Comments On Bitcoin Rebound And Weekly Data from Voyager CEO

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Comments On Bitcoin Rebound And Weekly Data from Voyager CEO
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Voyager Digital (VYGVF), the crypto trading platform with 1.6M verified users and 61 digital coins available, has just released its 24-hour and weekly trading data. Below is a commentary from Voyager CEO & co-founder Steve Ehrlich, discussing the rebound in bitcoin price.

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Q1 2021 hedge fund letters, conferences and more

Rebound In Bitcoin Price

Commentary from Steve Ehrlich, CEO & co-founder of Voyager Digital:

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Bitcoin took a serious hit last week due to the increased crackdowns in Bitcoin miners in China, and despite analysis that predicted further price weakness, Bitcoin climbed over 15% over the weekend with continued momentum this week.

While Bitcoin remains in our top weekly net buys, we are seeing other altcoins gaining popularity in the wake of its dip, including SHIB and ETH which took the top two spots for the week.

SHIB, ETH, DOT, and ADA were among the top net buys in the past 24 hours. Bitcoin did not make the top net buys for today. We may see Bitcoin struggling to regain positive price momentum in the short-term, but I believe it will come out on the other side even stronger, as we have seen historically with the major coin.

There is a positive side to all of this in the grand scheme of the crypto world. The Chinese government's crackdown on Bitcoin mines in the country has forced miners to move their operations elsewhere, including Kazakhstan and parts of the U.S. such as Florida, Maryland, and Texas. In the long-term, this could be a good thing for Bitcoin as mining is no longer concentrated in one region and allows it to remain a truly decentralized currency. Until recently, China accounted for about 65% of all the Bitcoin mines in the world. It may take some time for Bitcoin to really rebound and for miners to re-enter the space, but I believe it's going to have a strong comeback.

The price swings only reinforce the idea that volatility is a fundamental part of a nascent and expanding market. Investors are still buying the dip, as well as other altcoins, as they are confident in the blockchain technology that powers cryptocurrencies, and many are in it for the long haul.

Weekly Data

Top net buys for this week (6/22-6/29)

  1. SHIB
  2. ETH
  3. BTC
  4. DOT
  5. BTT

Biggest rank gains (by net buys week-over-week, 6/15-6/22 vs. 6/22-6/29) 

  1. DOGE
  2. XVG
  3. CKB
  4. EGLD
  5. OCEAN

24hr Data

Top net buys for today

  1. SHIB
  2. ETH
  3. DOT
  4. ADA
  5. STMX

Biggest rank gains (by net buys 24hrs) 

  1. YFI
  2. GRT
  3. QTUM
  4. MANA
  5. NEO

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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