Kraken CEO on Bitcoin Price: What Correction? We are waiting for $ 100,000 or even a million
Jesse Powell, CEO of one of the oldest exchanges in the market, Kraken, is overwhelmed with enthusiasm as the price of bitcoin is soaring. At the time of publication, the leading cryptocurrency is trading at about $ 13,400, having risen by 18% per day.
“When I hear people talking about bitcoin ‘correction’, I think about $ 100,000 or maybe $ 1 million,” wrote on Twitter.
According to CoinMarketCap, Kraken’s trading volume, currently ranked 29th on the list of the largest cryptocurrency exchanges, has climbed 120% in the last 24 hours. Also, two records at once this Wednesday were set on the BitMEX derivatives exchange.
Analyst Alex Kruger has joined those trying to justify the current rally. According to Kruger, the common and usually most rational explanation “there were more buyers than sellers” is not far from the truth. In this case, however, there were more sellers than buyers, but the latter turned out to be larger and more aggressive.
“The reason is simple: aggressive buyers closed the bid / ask spread and overpowered both passive and aggressive sellers. Judging by the behavior of the market, we see aggressive buyers with deep pockets. Nobody knows another specific reason, “he writes..
Krueger also acknowledges that the gains are taking place amid a positive news background. This is the preparation of Fidelity / Bakkt / Ameritrade / E-Trade / LedgerX products, the launch of which aggressive buyers are trying to outrun, and the announcement of Facebook’s cryptocurrency project, and various macroeconomic factors..
The latter, in addition to Kruger, is also highlighted by the state-owned Chinese news agency Xinhua. On Tuesday, his analysts released a material in which they said that bitcoin is acquiring the status of a safe asset, attracting more and more investor interest. As a context, they point to the volatility of global markets, which has increased as a result of trade disputes and the projected decline in the global economy..
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