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Mike Novogratz Says ‘This Will And Needs To Be BTC’s Year’

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Mike Novogratz Says

The latest crypto news show that one of the most popular Bitcoin bulls is now certain that 2020 is the year of the most dominant cryptocurrency. In times when we can see a virtual lockdown amid the coronavirus pandemic, some predict that the shocks rippling though the global economy may even overcome the 2008 financial crash. Still, the Galaxy Digital founder Mike Novogratz says that this year is a make-or-break point for the cryptocurrency.

As he claimed in a tweet posted on March 22 which was published hours after the US Congress failed to reach a bipartisan agreement on a proposed $2 trillion economic support package:

“$BTC will continue to be volatile over the next few months but the macro backdrop is WHY it was created.  This will be and needs to be BTC’s year.”

Earlier this month, we saw traditional markets suffering their worst blows since 1987. This plummet also mirrored in Bitcoin’s 60% drop to lows of around $3,600 on some exchanges. The Bitcoin price news today show that BTC is not that stable below $6,000. However, this is not the trajectory many expected from BTC.

And as the pandemic enters its fifth week, Mike Novogratz says that Bitcoin is going to rise higher. Ten days ago, the prominent BTC Bull also argued that Bitcoin was no less vulnerable to the impact of the frantic liquidations and said:

“[Bitcoin] was always a confidence game. All crypto is. And it appears global confidence in just about anything has evaporated.”

Yet, his latest tweet now points to the potential opportunities for the cryptocurrency in the wake of a new economic crisis. In this way, Mike Novogratz says that Bitcoin was designed as a censorship resistant medium of exchange and non-inflationary unit of account – which was designed precisely as an alternative to the faltering world monetary system.

In a tweet which followed his remarks on BTC yesterday, Novogratz had appealed to a stalling Congress not to repeat the “first failure of TARP” which is the controversial bailout fund that passed in 2008 and which some consider to have left the structural weaknesses of this system almost intact.

The total market cap today is at $165 billion and we can see numerous losses on the market.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Bitcoin News

BitMEX CEO Doubles Down: “BTC Will Hit $20k By Year End”

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The past few weeks have been great for the most dominant coin, and the latest Bitcoin price news show that a bullish momentum is officially in. However, the past month saw many horrors - the biggest of which was the drop on March 12, when Bitcoin slid 50% and much more. However, the prominent analyst and BitMEX CEO doubles down again, coming to the conclusion that the stars are finally aligning for BTC and the overall market. We are talking about the head of BitMEX, Arthur Hayes, who has been vocal when it comes to Bitcoin price predictions in 2020. On the even on the brutal crash which made BTC worth around 50% less than what it was, Hayes released the March edition of the "Crypto Trader Digest" newsletter that he sends out. In the newsletter, the BitMEX CEO doubles down on Bitcoin and says that the world was simply facing a "global margin call" which Bitcoin would not escape from. Funny enough, he was proven correct when the cryptocurrency fell off a cliff, failing as the global markets underperformed. Now, the BitMEX CEO doubles down with another prediction - in the April edition of the newsletter, he said that while the most dominant coin has the potential to retest the $3,000 levels - the lighting Bitcoin which we are seeing now is on a good way to a "year-end price target at $20,000." At the current price of Bitcoin (BTC), a move like this would result in a 180% increase. As to the actual reasons why Hayes a scenario like this is coming, he said:
“Everyone knows the shift is upon us, that is why central bankers and politicians will throw all of their tools at this problem. And I will reiterate, that is inflationary because more fiat money will chase a flat to declining supply of real goods and labour. There are only two things to own during the transition to whatever the new system is and that is gold and bitcoin.”
His optimism has been echoed by other prominent crypto executives, too. As previous reports in the crypto news on our site showed, Galaxy Digital's Mike Novogratz, Dan Morehead of Pantera Capital and a couple of other analysts believe that BTC has what it takes to top $20,000 in the coming 12 months.
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Bitcoin News

