Crypto rally inspired by fake rumors - Bloomberg

Crypto enthusiasts at this year’s Consensus conference might feel disappointed that some of the most optimistic speculation underpinning surging token prices isn’t panning out.

The cryptocurrency market value has grown by over $40 billion in just three days inspiring positive sentiments and within the community. Crypto winter blues gave way to crypto spring joys; however, the claims that the worst is over may still be premature.

The recent cryptocurrency rally is based on a shaky foundation, according to the latest Bloomberg report. The rumors about massive cryptocurrency adoption by mainstream companies and large retailers that circulated at the Consensus 2019 conference in New York and fueled the upside momentum on the market,  turned out to be just wishful thinking. 

Thus, eBay declined the speculations about its purported intentions to enter the crypto space. 

“Cryptocurrency is not accepted as a form of payment on the eBay platform, nor is it part of our payments strategy,” the company spokesperson said on Monday in an attempt to stop the speculations.

Apart from that, TD Ameritrade Holding Corp. also denied the news that it was about to venture into crypto and blockchain universe.

“Currently we’re not. We have what we call paperMoney, which is what our clients can try for trading strategies. It was a simulation. So there was no actual execution.” Sunayna Tuteja, head of digital assets at TD Ameritrade, explained in an interview. 

While this news sounds discouraging enough to trigger a downside correction after a strong rally, a full-scale reversal of the bullish trend remains a low-chance scenario, provided that the market believes that the proverbial glass is half-full.