Bitcoin – Rise & fall of the Crypto from December to April 2018, See Why
Bitcoin climbed to 12% as of 17:00 in New York going above the $7,000 and the $8,000 levels in less than an hour.
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Bitcoin had swung wildly between gains and losses in December while reaching a record high of almost $20,000 before crashing.
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Thomas Lee, head of research of Fundstrat Global Advisors LLC, cited a combination of Santander’s plan for a blockchain-based payment application, tax-related issues as the reason for the surge.
Many are of the opinion that the fear of the rise and fall may be fading after the recent swoon that drove the price down to more than 60 percent in few months.
Jeffrey Van de Leemput, an analyst at Cryptocampus, a business that offers trading courses, said “Serious money is now entering the market for the first time,”
“A couple days ago I helped set up a 200k btc transaction for Chinese buyers. … Soros etc are coming in, we will now see the start of the real bubble.”
George Soros, the billionaire investor who called cryptocurrencies a bubble in January, was said last week to have authorized his $26 billion family office to trade digital assets.
The spike caused short sellers to close positions, “spurring a waterfall of buy orders,” said Miguel Schweizer of cryptocurrency hedge fund Quantia Capital.
Bears had amassed record shorts of more than 38,000 Bitcoin as of yesterday on trading platform Bitfinex, according to data compiled by TradingView. Short positions plunged to about 25,000 Bitcoin Thursday.
Evercore ISI’s Rich Ross says Bitcoin looks attractive after its hike.
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