Not Convinced New Investors are Buying Bitcoin, Top Analyst Says
[NEWS BLOG]: Not Convinced New Investors are Buying Bitcoin, Top Analyst Says
While headlines about tanking bitcoin prices serve ideal opportunities for investors to enter the cryptocurrency market, one top analyst thinks the asset is lacking new buyers.
Alex Saunders, the CEO & Founder of Australia-based Nugget News, offered a wave of discouraging catalysts that might have driven people out of cryptocurrencies, including a wrecked US job report. More than three million Americans filed for unemployment last week, providing first-hand information about how the Coronavirus pandemic is affecting the US economy.
Buying Sentiment on Hold
Bitcoin has long enjoyed the status of an offbeat, non-correlated asset that could behave as safe-haven for investors in times of economic crisis. But in its first face-off with the one, the cryptocurrency has chosen to follow the bearish moves of stocks and similar risk-on assets.
The Next Bitcoin Dip
As the hunt for the next-best buying opportunity continues, bitcoin has marked a fresh downside target in the $4,200-4,400 area following its latest move on Saturday.
The bitcoin-to-dollar exchange rate has broken out of its Rising Wedge pattern, confirming a broader move to the south. Mr. Saunders earlier noted that the pair could confirm the classic bearish indicator with a plunge, further validating it with the double top formation near the $6,900-area.
OTHER RELATED NEWS
[ONGOING] RENOVATION OF DROPZ | OCTOBER 08 2020 12:00 AM PST | 4:00PM UTC
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Samsung to Release Crypto-Friendly Edition of Galaxy Note 10 Smartphone
Samsung Electronics is releasing a new edition of its Galaxy Note 10 smartphone that will come with a pre-installed cryptocurrency wallet in its bid to boost adoption of blockchain tech.
According to a Wall Street Journal article on Thursday, the new product is a variant of Samsung’s flagship product Galaxy Note 10 but marketed as a “KlaytnPhone,” named after a blockchain network developed by messaging giant Kakao.
To be sold on Thursday only in South Korea, the new edition’s hardware specification will not differ from existing Galaxy Note 10, but will come with blockchain apps and a crypto wallet, the report said. - read more.
Billionaire Investor Henry Kravis Makes First Crypto Investment
Billionaire investor and philanthropist Henry Kravis is dipping his toe into the world of crypto assets.
According to a piece by Bloomberg on Friday, Kravis – who is co-founder of global investment firm KKR & Co. – is said to have invested in a cryptocurrency fund offered by ParaFi Capital.
The news comes via ParaFi founder and CIO Ben Forman, a former KKR employee who left to form the San Francisco-based digital asset startup. Bloomberg said a spokeswoman for Kravis has declined to comment on the investment.
Forman describes ParaFi Capital as an “investment firm focused on the blockchain ecosystem” - read more.