|

Bitcoin price hits $7,545: what's going on and what crypto influencers are saying

  • Evidence of wider adoption by institutional players is driving the coins higher.
  • Roubini thinks it's manipulation.
  • McAfee prefers to wait and see.

Bitcoin, the largest digital currency by market value, is changing hands at $7,430, 10% higher on a daily basis. The coin hit $7,545 during early Asian hours amid strong crypto rally triggered late on Tuesday. Bitcoin's market value reached $127B and average daily trading volumes - $6B.

What's motivating the bulls?

A spectacular recovery on the cryptocurrency market has been engineered by a combination of factors that prove strong institutional interest to this class of assets. A wide range of companies - from large hedge funds and exchanges to tech giants - announce their involvement in cryptos and start exploring the benefits of new technologies. 

BlackRock is experimenting with digital assets

IBM gets involved with cryptocurrencies

CBOE applies for Bitcoin ETF and get support from traders

What the influencers say

Apart from ecstatic euphoria among crypto speculators and short-term traders, some critical views are aired by both hard core crypto critics and most ardent supporters.

Nouriel Roubini believes that Bitcoin is a bubble and never misses a chance to criticize it. He thinks, the upside is engineered by price manipulations

"Bitcoin literally spiking up by almost 10% in about 30 minutes today based on no news. So only explanation: price manipulation. Since Tether recently printed another $200 million of fake money & since research proves Tether used to manipulate BTC, manipulation is at work again."

John McAfee, a famous crypto enthusiast and a charismatic opinion leader, seems to be cautiously optimistic at this stage:

"Bitcoin - $1,000 increase in one week. Is this the bull market? I have no clue. 10 such increases in succession and I will consider it Bull. In the meantime, know this: The Bull Market IS coming. And when it does, it will make the eruption of Krakatoa seem like a Meerkat's burp," he tweeted.

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.

Top Crypto Losers: Aster, Midnight, and Ethena extend losses as selling pressure mounts

Aster, Midnight, and Ethena are the altcoins with the most losses over the last 24 hours, as the broader cryptocurrency market weakens amid Bitcoin dropping below $86,000. ASTER, NIGHT, and ENA risk further losses as selling pressure mounts and risk-off sentiment spreads across the crypto market.

Ethereum Price Forecast: BitMine acquires 102,259 ETH as price plunges 5%

Ethereum (ETH) treasury company BitMine Immersion scaled up its digital asset stash last week after acquiring 102,259 ETH since its last update. The purchase has increased the company's holdings to 3.96 million ETH, worth about $11.82 billion at the time of publication.

Strategy scoops about $1 billion in Bitcoin for second consecutive week

Bitcoin (BTC) treasury and financial intelligence firm Strategy expanded its holdings following another round of weekly accumulation.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.