Has Bitcoin reached its low point? Experts Express their opinion
Home News Has Bitcoin its low point reached? Experts Express their opinion
Marcus Misiak –
The Bitcoin price yesterday increased by more than 2% to 6.565 USD. Most of the Altcoins saw yesterday also big profits, with Ethereum and Monero lead with about 10 % of the Top crypto-currencies. The total market capitalisation of all Cryptocurrencies is increased to about 203 billion dollars after it was on Wednesday at $ 186 billion.
The former Hedge-Fund Manager and crypto-entrepreneur Mike Novogratz took the opportunity and tweeted yesterday a picture of the Bloomberg Galaxy Crypto Index, on the basis of which he explained that Bitcoin has reached its low point.
Novogratz runs the company, Galaxy Digital, which invests directly in a crypto-company, of the ICOs infrastructure platforms, Wallets, and Custody solutions.
BitPay’s Sonny Singh is waiting for a catalyst
Sonny Singh, Chief Commercial Officer of BitPay Inc., appeared on Bloomberg to talk about the future of Bitcoin and the Altcoins. BitPay, a global Bitcoin payment service provider, Bitcoin, and Bitcoin is Cash-based payment services for merchants and was founded in 2011.
Singh said that the market is currently looking for a catalyst. On the question of whether he thinks the market has found its low point, he shared a different opinion than Mike Novogratz (freely translated):
It is difficult to say whether the market for crypto-currencies has a low point. Currently, the market is looking for a decisive Moment – a catalyst. At the Moment, you can hear a lot of rumors. But next year, the major market participants in real – Goldman Sachs is launching a trading course, Fidelity is launching a Bitcoin product, Square offers Bitcoin products, traders, BlackRock offers ETF. If these things happen, we will see Adoption and then the price will rise again.
For Bitcoin Singh predicts a bullish future and believes that the sign for a price rally never better (freely translated):
In the case of BitPay and the people with whom I was in the industry of speech, we were never actually bullish. The business is going great. We hire more people. We work with several large, global brands around the world. No one stops at our borders. Each goes ahead with full force.
The theme of ICOs and Altcoins Singh less bull. Singh said that Altcoins will never come back again and again to the same extent as Bitcoin, as companies such as Fidelity and BlackRock, no Altcoin-will bring products to the market. ICOs are booming, in his opinion, never again as strong as the turn of the year:
If you see the Bitcoin price drop, have ceased to be the people to act in ICOs as before. The ICO market is in big trouble and will never go back there, where he was eight months ago. […] Where the Problem is, the Altcoins. This will never come back, I think, in the same way as a Bitcoin will come back. You know Fidelity, Blackrock, start no Altcoin-products. You are going to introduce Bitcoin products.
Possible obvious catalysts
As we reported yesterday, as published in the Bloomberg report, according to the Morgan Stanley is planning to trade with complex derivatives tied to Bitcoin, to offer. The announcement, however, has not yet been confirmed by Morgan Stanley. The confirmation could be the kind of catalyst that the market for a recovery is needed.
Possibly also the permission of the Bitcoin-ETF SolidX and VanEck, the long-awaited catalyst. A decision by the U.S. securities and exchange Commission SEC is scheduled to 30.09.2018, where a re-extension of the deadline is quite conceivable and possible. However, a permit will be granted later this year, little chance.
Other hopes rest on the parent company of the New York stock exchange, the Intercontinental Exchange (ICE) grant in November, the Bitcoin price rally that if “Bakkt”, a fully regulated stock exchange, which corresponds to the legal framework fully, it starts.
The entire Bloomberg Interview with Sonny Singh you can see below.