Following the crypto market surge to multi-month highs over the past 48 hours, a number of crypto executives have provided their insights on what could be behind the rally and the implications on the market.
Coinmarketcap also showed more than $ 78 billion had been traded in the cryptocurrency space over the last 24 hours, with Bitcoin notably crossing the $5,000 hurdle.
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Vaibhav Kadikar, Founder & CEO, CloseCross, a decentralized prediction market platform, said,
“We have just about heard every possible angle on why we have this crypto market surge in Bitcoin prices, from a mystery $100m concerted order across 3 major exchanges to automatic short trade covering, and even an April fool’s prank that claimed the SEC approving a Bitcoin ETF. I believe this is mainly due to the tight trading range over several weeks which dictated a break out, either way, then a small move upwards triggered a short squeeze. While any or all of these may have played a role in sparking the rally, what is interesting to see is that after 48 hours the prices are still stable. This wasn’t a quick rise and fall. So take heart in it and keep watching.”
Nuno Correia, CEO of UTRUST, the cryptocurrency payment solution offering instant transactions, buyer protection, and crypto-to-cash settlements, said,
“No one can say without a reasonable doubt that what caused the crypto market surge was a single order of 100M worth of Bitcoin. Nevertheless, imagine what institutional capital could actually do to cryptocurrencies market capitalization if deployed. This is a small example of what’s about to come and proves that the crypto market is far from fading out. Crypto markets are undeniably more exciting than traditional ones. High risks? High rewards!”
Iain Wilson, Advisor at NEM Ventures, the venture capital and investments arm of the NEM blockchain ecosystem said,
“Market participants have been looking for confirmation of a market bottom this year after a full 100% retracement of the big 2017/18 rally. Technically the market had the first resistance point at $4200 BTC and short sellers had been targeting around this level. Interestingly, the CME futures expiry at the end of March has corresponded with this market spike and volumes on exchanges have been high. Taking a step back, NEM Ventures continues to believe that mainstream financial adoption of digital assets is starting which has huge implications for the whole ecosystem.”
Steven Nerayoff, Advisor to CasperLabs, a new decentralized Proof of Stake blockchain said:
“The April fool’s joke was that crypto is dead! As with most bear market bottoms bad news stopped causing the market to go down. Meanwhile, groundbreaking technology is being introduced [such as the Casper Labs protocol] and large enterprise implementation like Facebook’s crypto offering point towards mass adoption and have caused pent up. If people think the ‘crypto winter’ bear market was breathtaking in its decline, wait until they see how the ‘crypto spring’ market reacts on a new crypto market surge bull market leg up.”
Kaden Stadelmann, CTO at Komodo, the open-source infrastructure for customizable, interoperable blockchains and pioneer of atomic swaps, said:
“The sudden crypto market surge confirms what many technical trading analysts have been forecasting — the bear market may finally be coming to a close. While it’s too soon to draw firm conclusions, we’re beginning to see some indications of more optimistic investor sentiment. We will begin to see more bullish market movements as more projects in the blockchain space deliver working solutions and valuable technology. The mass adoption of blockchain is not far off.”