THELOGICALINDIAN - Alex Sunnarborg of Tetras Capital says that Bitcoin has bottomed out yet The barrier armamentarium administrator additionally believes that the cryptocurrency industry needs a absolute cleanup to abolish bad actors and enhance boilerplate broker aplomb in the apprentice market
Bitcoin Price Yet to Bottom Out
Since falling from an best aerial of $19,700 in mid-December 2017, to $6,000 at the alpha of February 2018, establishing a long-term bottom for Bitcoin amount continues to be a arresting affair of discussion. For Sunnarborg, BTC isn’t absolutely there yet.
Speaking to Forbes’ Jeff Kauflin, the Tetras Capital managing accomplice commented on the catechism of Bitcoin bottoming out, saying:
According to Sunnarborg, BTC amount is abutting to establishing a abiding bottom. However, the barrier armamentarium administrator says the bazaar requires some amount of clarity, either way, to acceleration up the bottoming process.
During the interview, Sunnarborg articular the VanEck/SolidX Bitcoin ETF angle as article that could accept accelerated the bottoming action if it had been rejected. For Sunnarborg, there are too abounding variables up in the air including abeyant launches (Fidelity, Bakkt) and ETF approvals, which could be catalysts for the absolute Bitcoin bottom.
In backward January 2019, Fidelity announced that its aegis belvedere would barrage in March 2019. Bakkt is still awaiting approval from the Commodity Futures Trading Commission (CFTC) but the aggregation says it is going advanced with all the all-important preparations.
Crypto Industry Needs a Cleanup
Commenting on the industry as a whole, Sunnaborg opined that the bazaar bare a cleanup to become added ambrosial to boilerplate investors and the charge for trusted trading data.
Recently, Nasdaq partnered with Brave New Coin (BNC) to accommodate Bitcoin and Ethereum amount indices developed by BNC in the former’s trading basis catalog. Sunnarborg says crypto abstracts needs to become added accurate to action instances of amount manipulation.
Speaking on the affair of an industry-wide cleanup, Sunnaborg stated:
The barrier armamentarium administrator additionally advised in on the abortion of abounding cryptocurrency projects abnormally those launched via ICOs. According to Sunnaborg, projects that actualize the ‘Bitcoin ethos’ of creating a alpha block and mining rather than introducing affected tokens for actionable balance offerings accept the abeyant to accord to a value-based agenda economy.
Do you anticipate Bitcoin amount has accustomed a abiding bottom? Let us apperceive your thoughts in the comments below.
Image address of Twitter (@JeffKauflin), Shutterstock
