CoinSpectator is a real-time news aggregation platform built for traders, investors, and enthusiasts. Their feed enables their users to react quickly to the latest market news.
We reached out to Andrew Sung, Co-Founder of CoinSpectator, to get some insight into how the typical crypto market volatility affects the CoinSpectator platform and its users.
A: That’s correct. CoinSpectator was originally a blog covering the infancy of Bitcoin, but as the industry rapidly expanded with hundreds of new cryptocurrencies, start-ups and developments, we spotted a gap in the market based on our own struggles to keep up with the ever-growing amount of news. This pushed us to develop CoinSpectator into a real-time aggregator. The blog has now been separated from the main platform, which covers supplementary news that is sometimes missed and features exploring the industry.
Q: During the bull run of 2018, did you notice an increase in news, visitors and/or engagement on coinspectator.com?
A: The bull run was a fantastic time to manage the CoinSpectator tool. Our traffic and user engagement were growing hour by hour, which gave us the opportunity to fine-tune the servers and aggregation, allowing them to cope with a high user load. Thus, we were able to improve everything for the future. The number of new visitors has tailed off slightly since then, but not significantly, as it seems our core user base are crypto news hungry.
Q: Do you think the users who became interested in the space are still active or has interest fizzled out for many?
A: I think anyone who’s invested or is potentially looking to invest has already hooked onto crypto in one way or another. Our user base tends to stick around and we have a loyal following who collectively use the app every hour of every day.
Q: Do you typically see news sentiment following the price or vice versa? Is there any difference between MSM and industry news publications in this regard?
A: Each snippet of news affects a trader or investor, even if it’s just subconsciously. Any news can motivate people to sell or buy. You can see this in the stock markets, where news can affect prices within seconds. News definitely has a massive influence on crypto prices. Fake news, for example, can spread pretty rapidly across social media, and even the biggest publications use this to create a news hook.
Q: What are your predictions for Bitcoin prices at the end of July and at the end of the year?
A: Lots of research has just become available that shows how the introduction of futures trading and Tether have impacted the price significantly, both up and down. This can be seen when Tethers are created and moved into an exchange, which initially causes the price to drop. Bitcoin and other major assets are then bought, which inflates the price rapidly.
Both futures trading and Tether likely impacted the current ATHs. We might not see this again for some time. I’m sure we will see a more stable ATH in the not so distant future, but mostly likely not in the next few months. Our prediction is that a bull run will start closer to the end of the year when the majority of people have saved money in the months approaching Christmas. Many of them will have spare cash to invest. BTC will likely hit $20,000–$50,000, but you never know what could happen in this exciting space. All it takes is for a major retailer, such as Amazon or eBay, for example, to enter the space and that would drive adoption at a rate never seen before. Hint: Don’t miss the next bull run. Keep your eye on CoinSpectator for breaking news!