Novogratz calls PayPal’s Bitcoin news ‚the shot heard around the world on Wall Street’

Novogratz calls PayPal’s Bitcoin news ‚the shot heard around the world on Wall Street’

PayPal coming to crypto is big news for adoption, says the investor.

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Galaxy Digital CEO and multi-millionaire Mike Novogratz recently hopped on CNBC Squawk Box for an interview, detailing the importance of PayPal’s upcoming 2021 Bitcoin (BTC) launch. 

„I think that’s, in some ways, the shot heard around the world on Wall Street,“ Novogratz said in an Oct. 23 interview about PayPal’s recent news. „PayPal has 346 million accounts,“ he said, adding: „They’re the 30th biggest bank in the U.S. in deposits and all of a sudden every financial institution says, ‚Wait a minute, what am I doing?'“

PayPal plans to add Bitcoin, Ethereum, Litecoin and Bitcoin Cash to its network sometime in 2021. Following the announcement of these plans, Bitcoin surged in price, ultimately overtaking the market cap of PayPal itself. 

„If you’re in the board room at Morgan Stanley or Goldman Sachs or Bank of America, you’re thinking, ‚How do I get engaged?'“ Novogratz said of crypto. Prior to his interview, the CEO said he took a peak at stock performances for companies involved in crypto, as well as Ethereum’s price. He pointed out that such assets have posted standout price gains in 2020.

„We are going to see, over the next 10 years, a rebuilding of the financial infrastructure of this country,“ Novogratz said. „It was interesting that PayPal hired Paxos to do their integration with crypto because there’s a domain expertise in this cryptocurrency space, in this blockchain space, that’s needed.“ Paxos serves as the entity behind PAX, one of the many U.S. dollar-pegged stable coins in the crypto industry. The institution also touts other functions, such as custody.

„It was the COVID virus that really accelerated — as horrible as that sounds — accelerated adoption of crypto on two ways: the macro story with Bitcoin and the more maybe important story of digitalization of all cash, digitalization of the financial services system, that’s going to mostly be built on Ethereum.“

Multiple traditional financial players have picked up large stacks of Bitcoin this year, seemingly ushering in an age of mainstream Bitcoin adoption.


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PayPal coming to crypto is big news for adoption, says the investor.

Bitcoin Price Tightens as Traders Prepare for a Second Shot at $9.2K

Bitcoin Price Tightens as Traders Prepare for a Second Shot at $9.2K

#Bitcoin bulls are gearing up for a second run at $9.2K but will traders be able to flip the resistance to support

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After a strong two week performance that saw Bitcoin (BTC) price rise from $7,700 to $9,200, the top crypto asset appears to be consolidating before making another attempt at $9,200. As this process takes place and Bitcoin’s dominance rate dropped slightly, many altcoins rallied with double-digit gains which brought many to test or even push above their 2-year long descending trendlines. 

Most notably, the ETH/BTC pair pushed above its long-term downtrend, an occurrence covered in great detail by Cointelegraph contributor  Michaël van de Poppe

Cryptocurrency market weekly overview. Source: Coin360

The strong rejection at $9,200 on Jan. 18 and following drop from the ascending wedge pattern briefly flipped traders’ sentiment to bearish and calls for a revisit to $8,000 and below the 200-day moving average (200) surfaced. Fortunately, for bulls, traders have done a good job defending the support zone at $8,470 and the shorter timeframe charts currently show Bitcoin (BTC) attempting to press above the moving average of the Bollinger Band indicator.   

BTC USD daily chart. Source: TradingView

Since Jan. 19 the price has dropped to test the $8,475 five times and each time traders have bought into the dip in defense of the support which suggests traders believe Bitcoin’s current set up supports the possibility of another run to $9,000 over the short term. 

At the moment, the price rides along with the moving average of the Bollinger Band indicator and the 4-hour moving average convergence divergence (MACD) and relative strength index (RSI) suggest that the bulls will attempt to push Bitcoin price to the upper Bollinger Band arm which is located at $8,983 and also lined up with the ascending trendline which BTC fell below on the Jan. 18 pullback. 

Bitcoin’s trading volume also has tapered off, an occurrence that is typical before a sharp shift in price the MACD has converged with the signal line of the 4-hour timeframe which is a bullish signal. 

Even if a high volume spike sends Bitcoin price back to $9,000, a more desirable move would be seeing the price push through $9,113 and hold for a 4-hour close. Setting a daily higher high above $9,200 would also restore momentum and show Bitcoin is ready for continuation to $9,600. 

