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Bitcoin’s [BTC] rally has received more attention from retail and institutional investors, says Coin Shares’ Meltem Demirors

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Bitcoin's rally has received more attention from retail and institutional investors, says Coin Shares' Meltem Demirors
Source: Unsplash

Coin Share’s CSO, Meltem Demirors, spoke to CNBC and explained what she thinks of Bitcoin’s sudden surge in price and how institutional/retail investors are reacting to this.

Meltem Demirors said that there could be an indirect correlation between the trade wars and questions about global growth; also adding that it could be a factor in Bitcoin’s recent rally.

She continued,

“There are three main themes going on, one, there is a lot of global macro unrest, there is a lot of volatility in the market; times have changed, the end of 2018 was rough in the capital market, now we are seeing a lot of volatility in tech stocks and so maybe Bitcoin is starting to look, not so crazy to investors.”

The second main theme that Demirors stressed was privacy. She said that there were big efforts on the Hill, especially with new privacy regulations coming, the potential breakup of Facebook, and people talking about Apple’s anti-trust suits.

Finally, Demirors spoke about the third theme, which was performance of “tech stocks.” She added,



“We’ve seen a lot of tech IPOs that haven’t performed the way investors expected. So again, the idea of a new asset class, the idea of Bitcoin connecting with legacy finance is really appealing for class investors looking for innovation and high growth.”

Further, Demirors spoke about Bitcoin’s price and whether it will climb higher in the near future. She said that the price of Bitcoin corresponded to the inflows into Bitcoin and that the price would reflect positively as more people buy and hold it.

According to Demirors, Square, which is the primary way retail investors can access Bitcoin, reported an increase in Bitcoin purchasing volume. This signified that people bought Bitcoin through the crypto winter, indicating investor interest in Bitcoin.





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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

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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