CNBC’s seemingly uninterrupted coverage of the crypto market continues as the so-called Crypto King Barry Silbert was featured in the Fast Money segment.
The following reasons are decisive why a Bitcoin trader has found its ground
On Wednesday, Barry Silbert, an early onlinebetrug Bitcoin investor and founder of several crypto companies, took part in CNBC’s Fast Money segment to express his opinion on why Bitcoin found its bottom. The so-called “Crypto King” noted that there are many institutional investors and institutions on the sidelines of the game who are waiting for a good entry into the crypto market.
A recent report by Greyscale Investments, a subsidiary of Barry Silbert’s Digital Currency Group, confirms an increase in institutional interest. According to this, Greyscale raised $250 million in the first half of 2018, with 56 percent of these investments coming from institutional investors.
Barry also pointed out that the technical chart signals are gradually becoming positive. Silver’s commentary on the technical signals is consistent with what Tom Lee of Fundstrat said the previous day:
During the weekend there were a lot of people talking about TA
And the possible formation of either an inverted head-shoulder formation or a Wyckoff buy-off. It seems that the technical ones are becoming more and more popular.
Last but not least, he drew attention to the recent negative comments on crypto currencies made by Fed Chairmen Howard Marks and Ken Griffin. The fact that Bitcoin had no significant price falls in the face of negative sentiment is a very bullish sign.
Silbert: I’ve seen “80 percent drops” before and it’s always the same
Mellisa Lee, one of the segment’s main hosts, seems confused about Silver’s comment and asked if he sees regulatory criticism as a bad sign.
Silbert sees this as just another part of the cycle and notes that the current phase is a phase where you can get a positive return on your investment.