The continuous free fall of Bitcoin and notable altcoins, in fact, the general cryptocurrency market, has caused a high level of panic amongst crypto traders. Crypto analyst, trader, and investor Tone Vays has offered his sentiment on the present market situation that pushed Bitcoin to the $8,000 level, tracking how BTC moved exponentially from $3K to $13,800 within a short time.
The unrepentant XRP token skeptic spoke during an interview on BlockTV, counting that he waited for Bitcoin to see a maniac correction but was comfortable to go “all in on Bitcoin with whatever savings” left with him when the digital asset saw a massive spike in June.
Tone Vays said he was waiting for October 5 as his big day based on the Genesis Block, but now, he’s waiting for the day as the ultimate bottom.
The Bitcoin consultant delved into the hash rate issue that was linked by some as a reason for the Bitcoin price drop, saying the hash rate is yet picking up and has no impact on the price.
When asked about Bakkt, Tone criticized the firm, insisting that the newly kick-started Futures company brought nothing innovative into the cryptocurrency space.
He said the platform can try to be a better Coinbase. Tone said Bakkt would have done something awesome if they had created an exchange that nobody trades on.
Tone hammered that Bakkt proved that they are the best place for Bitcoin security instead of becoming the likes of NASDAQ and New York Stock Exchange where no one has an account.
“I was never that big into the back of Back…I have not seen a single piece of innovation that is coming out of Bakkt,” he said.
“We have futures, we have CME Futures. CME are experts at Futures. CBOE tried to create futures, but they are not expert at futures, they are experts at auctions. And they failed at launching futures.”
As known, experts have weighed in on the present market situation but were not sure of the root cause. Some have said the high expectations placed on Bakkt, which pulled little on the day it was launched, forced a high number of investors to pull out.
The price of Bitcoin has been crashing since yesterday, losing well over 13 percent within the span of 24 hours. The speedy drop was first noticed mid yesterday with coins like Litecoin and Ethereum shed away surprising figure in a twinkle of an eye.
Now, Bitcoin is trading around $8,400 after losing close to 14 percent ($1331) in the last 24 hours. On this Tone Vays, who’s waiting for October 5, said the worst scenario for Bitcoin is around $5000. On whether $5000 was Bitcoin’s Bottom, Tone Vay’s assented.