Bitcoin Is Here To Stay, Wall Street Boss Says
Bitcoin’s price continues to trade around the $4,300 level after collapsing to a low of $3,500 last week. The rebound in the crypto market received support from analysts’ sentiments that Bitcoin had found the floor last week; an analyst’s comments about the potential bull-run also impacted traders’ attitudes.
Positive comments from the New York Stock Exchange (NYSE) Chairman, Jeff Sprecher, during the Coindesk consensus conference, created a huge physiological impact on the market environment. Sprecher said cryptocurrencies are here to stay.
Bitcoin’s price rose more than 16% since Sprecher said digital assets would survive for the long term. The chairman is optimistic about the future fundamentals of crypto markets. Sprecher has also backed future Bitcoin contracts that NYSE’s parent company Intercontinental Exchange is planning to launch through its Bakkt platform.
He also pointed out the dominance of Bitcoin in cryptocurrency markets and believes Bitcoin turned into a trademark of the cryptocurrency market.
He said, “Somehow Bitcoin has lived in a swamp and survived.” Sprecher added, “There are thousands of other tokens that you could argue are better but yet Bitcoin continues to survive, thrive and attract attention. Often times in finance, it’s not about being the best — it turns out to be about being the broadest, and the most commonly accepted and for whatever reason Bitcoin has become that.”
Bitcoin ETF is the second biggest catalyst that helped in creating a rally. Traders believe that crypto markets are continually moving in the right direction to comply with the SEC’s requirements. The financial authority wants stabilization in crypto markets along with better security and custodian services.
Traders are of the opinion that the top cryptocurrency exchanges are collaborating with the NYSE to integrate their surveillance technology to enhance the security of crypto exchanges. Custodian services from prominent financial institutions like Goldman Sachs and Fidelity would improve custodian services for crypto clients.
The cryptocurrency markets are in the green after experiencing volatile moves during the past two weeks. Ripple, Ethereum, and the rest of the top 10 coins are trading significantly higher from their lowest level that they had hit last week.
The NYSE Chairman is certainly right that cryptocurrency markets are unlikely to fall to zero. However, the markets are immature and unregulated – which creates room for criminals, price manipulation, and unfair trading activities. On the whole, the crypto markets need some time to streamline their operations.
Do you agree with the NYSE’s Chairman’s comments? Let us know about your thoughts in the comment section below.