Bearish scenario

BTC USD daily chart. Source: TradingView

In the event that Bitcoin falls below $8,470, traders expect the price to drop to the 200-DMA at $8,200. Below this level, a bounce off the main trendline of the former descending channel at $8,124 and 50-DMA at $8,000 is predicted. Below the 50-DMA traders will look for support at $7,600 and after this investor will clench their jaws and rub their sweaty palms as the price approaches $7,200. 

Currently, the volume profile visible range (VPVR) shows buying interest at all of the levels mentioned above, including $8,470. Further, the trader’s recent behavior of buying into the pullbacks of the last three days suggests a retest of lower supports will produce even strong bounces as buys who missed the strong rally of the past two weeks may see any price below $8,200 as an opportunity to open long positions.

Bullish scenario

As discussed earlier, a bullish outcome would involve Bitcoin price bolting above $9,133 and flipping $9,200 to support. Doing so would open the door for the digital asset to take out $9,600 and begin the push toward $10,000. $9,800 is likely to present significant resistance and traders will be tempted to take profits at this point, possibly resulting in a sharp pullback.

It is also worth remembering that the price has just broken out of a 7-month long downtrend and the weekly MACD is in the midst of a bull cross. 

Thus, regardless of a strong rejection at $9,500 or $9,800 the current trend change is strong and many traders are targeting $11,500 as a target supported by the current market structure. 

For the short-term, let’s observe to see if an inverse head and shoulders pattern shapes up with Bitcoin pushing above $9,200 to set a daily higher high. 

The views and opinions expressed here are solely those of the author (@HorusHughes) and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.


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#Bitcoin bulls are gearing up for a second run at $9.2K but will traders be able to flip the resistance to support

Crypto Analyst Brian Kelly: ‘No Shot’ for Bitcoin ETF in 2019

Crypto Analyst Brian Kelly: ‘No Shot’ for Bitcoin ETF in 2019

Crypto analyst Brian Kelly claimed in an interview with Cointelegraph that there is no shot for Bitcoin ETF approval in 2019

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Crypto entrepreneur and regular contributor to CNBC, Brian Kelly, claimed that there is no chance for a Bitcoin (BTC) exchange-traded fund (ETF) approval in 2019. Kelly made his remarks in an interview with Cointelegraph at the Crypto Finance Conference, Switzerland, Jan. 18.

Discussing the overall state of the cryptocurrency market, Kelly predicted that 2019 will turn out better than 2018. The analyst argued that “we are somewhere close to the end of [the bear market], but we might have another dip lower, it wouldn’t surprise me at all.” Speaking specifically about what we should expect from 2019, Kelly continued:

“Probably in 2019 the focus will be on currencies — Bitcoin, Litecoin, some of those — because we have quite a bit of geopolitical tension in the world. We are starting to see some global macro players use Bitcoin as alternative to their gold position, or as a way to hedge against fiat currency fluctuations and volatility.”

According to Kelly, 2019 will see Bitcoin become a more accepted asset among mainstream investors.

However, when asked about the likelihood of a Bitcoin ETF receiving government approval this year, Kelly said that there is “no shot” for that.

The approval of a Bitcoin ETF —  an investment fund that would track the value of its underlying asset and trade on stock exchanges — by the United States Securities and Exchange Commission (SEC) is a highly anticipated event that is seen by many as a prerequisite for major institutional investors entering the crypto market.

Over 2018, the SEC has received multiple Bitcoin ETF applications from various players, such as the Winklevoss twins, but is yet to approve any one of them. Expanding on his point of view, Kelly said that the agency is unlikely to change its opinion in the near future, as “there is too much that is unresolved.” According to the analyst, it will take more than a year to settle the existing issues.

Kelly further predicted that in the upcoming years the world will face a new recession, followed by a new financial crisis. However, the nature of the latter will be different from the previous crises, which will purportedly create a window of opportunity for cryptocurrencies and result in making them an actual alternative to fiat money.

As Cointelegraph reported last August, Kelly had previously predicted that the approval of a Bitcoin ETF would not happen earlier than in February 2019. He then affirmed the SEC’s argument that the existing BTC futures market is not mature enough, nevertheless highlighting that it is evolving quickly.


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Crypto analyst Brian Kelly claimed in an interview with Cointelegraph that there is no shot for Bitcoin ETF approval in 2019