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Is This Bitcoin Rally For Real?

22 Jul Is This Bitcoin Rally For Real?

Posted at 21:27h in Bitcoin News by

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Blast Off For Crypto? (Shutterstock)

I have been bearish on cryptocurrencies for a number of months now.  I was feeling good about that view as Bitcoin flirted with breaking $6,000 again as recently as July 12th.  Then it took off.  It went from $6,185, to $6,662, to $7,314 in just 2 days (according to Bloomberg data).

That description doesn’t do justice to just how quickly it shot higher.  According to Bloomberg data, Bitcoin was at $6,785 at 1:35 pm EST and got as high as $7,425 by 2:05 pm EST.  A 10% move in half an hour is extreme, even by bitcoin standards.

I have seen many explanations for the move – but none are completely satisfactory.  I continue to believe that liquidity remains low in many markets (already this year we have had moves in VIX that were considered nearly impossible and Italian 2-year bonds experienced what was at least…

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