After yet another week of staying above the $10,000 mark, Bitcoin experts aren’t really sure about what this means. There’s been a lot of speculation on the popular cryptocurrency price, with many suggesting a drop while others suggesting an upward explosion. Some industry experts such as BitMEX’s CEO Arthur Hayes seem to support the second.
In a recent tweet, Hayes suggested that Bitcoin will explode up to the $20K mark soon, especially after the US Federal Reserve swooped to decrease the rates of certain loans. This big controversial move may have gone unnoticed in the media, but according to Hayes, something’s definitely up and it will affect Bitcoin’s price.
The Fed’s First Market Intervention Since 2008
Interestingly enough, the Fed didn’t make an emergency intervention in over a decade. The last move was during the 2008 financial crisis which resulted in the creation of Bitcoin. Bitcoin inspired the creation of a whole new financial market free of any restraints, yet perfectly safe and secure. That’s why banks don’t like it.
Hayes’ tweet suggested that focus on the so-called quantitative easing (QE) by the ECB (European Central Bank) and the Fed may further spell a decline in interest for fiat money. And what’s the alternative to that? That’s right – Bitcoin and the crypto market. There’s a growing belief that monetary policy has reached its limits, with the famous QE Infinity market being seriously attractive to suitors.
The move by the Fed means that everyone’s losing interest in fiat money, and all roads after it lead to Bitcoin. The Bitcoin market has been up and down in the past few months, with the leading cryptocurrency currently stable at around the $10,200 mark. Bears and bulls have been changing the lead more than the usual, but overall, Bitcoin is stable. For now.
Billionaire investors and public figures such as Hayes have been suggesting new highs for Bitcoin shortly, yet other experts don’t believe it. However, the Fed’s and ECB’s latest moves may really spell the beginning of the end for fiat money.
Altcoins Go On a Strong Bull Run
Last week, it wasn’t a good time to invest in altcoins. However, with Bitcoin’s stalling at $10,200, altcoins have risen up to one-month highs and continue on an explosive bull run. The latest developments in the altcoin market have surprised many, especially when it comes to Ether.
Once an afterthought, ETH continued its current bullish run to $200 after seeing 10% gains in the past three days. It’s not just ETH. XPR, Litecoin, Stellar, and Binance Coin are also on a bull run, although at lower percentages.
The trading volume of the market went up just like the total market capitalization of all crypto. We think that may be a signal that investors are looking past Bitcoin since its price is neither going up nor down in the past few weeks. After months of no surprises, it’s good to see the altcoin market well and alive.