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Billionaire investor: this one key thing has been driving the Bitcoin price over $10,000

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Michael Novogratz, the CEO and chairman of Galaxy Digital said on CNBC’s Closing Bell that liquidity has been the main driver of bitcoin in recent weeks.

Year-to-date, the Bitcoin price has climbed from $6,854 to $10,552, recording a staggering 54 percent increase in less than three months.

Liquidity will continue to drive bitcoin

When asked about the key factor behind the upsurge of bitcoin, Novogratz noted that the injection of liquidity into the global financial market has been an important component of the cryptocurrency market’s rising momentum.

The U.S., Europe, and other regions alongside China have increased liquidity in markets especially during the latter half of 2019 as a response to rising geopolitical risks.

Over the upcoming weeks, China is set to inject even more liquidity into the local market as fears of coronavirus have negatively affected productivity and economic growth.

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The Bitcoin price is up more than 50 percent since January 1 (source: tradingview.com)

As that happens, the demand for Bitcoin and crypto, in general, could continue to rise, said Novogratz.

He noted:

“Liquidity, liquidity, liquidity. We’ve got global rates low, people pumping in money, you look at China and you do an aerial view, nothing’s moving in China, which means the government is getting ready for two barrels of liquidity. So it’s driving stocks, it’s driving crypto, it’s driving gold.”

In the past, Novogratz explained that accredited investors, institutions, and fund managers were uncertain about bitcoin and its value proposition.

The dominant cryptocurrency has matured with improving infrastructure and growing mainstream awareness to the point in which Novogratz said he now describes bitcoin as an essential part of a fund’s macro portfolio.

He added:

“I used to do meetings and had to convince people how bitcoin works and whatnot. Now I talk about this as a weapon in their macro portfolio, as a hedge against inflation, as a hedge against as easing monetary policies, and fiat currencies. “

The CME Bitcoin futures market has been recording around $200 million in daily volume on average, and other regulated platforms like Bakkt and LedgerX have seen high volumes in recent months.

Where does BTC go from here?

Short-term price movements of Bitcoin are mostly swayed by margin trading platforms such as BitMEX.

Despite the funding rate of perpetual swap contracts being relatively high throughout the past week, which gives short sellers an incentive to short the market, Bitcoin and the rest of the cryptocurrency market have continued to see an increase in momentum.

The Bitcoin price has remained above $10,000 now acting as strong support, which is widely considered to be a key psychological level for the cryptocurrency by investors.

Bitcoin hovering above the $10,000 level while alternative cryptocurrencies like Ethereum surge in tandem indicate that the demand for the market is at a high point.

Posted In: Bitcoin, Adoption Source: https://cryptoslate.com/billionaire-investor-this-one-key-thing-has-been-driving-the-bitcoin-price-over-10000/

Blockchain

Swipe Is the Latest Project to Integrate Chainlink’s Price Oracles

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Swipe wallet and crypto debit card platform has integrated Chainlink (LINK) data oracles to improve the accuracy of reward issuance and token burns. 

Swipe CEO Joselito Lizarondo said Chainlink’s decentralized price feeds will provide more accurate and fair token conversion prices for users and was an important step towards  greater decentralization:

“This is important to us to bring transparency to our users, especially as we’re kind of leaning towards starting to migrate from custodial products to noncustodial products in the future. So this is a starting point of decentralization in our system to ensure that our users are seeing a fair price point.”

Cointelegraph asked Lizarondo whether the rising price of LINK concerned him as consumers of Chainlink data have to pay with LINK tokens for their data calls. Lizarondo acknowledged that “there is a fee structure,” but declined to disclose the details.

Half a million users

The Swipe CEO declined to disclose statistics about debit card transaction volumes besides saying that they have 500,000 users. He noted that since his competitors do not disclose their numbers, he does not want to give them an advantage.

Major cryptocurrency exchange Binance is the majority owner of Swipe, but Lizarondo said the company has preserved its operational independence. Swipe also has an interesting philosophy towards digital assets custody, they employ two major custodials — Coinbase Custody and BitGo.

Lizarondo explained that it is dictated by both necessity, as Coinbase does not yet support Swipe’s native token SXP, and a desire to diversify their risks:

“We don’t want to put all of our eggs in one basket. We don’t want to have a central point of failure, even though these are very reliable custodians.”

