Bitcoin (BTC) Passed $5,700 Mark: Is That A Sign Of A Bullish Market?

Today, on March 4th, Bitcoin (BTC) managed to go close to the $5,700 mark, making some cryptocurrency enthusiasts believe that BTC is on an obvious uptrend, meaning that Bitcoin (BTC) is now experiencing a bullish market.

In reality, the cryptocurrency market is doing alright at the moment, as altcoins, besides Bitcoin (BTC), managed to experience growth against the US Dollar. For instance, Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and EOS (EOS) showed gains 24 hours ago. However, Bitcoin (BTC) remains the leader of the crypto market with a market cap of more than $100 billion.

In fact, Bitcoin (BTC) get more passing from mainstream entities, such as New York Attorney General (NYAG). The NYAG “Letitia James filed a lawsuit against iFinex, alleging Bitfinex of using $900 million taken from Tether’s cash reserve in an attempt to ‘hide’ its $850 million loss,” as CoinTelegraph reported.

bitcoin btc - Bitcoin (BTC) Passed $5,700 Mark: Is That A Sign Of A Bullish Market?

Bitcoin (BTC) Passed $5,700 Mark: Is That A Sign Of A Bullish Market?

The NYAG stated that Bitfinex delivered $850 million to a financial institute established in Panama, and which is known as Crypto Capital Corp. That “bank” reportedly was offering banking services to multiple cryptocurrency exchange platforms that worked on obtaining services from the big names in the financial sector.

“According to the filings, Bitfinex has already taken at least $700 million from Tether’s reserves. Those transactions — which also have not been disclosed to investors — treat Tether’s cash reserves as Bitfinex’s corporate slush fund, and are being used to hide Bitfinex’s massive, undisclosed losses and inability to handle customer withdrawals,” stated the  New York Attorney General (NYAG), Letitia James.

What’s the future of Bitcoin (BTC)?

As Crypto Rand said, a renowned cryptocurrency analyst, the uptrend that Bitcoin (BTC) is now experiencing is due to the Tether (USDT) low trust from the part of the investors.

“For me, there is no fundamental reason behind. The Tether situation caused a dump that was recovered in no time. But even that dump stopped in the uptrend range channel support without causing major damages to the macrostructure. My perspective about it is clear. All relays on TA. It was looking pretty bullish since two weeks ago,” said Crypto Rand for CryptoTelegraph.

But, Bitcoin (BTC), which is now trading at $5,665 with a 2.75% drop in the last 24 hours, can indeed surge. “The key indicator for the start of a sustainable bull run is likely a decoupling of asset values from Bitcoin. Anything else is just speculation again maybe we need another bubble to learn more lessons? That said, if we can break $6,200 for BTC, it will likely mark the start of another major bull run and could run hot and high, but if it’s pure speculation and other assets benefit disproportionately to value created, it’s likely not going to end well again,” as said Vinny Lingham from Multicoin Capital.


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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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