Bitcoin Price Rise “Inevitable” Says Circle Director Claire Wells

Francisco Memoria
  • Circle's Director for Legal and Busines Affairs Claire Wells recently argued a bitcoin price rise is "inevitable"
  • Per Claire Wells' words,regulatory clarity may trigger a bull run.

Claire Wells, Director of Legal and Business Affairs at mobile payments company Circle, has recently stated that bitcoin’s price rise is “inevitable,” as the cryptocurrency ecosystem is set to recover from the current slump, thanks to regulatory clarity.

Speaking to tabloid newspaper Express, Wells argued that a lot of potential investors are waiting on the sidelines, waiting for regulatory certainty before putting their money on the line, after noting that “we are seeing slightly less volatility at the moment.”

Wells was quoted as saying:

Prices are down and trading is down but I think the price will increase again over the next few months and I think a lot of people are waiting to hear how regulation is thinking about it.

Claire Wells

Her company, Circle, is backed by Wall Street giant Goldman Sachs, Baidu and Bitmain, and acquired popular cryptocurrency exchange Poloniex earlier this year, for $400 million. It’s set to launch a new USD-backed cryptocurrency that’s set to reduce the high volatility cryptocurrencies endure.

Wells noted that a cryptocurrency price rise is “inevitable,” and added:

I wouldn’t necessarily want to put a price tag on or a currency frontrunner but I do think we will see an increase in value and, I mean, that’s inevitable.

Claire Wells

Bitcoin, the flagship cryptocurrency, is currently trading at $6,130 after falling 0.82 percent in the last 24-hour period, according to CryptoCompare data. Notably, the cryptocurrency has recently bounced back from a year-to-date low of $5,881.

Wells’ prediction seemingly matches that of bitcoin bull Tom Lee, which has been predicting the cryptocurrency will hit $25,000 by the end of this year, and $91,000 by March 2020. Per Lee institutional investors entering the space, presumably after its regulatory outlook is clearer, will help trigger a bull run.

Circle, which has recently revealed how it evaluates cryptocurrencies, has recently hired 100 employees in a bid to expand its recent acquisition Poloniex. The company has also recently started offering investors a product called “Buy the Market,” which allows them to test the market’s waters with a bundle that includes seven top cryptos.

New Record $8.9 Billion Worth of Bitcoin Moved in One Hour

Francisco Memoria

A total of $8.9 billion worth of bitcoin, the flagship cryptocurrency, have been moved in a single hour earlier today, marking the highest hourly USD transaction volume in cryptocurrency history.

Despite the record-breaking transaction volume bitcoin’s price remains relatively stagnant, falling about 2% in the last 24-hour period to 7,300, after recovering from a low of $7,100 it saw yesterday. The low was hit shortly after a pump failed to maintain momentum to reach the $8,000.

According to Rafael Schultze-Kraft, cofounder of the on-chain market intelligence firm Glassnode, the record-breaking transaction volume turned out to not be something too exciting, as the moving BTC was associated to wallets belonging to cryptocurrency exchange Bittrex.

The transactions coincided with the exchange’s downtime, which means it could simply be moving around coins to improve its cold wallet security, or to improve its internal organization and coin management.

In total, Bittrex moved 1.18 million bitcoin, worth around $8.9 billion, over a series of 21 transactions. Each transaction moved around 56,000 bitcoin, or roughly $409 million worth of cryptocurrency. Each transaction had a fee close to $0.60, which means Bittrex moved nearly $9 billion and broke the record for the highest on-chain transaction volume in the cryptocurrency space for less than $12.5.

Overall, the transactions aren’t expected to affect bitcoin’s price, as internal movements aren’t associated with a large deposit or withdrawal – which means there shouldn’t be increased selling pressure or reduced supply because of them.

Featured image via Unsplash.