Bitcoin

Investor Arthur Cheong Says Crypto May Be Mirroring S&P 500 Growth After 2008 Collapse – Here’s What He Means

Published

1 week ago

June 23, 2024

Veteran crypto investor Arthur Cheong believes that deep drawdowns and multi-year bear markets may be a thing of the past for digital assets.

The DeFiance Capital CEO tells his 169,400 followers on the social media platform X that crypto may be witnessing a coming-of-age cycle – or a period when digital assets begin to behave like the stock market.

“Nuanced take: entirely possible the crypto market is maturing and we don’t see complex wild swings with 70-80% drawdown every two years but instead a complex secular growth like what the S&P 500 went through post-2008 GFC (Great Financial Crisis).

Excluding the Covid-19 crash in 2020, the US stock market either range bound or gradually ground up where every bear calling for a major crash proven wrong but returns also increasingly concentrate on the big cap and mega caps while value and small caps remain unloved for a long time.”

Cheong says that if his thesis plays out, future bull markets will no longer serve as a tide that lifts all boats, suggesting that most altcoins will not witness massive rallies similar to what was seen in the previous cycles.

“Similar things playing out would mean most alts are uninvestable but some winners will deliver ground-shattering returns and hopefully we get an Nvidia-like outcome every few years while most alts are gonna disappoint.”

The seasoned crypto investor also notes that altcoins will have to carve out their own paths if they want to succeed.

“Also, you can’t ignore the fact that the market is path-dependent, there is no such thing as preordained. If mass adoption happens like Telegram onboards half of their userbase to TON, how much do you think TON will be worth?”

But for now, Cheong thinks that market conditions are about to improve for crypto. He also believes that both Bitcoin (BTC) and Ethereum (ETH) are undervalued considering that they are the only two digital assets with no regulatory overhang.

“I think the market still hasn’t priced in the fact that BTC and ETH are the only two cryptos that have no uncertainty over their regulatory status and attract TradFi demand.”

Last week, blockchain development company Consensys announced the U.S. Securities and Exchange Commission (SEC) concluded its Ethereum 2.0 investigation, which sought to determine if the second-largest cryptocurrency by market cap is a security.

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Bitcoin

crypto will get positive regulation ‘no matter who wins’ election

Published

6 hours ago

July 3, 2024

admin

Galaxy Digital founder and CEO Mike Novogratz told CNBC’s ‘Squawk Box’ on Tuesday that the US crypto sector is headed for positive regulations regardless of who wins the upcoming election.

Mike Novogratz, one of the biggest crypto bulls, shared his outlook during an interview that touched on the current US political scene, Biden’s disastrous debate and crypto. The billionaire asserted that despite the current status of crypto regulation in the US, he believes the next regime will take a positive stance and help the industry grow.

“I am not a single issue voter and I do fundamentally believe crypto should be a bipartisan and needs to be bipartisan. We cannot have one party that likes this and another party that doesn’t like it,” Novogratz said.

Crypto regulatory landscape “shifting”

According to Novogratz, crypto is already largely a bipartisan issue in the US, with only a small group of Democrats taking a negative stance against this burgeoning industry. While it’s been frustrating, in terms of lack of regulatory clarity or the negative impact of government crackdown on the industry, Novogratz believes it’s “all shifting.”

“I’ll tell you that most Democrats, outside of Elizabeth Warren and a small group of people, are pretty pro-innovation and pro-crypto… Listen, no matter who wins the next election, we are going to get positive crypto legislation. I know that” he added.

Novogratz says BTC is a core holding

Commenting on Bitcoin following the ETF-buoyed upside that pushed prices above $73k in March, Novogratz referred back to earlier comments he shared about BTC price post-ETF approval. In his opinion, the benchmark cryptocurrency was likely to stay in the $55k-$73k range until the market got a dose of new news.

“It takes a while for things to digest,” he noted, adding that Bitcoin’s surge to its all-time high this year was “a huge move up.”

Novogratz believes BTC as a core portfolio holding makes sense, especially as the US debt balloons amid the government’s “spending like drunken sailors.”

