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Traders Assure: Bitcoin Price Will Surge Again

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Bitcoin dropped more than 15 percent in the past few days. However, some crypto traders believe that we shouldn’t be worried and just wait for Bitcoin to surge back.

According to crypto trader Brian Stutland, Bitcoin will rise back to $7,250.

‘’I’m looking at the September futures contract and I’ll be willing to buy it, actually at this point. $6,450 is my level, looking for that September futures contract to trade up to $7,250 on the CBOE futures contract with a stop out at $5,950’’.

He believes that the recent decline was due to the reports that Goldman Sachs gave up on the plan to open a Bitcoin trading desk. Though not far from the truth, after the reports reached the media, the price of Bitcoin but also the price of many other cryptocurrencies experienced a massive decline. Bitcoin dropped by $400 in just 10 minutes while Ethereum declined by more than 12 percent.

However, the Chief Financial Officer of Goldman Sachs hurried to inform that this was ‘’fake news’’.

If we go back to Stutland, he deeply believes that Bitcoin doesn’t need a trading desk in order to be efficient and that Bitcoin was made to transact off the deposits of bank sheets. According to him, is the volatility the most scare investors from getting into crypto and wants to urge people to accept it and be more comfortable with it. Right now, we are indeed in the early stages of the getting down process so maybe it will take a full year or more for all the prices to reach low levels in order for people to get comfortable with this reality.

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Bitcoin News

Twitter’s CEO Wants To ‘’Give Back’’ To The Crypto Ecosystem By Hiring Crypto Engineers

Jack Dorsey, CEO of Twitter and Square, made an announcement that he is trying to ‘’give back’’ to the crypto ecosystem by hiring four full-time crypto engineers and one crypto designer in his team. In our blockchain news today, we read why Dorsey decided to do so. Dorsey stated:
‘’Last week I was considering my hack week project, and asked @brockm: “what is the most impactful thing we could do for the bitcoin community?” His answer was simple: “pay people to make the broader crypto ecosystem better.” This resonated with me immediately, so we’re doing it.’’
The Twitter CEO stated that the newly employed engineers will be reporting directly to him so this has the community baffled and in questions about who will the developers serve-the crypto community or Dorsey himself. For example, if the growing bitcoin development poses a threat to the Square-related developers will they still are left alone to do their work. Dorsey’s power shows how influent he is in the bitcoin development community so users are not particularly happy with this decision. On this issue, Dorsey stated:
‘’These folks will focus entirely on what’s best for the crypto community and individual economic empowerment, not on Square’s commercial interests. All resulting work will be open and free.’’
The CEO of Twitter is one of the most important bitcoin advocates. Last year on the Consensus event he said that he wants Bitcoin to be adopted and hopes for the number one cryptocurrency to become the native currency of the internet. He also stated previously that he wants to be involved in any action that will lead crypto into the mainstream and that is one of the reasons he launched the Square Cash app. Last year revenues for Square show consistent growth. In the first half of 2018, the revenues reached $71 million while profits reached $0.6 million. In the second half, Bitcoin revenues increased to $95 million and profits increased up to $1.047 million. Dorsey has also invested personally in Bitcoin as well as in many BTC startups after he participated in Lightning Labs’ funding round which raised $2.5 million.
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Bitcoin News

JPMorgan Execs Seem Bullish On Crypto Following JPM Coin’s Release

Everyone that is following our cryptocurrency news section knows that the executives sitting on top of JPMorgan Chase are not the biggest fans of Bitcoin and take every chance to bash the dominant cryptocurrency. As the top tier in one of the largest banks in the world, these executives don't like similar cryptocurrencies too. Even though the bank is also distant on the nascent technology behind crypto which is the blockchain - they now appear to be in fact bullish on it - as long as they are the ones controlling it. We can best see this from a statement in a recent interview with CNBC's Squawk Box, where Ron Karpovich (Global Head of eCommerce solutions at JPMorgan Chase) said that the traditional banking system is intertwined with the world right now - and there is no true way around avoiding it. He also added that payments are not the most profitable industry, continuing:
“Ultimately behind the scenes, they [crypto companies] are going to have to use a bank to move funds. There’s more partnership instead of competition in that space… When it comes to margins and capabilities, payments is never something that grows in margin, nobody wants to pay for a payment…so you need highly efficient and large players.”
Karpovich also responded to a question regarding how far the eCommerce industry is from using crypto to facilitating payments. He explained that blockchain - the underlying technology of cryptocurrencies - will be used to facilitate payments behind the scenes. However, he also added that according to him, blockchain won't have a huge impact on consumers.
“I think ultimately you’ll find that the technology behind the scenes will be blockchain, I don’t know that you’ll notice anything as a consumer in that space. I think that you’ll still continue to use the payment type that you prefer, be that a wallet, a card, or a bank account,”  he noted.
When asked about his anti-crypto sentiment - which is somehow shared in the JPMorgan circles - Karpovich said that there is a difference between adopting blockchain and speculating on cryptocurrencies.
“There’s a difference between trading a cryptocurrency that’s in the market that’s ubiquitous, versus using the technology to enhance your payment infrastructure,” he concluded.
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Altcoin News

