Bitcoin is recently having a rally. Bitcoin, for the first time since early January, is now back above $4,000. This could be because of JP Morgan’s move to have their own version of cryptocurrency. What made it big news is the fact that JP Morgan used to have a different opinion on cryptos even calling it a fraud. Another possible reason for this movement is the planned Samsung S10 that comes with a cryptocurrency wallet.
In January, there were rumors that the next Samsung S10 will have a built-in crypto wallet that supports both Ethereum and Bitcoin. However, this isn’t the first one. There are the likes of HTC Exodus and the Sirin Finney that also made their built-in crypto wallets for their smartphones.
This could be a big deal especially now that the crypto market is still looking for adoption. It can help give cryptocurrencies get the mainstream adoption that it has been looking for since the start of 2018. Mati Greenspan who works as a senior market analyst for eToro thinks that “These gains are clearly creative a wave of optimistic sentiment throughout the crypto community, with market volume up by $8 billion in the last 24 hours”.
Is The Crypto Market Free From Bears?
Is this the end of the crypto winter? This is something that a lot of people wish for. In 2017, Bitcoin had a meteoric rise along with the rest of the crypto market. Bitcoin reached near $20K peak only to drop to 80%. If you are going to ask someone like Alex Sunnarborg who is the founding partner of Tetras Capital which is a New York crypto hedge fund, he said that “Calling (the bitcoin bottom) is very difficult”. He also added that “That’s part of the reason I’m really thankful that we’re in the position we are right now”.
Sunnaborg wishes that Bitcoin hits the bottom already. He would like to see the Securities and Exchange Commission to get rid of the bad ones in the crypto market. In fact, the agency is already starting to clean things up. They already targeted the likes of Floyd Mayweather and DJ Khaled for promoting unregistered securities. And this could mean that many more ICOs are going to be targeted next in the coming years.
Finding a Fresh Start
Sunnarborg thinks that “What would be really good for a market bottom to happen would be for every potential bad thing to happen immediately. I would love to see the SEC come down on people really hard”.
The SEC is also hesitant to approve a Bitcoin ETF mainly because of the possibility of price manipulation. Many believe that a Bitcoin ETF could make it easier for a lot of institutions in the crypto market. But of course, given the statements made by the agency, it seems that it isn’t happening soon.
Have we reached the bottom or it still hasn’t happened? In reality, this is the question that many have in mind. There are some who believe that the bottom could even reach $1,000 range.
Are you optimistic about the recent development in the crypto market? Will this continue to go up? Is it time that we see more good news in today’s crypto industry?