Fold App Joins Visa’s Fintech Fast Track Program

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The Fold app, known as a Bitcoin lighting-compatible mobile app that offers users Bitcoin rewards while shopping, recently joined the Visa Fintech Fast Track Program. Joining this program will help the app launch a new Visa co-branded card, which continues the offer of Bitcoin rewards for purchases made at retailers. The Fold app CEO, Will Reeves, spoke to the cryptonews media recently and said that Visa would be providing the company with financial support as well as a dedicated team to bring the new Bitcoin cash back rewards card to the market. As reported before, the Gold app has been offering users the ability to spend BTC or fit at major retailers including Amazon, Uber and Starbucks. As such, it requires them to synchronize their accounts either with an existing credit card or with a Lighting wallet. With the new offering, Visa will enable the firm's users to use the integrated service. In times when the Bitcoin news are showing positive movement and many new industry players are exploring the possibilities of various crypto debit cards, Reeves described the Fold app as the following:
“Other cards announced by major exchanges [...] require you to spend your crypto triggering taxable events. Our card enables you to spend dollars and earn Bitcoin.”
He also clarified that earning rewards denominated in Bitcoin won't trigger a taxable event "as the Bitcoin is not being sold." As such, the card will be functional at over 10 million merchants worldwide. The major United States crypto exchange Coinbase also announced a principal membership of Visa last month, showing that they aim to diversify and promising users a more flexible and familiar "legacy" interface to earn and access cryptocurrency. This February, we could also see the blockchain popularizer and sports fan token project Socios announcing its launch of an integrated membership and a fiat-crypto prepaid debit card, which would also provide blockchain-based ID functionalities. Meanwhile, reports show that besides the Fold app, there are many similar projects going out. Amazon has also been slow to directly integrate cryptocurrencies, leaving the field to many potential competitors which are using crypto rewards, gift cards or debit cards to bridge the gap between established eCommerce and Bitcoin.
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India Sees Crypto Trading Volumes Rise Due To COVID-19 Lockdown

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India is the world's second most populated country and right now, it is increasingly embracing cryptocurrencies amid the domestic economic issues as well as the coronavirus-related lockdown. As we can see from the cryptonews now, India sees crypto trading volumes shooting higher due to the COVID-19 pandemic. It all started on March 4, when the country's highest court quashed a Reserve Bank of India (RBI) order which was dated for April 6, 2018 - prohibiting banks from providing services to entities dealing with cryptocurrencies. This is when the activity on exchanges started increasing.
“There has been a considerable increase in trading volumes on exchanges catering to Indian clients due to the clarity offered by the Supreme Court’s ruling,” said Ashish Singhal, who is the CEO and founder of the cryptocurrency exchange CoinSwitch.
The crypto banking services platform Cashaa India noted that there was a spike of 800% in the past 48 hours in the trading volumes following this decision. So, it is clear that India sees a rise in this trading aspect - “the platform also registered a volume of 600+ BTC in the first 24 hours,” said Cashaa CEO Kumar Gaurav. Even though back then the Indian traders were in a rush mainly because of the rumors that the government would intervene by declaring cryptocurrencies illegal, India sees a spike in crypto trading now and every trader is looking to take advantage of the time window offered by the Supreme Court's ruling. The momentum remains storing and as the Bitcoin news today show more increases, it will likely go up in the near future. The activity on exchanges in India further improved after the fourth largest lender in the country, Yes Bank, collapsed on March 6 and damaged the confidence that Indians have in the national banking system. This is how a national panic was triggered - and why now India sees a potential havoc. However, the prices of crypto remain strong and the exchanges are working full steam to satisfy the traders. Meanwhile, traditional markets such as equities and bonds panicked in March as the coronavirus outbreak gathered pace across Europe and the United States. India's benchmark equity index NIFTY 50 dropped by 23% as a result, while the Indian rupee hit a record low of 77.40 per US dollar.
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Bitcoin News

Coronavirus Reduced The Risk Of A Post-Halving Price Dump

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The recent COVID-19 pandemic and the coronavirus reduced the risk of a post-halving price dump of Bitcoin, the latest cryptocurrency news show. According to experts, the market crash has also reduced the risk of a halving price dump. Earlier today, we could see how Chainalysis brought together a group of industry experts for an online panel in order to discuss the impact of COVID-19 on Bitcoin and what that meant for the future. According to Chris Bendikson, who is the Head of Research at CoinShares, the recent price crash due to the coronavirus reduced the risk of a dump and prepred miners early for the halving. Speaking of which, this halving is said to reduce the sudden impact that it could have had on their profitability. Miners with outdated equipment had already been forced to either quit or upgrade:
“The result being that after the halving passes, plus maybe some months of potential hazard volatility, the industry, the mining industry will be in a much stronger position with an overall lower cost base," Bendikson said.
The expert also talked about a potential bull run in the Bitcoin price news soon, stating the following:
“What that means is that miners are likely to not have to sell as high of a proportion of their mined coins as before the halving and the actual halving, when you add that to this, means that we're potentially about to see a midterm bullish virtuous cycle in the making.”
According to Alex Laughton Scott who is the Associate Director of CoinShares, the coronavirus reduced the risk of a post halving price dump but also shone a light on the beneficial uses of Bitcoin. Scott asked the question "have the fundamentals changed?" and then answered his own question with the following:
“The short answer would be: absolutely not. And this global setup is one that very much could show Bitcoin, Bitcoin’s uses and values in their entirety [...] We could be possibly witnessing a bit of a perfect storm brewing for Bitcoin in the medium term.”
All in all, during times of crisis, all correlations go to 1. In this scenario, Bitcoin will definitely face more volatility but with the current momentum, it has no problems to shoot even higher in the news.
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