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Bitcoin [BTC]-specific positive catalysts since February are the reasons for its massive surge, suggests Travis Kling

Priya

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Bitcoin [BTC]-specific positive catalyst since February is the reason for its massive surge, suggests Travis Kling
Source: Unsplash

Travis Kling, Chief Investment Officer at Ikigai Asset Management, spoke about Bitcoin’s surge in an interview with Oliver Renick for TD Ameritrade Network. During the interview, Travis Kling listed out the reasons behind the massive price surge.

Bitcoin, the largest cryptocurrency by market cap, recorded a massive high, with the coin reaching its highest point since August 2018. According to CoinMarketCap, Bitcoin was trading at $8056.68 with a market cap of $142 billion, at press time. The 24-hour trading volume of the coin was around $34 billion and the coin witnessed a significant rise of over 12 percent over the last 24 hours, at press time.

On the rise from $6000 to over $8000 within a matter of days, Kling said that there have been several Bitcoin-specific positive catalysts since February 2019. These included announcements such as the JP Morgan Coin, Facebook Coin, a report by Cambridge Associates suggesting that institutional investors had to look at this investment class, and Jack Dorsey’s bullish sentiment towards the coin.



He went on to state,

“[…] TD Ameritrade, for example, they are preparing to give their customers the ability to buy Bitcoin on the TD Ameritrade platform. eTrade is doing something similar, Fidelity is on-boarding their first institutional clients for their Bitcoin custody product right now. You’ve got Bakkt coming at the end of the year, Nasdaq coming […]”

Kling further added that there was news surrounding monetary and fiscal policies with central banks and governments globally. This in turn, has made it “much more attractive to own an insurance policy against irresponsibility” from these bankers and governments.

“So, specifically for the Bakkt announcement, they haven’t launched their product yet and […] there’s a good chance that that product is going to be sort of about a year after when they initially said it was going to come down the pipe; as opposed to Fidelity and TD Ameritrade and eTrade, which kind of real time like right now positive catalyst.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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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