Mike Novogratz confident that the price of Bitcoin will double this 2020
To start our Quick News edition today we find ourselves with a rather optimistic stance. With the stance that Bitcoin continues to rise within this situation, and will remain so throughout 2020.
Mike Novogratz, CEO of cryptocurrency bank Galaxy Digital and a well-known Bitcoin bull, has once again reiterated his bullish stance on the largest cryptocurrency. Predicting this time around that Bitcoin with this rise should retest its highs of $ 20,000 by the end of 2020.
In an interview with CNBC’s Closing Bell, Novogratz also expressed that the price of Bitcoin should at least double by October 2020.
While Novogratz delivered another bullish prediction for Bitcoin, this time around, the prominent crypto advocate admitted that he could forgo Bitcoin if its price doesn’t hit a new all-time high in 2020:
“This is the year of Bitcoin and if it doesn’t go up now by the end of the year, I could hang my spurs.”
Novogratz’s new Bitcoin prediction comes amid some recovery in the crypto markets. When Bitcoin rises to $ 7,200 on April 2 after falling to $ 3,600 in early March.
However, this upward trend of Bitcoin must continue throughout the rest of 2020, otherwise it would lose as an ally to Novogratz.
Bitcoin continues to rise
On Thursday, April 2, the price of Bitcoin (BTC) continued the recovery that started in the late afternoon of Wednesday. Thus showing an upward trend by Bitcoin in recent days.
Bitcoin’s price briefly consolidated around $ 6,650 before heading out to face resistance at $ 6,900. Now the price rose rapidly to $ 7,200 before abruptly retreating.
According to CryptoTrend’s Crypto Online tool, the cryptocurrency is trading at $ 6,800, an increase of over 3.6% in the past 24 hours.
In the short term, traders can simply watch if Bitcoin’s price remains above the uptrend line and if declines continue to rise as this is a sign of strength.
Bithumb Global launched trading pair trading for Bitcoin, Ether and Tether
Bithumb Global, the international platform for South Korea’s leading cryptocurrency exchange, has implemented the trading margin with 5x leverage for the Bitcoin (BTC) and Ether (ETH) trading pairs with Tether (USDT).
In an announcement posted on April 2, the exchange revealed that the service would be available on its website and app. However, it will be restricted to traders living in jurisdictions where margin trading is prohibited or limited, for example with Japan.
Margin trading allows traders to use borrowed funds to increase their potential earnings. However, it is a high risk strategy, since it can also aggravate losses when they are not successful.
For this reason, performing margin trading when Bitcoin manifests a volatile rise or fall, the “high risk, high profit” situation manifests itself.
Brazilian financial regulators launched a Brazilian Blockchain for information exchange
The Brazilian Blockchain obtains data from three of the four main financial institutions in Brazil: the superintendent of private insurance (SUSEP), the Central Bank of Brazil (BCB) and the securities regulator (CVM), the main sponsors of PIER. Social security supervisor PREVIC also plans to join.
Once it does, PIER will unite the entire Brazilian financial supervision ecosystem in what CVM called “a vast integrated database”Which accelerates the speed with which everyone can manage their share of Brazil’s $ 1.9 trillion economy, the largest in Latin America. Therefore, the objective of this Brazilian Blockchain is to improve the efficiency of institutions in the territory.
One use of the platform would be to conduct background checks on political appointees, according to BCB.
“Our objective is that this system promotes profits for the market, given the most efficient, safe and adequate supervision and application of the new technological scenario that we are experiencing.“CVM President Marcelo Barbosa said in a press release.