M. Novogratz: Bitcoin Will End the Year at $10,000

New Bitcoin and Ethereum price prediction from financial analyst and founder of Galaxy Investment Partners
22 November 2017   2131

American financial analyst and founder of the hedge fund Galaxy Investment Partners Mike Novogratz made new predictions, seeing an even faster growth of the first crypto currency.

Mike Novogratz believes that by early 2018, bitcoin has every chance of rising to $ 10,000.

We’re in the second or third inning. Because prices have moved so far people are nervous. You made a whole lot of money, there’s news, so you want to book your profit and get out.Mik
 

Mike Novogratz

Founder, Galaxy Investment Partners

Also noted that as gold has its value because people say that it has value, and the value of bitcoin is that it is based on stunning technology and has limited emissions.

Mike Novogratz also gave a forecast for the price of Ethereum, suggesting that the second on the capitalization of the cryptocurrency can enter in 2018 at around $ 500.

Bear Market to Hit Mining Hard

BitMEX research division presented an analysis of the impact of market decline on the mining industry
11 December 2018   75

The cryptocurrency market has experienced a marked decline over the past weeks. The BitMEX research division presented an analysis of the impact of these events on the mining industry. Bitcoin hash rate has fallen by 31% since the beginning of November, which is equivalent to the capacity of 1.3 million Bitmain S9 devices. From this, BitMEX concludes that miners as a class are in a difficult situation, however, they may have different conditions, and those who pay more for electricity, are forced to turn off their equipment first, while others may still be quite viable.

The decrease in the price of Bitcoin by 45% since the beginning of November has already caused two recalculations of the complexity of mining to the lower side - by 7.4% and 15.1% on November 16 and December 3, respectively. The first recalculation turned out to be the largest since January 2013, the second - since October 2011.

Bitcoin mining revenue fell from $ 13 million per day in early November to $ 6 million per day in early December. The fall in the size of the miner's encouragement turned out to be even more rapid than the fall in the price of cryptocurrency. This is due to the delay in recalculating the complexity of mining. For the six-day period ending December 3, 21.8% fewer blocks were mined than expected, since the miners left the network before recalculating the difficulty. As a result, in addition to reducing the size of the miners' encouragement in dollar terms, due to lower asset prices, they received 21.8% less bitcoin awards.

One of the popular reasons for the recent decline in the cryptocurrency market is that miners sold bitcoins to cover their costs of hash warsin the Bitcoin Cash network. The monitoring platform Boltzmann recorded an unusually large sale of Bitcoin by the miner on November 12, that is, 3 days before the hard fork of Bitcoin Cash.

BitMEX assumes that the actions of miners over the past weeks could have played a significant role in reducing the market, however, recommends not overestimating their value and reminds that in a bearish trend, prices continue to fall regardless of asset movements and news.