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Bitcoin Soars Above $7,000 As Crypto Comeback Continues

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Bitcoin prices have accelerated recent gains overnight, since Trump unleashed the latest round of incremental tariffs on China (and soft capital controls continue).

This morning’s spike topped $7,000…

The highest since September 2018…

But bitcoin is not alone. As China-US trade tensions have re-escalated, cryptos have all surged…

As we hinted here, soft capital controls in China could be driving some demand for escape routes.

Total Crypto market cap is nearing its highest since Nov 2018 with Bitcoin surging to over 58% dominance – the highest since Dec 2017…

Source: CoinMarketCap

Yesterday, CoinTelegraph reported that Galaxy Digital CEO Michael Novogratz predicted that bitcoin will break new all-time-highs within 18 months, adding that the $6,000 threshold is likely to be a stall point, while the next price point will be $10,000.

On the other hand, famous crypto sceptic Nouriel Roubini recently reiterated his negative stance on cryptocurrencies, claiming that “crypto is the mother and father of all bubbles.”

Meanwhile, the government of Liechtenstein recently passed new blockchain and crypto-related regulation in order to improve investor protection and establish more clarity in the industry.

Additionally, CoinTelegraph reports that financial advisory firm Canaccord Genuity has predicted that bitcoin could hit $20,000 by 2021 based on retrospective projections in an analysis published on May 9.

This prediction is based on a close similarity between the four-year price cycles of bitcoin during the 2011–2015 and 2015–2019 ranges, as shown in the following graph:

Bitcoin price cycles. Source: Canaccord Genuity

Canaccord Genuity points to the bitcoin mining rewards schedule as a possible cause for these four-year price cycles, since the reward drop — which decreases by 50% for every 210,000 blocks mined — has so-far occurred about once every four years. However, the report cautions:

“As always, we caveat this observation with the obvious — this is simply pattern recognition and not reliable fundamental analysis.”

Canaccord Genuity analyst Michael Graham commented on cryptocurrency prices at the beginning of 2018, saying that the upswing in regulatory enforcement would likely have a major impact on the crypto market via dislocation (therefore making it hard for crypto assets to be accurately priced).

And finally, if you needed the most extreme forecast for now, serial VC investor Tim Draper told FOX Business in an interview on May 10 that Bitcoin will have a 5% market share of the entire world by 2023.

image courtesy of CoinTelegraph

Speaking on the sidelines of the Salt Conference in Las Vegas, Draper – who has become a stalwart bitcoin advocate – said the largest cryptocurrency would continue to gain dramatically in price.

“It’s going to keep going because, I’m a believer than in four years, something like that, bitcoin will be about a 5% market share of the Earth,” he told the network. Draper added:

“It’s a better currency, it’s decentralized, open — it’s transparent; everybody knows what happens on the blockchain.”

As Cointelegraph continues to report, bitcoin’s 2019 bull run continues this week, with BTC/USD passing the $6,000 mark to set its highest level since November 2018.

Appearing in his now trademark bitcoin tie and socks, Draper added that he envisioned running an entirely bitcoin-dependent company, where transactions used it exclusively.

“I eventually want to have a fund where I take in bitcoin and I fund everybody in bitcoin and they pay their employees and suppliers in bitcoin and then I pay my investors in bitcoin,” he continued. Draper then stated:

“Because I would then require no accounting, no legal, no bookkeeping, no custody — it would all be done.”

Draper, who is also a major supporter and investor in smart contract and decentralized application platform tezos, previously made one of the industry’s most bullish predictions for the Bitcoin price, in November claiming that by 2023, a single coin would be worth $250,000.


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Tyler Durden

Zero Hedge's mission is to widen the scope of financial, economic and political information available to the professional investing public, to skeptically examine and, where necessary, attack the flaccid institution that financial journalism has become, to liberate oppressed knowledge, to provide analysis uninhibited by political constraint and to facilitate information's unending quest for freedom. Visit https://www.zerohedge.com

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