Stocks

Crypto Market Soars To A 50 Day High On Strong Volume

Crypto Market
Designerkottayam / Pixabay

After an abysmal Q1 slide, the crypto market has experienced a remarkable turnaround in the past few days. Today, the combined worth of all cryptocurrencies is $425 billion USD, the highest point since March 6. Further, $28 billion USD has changed hands in the last 24 hours, the strongest trading volume since February 10. Despite the recent industry challenges (tax season sell off, regulatory uncertainty, exchange inquiries), there are many reasons for today’s 50 day high. Please find below several quotes from industry leaders.

Josiah Hernandez, Chief Strategy Officer of Coinsource, said:

“There have been major strides made recently in regards to institutional accessibility and interest in the bitcoin market that are likely contributing to upside price pressure. The re-legalization of bitcoin in India, major financial institutions such as Goldman Sachs on the path to launching bitcoin trading desks, and the growth of large block OTC market for folks looking to buy large amount of BTC are the most notable of these strides.”

Rob Viglione, Co-Founder of ZenCash, said:

“This 50-day high is a solid indicator that people are slowly re-entering the crypto market following its slide from all-time highs earlier this year. While increased regulatory scrutiny globally has weighed down on crypto prices over the last quarter, the space has remained relatively stable over the past several weeks, and crypto markets are reacting with resilience as people start to gain a more nuanced understanding of the long-term potential of blockchain technology. It also helps that major financial institutions are becoming more bullish about the space, bolstering the confidence of retail investors.”

Josh McIver, CEO of ULedger, said:

“The last month has been extremely promising for the asset class. I think the public catching wind of news that Goldman Sachs and other financial powerhouses are not just showing interest but proactively hiring and investing in the crypto markets is instilling a positive sentiment across the board. Traditionally, these institutions have been ahead of the curve in terms of savvy investment decisions and the public simply wants a piece of that.”

Eiland Glover, CEO and Co-founder of Kowala, said:

“Word is getting out that traditional financial industry players are preparing to enter the crypto trading markets soon: Goldman Sachs reportedly hired crypto trader Justin Schmidt, Barclays is thought to be planning a crypto trading desk, Reuters reported that at least 56 finance firms will enter the crypto markets by October, etc. The entrance of these firms promises to provide much higher levels of liquidity along with a tsunami of new money into the crypto markets, driving today’s prices higher.”

David Siegel, Founder and CEO of the Pillar Project, said:

“Rather than saying everything is up, I would say that the volatility continues. Cryptocurrencies and tokens are a very volatile asset class. If you want to see prices 20 percent up or down, you usually don’t have very long to wait. I do think this is the “crypto crowd coming back in,” rather than “institutions dipping their toes in the water. I think the ball is still in regulator’s court to reduce the uncertainty to help us move on in a serious positive way. This could be temporary, but it feels to me like a good level where we can wait and watch for the next big move.”