The sudden surge in Bitcoin prices has caused a lot of chatter in the crypto community with speculators, enthusiasts, and commentators, trying to make sense of this. A lot of crypto enthusiasts though just chose to marinate in the moment and celebrate the sudden gains. Bitpay’s COO Sonny Singh went on to speculate that if cryptos got accepted in India, Russia, and china then we haven’t seen anything yet in terms of the Bull run.
The Bitpay COO was on a Bloomberg panel where he sought to pinpoint the possible reasons behind the latest crypto gains, while also highlighting upcoming crypto developments in 2019. The Bloomberg panel began the discussion with the participants conceding that they were not clear on the exact reason for the crypto spike. According to Bitpay COO Sonny Singh, the latest crypto surge raised the question of “whether the bear market is over”
Singh also brought to light the hours which saw the market hike, revealing the 24/7 nature of Bitcoin trading.
He added;
“A lot of times these price spikes happen in America but now that it occurred when the markets closed, one can easily say that it shows how the Asian market is becoming. BTC trades 24/7 around the world and that has become evident. I don’t know what made the market move but my analysts had told me that once BTC breaks the $4300 mark, it will zoom on the price charts.”
The panel also talked about the fundamental issues of crypto revolving around security, and uncertainty brought about by the lack of clarity. According to the panel;
“If we wait till all the problems in the space are resolved then the presence of bull signals will cease to exist in the market.”
Mr Singh went on to add that the bull market can occur in the uncertainty, and that the main positive takeaway is that prices did not crash after the surge.
According to Singh,
“Every day Bitcoin says active then it is good news for the entire ecosystem. Places like the United States and Europe are kind of stable in the realm of crypto-currencies but there are many other countries that need to consider crypto. Countries such as India, China, and Russia have vehemently opposed crypto and if any one of them change their regulations then there will be a massive Bitcoin boom.”
Other analysts such as eToro’s Mat Greenspan have speculated that the current surge has been caused by Asian markets. Others on the other hand bet that the latest surge is because of growing institutional crypto adoption. We may not be clear on who is right in their assertions but we are clear that the markets are beginning to get animated. Whether the uptrend heats up and maintains remains to be seen though.
Image courtesy of Pexels
