Cryptos rally on bullish sentiment
Leading crypto coins continued to rally on Tuesday, building on Monday’s gains.
Bitcoin was higher by around 5% over a 24-hour period, trading at $6,750.
Ethereum was up by as much as 9%, at $530.
Supporting cryptos was growing sentiment among investors that prices may have finally begun to bottom out following the sharp rise and subsequent bust seen early this year.
For instance, in an interview with CNBC, Blue Line Futures president Bill Baruch claimed recent low volatility indicated the big sell-off in Bitcoin could be nearing an end.
“I like to say that a bottom is a process, not a price. Now that the price and volatility have come back down to Earth, this bottoming process can begin. I see significant upside from here in the long-term,” said Baruch.
The bullish sentiment came despite a report from the Bank of International Settlements (BIS) labelling Bitcoin as “worthless” and generally unviable as a mainstream payment method.
Crypto enthusiasts shrugged off the report, with some pointing out the view should be expected given the potential threat cryptos pose to the traditional banking system as alternative means of payment.