Novogratz and other experts: macro Outlook for Bitcoin is bullish
The volume of trade, as well as the price of Bitcoin has risen over the last few days continuously. The price of BTC is currently at 6.566, US Dollar and has risen in the last 24 hours by 4.5%.
The increase led the industry leader to the assumption that it will establish Bitcoin as an uncorrelated asset and the Chaos on Wall Street is decoupled, where the Dow Jones yields, despite the emergency intervention of the American Central Bank, the Federal Reserve (FED) to continue. Catherine Coley, managing Director of Binance US, confirmed that the crypto-trade is growing in volume.
In spite of the market downturn Binance US recorded an unprecedented volume of trade, the trade with Bitcoin is particularly active. We also see an increased interest in stable coins, because investors recognize the importance of the hedging of volatility in highly uncertain times.
Against the Background of the emergency measures to rescue the traditional markets – the tripping of protective measures, to stop the extremely volatile trading, pumps of cash, preparation of stimulus packages and the implementation of unlimited asset purchases by Central banks to support the economy – work of the crypto-currency markets without Intervention. Brain Norton, Chief Operating Officer of MEW (MyEtherWallet), says that the low Ether (ETH) price, which is currently $ 140 and about 147 dollars from his 90-day High of 287 dollars differs, has triggered a high volume of trade.
There are now more people who buy ETH on MEW, than ever before. We have seen these Figures have never, not even during the great crash in the Winter of 2018. Each of the price slump is causing a shift in the transactions, but this is a record, if one only performs a single action: Buy cheap ETH“.
Despite the ability of crypto, from the traditional markets to decouple, warns Bitcoin-COP Mike Novogratz, CEO of crypto-trade Bank Galaxy Digital that the for the king’s coin characteristic roller-coaster-price-action as a disturbing factor pari. In a Tweet from the 22. March – just a few hours after the Congress of the United States, no party had achieved cross-agreement on a proposed bailout package for the economy in the amount of 2 trillion dollars – wrote Novogratz:
Bitcoin will be in the next few months continue to be volatile, but the macro background is the reason why it was created. This is and must be the year of BTC.
Industry leaders are pushing the narrative of a large Bitcoin sales by institutional investors. Diogo Monica, President and co-founder of Anchorage, the custodian of digital assets, said:
While recent reports suggested an institutional sale, this was not our customer. If VC, Hedge funds, foundations, or Family Offices, Smart Money – you can recognize digital assets continue to hedge on traditional markets, but security and transaction speed are due to the economic downturn, and the daily volatility, especially in the foreground.
In addition, Coley added,
The recent jump of Bitcoin, while the Rest of the market falls, proves that Bitcoin can survive in contrast to traditional businesses without bailouts and is. Bitcoin has always been built on the idea that you have to send values in a secure manner, and receive, and that is going nowhere.
Featured Image: Iaremenko Sergii | Shutterstock
