View profile

Billionaire Explains When We Will ‘See a Big, Big Rally in Crypto’

CryptoGlobe Weekly Summary
CryptoGlobe Weekly Summary
Cryptocurrency prices outperformed most other asset classes over the past week by mostly trading sideways, while equities markets endured a renewed sell-off that also affected bond markets, with investors returning to the safety of the U.S. dollar.
While Bitcoin mostly traded sideways throughout the week to move up around 0.2% throughout it, the stock market’s benchmark index, the S&P 500, dropped by more than 4.5%. Gold, on the other hand, lost 1.7% of its value against the U.S. dollar.
Notably, Bitcoin’s performance may seem poor when measured against the U.S. dollar, to which investors are retreating. Over the week the Great British Pound (GBP), the United Kingdom’s fiat currency, hit an all-time low against the U.S. dollar after a series of tax cuts and spending measures were announced.
The moves seemingly undermined confidence in the UK and saw GBP enter a freefall against the USD. Bitcoin acted as a safe haven against the GBP, moving up nearly 9% against it. Gold, the traditional safe haven, moved up around 3.5% against the GBP over the same period.
 

BTCGBP Chart via TradingView
BTCGBP Chart via TradingView
Billionaire Mike Novogratz Explains When We Will ‘See a Big, Big Rally in Crypto’
This week’s headlines focused on billionaire investor Mike Novogratz, a former hedge fund manager and the founder and CEO of Galaxy Digital, who during an interview, revealed when he expects to see a “big, big rally in crypto.”
Novogratz assets that Ethereum had a “pretty big move down” even with the merge upgrade being accomplished, while adding that Bitcoin has been seeing “these institutions getting engaged slowly” and getting ready to buy BTC. Novogratz added he does not believe there’s going to be another “catastrophic fall.”
I do not expect a catastrophic fall in bitcoin prices, says Galaxy Digital CEO Mike Novogratz
I do not expect a catastrophic fall in bitcoin prices, says Galaxy Digital CEO Mike Novogratz
He concluded: “you’d be more neutral here, and you’d be waiting to see the Fed pivot. And then I think you are going to see a big, big rally in crypto.” Per the billionaire, investors have to “hold crypto in context of what’s gone on macro.”
Cardano’s Vasil Hard Fork Presents ‘Massive Opportunities’ for $ADA
Popular cryptocurrency analyst Michaël van de Poppe has recently suggested that Cardano’s upcoming Vasil hard fork, which is expected to deliver a “massive performance improvement” to the network, presents “massive opportunities” for $ADA.
In a video van de Poppe shared with his over 160,000 subscribers on YouTube, the analyst noted that the hard fork, which is scheduled to occur on September 22, presents “massive opportunities” for ADA token holders as the network moves to boost its scalability.
Cardano Buy Opportunity Alongside Vasil Hard Fork?
Cardano Buy Opportunity Alongside Vasil Hard Fork?
During the video, van de Poppe notes that most cryptocurrency market participants are “assuming that we’ll be falling down even more from here,” but said that “frequently that’s not the case as the most obvious levels are usually not getting hit.”
In that case, the analyst said, levels around $0.32 to $0.40 are important ones to keep an eye on as they are support areas for Cardano that help avoid a further market downturn. Because of the cryptocurrency’s performance over the last few weeks, the analyst says there’s “no momentum and hype going towards the Vasil hard fork.” That lack of momentum, he suggested, could be beneficial and present “massive opportunities.”
$XRP WHales Keep Accumulating Even as its Price Moves
Whales on the $XRP network have been accumulating the cryptocurrency even at a time in which the cryptocurrency’s price keeps on surging ahead of a potential ruling on the U.S. Securities and Exchange Commission’s lawsuit against Ripple and two of its executives.
According to blockchain analytics firm Santiment, the price ratio of XRP to the flagship cryptocurrency Bitcoin has hit a one-year high of 0.000025 on optimism surrounding a potential ruling in the case. Nevertheless, active shark and whale addresses holding between 1 million and 10 million XRP have maintained an ongoing accumulation trend that started in late 2020.
Santiment
🐳📈 The price ratio of $XRP/ $BTC has hit a one-year high of 0.000025 on the continued optimism of a potential settlement of #Ripple with the #SEC. Active shark & whale addresses holding 1m to 10m $XRP have been in an accumulation pattern since late 2020. https://t.co/z0E12cpn4G https://t.co/dnmQZVxfvO
The ongoing accumulation trend has likely benefitted XRP sharks and whales, as data shows that the cryptocurrency has seen its price surge around 47% over the past 30 days as both Ripple and the SEC are looking for a ruling in their long-running legal battle through a so-called summary judgment, according to recently filed documents.
How Long Does it Take to Mine 1 Dogecoin?
Although Dogecoin is often referred to as a “joke” cryptocurrency, having no real purpose other than being funny or a meme token, it is nevertheless one of the most popular cryptocurrencies, with a market cap that places it frequently within the top 10. As such, it’s considered by many to be one of the best cryptocurrencies to invest in.
The amount of hash power a miner contributes to the network ultimately determines how long it takes to mine one Dogecoin. Since each block has a set reward of 10,000 Dogecoin, it is impossible to mine only one Dogecoin. Assuming that you are successful, mining any DOGE will always take one minute.
In particular, the Dogecoin network awards a block reward of 10,000 Dogecoin for every block added to the network’s blockchain. The block time is one minute, which means that the chain adds 1,440 blocks daily, or one new block on average per minute. In total, 14,400,000 Dogecoin are mined each day (the block reward multiplied by the number of blocks mined every day).
How Long Does It Take to Mine 1 Dogecoin? | Cryptoglobe
What Else is Going On?
Cryptocurrency investor sentiment is remaining low as its Fear & Greed index, which serves as an aggregate for investor confidence and attitude towards the market, has dropped to 21, maintaining a state of “extreme fear.” The index has risen from 6 when BTC dropped below $18,000 earlier this year.
The index, it’s worth noting, is based on emotional behavior in the market. When fear sets in, some investors may see a buying opportunity, while greed may be a sign the market is due for a correction.
Total value locked in the decentralized finance (DeFi) space has meanwhile moved to $54.71 billion, according to data from DeFiLlama. MakerDAO, the entity behind the DAI stablecoin, makes up 13.31% of the TVL with little over $7.28 billion on its protocol.
Other Top Stories
Ethereum ($ETH) Transaction Costs Are Falling – What’s Going On? | Cryptoglobe
“Cardano Doesn’t Need Cryptocurrency To Be Successful in Order To Succeed”, Says IOG CEO | Cryptoglobe
Bitcoin Developer Jimmy Song Explains How ‘Altcoins Are Unequivocally Immoral’ | Cryptoglobe
Did you enjoy this issue? Yes No
CryptoGlobe Weekly Summary
CryptoGlobe Weekly Summary @CryptoGlobeInfo

Leading #crypto and #blockchain news source. Breaking news, data-driven research and thought-provoking opinion pieces.

In order to unsubscribe, click here.
If you were forwarded this newsletter and you like it, you can subscribe here.
Created with Revue by Twitter.