Senator Brad Sherman gave a speech on May 9 regarding the banning of the number one cryptocurrency but his speech was followed with a 50 percent price surge. Following the latest cryptocurrency news, we take a closer look at the price action.
The bitcoin price stepped down from the nearly 12-month high by two percent but the analysts and crypto traders are still sure that the bull run is not over. The data from multiple crypto exchanges show that Bitcoin is circling around the $8540 price point after it reached the $8908 level earlier this week. The new high puts the asset at the highest level against the US dollar since the middle of May 2018.
The commentators remain bullish on the near-term future of the coin but pretty influential people such as Senator Brad Sherman and high-profile politicians are calling for a ban on crypto that could lead to opposite effect on the public sentiment.
The infamous speech of Senator Brad Sherman is now being ridiculed by the entire crypto community mainly because the price of the largest cryptocurrencies increased by almost 50 percent since he urged the ban. The developer Matt Odell noted:
“There has never been a better bitcoin advertisement than this clip.’’
According to other data that we have in the altcoin news shows something else. The Grayscale Bitcoin Trust is experiencing a different action during the current bull market since trades with an implied BTC price of $11,440 is a total of 34 percent higher than the other exchanges. The institutional FOMO formed a huge area of interest among the crypto traders and some are releasing the full potential of largescale investment products in order to spike the BTC price.
BitPay senior executive Sonny Singh expressed his opinion as well:
“I think it’s going to be hard if JPMorgan and Facebook now have a coin, how’s the regulator going to show that JPMorgan we like but Bitcoin $8685.92 +0.87% and Ethereum $8685.92 +0.87% we don’t like – and we like Facebook?”
This year, it seems like the number one cryptocurrency is under the magnifying glass of regulators but also from institutions and high-profile individuals. Overall, the interest for Bitcoin is still low compared to 2017 which shows that the excitement from the mainstream is only starting.
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