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CNBC’s Brian Kelly: Current Bear Trend ‘By No Means’ Funeral for Bitcoin

Brian Kelly, chief executive of BKCM LLC, said that “the current bear market is by no means a funeral for Bitcoin.”

In support of his statement, Kelly provided three key factors. First of all, he pointed out that market sentiment is “close to low”, which means that the trend may be reversed.

At the time of writing, Bitcoin was trading at $5,881, which has been falling steadily since December 2017 when it reached a record high of $20,000. 

Second, Kelly mentioned that recently the Japan Financial Services Agency issued commercial improvement orders to six domestic exchanges. He pointed out that although the transaction will be “difficult” in the short term, it will help the exchange become more “robust” in the long run.

Kelly proposed that Mt.Gox, the Japanese Bitcoin exchange, said that after receiving 473 million U.S. dollars in hacking and bankruptcy in late 2013, it sought compensation for customers and began a civil repair process. Before Coincheck suffered a $3.4 billion attack this year, Mt.Gox has been the largest digital cryptocurrency hack in history.

According to the “obituary list” published by 99Bitcoins, Bitcoin has been declared the 300th death this time. At the time of writing, the cryptocurrency had “dead” 315 times, and there were 69 “deaths” this year alone.

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