Altcoin News: Kraken CEO about Bitcoin: What Correction? We Are Waiting for $100,000 or Even a Million

June 26, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Jessie Powell, CEO of one of the oldest exchanges on the market, Kraken, is overflowing with enthusiasm amid a rapid rise in Bitcoin prices. At the time of publication, the leading cryptocurrency is trading at about $13,400, rising by 18% during the day.

“When I hear people talking about a bitcoin “correction” I’m thinking $100k, maybe $1m. That’s what’s correct,” he tweeted.

According to CoinMarketCap, the volume of trades at Kraken, which currently ranks 29th on the list of the largest cryptocurrency exchanges, has risen by 120% in the last 24 hours. Also, two records at once on this Wednesday were set on the BitMEX exchange.

Analyst Alex Kruger joined to those who are trying to justify the current rally. According to Kruger, a common and, as a rule, the most rational explanation “there were more buyers than sellers” is not far from the truth. In this case, however, there were more sellers than buyers, but the latter turned out to be larger and more aggressive.

“The reason is simple: aggressive buyers closed the spread between the bid and ask prices and overpowered both passive and aggressive sellers. Judging by the market behavior, we see aggressive buyers with deep pockets. No one knows any other specific reason,” he writes.

Kruger also admits that growth is occurring against the background of the formation of a positive news background. This includes the preparation of Fidelity / Bakkt / Ameritrade / E-Trade / LedgerX products, which aggressive buyers are trying to outrun, and the announcement of the Facebook cryptocurrency project, and various macroeconomic factors.

In addition to Kruger, even the state-owned Chinese news agency Xinhua pays attention to the crypto market. On Tuesday, his analysts released material in which they stated that Bitcoin is gaining the status of a safe asset, attracting more and more investor interest. As a context, they point to the volatility of global markets, which has increased as a result of trade disputes and the projected decline in the global economy.

Author: Marko Vidrih