Kraken VP: Recent Bullish Bitcoin Trend Driven By Entry Of Professional Traders With Real Funds
Bullish Trend Driven By Entry Of Professional Traders That Have Legitimate Cash, Kraken’s Vice President
Kraken’s vice president says that the recent recovery in the crypto world has been propelled by the entry of many professional traders who bring legitimate money in the market.
After months of turbulent losses which saw various digital currencies losing value, there has been bull run in the last couple of weeks. The current bull run which has seen Bitcoin recover tremendously has also seen other altcoins rise in value. Various experienced analysts in the industry have argued that the bullish wave is due to institutional entrants. However, Kraken vice president, Austin Alexander believes that the inflow of professional traders in the market is the main reason spurring the bullish waves.
The vice president of one of the notable crypto exchanges said that there has been an enhancement in activity and a mixture of traders in the crypto world. There are a lot more responsible kind of professional traders who have entered the crypto market infusing legitimate money in the last six year although it was not from the institutional traders, explained Alexander.
Alexander was giving his views at the 2019 Magical Crypto Conference, trading panel. He said that although the crypto exchanges were growing, the pace was milder compared to the earlier wave. Alexander recalled the mass pull out of traders or users between December 2017 and January 2018, when the crypto market experienced a tumble, and argued that most probably no exchange has gone back to where it was in terms of numbers. He, however, remained optimistic saying:
“.. but it’s coming and now we’re still growing. I think all the major exchanges are still growing. It’s not 50,000 sign ups a day any longer, but it’s still growing.”
A Push For Institutional Adoption
During the discussion, Alexander was asked whether there is a massive push for institutional adoption as compared to retail. The VP said that major exchanges and crypto enthusiasts want more institutional adoption as this would to automatic adoption by the retailers. He explained:
“.. in exchange, you know everybody should realize, do you want to be successful, you got to be on the supply side, first the slave money will come it’s my opinion.”
In the recent past, there have been more institutions that have adopted the use of cryptos in their transactions resulting from increased awareness.
Is Kraken’s vice president claims that the current bullish run is as a result of more professional traders in the market? Share your thoughts with us in the comments section.