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Nexo

Beware: Bullish Bitcoin Case Could Be Due To CFTC Scramble

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0
Advertisement

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.

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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.

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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.

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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.

 bitcoin btcusd china

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
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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