Bitcoin may fall to $8k Level says Michael Novogratz and puts his fund on hold

Nishanth Shetty

Nishanth Shetty

December 23, 2017 6:25 am

Bitcoin may fall to $8k Level says Michael Novogratz and puts his fund on hold | Coindelite News
1
87681 Total Views

Bitcoin Price Prediction

The financial person Michael Novogratz, Fortress Investment Group executive, said in September that he had planned to begin a cryptocurrency hedge fund. Now the report says, the investor is going to hold his, fund as he is not confident as he once was on bitcoin‘s price. Novogratz thinks that the price of bitcoin will fall under $8,000 level in the short-term period.

Michael thought the bitcoin prize would reach $40k at the end of 2018

Bitcoin Market have already seen a bearish decline and the price down seems to be depressing some of the most important supporters. Michael Novogratz has been a good believer in bitcoin and other cryptocurrencies for quite some time, and back in September he said, he was creating a digital asset hedge fund. Meanwhile, Novogratz told he would build a $500 million dollar fund by investing $150 million of his own funds. The financial person described the fund would be invested in particular currencies as well as initial coin offerings.

Novogratz described back in November in CNBC News:

“Bitcoin could be at $40,000 at the end of 2018 — It easily could reach”

Novogratz and Partners has decided to hold cryptocurrency Hedge Fund

Anyhow, after the bitcoin’s value which lost its value in less than a week, Novogratz is less confident about the price. Novogratz has said he is planning to “shelve the cryptocurrency hedge fund” since he sees bitcoin’s price falling more. He also believes that the price could dip to $8,000 range in the short term.

Novogratz described in Bloomberg’s during a phone conversation:

“We didn’t like market conditions, and we wanted to re-evaluate what we’re doing. I look pretty smart pressing the pause button right now.”

Traders, Bitcoin-Based ETF Applicants, and Crypto-Enthusiasts are not worried about the price drop

The decision Novogratz made tallies the recent launch of mainstream futures options connected to the bitcoin through the firm’s Cboe and CME Group. Moreover, many firms are more excited regarding the launch of bitcoin-based exchange-traded funds (ETF) now the bitcoin futures have already launched. Critics think that the U.S Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) will soon approve the ETFs recently filed by Rex, Vaneck, Protoshares, and the NYSE. Novogratz’ decision to put the hedge fund on hold shows the recent dip has shaken the huge investors.

Anyhow, the current BTC price decline has not affected the bitcoin enthusiasts, as one tweeted on Twitter:

“Bitcoin has “crashed” 30 percent six times in 2017 —  Each “crash” has been followed by an increase of: 76%, 237%, 183%, 165%, 152% —  Bitcoin takes seven steps forward, two steps back, seven steps forward, two steps back —  Every two steps back is heralded as the end of bitcoin…Relax!.”

1 Comment
South Korean Exchange Bithumb Eyes Thailand and Japan for Expansion

  Korean Crypto Exchange Bithumb has declared that it will open new offices in Thailand and Japan. As per local news outlets ZDNet, Bithumb is expecting the approval of the Thai Securities and Exchange Commission (SEC) and Japanese Financial Services (FSA). Bithumb describes that it selected Thailand because the e-commerce and …

Brazilian Police Caught a Gang that Used Bitcoin to Launder Millions of Dollars

  Recently, Brazil Federal Police has arrested 12 people who are connected to a gang that used bitcoin to launder millions of dollars earned in smuggling drugs in Europe, Asia and in Africa. According to the local report, the gang was caught in an operation named “Antigoon,” in cooperation with …

Cryptocurrency Malware Infects League of Legends

League of Legends (LOL) is an online game which pits two teams of players against one another in an epic battle. The players can choose from an array of interesting characters. The game has generated over a billion dollars in revenue. Lestergozaga, a Reddit user discovered that the Coinhive malware …

Ripple and XRP: Key Differences Explained

  These days a huge number of companies and organizations, banks are adopting the Ripple technologies. Somehow, XRP has been knocked between the price dip, regulations, etc. Have you ever compared Ripple and XRP and saw the difference?. I think most of us haven’t. So, here you could understand the difference …

GPU Prices Finally Gain Stability After an Year-Long Surge

GPU prices drop after being rising for almost a year. Since May 2017, there was a steep increase in the price of dedicated graphics cards. Surprisingly, this was not due to the rise in the number of game releases, but this was due to the general public’s interest in cryptocurrency. An …

UK Mosque has Raised 14,000 GBP as the Cryptocurrency Donation

  In May, UK’s Shacklewell Lane Mosque had announced that it would start accepting cryptocurrency as Sadaqah (donations). The Mosque has collected a huge 13,983 GBP (Great British Pounds) in cryptocurrency during Ramadan. Turkish runs the mosque in Hackney, in East London. The mosque had planned to start accepting cryptocurrency at …

shares