Coinbase President: Despite Bitcoin Price Crashes, 2018 was an Innovative Year

bitcoin price

Crypto players from around the globe are chiming in on the direction of the Bitcoin price in 2019. Will it continue to see price crashes? Or will the current recovery continue? Better yet, has the industry had a good year and will it continue to have significance in the new year?

Earlier in the week, we heard from bears, like Erik Finman who called Bitcoin “dead;” and we heard from Spencer Bogart, a Bitcoin bull, who not only said BTC will continue to rise, but that 2018, contrary to popular belief, has been one of the best years for the cryptocurrency.

Today, word surfaced that the President of Coinbase, Asiff Hirji, believes something similar to Bogart.

2018: A Good Year for BTC, Despite Bitcoin Price Crashes

Despite the crashes experienced in 2018 (such as the bearish run that sent the Bitcoin price to a low of $3,200), Asiff Hirji believes BTC is recovering.

In his interview with CNBC’s Fast Money, Hirji said this recovery isn’t surprising and that it’s likely to continue into 2019. That’s a statement in complete opposition of the thoughts of Erik Finman. “Some things are never as good as they seem,” said the Coinbase President, “and never as bad as they seem.”

During the interview, Hirji spoke on the performance of the crypto market in the last year. According to Hirji, there’s been more innovation this year in the market. “We’ve never had as much innovation as we have today,” Hirji explained, citing, for instance, how cryptocurrencies are getting more visible.

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Spencer Bogart, also during a Fast Money interview, spoke on something similar, calling 2018 a “fantastic year” for BTC, despite the Bitcoin price crashes. Speaking also on innovation, Bogart said this year is the first time we have scaled the digital currency “with a lightening network,” making transactions quick and cheap.

Bitcoin Price

At the time of writing, the BTC price is $3,905.13.

Bitcoin price
Source: CoinMarketCap

The Takeaway

It’s vital to take comments such as Asiff Hirji’s into consideration. While it’s easy to oust BTC from your mind due to the recent Bitcoin price crashes, we must also recognize the good that occurred during the year, such as an increase in innovation.

What do you think? Let us know in the comments below.

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Bitcoin Price Tumbles Further: New Low for the Coin

Bitcoin Price

Bitcoin price is tumbling further today, dashing any hopes of a rally that some felt was certain thanks to current extreme oversold conditions.

The world’s largest coin by market cap is currently selling for $3,301.60 USD according to coinmarketcap.com. But earlier today, it fell to $3,200, representing a 15-month low for Bitcoin and not helping bulls’ hopes for a revival.

This is the lowest level since September 2017.

Bitcoin Price Drop

In the last four weeks alone, Bitcoin has dropped 49% in price. Surely, sellers are exhausted, and Bitcoin is set to turn around. Earlier this week, BTC began moving upwards towards $3,633, but it did not last. The coin’s failure to produce a worthy bounce back despite being extremely oversold indicates that the bears are winning this war and negative sentiment is strong. A 200-week moving average support of $3,170 has been established and now heading below it may be a real possibility for Bitcoin.

Others Follow

Across the market, the sentiment is once again bearish. Bitcoin Cash’s recent forks Bitcoin SV and Bitcoin Cash are both two of the biggest losers, with declines of approximately 11% and 14% respectively.

It seems the hashrate war between these two coins is doing neither of them any favors. The hard fork happened on November 15th, and the contentious split has caused both coins to lose more than they have gained.

Elsewhere, Stellar is down 7.5%, and EOS is down 5%. Ethereum is down 4.5%.

>> You Can Earn Bitcoin (BTC) While Shopping with the Lolli App

Sell-Off

What’s causing the market-wide sell-off?

Notably, investors are worried over the fate of a Bitcoin ETF gaining US approval in February. Also the uncertainty of whether or not (or when) this bear sentiment will end, leaves investors’ prospects for short-term Bitcoin price gains at a paltry level.

However, some are calling this period one of the “best buying opportunities.” At its current prices, rating agency Weiss is a firm believer that Bitcoin will turn around and now is the time to buy.

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You Can Earn Bitcoin (BTC) While Shopping with the Lolli App

Lolli app

Do you shop frequently at Sephora? Lululemon? Walmart? If you do, a new in-browser app has emerged and wants to give you Bitcoin (BTC). CoinDesk just reported that the app called Lolli just added Sephora to their list of retailers.

Earn Bitcoin (BTC) While Shopping

Lolli gives shoppers cash back after they make purchases at their list of partnered retailers. The Bitcoin rewards startup told CoinDesk that it recently won over Sephora by data. Around 30 percent of Lolli’s active users are women.

“We’ve gone back to a lot of these retailers that previously were not interested but now are coming on-board,” Lolli CEO Alex Adelman told CoinDesk. “One of the biggest ones that just joined us is Sephora, which adds an entire suite of retailers in the beauty category.”

Lolli is also partnered with Sephora’s biggest competitor, Ulta. These retailers pay Lolli for customer referrals in fiat currency, which in turn is converted into Bitcoin for rewards in the app. Many crypto-based startup companies have faced vast layoffs this year, due to the bear market. However, Lolli has only six employees and is gaining some traction.

>> Crypto Users Increased to 35 Million in 2018: What Will 2019 Bring?

Adelman told CoinDesk that Ulta is a huge retailer for the startup company. The tech CEO also claims that men and women alike were consistently requesting Sephora. To earn rewards on Sephora or Ulta, users just have to install the app in their Chrome browser and shop normally. So far, Adelman claims 60 percent of Lolli users become repeat shoppers.

Lolli is currently partnered with 500+ popular retailers. You can earn Bitcoin (BTC) through Lolli by shopping online with these major retailers: Barnes & Noble, Overstock, FinishLine, Michaels, Toms, Macy’s, Walmart, CVS Pharmacy, Lululemon, Groupon, and VRBO.

The Bitcoin startup was launched back in September of 2018, and it has raised $2.35 million so far. On average, Lolli pays out $10 per purchase in BTC.

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