Bitcoin Lost $2000 in 2 Hours

Huge price drop can be caused by the actions of the regulators of China and South Korea or aliens 
16 January 2018   2430

The bitcoin rate continues to drop. Over the past 24 hours, its price has fallen by 14%, and the most rapid drop was in the last hours. So, in just 2 hours the bitcoin rate dropped from $ 13,277 to $ 11,442, after which it rebounded slightly and returned to $ 12,000. The last time at these levels, the currency was traded in early December, but then its rate moved up against the approaching launch of futures on sites CME Group and CBOE.

Bitcoin Price Chart
Bitcoin Price Chart

Probably, the enthusiasm of traders was cooled by the actions of the regulators of China and South Korea, which recently focused their efforts on combating speculative trade and fraud.

It is worth noting that most of the coins lost a lot today.

Top Ten Coin Price Chart
Top Ten Coin Price Chart

One of the users of the Reddit forum suggested that the current collapse of the cryptocurrency is due to the fact that Chinese crypto investors are withdrawing assets to the Fiat in anticipation of the New Year celebration for the lunar calendar.

He draws attention to the fact that over the last four years, three weeks before the Chinese New Year, the crypto-currency market has experienced similar crash courses. In 2018, the Chinese New Year is celebrated on February 16.

There is also an alternative version, aliens included.

Cryptocurreny overall marketcap dropped to $ 0.6B.

Bitcoin May Pass Gold Market Cap, - Novogratz

Mike Novogratz continues to be Bitcoin and cryptocurrency optimist 
25 March 2019   106

The founder of Galaxy Digital, Mike Novogratz, expressed the opinion that over the next 20 years, Bitcoin’s capitalization would “easily” surpass the gold market, currently estimated at $ 7.5 trillion. It is reported by The Daily HODL.

In a conversation with the founder of Morgan Creek Digital, Anthony Pompiano, Novogratz stressed that the inflow of institutional money to the cryptocurrency market is only a matter of time, and major players like Goldman Sachs and the Intercontinental Exchange (ICE) are already mastering a new industry.

I know Goldman for instance is gearing up around securities tokens. They’re not doing anything yet, but they’re getting really ready and looking at all the questions on – where would you store them? Do you have to build your own custody, or can you use someone else’s custody? How to get them to work.
 

Mike Novogratz

Founder, Galaxy Digital

According to him, the growth potential of Bitcoin is strong and therefore it is advisable for investors to include the first cryptocurrency in their portfolios:

I think the macro case for [Bitcoin] is pretty strong. And so, if you can put a couple percent of your portfolio in, there’s a decent chance it catches wind. Fidelity is just getting set up. Bakkt continues to get delayed a little bit, but it’s not going to be delayed forever. They’re going to be in the game. And there’s lots of other players coming.
 

Mike Novogratz

Founder, Galaxy Digital

According to him, the volume of the gold market is $ 7.5-8 trillion and in order to outperform this market, the first cryptocurrency needs to grow in price at least 100 times.

Gold’s got an $8 trillion market cap, or a $7.5 trillion market cap. And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily. Easily. And that’s giving zero optionality to all the other stuff. And so I think it seems like a pretty smart portfolio bet.
 

Mike Novogratz

Founder, Galaxy Digital

The founder of Galaxy Digital also touched on the topic of bitcoin futures.

The reality is, the CME kicked their butts. And these guys have limited resources on what they’re going to spend their focus, and they decided to spend it elsewhere. Finding leverage in Bitcoin is going to get easier as the architecture in the space gets better. You’re already seeing the lending market around Bitcoin went from 10% to like 3%. So once you can borrow you can short. And so now it’s not so hard to short Bitcoin. It used to be almost impossible to short Bitcoin in 2016… It wasn’t great, but it’s not critical. 
 

Mike Novogratz

Founder, Galaxy Digital

In February Mike expressed the opinion that, thanks to institutional money, Bitcoin will reach $ 8,000.