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May 27, 2017, 02:09:12 AM |
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Bitcoin’s price has been rising so fast over the past two months people don’t know what to expect next. In Asia, the price is climbing higher than most western exchanges. Now many people are wondering how healthy the current price spike is and whether or not the digital currency is in a bubble that might be followed by a deep correction. Cryptocurrency Fever In Asia Is Pushing the Price Upwards, but How Long Will It Last?
Are Asian Markets Creating a Bitcoin Price Bubble? Charles Hayter, Crypto Compare. Everybody is extremely focused on the price of bitcoin and a number of altcoins increasing in value exponentially. Some people think the digital currency’s value gains are moving too fast while others believe overall global demand supports the price rise. Charles Hayter, founder, and CEO of the cryptocurrency data analysis firm Crypto Compare reached out to Bitcoin.com and detailed his opinion of the situation bitcoin markets are facing.
Hayter believes the increase is a bubble formation but questions the level of speculation. Market bubbles can burst in a short period of time, but some bubbles have lasted years.
“Media begets more price rises and triggers more exposure and buying,” explains the Crypto Compare founder. “The ICO phenomenon is contributing too as traders wash in and out of the major cryptos chasing and pumping the next ten bagger.”
Japan, Korea, and Asian interest is causing the price to rise and dragging up Western prices on the back of regulatory moves as well as scaling — The party will end as Asian premia comes back into line with Western markets or even drag them down as panic selling takes hold. The exact trigger is yet to be seen although last time it was Mt Gox. read more:https://news.bitcoin.com/asian-markets-bitcoin-price-bubble/
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