Bitcoin (BTC), Cryptocurrency- The crypto-bull Michael Novogratz has long been in the cryptocurrency sector, he made new headlines with his statement that the weariness of the seller indicated by the current price movements shows that market has hit the bottom for Bitcoin and other popular currencies.
Driven by the rapid rise of XRP throughout the week, which had seen a 70-hour price increase of 70%, the entire cryptocurrency market managed to earn nearly $ 30 billion from the capitalization of market over the previous seven days. Novogratz, CEO of the digital business bank Galaxy Digital, made his comments on the status of Bitcoin and crypto pricing at a Yahoo Finance event entitled "All Markets Summit." In addition to reiterating its position on the seller's fatigue and on the market to reach a relative touching the bear cycle in progress of 2018, Novogratz issued similar comments last week that shed light on the stability of BTC,
This is the BGCI chart … I think yesterday we put a weak spot. retouched the highs of the end of last year and the point of acceleration that led to the great rally / bubble … the markets love to go over the breakout … we have retraced the whole bubble. #callingabottom
This is the BGCI chart … I think yesterday we put a weak spot. retouched the highs of the end of last year and the point of acceleration that led to the great rally / bubble … the markets love to go over the breakout … we have retraced the whole bubble. #callingabottom pic.twitter.com/EasTBYgjSj
– Michael Novogratz (@novogratz) 13 September 2018
Speaking at the event Novogratz argued that the price of Bitcoin is still far from the previous record high of nearly $ 20,000 tested at the end of 2017, but the currency had shown good hold at around $ 6,000, building a solid base and wearing down sellers. Novogratz also commented on his belief that institutional money is already entering into cryptocurrency and could be at the center of price stability that the currency has shown in recent weeks compared to the price for the whole of 2018,
" Bitcoin held $ 6,000.Yes, it's not at the height, but it has established itself as a store of value … I think institutions are moving towards investment. It's shocking how much it is. success. "
While few have been able to show that the bearish cycle has characterized the year, many Bitcoin bulls and cryptocurrencies have held back institutional money (ie Wall Street investments and other well-capitalized companies throughout the world) are waiting in the margins for some small suggestions to enter the cryptocurrency market. Many had anchored the decision of the US Securities and Exchange Commission (SEC) on a fund traded in Bitcoin as a catalyst to initiate such a shift in the investment base.
Despite having a strong consensus for the ETF's approval in VanEck, the New York-based global investment manager, the SEC has taken a frustrating stance on the delay in decisions on the creation of the new fund. However, crypto-markets have shown price resilience in the face of such delays, due to the growing sentiment that a Bitcoin ETF is unavoidable, even if the SEC will wait for consumers for as long as possible or through a decoupling of encrypted prices. from the almost obsession with the approval of the ETF
The XRP, which had shown a strong downward trend in the assessment, managed to arch the bear story in a sudden reversal that saw the currency appreciate from $ 0.30 to $ 0.70 on Friday, good enough to surpass Ethereum for the second place in total market capitalization, albeit briefly.