Source: https://cointelegraph.com/news/swipe-is-the-latest-project-to-integrate-chainlinks-price-oracles

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Craig Wright Won’t Need to Pay Hodlnaut $60K Until Appeal Is Over, Says Counsel

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Craig Wright, a self-proclaimed Bitcoin (BTC) creator, is apparently not required to pay legal fees for a failed libel suit against the Twitter crypto enthusiast known as Hodlonaut.

In an Aug. 14 email to Cointelegraph, Wright’s legal representative argued that he is not obliged to pay legal costs in the defamation suit until the Norwegian Supreme Court considers an appeal.

The spokesperson said, “Craig has appealed to the Norwegian Supreme Court. Craig’s Norwegian lawyers say that there is no obligation on Craig to pay the costs until that appeal is dealt with.”

The new comments come in response to Hodlonaut claiming that Wright has been ignoring a court filing requiring him to pay legal fees within two weeks following a Jun. 8 court judgment. In an Aug. 13 tweet, Hodlonaut argued that Wright “has not paid a cent” out of $60,000 in two months after the judgement was made.

According to Hodlonaut, the Norwegian Court of Appeals denied an appeal to Wright earlier in June. The Twitter persona continued that Wright was obliged to pay “all costs for both District Court and Court of Appeals” in a tweet on June 8.

As previously reported, Hodlonaut is one of several crypto people targeted by Wright’s multiple defamation suits aiming to prove that he is the true creator of Bitcoin. Similar cases were brought against Ethereum co-founder Vitalik Buterin, early Bitcoin investor Roger Ver, and podcaster Peter McCormack.

The legal action against Hodlonaut was reportedly triggered by offensive tweets calling Wright a “very sad and pathetic scammer” and claiming that the Australian businessman was “clearly mentally ill.” Hodlonaut is also reportedly involved in the creation of the #CraigWrightIsAFraud hashtag.

In response to initial reports on Wright filing a libel suit against Hodlonaut, the crypto community announced a crowdfunding to help the Twitter crypto enthusiast “unfounded legal attacks.” 

Blockchain​ entrepreneur Elizabeth Stark was apparently among the first crypto players to support Hodlonaut, announcing WeAreallHodlonaut.com crowdfunding website in April 2019. At the time of writing, the initiative has raised $32,430 worth of Bitcoin (BTC), blowing well past it’s initial goal of $20,000.

How or whether these funds have been applied to Hodlnaut’s legal costs remains uncertain, but the site claims “We hit our $20k goal but lawyers can get expensive so please keep it up with the donations.” It also features a link for a swag store, the proceeds of which purportedly go to the legal defence fund.

Source: https://cointelegraph.com/news/craig-wright-wont-need-to-pay-hodlnaut-60k-until-appeal-is-over-says-counsel

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Bitcoin a Hedge Against Elon Musk Mining Asteroid Gold, Say Winklevoss Twins

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The Winklevoss Twins suggested that Bitcoin (BTC) is a better investment than gold because the metal’s supply will increase after Elon Musk starts mining asteroids.

In an interview with internet personality and Barstool Sports founder David Portnoy, the Winklevoss Twins claimed that Bitcoin is a better investment than gold because gold does not have a fixed supply:

“There’s billions of dollars of gold floating in asteroids around this planet, and Elon [Musk] is gonna get up there and start mining gold. […] That’s why gold is a problem, because the supply isn’t fixed like Bitcoin.”

Portnoy reasonably asked, “Is that, like, a real statement?” to which the founders of Gemini cryptocurrency exchange replied, “yeah.”

To further reiterate the idea that gold is inferior to Bitcoin, one of the twins said that “gold is for boomers” adding that Bitcoin is “the only fixed asset in the galaxy.”

Space mining is not a new idea, in fact Planetary Resources — a firm planning to mine asteroids for profit founded in 2016 — has so far raked in $50.3 million according to company data website Crunchbase. As Cointelegraph reported at the end of 2018, the firm was later acquired by Ethereum-focused blockchain firm Consensys.

Some predict that with further development of space travel technology we could soon see a new space race between private companies that are looking to mine minerals in space. CNBC suggested in May 2018 that materials lying in the belt of asteroids between Mars and Jupiter hold “wealth equivalent to about $100 billion for every individual on Earth.”

Source: https://cointelegraph.com/news/bitcoin-a-hedge-against-elon-musk-mining-asteroid-gold-say-winklevoss-twins

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