Connect with us

Bitcoin

Bitcoin [BTC]: The first rally of 2019 “could be the start of something new,” say experts

Avatar

Published

on

Bitcoin [BTC]: The first rally of 2019 "could be the start of something new," say experts
Source: Unsplash

Bitcoin has pumped massively in the last couple of hours in its first notable rally of the year 2019, with the price of the coin at the time of writing 7.38% over yesterday’s price but, it had shot up by a total of 8.53% reaching a maximum of $3695.

Brian Stutland, the CIO/CCO at Equity Armor Investments spoke to CNBC about Bitcoin’s first rally of 2019. Stutland said:

“I think it could be a beginning of a bigger rally, because when you look at the fact that if we move Bitcoin into an ETF, now portfolio managers that are out there can actually allocate to Bitcoin in their models and put that some sort of weighting in their holdings in terms of what people want to hold in terms of investment value.”

He continued by stating that demand for the cryptocurrency is coming from the aforementioned point and that it will drive the price even more. Stutland added that this rally should follow through to see some significant rally.

Further, he said that the coin could have a rally if the volatility of Bitcoin contracts around the $3,500 range and even bottom out there, then shoot up and preferably above the $4,000 range.

Moreover, SEC Chairman had recently announced that the Bitcoin ETF would eventually be announced which, many in the community are speculating to be the reason for the short-term rally.



Jim Iuorio, Managing Director, TJM Institutional Services, also added his perspective to the coin’s rally, he said:

“There’s been a lot of shorts in the market since November 14, when it broke through that $6,000 level and shorts that aren’t getting any satisfaction eventually get out, they got the news today, so yes, the move is exaggerated by the short squeeze, I believe that it’s got to get to $4,000 level.”

On the other hand, as per the recent reports by TradeBlock, Bitcoin Futures’ trading volume has been on the decline since the summer of 2018. In fact, the volumes of CBOE and CME for Bitcoin Futures have reached their lowest since their launch.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

Published

on

By

John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
Source: Unsplash

Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending