Crypto Analyst Says April Fool’s Joke, Brexit Could Be Responsible for the Market Reemergence
The recent price rally of the crypto trade market has seen massive gains by almost every crypto token where some of them have defied all odds to continuously make double-digit gains. The recent surge in the market has got everyone excited but more importantly confused over the causes for such a sudden uprise.
While there have been many speculations ranging from an anonymous whale pumping Bitcoin on the market which was followed by trading bots executing simultaneous trades to start the trigger.
Another speculation points towards an April fool joke which stated that SEC has approved the Bitcoin ETF order, which many believed to be true and speculation mil suggests that this could have been another reason for the green movement.
Hong Kong Based Journalist Believes the April Fool Joke Could be The Reason Behind the Surge
Hong Kong-based crypto reporter Eric Lam says that no one in the crypto space has an exact idea on what triggered such an uproar in the market. Since 1st April late night, the market started to surge gaining most of its momentum from the Asian Exchanges. The surge saw Bitcoin rise by 20% for three days to break the upper key resistance level of $5k.
Other altcoins also followed the suit to make double-digit gains as well with Bitcoin Cash and Litecoin the biggest gainer and in total added $10 billion to the market.
Eric Lam connects the uprise to the April fool joke where a publisher wrote an article claiming that the SEC in an emergency meeting overnight has decided to approve not one but two Bitcoin ETF which was being delayed for months now.
Eric says the article had quite an impact on the market where traders started to buy Bitcoin which triggered others to follow the suit and the momentum was built. Eric also agrees with the theory of Brexit being the main catalyst for the current uprise. It is being suggested that people are exchanging their euros for Bitcoin for the impending Brexit.
Whatever may be the reason behind the recent surge not many are complaining since 2018 marked the longest crypto winter, and everyone has been eagerly waiting for the next bull run to arrive. Bitcoin and other altcoins have been trying hard since the beginning of the year to recover its 2018 losses. But every small price relay had been followed by a market pullback, not letting any coin to stabilize the gains.