Cryptomustar
Monday, May 23, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Bitcoin

Bullish Bitcoin Case Could Be Due To CFTC Scramble

by admin
October 6, 2020
in Bitcoin
0
Bullish Bitcoin Case Could Be Due To CFTC Scramble
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter



A new narrative has suddenly spread across the crypto market potentially presenting a bullish case behind Bitcoin’s recent resiliency. The reason? A possible retail buying frenzy in China spurred by the Chinese government themselves.

While the idea is plausible, and the crypto asset failing to return under $10,000 could back up the theory, analysts could be overlooking another clear reason for a sudden sharp increase in non-zero BTC wallets.

Respected Bitcoin Analyst Sheds Light On Bullish Case From China

Last week, a triple threat of negative news should have shocked the crypto market, but instead, it barely dented the price of Bitcoin. In the past, news that the CTO of BitMEX was arrested and the CFTC was targeting the popular derivatives exchange would have been enough to tank the price per BTC.

Instead, Bitcoin is now trading higher today than where the tiny initial selloff took it at first. Market participants expected more downside following this news, the fact KuCoin was hacked, and the United States President contracted Covid19.

RELATED READING | ONE THREAT COULD OVERTURN OVERWHELMINGLY BULLISH BITCOIN SENTIMENT IN Q4

The fact that the leading cryptocurrency by market cap has held up this strong, could be a sign of the halving supply slash taking effect, or it could be another fact that Bitcoin analyst Cole Garner has recently brought to attention.

Garner says that new BTC addresses were “of the charts” last week, and it could very well be due to the CCP broadcasting messages over state-run media, encouraging the purchase of cryptocurrencies. These mentions called out the asset classes’ performance compared to the rest of mainstream finance amid the pandemic and more.

1/ New #bitcoin addresses were absolutely off the charts last week.

The backstory is bullish and intriguing — a unique view on a new bull market catalyst.

I’m about to break this down ?#BTC pic.twitter.com/GPZ1e3mzAr

— Cole Garner (@ColeGarnerBTC) October 5, 2020

Garner believes there’s a financial incentive for the Chinese government to encourage growth in the Bitcoin mining industry, which is dominated by the country. In turn, the Chinese government could be aiming to spark a bull run in cryptocurrencies to further boost this booming industry.

The explosion in Chinese retail buyers taking heed of that message, Garner explains that could be behind both the increase of non-zero BTC addresses and the recent price resiliency. However, there could be a more obvious reason.

BTCUSD Weekly - Is China Retail Buying Behind The Bitcoin Breakout? | Source: TradingView

 

But Is The Boost In BTC Wallets From BitMEX Users Scrambling?

The argument on the other side of the coin is, that the recent BitMEX drama could explain the reasons for both price resiliency and for the rapid rise in BTC addresses.

Another crypto analyst offers his take, explaining that he himself created several new BTC wallets to move funds off of BitMEX in hopes to obfuscate who the owner of the wallet is. Users in the US who may have accessed the platform through a VPN could be taking extra steps to hide any trace of their time spent on the derivatives exchange.

As much as I’d love to run with this, it’s a good lesson in confirmation bias. A simple counter answer could simply be users leaving exchanges due to increased SEC activity. I personally moved assets off to 3 new addresses on my ledger this week. $btc https://t.co/ngVqaj50XJ

— Mr Parabolic (@iLiquidatebots) October 6, 2020

 

Furthermore, BitMEX traders could be closing out short positions, in order to move funds off of the platform. As each short position is closed, it acts as a buy order of Bitcoin that could be helping to prop up prices as others sell their BTC.

RELATED READING | THIS UNUSUAL BITCOIN ADOPTION METRIC SETS NEW ATH

Whatever the case may be, we’ll soon find out, as an explosive, decision-making move is expected soon either way.

Featured image from DepositPhotos, Chart from TradingView





Source link

RELATED POSTS

Bitcoin And Retirement: U.S. House Bill To Include Crypto On 401(K) Plans

Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

Tags: BitcoinBullishCaseCFTCDueScramble
ShareTweetShare

Related Posts

Bitcoin And Retirement: U.S. House Bill To Include Crypto On 401(K) Plans

Bitcoin And Retirement: U.S. House Bill To Include Crypto On 401(K) Plans

by admin
May 22, 2022
0

United States Rep. Byron Donalds has initiated a bill to the U.S. House of Representatives seeking to incorporate Bitcoin...

Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

by admin
May 22, 2022
0

Christine Lagarde, president of the European Central Bank, has warned that cryptocurrencies are worthless and should be regulated. The...

PizzaDAO to host world’s biggest pizza party on May 22 to commemorate first BTC purchase

PizzaDAO to host world’s biggest pizza party on May 22 to commemorate first BTC purchase

by admin
May 22, 2022
0

PizzaDAO is sponsoring more than 100 local pizzerias from 75 countries to give away free pizza to celebrate Bitcoin...

Bitcoin Pizza Day: Celebrating The $300-Million Pizza Order – And Other Fun Facts

Bitcoin Pizza Day: Celebrating The $300-Million Pizza Order – And Other Fun Facts

by admin
May 21, 2022
0

What a peculiar combination: bitcoin and pizza. Nonetheless, an entire day has been designated for each of these occasions....

Cyprus Drafts Regulatory Framework For Cryptocurrencies

Cyprus Drafts Regulatory Framework For Cryptocurrencies

by admin
May 21, 2022
0

A government official stated that Cyprus has drafted its own legislation to handle crypto assets and is likely to...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

Morgan Stanley Says Ethereum Less Decentralized, Ether More Volatile Compared to Bitcoin

Morgan Stanley Says Ethereum Less Decentralized, Ether More Volatile Compared to Bitcoin

February 17, 2022
Major Dubai crypto fund to sell $750M worth of BTC to buy Cardano and Polkadot

Major Dubai crypto fund to sell $750M worth of BTC to buy Cardano and Polkadot

February 27, 2021
Bitcoin News Roundup for Aug. 24, 2020

Bitcoin News Roundup for Sept. 16, 2020

September 16, 2020
Markets Daily Crypto Roundup – CoinDesk

Crypto News Roundup for Jan. 25, 2022

January 26, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Capitrade Ventures Sets To Assist Early Blockchain Projects
  • Fantom Maker Announces the Closing of Its $1.8m Private Rounds Led by Dao Maker and Halvings Capital
  • Cardano IDO LaunchPad “Coollaunch” Records a buzzing progress as it Sells Out 0ver 11% Of $COOL Tokens Within Days
  • BabyMusk Coin Launches, As It Aims To Be The Next Big MEME Coin
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%