It will take some time for the next Bitcoin rally: Spencer Bogart
After witnessing the highs of last year, the cryptocurrency market has been on a downward slope since then. But crypto enthusiasts are still hopeful of a rally led by Bitcoin by the end of this year. It’s only a matter of time, they believe.
“We’re down about 70 percent from our highs, so I think that bitcoin is close to bottoming and so is the rest of the market,” said Spencer Bogart of cryptocurrency venture firm Blockchain Capital to CNBC on Friday.
The past week has been a great one for cryptocurrencies which has instilled a sense of optimism among crypto enthusiasts.
As BC Focus reported, TD Ameritrade, a brokerage firm announced on Wednesday that it has invested in ErisX to launch a regular derivatives exchange and clearing organization that will include cryptocurrency futures and Bitcoin spot contracts on one platform.
In another positive development, cryptocurrency wallet, Abra announced on Thursday that their all-in-one cryptocurrency wallet along with Bitwise Asset Management will help users invest in the new Bitwise 10 Crypto Index Token (BIT10) through the Abra app.
But amidst all these positive developments, Bitcoin has loitered around $6,600 for the entire week.
“Towards the end of last year, when we were at the peak of this bull market, bad news seemed to have no effect on the markets … Now we are seeing the other side of that, when we have a week of news with TD, Ric Edelman, and Yale, and it has almost no effect on price,” added Bogart.
“I think it’s going to take a little bit of time, but each of these news items is a piece of [kindling] that we are going to throw onto a future crypto bonfire when we have the next bull market,” he further added.
At the time of writing, Bitcoin was priced at $6623 which is a 0.5% uptrend in the last 24 hours, according to coinmarketcap.com.
Image via CNBC
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