Bitcoin Analyst Tone Vays Says Crypto Market Surge May Have No Specific Catalyst


0

Bitcoin (BTC) analyst Tone Vays said that the recent cryptocurrency market surge may have no specific catalyst, and that lower prices could still be in the cards in an interview with Cointelegraph on April 2.

Speaking about a possible driver of Bitcoin’s spike on the night of April 2, Vays said that there is not always a trigger, arguing that it could be just speculation and that “Bitcoin is no different than any other asset.”

Vays stated that he had always expected Bitcoin to escalate to $5,000 once it crossed the $4,200 price mark, although he did not expect Bitcoin to break $4,00 this week. Vays added:

“Shorts are liquidated, there were short squeezes, more people jumped onto the hype, and a lot of news media always look for a trigger to cause big drops and big rises. I would say more than half the time they are just trying to match news to something that it did not necessarily need news to happen.”

As Cointelegrpah reported earlier today, some have suggested that s investors changing pounds to Bitcoin ahead of Brexit — which is scheduled to happen in mid-April — could have been a possible catalyst, while others attributed the surge to algorithmic trading.

Also today, Bloomberg reported that the number of active Bitcoin wallets increased in the two weeks leading up to the rally. Specifically, 40 to 50 percent of all Bitcoin had been held in digital wallets that were inactive from one to six months, while the average has reportedly been 10 percent since March 15.


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
COINTELEGRAPH

Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Countdown
The Classic Internet Countdowns
Poll
Voting to make decisions or determine opinions
Ranked List
Upvote or downvote to decide the best list item
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format