From a warning about Bitcoin’s big rally to a push to bring Litecoin to retail outlets, here’s a look at some of the stories breaking in the world of crypto.
Veteran derivatives trader Tone Vays says he’s not seeing new buyers entering the crypto space, which has Bitcoin’s sudden rise to $8,000 making him feel uneasy.
In a new interview with BLOCKTV, Vays says he’s selling some of his long-term Bitcoin shares in anticipation of a drop.
“It’s been an unprecedented run. We had a similar run back in 2015 towards the end of the bear market. But the 2014-15 bear market was longer. It was more painful. It was deeper. And everything going on here just doesn’t feel right.
I have been looking for a bounce since we fell down to $4,000 around October/November. I’ve been looking for a bounce back to maybe $5,100. If we overshot, I thought we could have made it up to $4,600. But after that, we went straight up. We hit $8,400 the other day. And I don’t know what’s going on. Everybody I ask doesn’t really know what’s going on.
I don’t see new buyers coming in. I don’t see new money coming in. It’s just current money. Could be the issues at Bitfinex, issues at Tether, issues at Binance. Whatever is driving this is making me nervous and I’m even selling off some of my hodl position because I think this is about to correct, and correct hard.”
Adamant Research partner and crypto researcher Tuur Demeester says the rally validates his firm’s thesis that Bitcoin traders have been in heavy accumulation mode. Although he believes Bitcoin’s big rally is the start of the new long-term bull run,