DeVere CEO: Bitcoin (BTC) Rally Catalyzed By Hype For Crypto ETF, Halving
deVere Chief Deduces Catalysts For Fridays Bitcoin Rally
Much of the cryptosphere was shocked on Friday as Bitcoin (BTC) embarked on a sudden rally. The leading cryptocurrency quickly breached $3,700, as it found itself up by 8% on the back of an influx of buy-side pressure. This spike in the valuation of BTC quickly pushed the broader market higher, with the aggregate value of all cryptocurrencies moving from $110 billion to $122 billion within a days time.
Although this move was welcomed, especially as BTC was nearing key support levels, many traders were caught off guard by the rally. As from the looks of it, there were no explicit catalysts to push digital assets sky-high on Friday. Yet, some have sought to weigh in.
In a company blog post, Nigel Green, the chief executive of financial consultancy group deVere, did his best to bring reason to the aforementioned rally. Green first noted that while the move was strong, BTC is still stuck in the midst of a trading range, adding that traders shouldnt be popping champagne corks just yet. The deVere head is likely referencing optimists cries that further moves to the upside are inbound.
Green went on to mention possible catalysts. First, he mentioned the Bitcoin ETF rumors, specifically touching on the supposedly leaked interview of an SEC commissioner stating that eventually, such a product would make it through the endless regulatory hoops. Oddly though, the interview was revealed to the public days before the surge.
Second is the development of the Lightning Network, which Green believes will push Bitcoin to the mainstream, especially as a medium of e-commerce. the deVere CEOs comments regarding Lightning were likely only cemented by Twitter CEO Jack Dorseys sudden experimentation and lauding of the scaling solution, which hit finance headlines the world over.
Lastly, Green touched on the impending Bitcoin block reward reduction — the so-called halvening or halving — that is slated to activate in May of 2020. Like analysts such as Moon Overlord, Alistair Milne, 200M, among other crypto bulls, the investor explained that historically, BTC surged off the back of halving events, so the same could occur in about a years time.
Crypto To Swell By 5,000% In 10 Years
Greens recent comments regarding Fridays straight out of left field rally comes after he made a slightly zany prediction about cryptos long-term prospects. AsRead full story on Ethereum World News