Big Boys Buckling Up as Bitcoin’s Gain Unable to Be Ignored by Mainstream Finance News
- Multiple mainstream financial media websites have reported on Bitcoin’s rise.
- Even with positive reports, these articles still have still come with warnings against the crypto industry.
The last time Bitcoin had some big success with mainstream news was back in 2017 as the original cryptocurrency got close to the $20,000 price level. However, the relationship between the mainstream news of the traditional world of finance and the news from Bitcoin has been strained since then.
The ICO market brought in millions, and quickly failed, ushering in a crypto winter that left mainstream media cold to the idea of praising the industry.
The majority of news reports through this time have been somewhat antagonistic, as a combination of over-caution, ignorance, and even gloating has been the general ambiance. Still, this type of stance is understandable, since Bitcoin and all of these altcoins crashed pretty hard.
Of all of these publications, Forbes has taken on the most positive and open position with cryptocurrency, as their writers have maintained informative and fair articles throughout the changes. Despite pushing Litecoin in two separate articles in the last week, the most recent gains for Bitcoin has not seen the same attention.
Even with this typically realistic stance on the market, all of the articles come with a small warning to investors:
“Investing in cryptocoins or tokens is highly speculative, and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.”
The perspective from other outlets has been much different. Both CNBC and Financial Times have published articles on Bitcoin’s recent rise.
The former’s Fast Money account on Twitter posted the current price of Bitcoin with a little rocket ship that appears to be taking the price to the $10,000 price level.
It happened. Could $10k be next for bitcoin? pic.twitter.com/NAfMHSe1dt
— CNBC's Fast Money (@CNBCFastMoney) May 27, 2019
Even with this progress, the articles all quickly toned down the celebration on this value increase, reminding the public that this number is far from the $19,000 price level seen in 2017. Even CNBC concluded their article with the same feeling, saying that Bitcoin is “still well off its all-time high,” even though Bitcoinist points out that their statement is not all together accurate.
The last time Bitcoin managed to reach $8,500 was during a bull market was only three weeks before reaching that price level. Just six months before, Bitcoin was under $1,500. With those numbers in mind, reaching that same success of 2017 may not be as far away as they believe.
Bloomberg posted an article with a positive start, which is titled “Bitcoin Jumps Toward $9,000 in Best Performing Month Since 2017.” The article is predominantly positive for consumers, and it features many commenters from the crypto space.
However, even this forward-thinking article could not finish without mentioning a comment made by JPMorgan, which is that Bitcoin has passed its “intrinsic value.” Mike McGlone, an analyst from Bloomberg Intelligence, was included as well, who said that the current rally for Bitcoin was “running too hot.”
Motley Fool has easily posted the most negative article in the financial media world, only surpassing the New York Post because the latter is not exclusively a financial news. Motley Fool published an article on May 26th, and it was titled “Why this year’s move in Bitcoin could be a dead-cat bounce.” The author drenched the article with insults, saying that he would not:
“touch Bitcoin with a bargepole wherever the price is.” The entire article ended with a very bold statement – “I think the stock market is a far better vehicle for the potential generation of wealth than the world of cryptocurrencies.”
Clearly, the cryptocurrency community has a far different stance, as well as all of the proponents of this industry. With all of the analysts and the progress of these tokens, and the fact that the stock market has seen less than 20% growth (compared with the 111% growth of Bitcoin) from April to May, these publications may want to take a second look at this rapid progress.
At the time of writing, Bitcoin was priced at $8,732.92, increasing 2.29% in the last 24 hours. The current market cap of Bitcoin is approximately $154.8 billion.
Bitcoin’s price is $33,466.20 BTC/USD exchange rate today. The real-time BTC market cap of $622.21 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $23.29 Billion and live coin value change of BTC 8.30 in the last 24 hours.