Since the beginning of April, the crypto markets have soared by over $16 billion. The increase has caused a lot of speculation about what the upswing may be due to. Some suggest that everything started with a single giant order worth around $100 million, about 20,000 bitcoin, which was placed by an anonymous buyer on the crypto exchanges Coinbase, Kraken and Bitstamp.
In addition to the fact that the crypto markets went down more than 80 percent since the peak at the end of 2017, many have also pointed out that there has been progress in the crypto industry over the past year, something that is now showing in the prices. For example, in August last year, the world’s biggest stock exchange operator announced that they plan to launch a platform for cryptocurrencies, and also the American investment giant Fidelity plans to launch crypto products.
The trend is pointing upward
One person who is enthusiastic about the future of bitcoin is the Swedish crypto analyst Eric Wall. He says that he makes that assessment with regard to the bitcoin price in relation to how the response from the financial industry has been as a whole.
“It is easy to be speed-blind by how fast things have gone for bitcoin, from being an obscure product to being a serious financial instrument. The reception from the finance industry at an infrastructure level has been wavy if you look at it month-to-month, but if you look at the past few years, we are still talking about a trend that almost points straight upwards”, Eric Wall says to Trijo News.
More positive than ever
According to Eric Wall, the risks that existed with bitcoin have decreased sharply. However, this has not been reflected in the bitcoin price, he says.
“The price of bitcoin is significantly higher today than it was in 2016, but it still does not make bitcoins changing market situation justice. It is true that the challenges are still many for bitcoin and the risks are high, but I believe that the risks have decreased significantly more than the price has gone up, which means that I am more positive than ever”, says Eric Wall.
