- Evidence of wider adoption by institutional players is driving the coins higher.
- Roubini thinks it’s manipulation.
- McAfee prefers to wait and see.
Bitcoin, the largest digital currency by market value, is changing hands at $7,430, 10% higher on a daily basis. The coin hit $7,545 during early Asian hours amid strong crypto rally triggered late on Tuesday. Bitcoin’s market value reached $127B and average daily trading volumes – $6B.
What’s motivating the bulls?
A spectacular recovery on the cryptocurrency market has been engineered by a combination of factors that prove strong institutional interest to this class of assets. A wide range of companies – from large hedge funds and exchanges to tech giants – announce their involvement in cryptos and start exploring the benefits of new technologies.
What the influencers say
Apart from ecstatic euphoria among crypto speculators and short-term traders, some critical views are aired by both hard core crypto critics and most ardent supporters.
Nouriel Roubini believes that Bitcoin is a bubble and never misses a chance to criticize it. He thinks, the upside is engineered by price manipulations
“Bitcoin literally spiking up by almost 10% in about 30 minutes today based on no news. So only explanation: price manipulation. Since Tether recently printed another $200 million of fake money & since research proves Tether used to manipulate BTC, manipulation is at work again.”
John McAfee, a famous crypto enthusiast and a charismatic opinion leader, seems to be cautiously optimistic at this stage:
“Bitcoin – $1,000 increase in one week. Is this the bull market? I have no clue. 10 such increases in succession and I will consider it Bull. In the meantime, know this: The Bull Market IS coming. And when it does, it will make the eruption of Krakatoa seem like a Meerkat’s burp,” he tweeted.
Read more at: FX Street