Bitcoin traded around $61,862 at the time of writing, about 9% down in the past 30 days. However, its up 44% year-to-date and 102% in the past year.

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Bitcoin

CleanSpark’s amped hashrate mined 445 Bitcoin in June

Published

10 hours ago

July 2, 2024

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CleanSpark capped a busy June with an uptick in mined Bitcoin and a 2x increase in hashrate compared to December.

According to a Tuesday press statement, CleanSpark mined 445 Bitcoin (BTC) in June after adding five new mining facilities in Georgia. The mining startup also surpassed its 20 EH/s operational hashrate target set for mid-year.

“We continue to maximize efficiency at our existing sites and look forward to the opportunities ahead of us in Wyoming and Tennessee,” said CEO Zach Bradford.

CleanSpark’s mining numbers for last month indicate strength from the company after the Bitcoin halving event in April. A halving happens every four years and cuts mining rewards in half. The company mined 46 less BTC than last June, a modest difference considering Bitcoin’s code change.

Bradford added that the firm is “laser-focused” on increasing mining hashrate and generating more revenue following the halving. Meanwhile, other miners are facing difficulties and exploring business sales to maximize shareholder value.

CleanSpark’s post-halving performance has been the envy of the mining landscape as the startup has improved its hashrate and mined more BTC in recent months. Per crypto.news, Bradford’s firm also acquired GRIID facilities in a $155 million deal, and analysts at H.C. Wainright are bullish on the CLSK stock. CLSK is up 58% year-to-date and changed hands for $17.19 on the Nasdaq as of writing.

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Bitcoin

Bitcoin Miners Slow Down Selling In July, What This Could Mean For Price

Published

16 hours ago

July 2, 2024

admin

On-chain data shows that selling pressure from Bitcoin miners has recently slowed down. This is significant considering the impact it could have on Bitcoin’s price heading into the third quarter of the year.

Bitcoin Miners’ Selling Pressure Has Significantly Declined

Referencing data from the on-chain analytics platform CryptoQuant, crypto analyst Crypto Dan noted that selling pressure from miners has significantly declined for two reasons. One is that the quantity of Bitcoin these miners sent to exchanges to sell has reduced drastically since May.

Secondly, the crypto analyst mentioned that the volume of the OTC Desk that miners use for selling has been consumed, suggesting that someone recently bought up all the available Bitcoin supply from these miners. The volume of the OTC Desk is said to have piled up until June 29th, as there was no willing buyer to purchase these crypto tokens.

Bitcoin miners greatly contributed to the price crashes the flagship crypto suffered in June. Data from the market intelligence platform IntoTheBlock showed that these miners sold 30,000 BTC ($2 billion) throughout the month. This put significant selling pressure on Bitcoin, which caused it to drop below $60,000 at some point.

As such, the decline in selling pressure presents a bullish development for Bitcoin and could continue the bull run for the flagship crypto. Crypto Dan noted that this development has created “sufficient conditions” to continue the upward rally for Bitcoin in this third quarter of the year.

Crypto analyst Willy Woo had also previously predicted that Bitcoin’s price would recover once miners capitulate. With that out of the way, Bitcoin could enjoy an upward trend this month and make massive moves to the upside.

BTC’s Uptrend Has Begun

Crypto analyst Rekt Capital noted in a recent X (formerly Twitter) post that Bitcoin’s uptrend has begun. He claimed that the macro higher low has been confirmed, and Bitcoin is now rallying to the upside. He added that the flagship crypto is developing a macro bull flag, providing a bullish outlook for the crypto token.

In another X post, the crypto analyst remarked that the goal for Bitcoin following its strong start to July is to build a “foundation from which it will be able to springboard to the Range High area at $71,500 over time.”

Crypto analyst Michaël van de Poppe also suggested that Bitcoin’s downtrend is over and a bullish reversal was underway as the flagship crypto makes significant moves to the upside. He also mentioned that he believes that Bitcoin has bottomed out and has found support at $60,000, meaning a decline below that price level anytime soon was unlikely.

At the time of writing, Bitcoin is trading at around $62,900, down in the last 24 hours, according to data from CoinMarketCap.