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Analysis

Morgan Creek: Bitcoin Will Bottom Out By 85% Since Its All-Time High

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In the latest bitcoin news, we have another bitcoin price prediction done by Anthony Pompliano who works in Morgan Creek. He said in an interview that he believes that the price of bitcoin will bottom out by 85 percent in value from its all-time high.

Pompliano based his prediction on the previous experience in the crypto market by saying:

 “85% from the all-time high is about where we’ll end up. Puts it around $3,000. Came close over the weekend but probably a little bit more to fall.”

He continued to explain that he thinks Bitcoin was simply overvalued and how it is in a healthy correction period. In December, Bitcoin was overvalued. However, he claims that this year there are more sellers than buyers so it is healthy for the price to go down. However, there are a few things to be considered.

The first thing is the transaction settlement layer that will always be worth something. The second thing is the best performing asset over the past ten years. Bitcoin has outperformed Nasdaq and many more in the longest bull run ever. And the third thing is retail.

Pompliano went on to explain how he believes that it is important to remember that through 2017 all of the major buyers were retail but today, many institutions are coming in. Also, most of these institutions are not buying bitcoin on an exchange. He believes that this is a washout time for the retail investors.

He ended the interview by explaining how Morgan Creek has plans to acquire discounted Bitcoin and the partnership with Bitwise Asset Management which enable institutional clients to get access to Bitcoin quickly.

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Analysis

Crypto Winters Could Provide Space For True Believers According To Reddit Co-Founder

The co-founder of Reddit Alexis Ohanian who is also a popular crypto bull, claims that the crypto hype is going away and is creating space for true crypto builders and believers. He spoke for a Yahoo Finance interview that reached our crypto news today. Ohanian explained that the current state of the crypto market is still in a crypto winter phase. He also cited Coinbase CEO Brian Armstrong after he said that the bear market has contributed to eliminating the crypto speculators and that the true believers have stayed and will build a better crypto infrastructure. Co-founder of Reddit also said:
 “Now, it's still to be seen. But what's a strong signal to me is still some of the smartest people I know in tech are working on solving these problems. They're building companies that are built on blockchain. The hype is gone. The fervor is gone. But I think that's a good thing.”
Ohanian was asked what he believes about the launch of the JPMorgan Chases’ JPMcoin which is a blockchain-based asset aiming to increase settlement efficiency within the operations of the bank itself for which he stressed that that move is just another indication that there is real innovation in the crypto market ongoing and the upcoming release is a good thing. Alexis Ohanian became a multi-millionaire in 2006 after he sold Reddit with the second co-founder Steve Huffman and he is also a co-founder of a venture capital firm Initialized Capital. Back in July last year, he predicted that Bitcoin and Ethereum will reach up to $20,000 and $1,500.
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Analysis

Report Shows That Stablecoins Will Play A Key Role In Mainstream Crypto Adoption

California-based stablecoin Startup Reserve completed their report which states that stablecoins will play a key role in the mainstream adoption of cryptocurrencies and technology which is why we read into it some more in today’s blockchain news. ‘’The State of Stablecoins 2019: Hype Vs. Reality in the Race for Stable, Global, Digital Money’’ is the title of the report which is based on the information that was collected for more than 40 crypto stablecoins companies. The author of the report George Samman was initially commissioned to research the landscape and then write the report that will serve the industry to learn something new. The study analyzes some of the key features of the stablecoins which according to the author, will lead to mass adoption:
 “The development of stablecoins, price-stable cryptocurrencies, asset-backed cryptocurrencies etc. is likely to play a critical role in how this new economy achieves mainstream adoption.”
Also, according to the authors, some of the developing countries that battle hyperinflation will be the first to embrace stablecoins because they promise a multi-trillion dollar marketplace. The potential role of some major companies such as Facebook is described in the report; explain that last year the social media giant stated they consider the launch of stablecoins for WhatsApp users. In the near future, it is expected for the US dollar to be the most tokenized liquid asset in the crypto market. However, the report notes that if the stablecoins are pegged to the dollar it could eventually increase the supply of fiat money and will even lead to inflation:
 “The ideal stablecoin should be able to withstand market volatility, be affordable to maintain within a value range, have easily comprehensible stability parameters and be easy to observe for traders and other market participants.’’
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Altcoin News

Crypto Market Adds $8 Billion But Litecoin Is Struggling To Gain Momentum

According to the latest price movements on the crypto market that we take a closer look into today’s altcoin news, the investors could see a green wave around the market. The crypto market increased along with Bitcoin increasing by 4.75% reaching the $3,800 price point. Despite the fact that almost all cryptocurrencies showed massive gains, Litecoin seems to be struggling to gain momentum despite the fact that is up by 7.23% over the past 24 hours. The altcoin is up only by 3% for the week. Most of the analysts think that Litecoin is struggling because the cryptocurrency did a great job outperforming its competitors last week after it traded between $40-$50. Currently, Litecoin is trading at $48 and if this trend continues, the altcoin is expected to reach $50 and remain on that position for quite a while. It seems weird that despite the partnership with Beam as previously reported, the price isn’t maintaining momentum. Also, as previously reported, the hash rate of Litecoin increased and last time Litecoin’s hash rate was close to this new high was in April 2018 when Litecoin’s price increased up to $120. The value of this altcoin dropped quite a lot which caused miners to drop out of the mining activities and start opting for more profitable coins. Litecoin lost its position as the fourth largest cryptocurrency after it was surpassed by EOS. EOS increased massively, by more than 13.80% and is the best gainer among the top ten cryptocurrencies. The entire crypto market is up by 6.2% and according to analysts, the market is expected to increase up by 10%.
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Altcoin News

Crypto Market Adds $10 Billion, Currently With $134bn. In Circulation

Litecoin (LTC), Bitcoin Cash (BCH), Tron (TRX) and Stellar (XLM) were the highest earners in the new surge that led the cryptocurrency market to add new $10 billion - coming closer to the $135 billion gap. In the daily news of our DC Forecasts crypto news site, this surge came with bullish moves in Bitcoin and Ethereum as well, which dominated the market. However, in this piece, we are focusing on the altcoin traction which started with a solid upward move by Bitcoin Cash (BCH) which broke the $130 resistance against the US Dollar. The BCH/USD pair gained traction and surpassed the $140 and $145 resistance levels, shooting up by about 15% and testing the $150 resistance level on the upside. Litecoin (LTC) also pushed high and broke the $45 resistance area, trading up by around 7% and breaking the $47 resistance as of recently. It seems like with the positive price action recently, the chances for LTC are of more upsides above the $48 and $50 resistance levels. Tron's price, on the other hand, formed a support base near the $0.0240 level. TRX later started a correction and moved above the $0.0250 resistance, opening the doors for a decent recovery. Looking at the total market cap, buyers gained control above the $130 billion resistance levels where the high is right now set at $136-7 billion. However, the possibility of dips is still present.
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