Bitcoin’s [BTC] sudden bullish rise to breach the $5000 mark had riled up the cryptocurrency market with many people in the space speculating the reasons for the price hike. In a recent Bloomberg interview, Sonny Singh, the Chief Commercial Officer [CCO] of Bitpay, a popular cryptocurrency exchange, tried to pinpoint the reasons for the gain and talked about the upcoming crypto developments in 2019.
The Bloomberg panel started the discussion by admitting that they did not know the exact reason for spike but added that it brings about the question of “whether the bear market is over”. Sonny Singh opined that the sudden hike at odd hours shows how global Bitcoin trading really is. He added:
“A lot of times these price spikes happen in America but now that it occurred when the markets closed, one can easily say that it shows how the Asian market is becoming. BTC trades 24/7 around the world and that has become evident. I don’t know what made the market move but my analysts had told me that once BTC breaks the $4300 mark, it will zoom on the price charts.”
The panel also talked about how the fundamental issues around security and related things in the cryptocurrency industry mainly involve the lack of clarity. According to the panel, the bull markets start before the questions are raised. The popular opinion was:
“If we wait till all the problems in the space are resolved then the presence of bull signals will cease to exist in the market.”
The Bitpay CCO added that the bull market can occur in the uncertainty and the main positive takeaway is that the prices didn’t crash after the rise. According to Singh:
“Everyday Bitcoin says active then it is good news for the entire ecosystem. Places like the United States and Europe are kind of stable in the realm of cryptocurrencies but there are many other countries that need to consider crypto. Countries such as India, China, and Russia have vehemently opposed crypto and if any one of them change their regulations then there will be a massive Bitcoin boom.”