Bitcoin [BTC]: Investors’ return to BTC market may be attributed to multiple factors, says Tim Seymour

2019-5-29 19:30

Bitcoin’s [BTC] price surge has caught the eye of proponents and critics alike, with many supporters claiming that the next bull run has arrived. In the latest CNBC Fast Money segment, panelists discussed the significant rise of the world’s largest cryptocurrency, as well as the implications of the price rise.

The panelists stated that the Bitcoin summer was back as the cryptocurrency was close to hitting the $9000 mark for the first time since April 2018. There were also talks that investors were coming back into the world of digital assets, with speculation that FOMO, price increase and the positive atmosphere around the world’s largest cryptocurrency had contributed to the investor push.

Tim Seymour, Chief Investment Officer of Seymour Asset Management added that there are a lot of factors that can be attributed to Bitcoin’s 2019 growth, including the aforementioned FOMO and the change in supply dynamic in the Bitcoin ecosystem. He said,

“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 analyze 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.”

Bitcoin’s price and market cap hike have resulted in vast amounts of the currency being moved across wallets and exchanges. On May 29, Bitcoins worth $12.5 billion were moved in block 578,327 and 578,328, with some of the fund transfers being linked to the Changpeng Zhao-led Binance. CZ had stated that the funds were being moved between Binance’s cold wallets, assuring users that there was no need to panic and that the funds were #SAFU.

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