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The recovery in cryptocurrency prices has ignited interest among institutional investors. In 2019, dedicated crypto funds returned more than 16% according to Eurekahedge while traditional hedge fund strategies returned 10.4% according to Hedge Fund Research, Inc. Several hedge funds and large trading firms use speed to their advantage by benefitting from pricing inefficiencies.
Here are 7 of the over 20 reasons why Bitcoin could soon head higher, according to Yadox anyway.
BTC recently took the monthly price support of the key 21-month exponential moving average, then closed above the 10-month exponential moving average. This was underscored by the fact that Bitcoin scored a higher high in the monthly close, killing the downtrend.
Galaxy Digital CEO Mike Novogratz recently shared a peculiar chart, which shows that Bitcoin’s entire price history is eerily similar to Tesla’s (TSLA) epic rally.
The stock of the electric car manufacturer recently surged to a new high of $736 per share. This represents a 313 percent increase from its 2019 bottom of $178.
“The 2nd Bull Cycle has been 1.43 times the 1st. Assuming this arithmetic progression holds, then the 3rd Bull Cycle should be roughly 1500 days in duration (2nd BC 1060 days x 1.43). This times the next ATH roughly around January 2023! This actually means that currently we are not even halfway there!” He explained.
“As such, it can be reasonably assumed the price of Bitcoin will likely continue to surge until the coronavirus peaks, which could potentially be April or May, according to a research group based in Hong Kong. The principal reason why investors have been recently piling into Bitcoin is because it is increasingly thought of as a safe-haven asset during times of uncertainty.”
Jacob Canfield, a top Bitcoin analyst and guest trader on Forbes and CNBC has warned that investors could see a pretty big long squeeze to the downside. This he explains comes following prolonged positive funding. This in layman terms means that Bitcoin could be overbought. At its current position, key supports have to hold following rejection above $9,500 or risk spiraling downwards.
- Bulls and bears collided on Monday, as the Dow Jones reversed from its highs to secure a 150 point rally.
- ISM manufacturing impressed, helping lift the Dow early, but economists are concerned this will be a temporary peak.
- A slide in crude oil is weighing on the stock market.
The recent surge in crypto prices has brought with it a bullish sentiment. Many people now hold the opinion that a crypto bull run is about to happen. This is especially supported by the bullish predilection fueled by the upcoming halving of the Bitcoin network reward. On its part, XRP has been dealing with a rather unique situation.
According to a Coindesk report published on February 3, 2020, a multinational conglomerate, IBM is developing a blockchain proof-of-concept for the Food Safety and Inspection Service (FSIS) – the U.S.’s food safety arm of the U.S. Department of Agriculture (USDA). This move will help the organization to evaluate how blockchain can optimize export certification systems.
Zcash initially launched in 2016 with a novel funding mechanism — the Founder’s Reward. 20% of the block reward was allocated to the project’s founders to incentivize them to continue building the project.
The Founder’s Reward was set to expire this November, in line with the Zcash halving. This prompted the community to find new ways to continue funding Zcash development while encouraging decentralization away from the project’s founding team.
The CEO of Mastercard, Ajay Banga, has detailed in a recent interview why the payments giant left the Facebook-led Libra Association last year.
Speaking to the Financial Times, the CEO and president of Mastercard since 2009 revealed that the firm started to see its position in the Libra Association in a different light when other members of the project started linking the soon-to-be-launched Libra cryptocurrency to a proprietary digital wallet called Calibra.
Last year was a fundamental year that sanctioned the passage of the DLT concerning communication from technology platform for the creation and development of new transactional and relational environments. In 2019 it became clearer what blockchain can do and the areas in which it can bring value to businesses, organizations and public administrations. At the same time, the issues on which the community of those who believe in the prospects of DLT must be able to function to give novel and enough convincing answers have also emerged more clearly.
Bitcoin mining rig deliveries from China are delayed due to the coronavirus according to a few Chinese manufacturers. Microbt and Ebang sent notices to customers via the firm’s Wechat channels. Sources say Bitmain and Innosilicon are delaying mining device shipments as well.
The rush of cryptocurrency fame has some people asking if gold is the answer. Similar to the gold rush back in the day in California, the peak has quite a buzz going around. However, when the buzz died down, it had some investors worried. Was it just a hype? Is it all over now? That’s not the case and true investors know why they invested in Bitcoin and really understand and back its technology advancement.
However, for those that just “jumped on the bandwagon” and went with it, it could be a bit scary. Everyone gets excited when an investment is rising to the top. However, what goes up must come down. And, if it goes way up quickly, there is most likely going to be a crash, most investors try to sell before this crash.