Monday sees almost the entire crypto market showing major green. Bitcoin saw a sudden spike in its price and is now trading at $6,677 at the time of writing (as per coin360.io). It has shown a 5.89% increase in its value all of a sudden. So, where we are headed from here on after this spike shown by the crypto market? Member of the Forbes Financial Council and crypto enthusiast, David Gokhshtein shares his views.
Talking to BlockPublisher regarding where the crypto market is headed as bitcoin crossed the $6,900 mark, David stated:
I still believe the real love happens in November. Maybe last week of October.
David remains largely bullish regarding the crypto market and talking about his positive and bullish outlook toward the crypto market, David added to his statements:
We haven’t even touched the surfaces. People need to be patient. The internet didn’t happen overnight.
David suggested that people need to be patient regarding the market. He also implied that this spike might just be the start, as things are about to get hotter. He implied that the market will light up even more probably during the first week of November, or the last week of October.
The recent spike shown by the crypto market can be attributed to the recent Tether FUD. Tether is a US dollar backed cryptocurrency launched by the company Bitfinex. Although the company claims that for each Tether (USDT) in circulation, there is a US dollar stored somewhere, there has been a lack of a substantial proof regarding the presence of actual US dollar against each Tether. Previously rumors started to erupt that the company did not possess such dollars, which were clearly denied by Bitfinex.
Such rumors are gaining heat once again. Owing to the uncertainty, fear, and doubt revolving around Tether, people are looking for alternate cryptocurrencies. Recently, rumors were also spread regarding Bitfinex going bankrupt. These rumors were denied by the platform but once a word is out, it is out. Even if it isn’t true, a rumor always hurts the one regarding which it is spread.
This outflow of people from the Tether ecosystem might be the reason behind this recent spike shown by the crypto market. It also indicates the volatility that is associated with this market. One moment, the market is seen going up sharply, and in the very next moment, the entire market comes crumbling down. Moving forward from here on, it remains to be seen in which direction the market will take its next sudden turn.
Edited to correct the title on 10/16/2018 3.38 PM PKT.