If you go to crypto websites or follow the market’s opinion leaders on Twitter, it’s clear this universe has been captured by near-euphoria in recent days. “I’ve never been more bullish about crypto than I am right now,” TechCrunch founder Michael Arrington, who runs a crypto investment fund, tweeted on March 29.
There has been no good news about cryptocurrencies lately — they aren’t acquiring greater acceptance as investments or payments, and the crypto experiments of central banks, governments and major companies haven’t moved beyond dabbling. There’s been bad news, though — more big hacks, more dying currencies, more pump-and-dump schemes .
Bitcoin is a tiny market, compared with global forex trading volumes of about $5 trillion a day. And even Bitwise, which argues that the better exchanges are well-surveilled and that the volumes there are real, cannot guarantee its numbers are free from distortions.
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