• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Price & Market
Cap Data from
Nomics Logo Nomics Logo
Bitcoinist.com
No Result
View All Result
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
Bitcoinist.com
No Result
View All Result
Nexo

“Exchange FUD” Narrative That Haunted Bitcoin May Finally Be Dead: Analyst

Nick Chong by Nick Chong
6 months ago
in Bitcoin Price
0
  • Bitcoin’s price took a slight dip late last week when it was revealed that OKEx had frozen withdrawals.
  • The exchange did so as one of its key holders went silent as he was cooperating with a public security bureau.
  • Some investors took this as a sign that the cryptocurrency industry was under a regulatory threat.
  • Bitcoin didn’t fall as much as some initially thought, though.
  • Analysts say that this simple fact that Bitcoin didn’t capitulate on the news suggests that the “exchange FUD” narrative is dead.
  • An underlying bid from institutional players may be supporting BTC’s price action.

Bitcoin Not Budging on OKEx News, Other Exchange News Bullish

This past week, OKEx revealed that it had frozen withdrawals of Bitcoin and all other cryptocurrencies. A private key holder that manages withdrawals went offline after he began cooperating with a public security bureau.

Bitcoin proceeded to drop by 2-3% against the dollar. Many thought the asset would drop even further, but it didn’t, with the price staying resolute even into the weekend.

Analysts say that BTC’s inability to dump on this news shows that the cryptocurrency exchange FUD narrative that once captured this industry is “officially dead.”

Qiao Wang, a prominent industry analyst, commented on the matter:

Some perspective: BTC is up about 5% during a 3-week period where Kucoin got hacked, Bitmex executives got charged by regulators, and Okex suspended withdrawals due to investigation. The “exchange FUD” narrative that has haunted this industry for years is officially dead IMO.

Some perspective: BTC is up about 5% during a 3-week period where Kucoin got hacked, Bitmex executives got charged by regulators, and Okex suspended withdrawals due to investigation.

The “exchange FUD” narrative that has haunted this industry for years is officially dead IMO.

— Qiao Wang (@QwQiao) October 18, 2020

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

As can be seen, he also made reference to other bearish news events for exchanges that barely managed to budge the price of Bitcoin.

These include, Bithumb getting raided by South Korean police at the start of September. KuCoin getting hacked for over $200 million worth of digital assets, most of which were in Ethereum and ERC-20 tokens. And lastly, BitMEX getting charged by the U.S. CFTC over derivatives violations.

Underlying Bid Supporting Price

A reason why Bitcoin may be holding up well is that there is likely an institutional bid that is supporting price action.

Crypto asset analyst “Z” noted that the cryptocurrency exchange Coinbase has been facilitating many buyers of Bitcoin over recent weeks:

“Went through some numbers today: Since the drop from $12k to $10k on September 2nd, Coinbase alone has been a massive net buyer of $BTC. Roughly 40,000 BTC in net buying in that 44 day period. (800 BTC a day).” 

This bid is supporting Bitcoin’s price, allowing it to absorb bearish news events without a massive red candle on its chart.

Went through some numbers today:

Since the drop from $12k to $10k on September 2nd, Coinbase alone has been a massive net buyer of $BTC.

Roughly 40,000 BTC in net buying in that 44 day period. (800 BTC a day). pic.twitter.com/2BJxQiqg3N

— Z (@SplitCapital) October 16, 2020

Photo by Dikaseva on Unsplash
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
"Exchange FUD" Narrative That Haunted Bitcoin May Finally Be Dead: Analyst
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2021 Bitcoinist.com. All Rights Reserved.
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.