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Bitcoin [BTC] could not have gone from $0 to what it is today without bubbles, says Shapeshift CEO

Akash Anand

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Bitcoin [BTC] could not have gone from $0 to what it is today without bubbles, says Shapeshift CEO
Source: Pixabay

Bitcoin’s [BTC] unprecedented rise in 2019 caused the entire cryptoverse to erupt in joy, with many claiming that the bear market was finally over. Many popular proponents in the space have also come forward to state that the world’s largest cryptocurrency’s fortunes are beneficial to the entire industry as a whole.

In a recent interview with Bloomberg, Eric Voorhees, Chief Executive Officer of Shapeshift, spoke about the bull run as well as the bubbles Bitcoin has gone through. He stated that Bitcoin’s movements are all cyclic and claimed that these troughs and crests will be prevalent in a speculative asset. In his words,



“Four or five of these bubbles are always present in the market and they are clearly cyclic. Many people in the space wait till the bear market is done or at least for it to show signs before starting to invest. Bitcoin itself went through multiple bubbles in the past but that’s okay as long as the use cases are clear.”

Voorhees further added that only the first ten or twenty cryptocurrencies on the charts actually mattered since the rest of the coins didn’t move the market. The CEO was asked whether the bubbles exhibited a pattern, to which he replied that the signs pointed towards BTC taking over the world. According to him,

“There is no way an asset can go from zero dollars to a billion dollar asset without price bubbles. That’s just the fact. The speculative nature will continue as long as people don’t use it for actual purposes.”

Eric Voorhees was also in the news recently after he stated that BTC cannot rise steadily over the years as adoption advances. He had tweeted,

“An asset like Bitcoin cannot rise steadily over the years as adoption advances. For upon seeing an asset rise by, say, 5% per month for XX months, rational actors will front run that growth, causing inevitable bubble and burst. There is no other way.”





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Bitcoin

Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?

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Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?
Source: Unsplash

Bitcoin’s price rally in a parabolic curve led most of the community to believe that this was the bull rally, however, the correction of this surge was due, which began on May 16.

The correction wave, as expected by many prominent traders was approximately 30-40%, which would put the price of Bitcoin $5,000 to $5,800. However, the correction seems to have finished as the price of Bitcoin surged by more than 7% in less than an hour.

Source: TradingView

The market cap of Bitcoin, at press time, was $136 billion and most the volume for Bitcoin was coming from BitMEX exchange via trading BTC/USD derivatives. BitMEX contributed a total of $3.38 billion in terms of trading volume, which is 12% of the total trading volume.



A Twitter user @DoveyWan suggested a head and shoulder pattern for Bitcoin:

CNBC suggested something similar, however, the pattern doesn’t seem to be holding. A Twitter user @thecryptomonk, tweeted:





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