Bitcoin Is Close To $4,100 As Tokens Gain 20%

The valuation of the total cryptocurrency market cap has risen to more than $141 billion and is now reaching a new milestone as the market is improving. We are seeing green everywhere in the latest cryptocurrency news - with a focus on the most dominant cryptocurrency, Bitcoin (BTC). Even though Bitcoin has not recorded the biggest rise on the day, it is coming close to the $4,100 mark which is crucial for the cryptocurrency. The gains of 1% to 2% are repetitive for most of the top 10 cryptocurrencies which made sure to rise in terms of value and contribute to the growing market cap. By rising more than $1.5 billion overnight, the market showed that it is led by the Bitcoin price. Based on the global average, BTC has remained above the $4,000 resistance level for more than a week now - and tokens have followed with new surges of up to 20% on the day. Even though Bitcoin was a hot topic over the past couple of months for its inability to break out of the crucial resistance levels set in the $3,000 zone - it now managed to cross the $4,000 mark and is rising as we speak. The sentiment around the market is positive and is expected to improve, too. Earlier this week, some reports suggested that analysts still foresee the Bitcoin price testing its lows in the $3,122 to $3,500 range before a potential accumulation in the upcoming months. Even though we don't need to be so optimistic, the trend line is positive and since mid last year, Bitcoin has shown a pattern of experiencing several months of stability and then dropping largely afterwards. So, if BTC continues to climb up in the $4,000 and $5,000 range, the resistance levels will climb too. According to Anthony Pompliano who is the co-founder and general partner at Morgan Creek Digital, the institutional investors and asset managers that are likely to buy BTC in the long run are committing to the asset class.
"In my opinion, blockchain and crypto-related investment opportunities will be one of the fastest growing sectors in the alternative asset management space in the next 10 years. This means that every alternative asset manager will have to create a strategy to help their LPs gain exposure to the nascent industry," Pompliano said.
Aside from the greens recorded in the top 20 cryptocurrencies, the best performers on the day include the names of Ontology, Ravencoin, Tezos, Huobi Token, and KuCoin Shares - all recording gains from 12% to 25% on the day.
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Altcoin News

Mayor Of Chicago: Cryptocurrency Will Save Countries From Financial Crises

A new report featured in Forbes is in the latest digital currency news, outlining the statement of the Chicago Mayor Rahm Emmanuel - who was the former Chief of Staff for the President Barack Obama. As the post unveils, Emmanuel told a writer that the future for cryptocurrencies like Bitcoin is "affirmative." In detail, the Chicago Mayor spoke about the potential that cryptocurrencies have to play a serious role in the debt markets as well as the third world countries - especially where currencies can be unreliable. Even though Emmanuel does not know the entire operation of crypto, he remains positive that it could reshape the financial aspects of society. As he said:
“The trend lines are affirmative for its future. I don’t know if that’s ten years, and I don’t know if that’s 20 years, but it’s affirmative. I don’t know what it is. I know it’s an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it’s not the top 100 things I would have to learn about.”
Emmanuel also noted that the nation states are falling apart while the "city states are emerging." This is why Chicago and other major cities have their own wage laws, some of them even have their own income taxes and many other different regulations. In times when countries like Iran and Venezuela are facing financial embargoes, cryptocurrency can be a possible way to maintain global transactions, according to Emanuel.
"Nation states are falling apart, or receding. City states are emerging, so the political structures we all grew up under are changing. One day, somebody's going to figure out - whether that's Argentina, ten years from now, five years from now - how to use cryptocurrencies to stay alive when their facing a financial crisis, and then you're going to find out that this moment has arrived," he confidently said.
To sum things up, Emanuel said that he believes that "an alternative way of currency dealing with the debt markets is going to happen" at some point in the future.
The trend lines are affirmative for its future. I don't know if that's ten years, and I don't know if that's 20 years, but it's affirmative. I don't know what it is. I know it's an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it's not the top 100 things I would have to learn about," Emanuel concluded.
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