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Crypto Bull Tim Draper Believes Bitcoin Will Reach A $250,000 Target

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Crypto Bull

Crypto bull Tim Draper and popular venture capitalist, disclosed that it will not take much for the bitcoin price to reach a target of $250,000. In today’s altcoin news we are looking further in his prediction and what it is based on.

When he was speaking to Yahoo Finance, the crypto bull Tim Draper stated that the bitcoin price could reach $250,000 by 2022 but that also the targeted price could be reached in the first quarter of 2023:

”$250,000 by 2022, and I’m hedging a little… maybe Q1 2023. But I have the feeling… maybe Q1 2023, I’m going to go as far as that. But it will be $250,000 before that.’’

Regarding the recent price movements of Bitcoin and market dominance, Draper pointed out that he was surprised Bitcoin consolidated more than he thought he would. According to him, he expected that the Bitcoin dominance will fall even further and some of the other cryptocurrencies will take up the larger share. Draper said that dominance could be a consequence of the fact that Bitcoin is decentralized while many of the other cryptocurrencies in the space are not. Currently, the BTC dominance is at 69.4 percent which is an increase of more than 20 percent since April.

The venture capitalist also pointed out the dilemma that exists between only holding Bitcoin now when it is viewed as a safe haven asset or just using it for day-to-day transactions due to the opportunity costs. After revealing that he is the client of the newly opened New York boxing Gym that he invested in using Bitcoin, Draper said that he was a little ‘’reticent’’ do to it. This is mainly because of the potential of the bitcoin price to increase dramatically in the future and also because it starts becoming more widely accepted as a safe  haven asset.

As noted in the latest cryptocurrency news, the Bitcoin bull first projected that the number one cryptocurrency will hit $250,000 last year after it hit a record high months in the past. There are some other crypto bulls that are making similar predictions mainly because of the same reasons Draper laid out. Back a couple of years ago, the venture capitalist projected that Bitcoin will reach $10,000 by the end of 2017 and at the time he made the prediction, Bitcoin was only trading at $500.

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Analysis

Bloomberg Analysts Expect Bitcoin’s Price To Spike Past $10,000

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Bloomberg analysts expect that bitcoin’s price will surpass the $10,000 price range despite its low levels of $7,400 and $6,600 as previously reported Bitcoin price news.Bitcoin had a struggling second half of 2019, dropping from a year-to-date high of $14,000 in June to $7,400 as the Bitcoin buyers filed to step in amid the selling pressure seemingly catalyzed by the Chinese regulation of digital assets as the operators of multi-billion dollar Bitcoin scam selling the coins. Despite the price backdrop, Bloomberg analysts including Mike McGlone of the business media giant’s intelligence unit believe that Bitcoin has a strong positive outlook heading to the 2020 and the next decade as well because of many factors.This confluence of factors McGlone explained that will bring the cryptocurrency back into the five-digit range in the close future which will be a welcoming surprise for many investors in the industry who began thinking that bitcoin has reentered a ‘’crypto winter’’ state again. Bloomberg’s McGlone believes that the bullish case for the Bitcoin price is in the forming as long as the key support of $6,500 holds in the near future. The analyst said that it is ‘’only a matter of time’’ before Bitcoin breaks the key resistance of $10,000.The analyst first explained that as gold rallies, bitcoin will too. While the precious metal is right now trending lower after it peaked last summer in the middle of the trade war talks, the macro picture for the gold is looking favorable heading into 2020 with a slight recession restart of the trade war due to the latest Chinese regulations.Second, McGlone explained that a perfect storm will be building for the cryptocurrency in terms of the basic premises which are mass adoption and fixed supply cap. He said:
 “Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. Depreciation.
He also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.
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Bitcoin News

