- Tone Vays believes that there was no specific catalyst behind the surge and price might go down in the near future.
- Several media outlets have tried to speculate as to why the recent surge happened.
According to Tone Vays, a Bitcoin Analyst, the recent cryptocurrency market surge may have no specific catalyst. Speaking in an interview with Cointelegraph, he also warned that prices could go lower in the near future. Vays said:
“Bitcoin is no different than any other asset..Shorts are liquidated, there were short squeezes, more people jumped onto the hype, and a lot of news media always look for a trigger to cause big drops and big rises. I would say more than half the time they are just trying to match news to something that it did not necessarily need news to happen.”
Many media outlets have speculated as to why the price of the crypto assets went up so suddenly.
- At FX Street, we have already reported that algorithmic trading of 20,000 BTC may be behind the surge.
- Some have stated that before Brexit, investors are converting their pounds to Bitcoin and that may have caused the spike.
- Bloomberg also reported that the number of active Bitcoin wallets increased in the two weeks leading up to the rally which may have led to the surge.