OKEx Exchange’s Andy Cheung Claims Bitcoin is ‘All Set to Surge’ Again
While the global crypto sector continues to struggle, OKEx’s Andy Cheung remains bullish about the future of Bitcoin. To further his point, Cheung pointed at two significant events that ushered in a new era of evolution for the premier digital asset. The first being when a person bought a pizza for 2000 BTC and the other when the currency hit its ATH (all time high) of around $19,300 last year.
However, it is worth noting that since then, the bulls have largely disappeared from sight, with Bitcoin’s price having dropped by over 70% since the start of 2018.
— Andy Cheung (OKEx) (@AndyC0125) October 29, 2018
Cheung: “BTC Has Finally Stabilized”
Another reason why Cheung has remained optimistic about the financial future of Bitcoin is due to its newfound stability. To further elaborate on this point, we can see that all through October, Bitcoin has stayed relatively range bound (especially as other tech companies such as Apple, Amazon have continued to face market losses through the past 4 weeks).
Not only that, even the Dow Jones Index for the previous week has closed on a 3 percent weekly loss (with Nasdaq noting a similar 2.5% drop over the same period). With these figures in mind, we can see that while the stock markets at large have dipped recently, Bitcoin has seen a steady growth of around 0.5-1 percent during the aforementioned timeframe.
Even though Bitcoin seems to have remained quite steady amidst the ongoing bearish market pressure, one has to be realistic and see that the crypto sector as a whole has slowed down quite a bit this year— with most of the top 10 altcoins losing a bulk of their intrinsic value (since Jan 2018).
Experts and enthusiasts now await the US SEC’s decision on Bitcoin ETFs and other regulatory matters that could potentially usher in a new era of economic boom within this otherwise sluggish market.