Hong Kong-based crypto reporter Eric Lam believes nobody in the crypto industry has a good theory to explain the recent recovery of crypto markets.
Lam shared his stance with Bloomberg on April 3.On Tuesday, April 2, shortly after the Asian markets opened, the price Bitcoin unexpectedly rallied by 20 percent.
Today the world's top currency hit $5,000 for the first time since November 2018, while major altcoins have seen double-digit gains.
Lam has ironically linked the uprising to a crypto-related April Fool's Day story, which claimed that the U.S. Securities and Exchange Commission finally approved a Bitcoin exchange-traded fund.
CNBC also mentioned this joke as a possible catalyst behind BTC rally.
The reporter also suggested that crypto investors might start buying coins as the market started showing signs of recovery, forcing the prices to grow further.
Lam agrees with an earlier theory which claimed that some investors are changing pounds to Bitcoin ahead of Brexit, which is scheduled to happen in mid-April.
Lam also thinks that the surge can be related to algorithmic trading.
As Bloomberg explained in another article dedicated to the so-called crypto Renaissance, the computer mechanisms were allegedly triggered by a mysterious 20,000 BTC order that was spread around U.S.-based crypto exchanges Coinbase and Kraken and Luxembourg's Bitstamp.
As of press time, Bitcoin is still making gains, trading at $5,238 according to CoinMarketCap.
Brexit and April Fool's Joke Possible Catalysts for Crypto Rally, Crypto Reporter Says
gepubliceerd op Apr 3, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.