The co-founder of Reddit Alexis Ohanian who is also a popular crypto bull, claims that the crypto hype is going away and is creating space for true crypto builders and believers. He spoke for a Yahoo Finance interview that reached our crypto news today.
Ohanian explained that the current state of the crypto market is still in a crypto winter phase. He also cited Coinbase CEO Brian Armstrong after he said that the bear market has contributed to eliminating the crypto speculators and that the true believers have stayed and will build a better crypto infrastructure.
Co-founder of Reddit also said:
“Now, it’s still to be seen. But what’s a strong signal to me is still some of the smartest people I know in tech are working on solving these problems. They’re building companies that are built on blockchain. The hype is gone. The fervor is gone. But I think that’s a good thing.”
Ohanian was asked what he believes about the launch of the JPMorgan Chases’ JPMcoin which is a blockchain-based asset aiming to increase settlement efficiency within the operations of the bank itself for which he stressed that that move is just another indication that there is real innovation in the crypto market ongoing and the upcoming release is a good thing.
Alexis Ohanian became a multi-millionaire in 2006 after he sold Reddit with the second co-founder Steve Huffman and he is also a co-founder of a venture capital firm Initialized Capital. Back in July last year, he predicted that Bitcoin and Ethereum will reach up to $20,000 and $1,500.
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“Out of the rubble, bitcoin has popped back up. It would take something like that to shatter this newfound confidence.”Since the start of 2019, Bitcoin increased by 65 percent and still continues to recover from the harsh bear market. Most of the gains happened between April and May 2019 when the largest cryptocurrency increased by 50 percent. According to the Bitcoin Bull, BTC going strong and it would take a serious event to crush its recent surge. Following the latest cryptocurrency news, the bitcoin price was not affected by the recent happenings. The Galaxy Digital CEO is not the only one that is bullish about bitcoin. Multiple analysts have been rooting for a bitcoin bull run. Experts notice the improved technical fundamentals of the currency and claim an impending price surge. Another popular bitcoin trader Peter Brandt who predicted the 80 percent crash in 2018, predicted that BTC is setting up for another massive growth similar to the one in 2017. Other enthusiasts say that the surge in interest for bitcoin will lead to another bullish cycle as well. Sources from Fidelity Investments say that the company will debut Bitcoin trading to institutional clients and this is another key indicator that the interest for bitcoin is growing. Fidelity could also be joining BTC trading providers such as TD Ameritrade and E-Trade. Bakkt is also working hard to get approval from the U.S Commodity Futures Trading Commission.
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“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary.’’The analysis that Woo conducted can be attributed to his calculation of fundamental factors but also the technical factors in order to better evaluate the market. He later said that Bitcoin will likely hit a new bottom at $3,150 because of the Bitcoin Network Momentum and the technical indicators at that time as it was reported in the latest cryptocurrency news. In the next couple of weeks, the analysts believe that Bitcoin will undergo a consolidation period and will stabilize. Some traders are waiting to see whether the dominant cryptocurrency will retest some of the supporting levels below $5,000. The increase in interest in bitcoin which led to the new 2019 high, comes after Bloomberg reported that Fidelity will launch a crypto trading service soon.
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