Bitcoin (BTC) Price

Cryptocurrency Market No Longer Considered “Bullish,” According to SFOX Report

Krystle M
June 7, 2019

SFOX’s volatility report was published on June 6^th.
The report indicates that Bitcoin’s outlook is uncertain, rather than bullish.

Bitcoin has been seeing an upward trend over the last few weeks, and many analysts of the market have been claiming that the bear market is over, and a more bullish trend is coming. However, the latest volatility report from SFOX on June 6^th tells a much different story. In fact, the report states that the outlook on the crypto market has been downgraded to “uncertain” instead.

The report goes over the recovery that the cryptocurrency prices went under in this last month, but the authors believe that the market is just going through a tipping point. Instead of this actually being a bullish trend, SFOX states that there is nothing to determine if this growth has been primarily been due to FOMO (fear of missing out).

The tone of the comments made by Barry Silbert, the founder of Digital Currency Group, were prominent in this report as well, regarding the rally of Bitcoin on May 13^th. SFOX believes that the developments happening in the trade war between the United States and China had to a lot to do with the upward trend.

Binance’s hack last month also was mentioned in the SFOX report, which resulted in a theft of 7,000 BTC, though it did not have much of an impact on the current price of Bitcoin. Still, selling 5,000 BTC at $6,200 each on Bitstamp made a significant difference, considering how far below the market rates the sale way. In fact, SFOX states that the “flash crash” on May 17^th could have easily been caused by this sale.

According to the report, the fact that the hack did not crash the market at that price shows that the infrastructure of the industry has evolved since the days when it endured the biggest hacks, like Mt. Gox.

However, SFOX states,

“The Bitstamp order shows that the market still has a way to go in terms of a single exchange’s outsized impact on the asset class.”

Bitcoin’s price saw a 57% increase throughout the month of May. SFOX also follows five other cryptocurrency assets right now, including ETH and LTC, which all saw gains in May as well.

During the month of June, SFOX believes that there could be many factors that “impact volatility more than usual,” like conferences, developments in trading, and Bitcoin futures expirations.

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Krystle M

Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.