Seymour Asset Management CIO Speaks on Bitcoin’s Born-Again Presence and Contributing Factors
There is still a lot of excitement and interest as a result of Bitcoin’s price rally. Many people are now closely watching the market and hoping for many things and some of the most popular Bitcoin proponents have at one point or the other, either taken to social media or have used time at different interviews to air their thoughts.
A while ago when Bitcoin was still struggling to break through the $8,000 mark, there were many varying opinions with some believing that it was only a matter of time before that happened and others expressing unenthusiastic opinions. Now, some of these people have had to re-evaluate their positions as Bitcoin not only crossed the mark but is gearing up to further break the new $9,000 mark.
Investors Are Returning
Recently, analysts on CNBC’s Fast Money had a discourse on the Bitcoin price surge along with its implications and cause. Apart from pointing out that Bitcoin hasn’t been anywhere near $9,000 since last year April, they also mentioned that investors who previously cut their losses and left the market especially during the freezing effects of the crypto winter seemed to be returning.
It would also seem that many new investors, who were probably never interested in the crypto sector and were already occupied in other traditional markets, are now finding their way into the sphere. This is largely due to the potential of further price increase, the general enthusiastic outlook many people now have towards the asset and also just a Fear Of Missing Out (FOMO).
Speaking on Bitcoin’s impressive progress this year, the founder and Chief Investment Officer of Seymour Asset Management, Tim Seymour, has also supported the idea that there are a few things responsible, mentioning FOMO.
According to him:
“We are at a place where the weak sellers have left the market with another critical point being the Chinese Yuan vs Bitcoin graph. The graph if you look at it was inverted, marking a trend change in the world’s biggest cryptocurrency asset. People need to analyse the market other than just Bitcoin, Ethereum has gone up by 220 percent this year while Litecoin has gone up by a whopping 440 percent.”
Ever since the surge, there has been increased activity in the Bitcoin market and the corresponding effect has been felt on the market cap which currently sits at $154 billion. Very recently, about $12.5 billion in Bitcoin were moved in a transaction connected to Binance, arguably the largest cryptocurrency exchange in the world. Usually, moves like this tend to cause a lot of FUD but Changpeng Zhao, the CEO of Binance, has come out to explain that there was no need to panic as the funds were moved between cold wallets belonging to the firm.