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Bitcoin [BTC]: Tone Vays speculates that bear market is not over while Adam Back claims ‘good things’ occurred during bear run

Akash Anand



Bitcoin [BTC]: Tone Vays speculates that bear market is not over while Adam Back claims 'good things' occurred during bear run
Source: Pixabay

Bitcoin’s volatility and price surge had grabbed major headlines over the past week as it also started a bullish spread throughout the cryptocurrency market. In a recent interview with Bloxlive, Tone Vays and Adam Back spoke about the price hike as well as the trends in the crypto space.

Vays, who is a famous trader and Bitcoin bull, stated that it is great Bitcoin went up in value and that he had wanted the world’s largest cryptocurrency to reach this point since the end of 2018. He went on to say:

“For me, $5100 was the target so I conducted a couple of long trades and exited them. But in my opinion, I think the bull run is coming to an end. The bear market, on the other hand, has not ended and that’s why I am dealing with shorted Bitcoin right now.”

According to the trader, a lot of people are becoming bullish in the industry which “looks like a bull trap”. He also added that users shouldn’t expect Bitcoin’s price to go up much further and that the days ahead might be rough in terms of price. Tone Vays clamped down on the fact that “the Bitcoin bottom has not arrived”.

The panel discussion also included Adam Back, the founder of Blockstream who opined that he was interested in the long term trends of Bitcoin rather than the sudden peaks. In his words:

“Generally people have a long term outlook about Bitcoin, it is a perspective that I am looking at too. The good thing about the bear market is that people were able to focus on building the fundamentals with hundreds of experts and academics working to improve the Bitcoin ecosystem. Things like the Blockstream satellite service and the Lightning Network were some of the major accomplishments during the past couple of months.”

Adam Back was also in the news recently when Blockstream satellite had released an update to make it more flexible and efficient. He had then tweeted:

“This new @blockstream satellite code release broadcasts transactions before blocks, using compact blocks and a newer version of FIBRE. (transactions first was a commonly asked for #blockstreamsatellite feature). using compact blocks also reduces block transfer latency by >10x”

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Bitcoin nirvana is happening right now, says Max Keiser




Bitcoin nirvana is happening right now, says Max Keiser

Bitcoin’s price pump affected the altcoins’ valuation on an optimistic note. The digital coins recovered significantly this year after losing nearly 80% to 90% valuation since the market crash in the first quarter of 2018. As Bitcoin [BTC] continued to trade between $7,600 and $8,300, prominent analysts in the field speculated that the king coin could potentially spiral down a bit more. However, Max Keiser, a Wall Street veteran and host of the Keiser Report, who is also a noted Bitcoin bull is of the opinion that “crypto spring is here”.

The broadcaster, in the latest edition of the Keiser Report, stated,

“It’s just bleeding right into our lives we can hear the lawnmowers outside in there getting ready for crypto summer and then crypto fantasia crypto parallel dimension and the Bitcoin nirvana it’s all happening, it’s all happening, right now.”

Keiser also noted that the global economy was undergoing “deglobalization” which steemed out of uncertainty and volatility and added that there “was no way to hedge against that”.

Stacy Herbert, one of the most influential women in blockchain and a host alongside Keiser contributed to the discussion. She said at a time when deglobalization has hit the economy, one would certainly go along with Bitcoin. According to the broadcasters, trade wars between China and the USA was currently intensifying Herbert; While recalling history, they also took note that the empires started falling during the period of deglobalization which was eventually followed by the two world wars.

Keiser had previously remarked that “Bitcoin is hard money” very similar to gold, and added that it is going to “respond well to hyperinflation and hyper-money printing”.

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