- Bitcoin is increasingly gaining grounds amidst negative crypto-related news
- BTC’s price remains unfazed after a series of negative news
- Bitcoin sees an increase in mainstream participants
Bitcoin News Today – Bitcoin was a highly volatile asset when it first emerged in the digital currency space. There was a time when the daily news cycle influenced the digital currency directly. However, that seems to be changing, as the digital currency has been able to hold its ground continuously regardless of the series of negative news in the crypto space.
Bitcoin Price Holds Strong Regardless of Negative News Tidbits Lately
Blockchain headlines have been taken over by a series of negative news recently. On September 26, there was a major hack on KuCoin. On October 1, the Financial Conduct Authority of the UK banned digital currency derivatives. On September 26, two US regulatory agencies went after BitMEX, and on October 9, news came to the spotlight that United States stimulus payment talks had stalled around.
Bitcoin (BTC) Price Today – BTC / USD
However, despite the long line of unfriendly news, the price of Bitcoin has been able to hold its ground. This could be a sign of a potential upside move in the coming weeks, according to a report by CoinShares. The executive chairman of CoinShares – Danny Masters – said:
“It tells me holders are not nervous and leverage is low — a theory supported by wallet activity and traffic — and skews my short term price expectations from neutral to positive.”
Days and weeks after these events took place, the price of Bitcoin mostly held. It only recorded little loss when compared with its usual price trend, and it surged higher shortly after then. Masters said:
“In my 30 years in trading my top golden rule was to act when the news was not matched by price movement.”
After noting the BitMEX and FCA events as potentially bearish happenings, Masters said:
“Having been around crypto during MtGox, the China ban, Bitfinex Hack, Trump comments and many of the other market-smashing stories that punctuate bitcoin’s history I was struck by the lack of negative price movement, particularly around BitMEX.”
Bitcoin Continues to Gain Mainstream Participants
Over the past couple of months, Bitcoin has gained a series of large mainstream participants. The executive chairman of CoinShares details these mainstream participants in the first of the report, pointing to MicroStrategy and Square as two examples.
At the beginning of this month, Square bought Bitcoin worth about $50 million. MicroStrategy invested $425 million of its treasury reserves to Bitcoin between August and September. Earlier this year, Paul Tudor – billionaire hedge fund manager – also invested a lot in Bitcoin as a hedge against inflation.