BTC up 5% in 2 hours: is this the turning point the market has been waiting for?

23 Feb, 2019 | Updated: 23 Feb, 2019
by Arthur Sillers
Price Action
BTC up 5% in 2 hours: is this the turning point the market has been waiting for?

Crypto markets are finally seeing some good news, with Bitcoin spiking 5% in just two hours. According to Su Zhu, CEO of capital investment company Three Arrows, this is the ‘turning point’ for crypto markets which many have been desperately waiting for.

Bitcoin went up as far as $4,200 today, which Dapplife attributes to a combination of good news surrounding JPM coin, German crypto futures rumors and a new Samsung Galaxy which includes a crypto wallet.

No matter the reason, the analyst and trader Su Zhu has indicated that the bulls are back on parade in an interview with CCN today. The trader said plainly, “Confidence [is] returning back to the market,’ and noted that there is an estimated $6 Billion in funds waiting to be allocated to various crypto projects once sentiment improves.

 While Bitcoin hasn’t been able to break past the $4,200 level, and has settled around $4,100, this still represents a 5% increase in just two hours. Clearly, this will have only positive effects on market sentiment. Furthermore, traders and crypto commentators are coming out in droves to point out how soon institutional adoption is, if it hasn’t arrived already.

Other crypto tokens have seen positive movement as well, but it’s likely the positive effects from today’s uptick will be showing positive movement across the market for the forseeable future.

Read more: Bitcoin holds above $4,000, market cap up by $2 billion in 30 minutes,Bitcoin hits $4,138, will BTC go higher this weekend?

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Read more about: Bitcoin (BTC)


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