After a long wait, the crypto winter is headed to a close according to “CNBC’s Fast Money”. There is a lot of optimism among the show contributors. This comes at the background of many altcoins and digital assets still struggling with the bears. Why the optimism?
Since the beginning of the year, there has been a lot of activity around Bitcoin and the general crypto verse. Infrastructure developments have started to bear fruits despite the price of depression. According to Mellisa Lee, a CNBC anchor, Bitcoin has gotten a boost from chief executive at Twitter, Jack Dorsey staking of satoshis in readiness for the global adoption.
In a recent Marty Bent’s podcast, Dorsey hinted that he has, through the Square Cash App “maxed his weekly Bitcoin purchases to the tune of $10,000” worth of BTC.
While responding to Dorsey, a frequent CNBC blockchain insider, Brian Kelly said that the crypto winter is melting away. He goes on to add that there is a lot of progress on Bitcoin and the altcoin niche. Kelly notes that the growing number of active Bitcoin addresses is a clear indication of continued usage despite the bear season.
Kelly goes on to draw attention to the growing adoption of digital assets spanning across pensions, endowments and other institutions of repute. Their market involvement in the crypto verse is turning around the current trends.
He also touches on the Lighting Network impact and cites the Square Cash app integration into the LN technology; a move that has seen more users transact seamlessly.
Kelly’s sentiments have also been given a boost by The Crypto Dog citing the Bitcoin fundamentals which are painting a bullish picture to the market. Recently, The Crypto Dog, a Twitter mainstay outlined a couple of ways that investors can “shut up Bitcoin bears”.
The recent Dorsey involvement with Bitcoin has been motivated by the BKCM founders. Push for institutional involvement in the industry. This has seen The Crypto Dog single out Starbucks which is accepting incoming Bitcoin transactions as well as the partnership between the Argentinian Government and Binance. These market realignments are keeping investor hopes in top gear.
In a previous interview with CoinTelegraph, Dorsey claimed that he will not be surprised to see BTC hit a low of $2,000. However, he was quick to point out that the asset could be undervalued by 50% “under the current market conditions”.
Funny enough, CNBC “Futures Now” had given a bearish market outlook just two weeks ago in their analysis. This saw some contributor argue that BTC is headed south. This was never to be; the coin price hit a high of $4,200 48 hours after the show and the ripple effect reflected across the entire market.
According to Financial Survalism, “if Bitcoin mirrors the movement it underwent in the aforementioned time period, the asset could fall dramatically to the $800 price point.” This, however, this is a worst case scenario but market cycles are highly unpredictable.
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