A New Bitcoin Bull Market Is Just Starting Says Arthur Hayes
There are several Bitcoin (BTC) enthusiasts and experts that believe that the digital currency is currently entering a new bull market and that the bear trend is already behind. Arthur Hayes, the CEO of BitMEX, one of the most popular and used margin trading platforms in the crypto space, explained why the bull market is just happening.
Arthur Hayes Believes We Are In A Bull Market
On Twitter, Arthur Hayes showed his positive sentiment around virtual currencies when he wrote that a monetary dip below $7,000 lasted a short period of time and that Bitcoin surpassed $8,000 again. Moreover, he mentioned that September and December contracts are in contango.
The bull market is real. A momentary dip below 7k, and a few days later we are back above 8k and the Sep and Dec contracts are in contango. Booyah! pic.twitter.com/qknhDQ8i7p
— Arthur Hayes (@CryptoHayes) May 19, 2019
The optimism that he has is related to the fact that Bitcoin fell from $8,400 to under $7,000 and it was able to come back above $8,000 in a short period of time. This shows that there are several investors that are very bullish about Bitcoin and how it is evolving in the market.
Due to a large sell order of 5,000 BC on Bitstamp, several Bitcoin contracts on BitMEX were liquidated on May 17. At the same time, the price of the most popular digital asset dropped and reached $6,400 in some exchanges. This represented an 18% drop in just a few hours. However, 72 hours later, the market absorbed this drop and it was able to go above $8,000 once again.
At the same time, the price of other digital assets recorded gains as well. That includes Litecoin (LTC), Ethereum (ETH), XRP and many others among the top 100. This shows that there are several interested users in purchasing digital assets and that the market has a very positive sentiment around them.
According to Barry Silbert, the CEO of Digital Currency Group, the recent rally experienced by Bitcoin is completely different from the one seen at the end of 2017. In 2019, things have changed because the infrastructure is now much more developed, advanced and enhanced.
About it, Silbert commented during an interview with Bloomberg:
“But the difference between this increase in price versus the bubble in 2017 is the infrastructure is much different. You have custodians now. you have trading software, you have compliance software, people are educated about the asset class, so this time is different.”
At the same time, Arthur Hayes said that Bitfinex was able to raise $1 billion when it conducted an Initial Exchange Offering (IEO). This shows that there is a very positive sentiment in the space that could help Bitcoin continue its bull trend in the near future.
Currently, Bitcoin is being traded around $7875 and it has a market capitalization of $140 billion.