- Bitcoin eclipses the $7,000 mark
- The crypto market could be at the cusp of another bull frenzy
- Binance Hack, Bitfinex fiasco, fail to impact crypto
According to a Bloomberg article published May 12, 2019, bitcoin might be on its way to lead another crypto bull run after having broken the important psychological price resistance at $7,000.
The Beginning of Another Wild Ride?
Bitcoin, the world’s largest cryptocurrency which has a market cap of more than 50 of the entire crypto market started the year on a rather lax note. Starting from November 2018, the premier cryptocurrency crashed from its “stable” mid-6,000s price zone to about $3,800. The sudden and abrupt plunge in price instantaneously wiped off billions of dollars from the crypto market cap. As a result, the majority of the altcoins also started bleeding red with Binance’s BNB token being a standout performer.
However, lately, it seems that bitcoin has again picked up steam as, at the time of writing, BTC trades at an impressive figure of $7,102 with a market cap slightly above $125 billion.
Bloomberg reports that bitcoin rose more than $1,000 this weekend to the highest level since August 2018. The bullish traction of BTC is all the more impressive given the recent New York Attorney General’s (NYAG) inquiry in the Bitfinex and Tether fiasco. The government regulator accused iFinex Ltd., the parent company of both Bitfinex and Tether of using USDT reserves to cover $850 million business loss. However, Bitfinex seems unconcerned with such allegations it recently announced the launch of its $1 billion initial exchange offer (IEO.)
In the same vein, it looks like bitcoin’s correlation with bearish market news has diminished considerably as the recent barrage of undesirable market events, including the $40 million of the world’s largest crypto exchange Binance failed to have any major downward impact on the price of bitcoin.
On crypto exchange Bitstamp, bitcoin’s upward trajectory pulled it as high as 6.9 percent to $7,445 before slumping to $7,323 as of 2:15 p.m. Hong Kong time on Sunday. Bloomberg adds that the positive market sentiment also resulted in the surge of all five of the Bloomberg Galaxy Crypto Index by as much as 8 percent.
