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As Novo Expects Bitcoin To Kill Other Crypto Assets, Altseason Still Expected

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Crypto Legend Novogratz Expects Bitcoin To Outperform


Over the past six weeks, Bitcoin dominance has surged from 53% to 58% (according to TradingView), catching many traders with their pants down. This comes as investors and analysts such as Fundstrat Global Advisors’ Thomas Lee, who frequents CNBC to convey his thoughts on cryptocurrency, have hinted that the fabled “altseason” in on the horizon.

Yet, prolific cryptocurrency investor Mike Novogratz, a former Goldman Sachs partner and hotshot on Wall Street, says that there might not be a fully-fledged altseason this market cycle. Responding to Ran NeuNer of CNBC Africa, who recently asked if days during which altcoins pump 40% or more are inbound, Novogratz stated that he doesn’t expect for the mania of 2017 and early-2018 to be repeated. Novogratz, who has become adamant in his belief that Bitcoin’s primary value proposition is as a digital gold/store of value, states that the market is getting smarter, meaning that Bitcoin will likely outperform its ilk in the coming expected bull run.

Indeed, over the past few weeks and months, the cryptocurrency market en-masse has shown an underlying bias towards BTC. In May, Grayscale Investments, a key branch of the New York-based crypto conglomerate Digital Currency Group, released its “Digital Asset Investment Report” for Q1 of 2019. According to the report, Grayscale pulled in over $42.7 million over the first three months of this year. This isn’t a hefty sum per se, what makes this notable is that over 95% of the $42.7 million, 73% of which came from institutional investors, went right to the firm’s Bitcoin Trust, easily its most popular vehicle.

Altseason May Still Be On The Horizon

Some, however, are certain that an altseason may just be around the corner, despite the aforementioned comment. Bravado’s Bitcoin Jack recently pointed out that the share that altcoins have of the cryptocurrency market could soon break out, and potentially move to early-2018 levels.

Binance has also suggested that an altseason is well on its way. The firm’s research division recently pointed out that altcoins have already begun a rebound, altcoins experienced a collapse against BTC seen prior to altseasons, and that the month of May has historically been a great time for other crypto assets to gain on Bitcoin. But will this be the case this time?

Title Image Courtesy of Daniel Pascoa 

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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