On 4 April, Kain Warwick, chief executive at Blueshyft, commented on Twitter that the new fiat deluge into the cryptocurrency market is attracting more and more retail buyers. According to Warwick, this present Bitcoin price action could be like the December 2017 bull run scenario.
Who is Kain Warwick?
Kain Warwick is the CEO of Blueshyft, an Australia based in-store payment gateway. The company claims to have as many as 1,300 retailer locations in the country armed with its iOS platform. Blueshyft enables the customers to pay for various digital goods and services through an in-store iPad. Warwick is also the founder of Synthetix, an AI-powered online customer service software.
Are We Witnessing Another Bitcoin Bull Run?
Also predicted by other crypto enthusiasts, it is very likely that 2019 is witnessing yet another Bitcoin bull run after 2017. 2018 has been bloody for the most popular and the most valued cryptocurrency, Bitcoin. However, 2019 saw Bitcoin start with progress. This has led to a number of speculations and people are wondering if this year too, would be like 2017.
Towards this concern, Kain Warwick confirmed that movement in the crypto market is as high as the 2017 Bitcoin bull run, where the asset prices had soared from $5,500 to $20,000 in the span of a single month. Warwick commented on Twitter on this uptrend of Bitcoin price:
“Yesterday @Blueshyft saw the highest single day deposit volume since May 2018. That is new fiat inflow into crypto, retail buyers are coming back into the market.”
The precursor to this was Bitcoin’s price surging more than 20 percent in about less than two hours. This sudden deluge led some market experts to believe that Bitcoin was healing from 2018 while others maintained that the reported surge could be a fake one.
In a statement, Warwick further maintained that this record deposit volume was more of a trend than being a result of the week’s Bitcoin soar: “We work with a lot of exchanges and we’ve seen a pretty steady increase in the volume of deposits over the past two to three months – which in 2016 was a very very strong leading indicator of the rally we saw in late 2016 all the way through to the end of 2017…”