unlikely that there will be a crypto-related policy as he pointed out:
‘’I don’t know that we’re going to see specific policy but certainly we’re going to hear some perspective out of there.’’As it turns out, most of the investor’s don’t recommend investing in bitcoin or even consider it as a safe haven asset but gold, for example, might not be the best investment choice despite the uncertainty in the global markets. The portfolio manager of Valley Forge Capital Management stated in an interview as well as we read in the altcoin news previously:
‘’They [Bitcoin and gold] are collectibles. You are actually not buying any protection, you’re simply speculating. To me, it’s no different than any other speculative activity in your life.’’
Ghana’s Government Wipes Out Billions-Bitcoin Is The Solution
‘’It’s cutting across all the finance houses and when it happens like that the government needs to step in to build confidence again. There’s nothing we can do apart from making sure that we create that necessary environment to regain investors’ confidence again.’’Ghana’s government bailed out on the investors and the central bank targeted the savings companies that serviced them and many are already blaming that the government is at fault for not having adequate provisions to prevent such problems from happening. The financial crime and governance and regulatory expert Kwadwa Kusi Frimpong wrote:
‘’The issue Ghana faces is more about having adequate system and controls in place to ensure that there is no room for such things to happen.’’As noted in the latest cryptocurrency news, financial management should not be conducted through middlemen and bitcoin because the savings of hundreds of people could be wiped out in a matter of moments.
Overnight Pump Leads Bitcoin To Gains: Will They Sustain?
“$BTC: Feel this move may be short lived. Rising wedge on multiple time frames including 3hr RSI.”https://twitter.com/TheCryptomist/status/1163386603538173953 DonAlt also voiced his opinion in the latest cryptocurrency news and spoke about the overnight pump. As he said, he believes the current price region marks a "do or die" level for BTC which could set the tone for which direction it trends in the coming days and weeks.
“$BTC update: Somehow a mixture of well-respected level and chop. The daily and the 4h are at resistance. If those break I’d expect another leg up. It’s a bit of a do or die situation. I very much doubt any supports are going to hold another test,” he explained while referring to the charts below.https://twitter.com/CryptoDonAlt/status/1163417215435235328
Crypto Custodian BitGo Hires Xapo Vice President As New CRO
“Pete has a deep understanding of capital markets and an exceptional breadth of experience in financial services. This makes him a perfect partner for institutional investors who are entering the cryptocurrency market. We’re building the financial infrastructure of the future and Pete’s experience in both traditional financial markets and cryptocurrency will be critical.”The crypto custodian BitGo is one of the more stable companies out there - and Najarian's knowledge and skill set will definitely help the company. According to his LinkedIn profile, we can see that Pete Najarian has previously served as the global head of emerging markets sales at the Royal Bank of Scotland and has also been head of institutional client coverage - APAC at the financial services firm UBS (as well as other positions). Before this, the latest cryptocurrency news also showed that the crypto custodian BitGo has been expanding its presence to Japan this month - and is planning to substantially grow its Japan-based team. The expansion follows hiring a sales director for the Tokyo office of the firm. In May this year, the crypto custodian BitGo appointed a veteran Wall Street trader named Nick Carmi as its head of financial services - a hire which ostensibly intends to forge stronger connections between digital assets as well as the traditional financial sphere. Meanwhile, the latest Bitcoin and coming altcoin news show that there is a mix of greens and reds in the market, with the reds being more dominant as the crypto market suffered from another dump this Tuesday.
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