Speculations May Be Cause Of Bitcoin Growth — Tone Vays
A crypto market analyst Tone Vays stated that there may have been no catalysts that led to the recent surge in the digital asset market. According to him, a sharp rise in bitcoin cost can result from price fraud, Cointelegraph reports.
Vays believes that there is not always a trigger for the crypto market growth. In some cases, according to the analyst, the market movement and a sharp increase in the price of the first cryptocurrency can be explained by speculation with the exchange rate. He stressed that “bitcoin is no different than any other asset”.
The analyst has repeatedly predicted the rise in the value of the first cryptocurrency to the level of $5000, as soon as its exchange rate crossed the mark of $4200. He stated that bitcoin shorts on the market are practically eliminated at the moment, and more and more people “jumped onto the hype” caused by the media. According to Vays, most news manipulate people, act as a trigger, and produce jumps in crypto rates.
Some representatives of the crypto community suggested that the approaching Brexit could be the reason for the market escalation since British residents, including large investors, are converting pounds into bitcoins. Other community members were of the opinion that the growth of bitcoin was due to a surge in algorithmic trading.
Earlier, a crypto enthusiast Mike Novogratz stated that bitcoin capitalization in two decades would exceed the volume of the gold market, which amounts to $7.5 trillion.