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Bitcoin’s [BTC] price would have to breach $6,200 to signal end of crypto-winter, claims Vinny Lingham

Biraajmaan Tamuly

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Bitcoin's [BTC] price would have to breach $6200 to signal end of crypto-winter, claims Vinny Lingham
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Bitcoin [BTC], the largest cryptocurrency in the world, had a massive price hike last week and was trading over $5,000, at press time. The surge contributed to many traders speculating whether the long bear run had indeed ended.

Vinny Lingham, the CEO and Founder of Civic, was one of the few skeptics of the bull run, claiming that there was a possibility that the bear run had not ended.

In a recent interview with CNBC Crypto Traders, Lingham was asked about the legitimacy of the recent price hike.

He stated that he did not believe in the recent bullish wave. According to Lingham, Bitcoin’s price would have to surpass the range between $5,700 and $,6200 and remain in the bracket for 24 to 48 hours, before the end of the crypto-winter can be confirmed.

Lingham said,

“If you look at the bear market cycles and Bitcoin [BTC] typically, the bottom is dictated by a 2x rise. The bottom so far we saw is $3100, so around $6200 you can starting saying that it’s going into a bull market or atleast the bear market’s over. Until and unless, Bitcoin crosses $6200, you cannot indicate the end of the bear’s market.”

He further explained that the historical charts of bear market cycles indicated that the sentiment of bearish trend changed only after the price was 2x to the bottom. Once the valuation was 2x to the bottom, the market would usually shift to upward momentum, he added.

Additionally, Lingham claimed that there was a chance that Bitcoin [BTC] could go below the current bottom of $3,100, as the bear market was not necessarily over.



Lingham was also asked whether April Fools’ Day news articles contributed to the market’s bull run. He responded by saying that the cryptocurrency market was not dictated by news, and especially not during a bear cycle.

He responded,

“In a bear market cycle, news doesn’t move the market much and that’s the reality. I think there was a mechanical change in the market; I think it was a decent amount of money coming in where the buying pressures overtook the selling pressure which pumped up the prices.”





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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