Bitcoin Breaks Records: $8.9 Billion BTC Processed In An Hour

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Bitcoin breaks records after its network processed up to $8.9 billion coins in one hour according to the recent data that we have in our Bitcoin news today.As per the data, for the first time in history, the network processed a total of $8.9 billion in an on-chain transaction in one hour yesterday (December 4) which is a sign of massive improvement of the blockchain. In the last two years, Bitcoin’s daily transaction volume has seen an incredible growth by increasing from the $200 million range in 2017 to more than five times the number at the start of the year.Although the new record does not have any important effect on the current price action and the markets overall, it clearly shows how well the entire bitcoin network has performed so far with more and more transactions being processed every day which Is why bitcoin breaks records continuously. According to Glassnode, the on-chain market intelligence company for digital assets, the $8.9 billion USD hourly transaction volume on the network was only a result of the several large transactions that were made by the Bittrex exchange in one hour.Not only there is a huge increase in transaction volume, but the transaction fees on the Bitcoin network are still staying impressively low. For example, the data reveals that three large bitcoin transactions from the past couple of days at 46,000 BTC ($337 million), 43,000 BTC ( $313 million) and 57,000 BTC ($415 million) were processed with fees ranging from $0.40, $1.0 and $5.0 respectively.  In other words, more than $1.07 billion was transferred with a few of just $6 which is extremely low compared to what it would have been if the transactions were done in fiat.Anyway, all of the above said goes on the display some of the benefits of Bitcoin which is different from its price and the role as a store of value. It seems that the network is capable of handling huge transactional volumes and that it has only been improving in time. The price, however, remains volatile with swings daily as we reported in the previous bitcoin price news. One well-known crypto analyst who almost exclusively focuses on long-term plays on cryptos like Bitcoin or precious metals has for a long time shared charts that targeted the current price levels as a perfect buy zone.
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Altcoin News

Markets Are Over $200 Billion Again: Could They Rise Again?

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markets are over
A new green wave is in the Bitcoin and altcoin news today, showing that there has been a fresh influx of trading capital. The markets are over $200 billion in terms of the total cap and Bitcoin price is back to where it started and trading below the $7,500 line against the US dollar.According to analysts, a reversal like this is good. However, there is still a lot of pressure surrounding the markets - but it is likely to hold for now on. With a short term contracting triangle forming with resistance near $7,220 on the hourly chart, we can see that Bitcoin could rise again to the $7,500 and $7,600 areas soon.Meanwhile, as the situation is good for Bitcoin (BTC), it could definitely be better for Ethereum (ETH). Speaking of, the biggest altcoin is now in a plus but only below 1% and still at $148. In order for traders to see a nice move, ETH needs to move above $150 very soon.Next on the list is Ripple's XRP token. The Ripple news today show that at $0.2183, XRP is solid with a 1.32% increase on the day but just like ETH, needs its resistance to be at $0.2500 at least in order to initiate a new run.Bitcoin Cash (BCH), EOS (EOS), Binance Coin (BNB) are next. All of these altcoins posted gains over 2% and are serious in the battle of the best performing altcoin in the top 10 right now. The barrier to a new bullish run, however, is still there and BCH needs to clear $220, EOS to go above $3 and BNB to visit $18 for a nice momentum.The only loser in the top 10 is Bitcoin SV (BSV) which managed to shed its $100 value and fall to $97. A 2.55% decline was formed overnight for this coin and the situation is not so good in the short term. In other words, some analysts predict that BSV could soon visit new lows.In the top 20, the situation is still. There are many increases below and with 1%, and the losers are Monero (XMR) and Chainlink (LINK) which fell by more than 2% overnight. The biggest loser in the top 20 overall is Maker (MKR) which has shed more than 5% of its value.
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Altcoin News

Circle CEO Sean Neville Quits After Major Reshuffle: Report

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The payments company Circle will soon appoint a new CEO for the start of the new year after one of the original co-founders decided to step down from the current position. According to the latest cryptocurrency news reports by big media outlets, the Circle CEO Sean Neville has been reappointed after a major reshuffle - and will transition to a post on the company's board of directors in January 2020.For those of you who don't know, the (now-ex) Circle CEO Sean Neville launched the payments company along with Jeremy Allaire back in 2013 and has been here during the hardest years. He was there when the company pivoted away from Bitcoin (BTC) and when it acquired the cryptocurrency exchange Poloniex last year.As the news show, Circle is now selling Poloniex and the ex Circle CEO Neville and his role is being switched with another person. He will continue his activities with Centre - which is the project between Circle and the cryptocurrency exchange Coinbase which produced the USD Coin (USDC) as the native stablecoin to the company. As he was quoted stating in an email to one crypto publication:
“I also expect to propel the mission forward through CENTRE and other new complementary paths that traverse worthwhile challenges in infrastructure, regulatory policy, economics, and product design.”
The now-ex Circle CEO Sean Neville has yet to confirm the move and right now has still not updated his personal information on resources such as LinkedIn in order to reflect any of the new changes.Meanwhile, as Circle sold Poloniex which it originally acquired for $400 million, it has not gone without controversy. Part of the spin-out showed that US traders will be no longer able to use the platform at all.What's also interesting in these news is the update showing that last month, several former executives at Circle launched their own cryptocurrency trading form named CMS Holdings. The firm is headed by Daniel Matuszewski (the former head of Circle's OTC division and trading arm) and a couple of other people.We have reached out to Circle and the now-ex Circle CEO Sean Neville for a commented but have not received a response so far.
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