Global Stock Markets
Ryan Rabaglia isn’t ready to stop being bullish about Bitcoin any time soon. The Octagon Strategy trader believes that the top-ranked cryptocurrency can still hit new highs.
BTC prices have risen above $6,500 after twice dropping below $6,000 in June 2018.
Regulatory Certainty Will Take Pressure off Bitcoin
In a recent interview with CNBC, Rabaglia declared that clearer market regulations were the likely catalyst for a sustained Bitcoin price rally. According to Rabaglia, regulatory uncertainty was putting immense pressure on the market.
He also said that mainstream investors were reticent on committing fully to the market since the laws guiding crypto commerce are still somewhat vague
In another development, David Garrity, the CEO of GVA Research believes the current BTC price surge is a temporary relief. Speaking recently, Garrity opined that trading levels had come under pressure in the market. Thus, a “relief rally” was inevitable.
Garrity also pointed to the emergence of some positive regulatory developments as the reason the current BTC price surge. According to the GVA Research CEO, recent comments by the SEC concerning the status of Bitcoin and Ethereum, in particular, have taken away some of the negative sentiment among retail investors in the market.
Unlike Rabaglia, Garrity identified end-user adoption as the critical parameter that will drive any sustained BTC price rally. He decried that lack of significant Bitcoin use cases especially in the payments market.
In addition to slow adoption, Garrity mentioned a large number of government investigations into activities in the market as another reason for the price struggles of 2018.
BTC prices have risen above $6,500 after twice dropping below $6,000 in June 2018.
Regulatory Certainty Will Take Pressure off Bitcoin
In a recent interview with CNBC, Rabaglia declared that clearer market regulations were the likely catalyst for a sustained Bitcoin price rally. According to Rabaglia, regulatory uncertainty was putting immense pressure on the market.
He also said that mainstream investors were reticent on committing fully to the market since the laws guiding crypto commerce are still somewhat vague
In another development, David Garrity, the CEO of GVA Research believes the current BTC price surge is a temporary relief. Speaking recently, Garrity opined that trading levels had come under pressure in the market. Thus, a “relief rally” was inevitable.
Garrity also pointed to the emergence of some positive regulatory developments as the reason the current BTC price surge. According to the GVA Research CEO, recent comments by the SEC concerning the status of Bitcoin and Ethereum, in particular, have taken away some of the negative sentiment among retail investors in the market.
Unlike Rabaglia, Garrity identified end-user adoption as the critical parameter that will drive any sustained BTC price rally. He decried that lack of significant Bitcoin use cases especially in the payments market.
In addition to slow adoption, Garrity mentioned a large number of government investigations into activities in the market as another reason for the price struggles of 2018.
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