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Bitcoin Price to Surge Back to $10,000 and Enter a ‘Super Cycle', Kraken BD Director Says

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  • Yuri Molchan
    📰 News

    The head of business development at Kraken predicts that Bitcoin price is bound to enter a ‘super cycle’, offering a number of reasons

Bitcoin Price to Surge Back to $10,000 and Enter a ‘Super Cycle', Kraken BD Director Says
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bitcoin is going through another recession, having briefly broken through the $10,000 level and is now back at $9,160 area. Still, the BTC price has risen by a thousand USD, from the $8,200 area.

While some believe that the world’s first crypto is going to keep declining, others, including the Kraken director of Business Development, believe that there are strong reasons for Bitcoin price to surge in the near future.

Dan Hedl: Bitcoin is perfectly positioned for a super cycle

The Kraken executive believes that the BTC price is bound to surge – several prerequisites will trigger it eventually. He mentions the recent QE actions of the US Fed and ECB, the global debt and structural risks of the global financial system that have not disappeared.

In his recent tweet, Dan Hedl says:

Hedl also recently expressed his view of the upcoming Bitcoin Cash halving, saying that this event is likely to greatly reduce the BCH hashrate and increase the risk of 51% attacks against the network.

A permabull on Bitcoin, @Xentagz, has also commented on the scale of the recent cash printing actions of the Fed, saying that they have injected in the financial system more than Bitcoin’s market cap.

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Bitcoin is heading towards $10,000 a major crypto community member says

On his Twitter page, @MustacheTommy, “crypto warrior” and “Proud supporter of 'Freedom of Money'", says that Bitcoin is heading towards the $10,000 level, rather than towards $6,000 as some in the crypto community believe.

He reckons that the bear market is still on, however, about half a year is left before the Bitcoin price surges to $10,000 and moves higher.

 

Which 'camp' are you in – do you believe that BTC will keep declining to $6,000 or hit $10,000 soon? Feel free to leave a comment in the section below!

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies

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  • Alex Dovbnya
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    Holding Bitcoin as a collateral is the next big use case for the top cryptocurrency

Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies
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According to cryptocurrency influencer Chris Burniske, both Bitcoin and Ethereum already represent formidable collateral economies.

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Moving beyond a medium of exchange

In his earlier tweet, Burniske also predicts that holding Bitcoin as a collateral could eclipse its medium of exchange (MoE) use case.  

He even goes as far as claiming that Bitcoin could morph into an off-chain collateral for the world. 

Burniske states that Ethereum has already created a burgeoning collateral economy around it. Apart from extending its utility beyond a pure MoE, this could also drastically decrease the coin's volatility because of all DeFi use cases.   

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Ethereum (ETH) Price Undergoes Bullish Consolidation, Says Prominent Crypto Trader

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The next big thing in crypto

As reported by U.Today, Genesis Capital, a subsidiary of Digital Currency Group (DCG) that rules the roost in the cryptocurrency lending sector, had a record-breaking third quarter with a whopping $870 mln in new originations. 

In Q3, Bitcoin remained the best collateral for crypto with fiat money and altcoins breathing down its neck. The share of USD loans increased by 25 percent quarter-over-quarter.

However, a group of Wall Street traders made a dire warning about crypto lending, claiming that the breakneck speed of its growth could result in another crypto bubble. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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