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Remember when any negative or positive development would result in a drastic change in Bitcoin price action? Well, those days seem to be long gone, which suggests that BTC is becoming a much more mature asset. Here are four examples showing that BTC is no longer influenced by all the news that comes to the market.
Bitcoin freezes Bitfinex-Tether fiasco
At the end of April, the New York Attorney General (NYAG) accused Bitfinex and Tether (USDT) of covering losses of up to $ 850 million. The revelation was the latest salvo in the long-standing Tether / Bitfinex controversy.
When the news was announced, BTC fell slightly, as Bitfinex users obviously dropped USDT. In the past, such a story would have had a catastrophic impact on the positive sentiment of the Bitcoin market.
Instead, as quickly as the downturn had taken place, BTC had returned to the green and even exceeded the $ 5,500 mark that it had occupied when the news was announced.
As of May 1, 2019, according to the reports of Bitcoinist, Bitcoin had exceeded $ 5,600.
Exchange Hacks is no longer the market's reservoir
Exchange hacks give rise to stolen cryptocurrency. It means the panic of the market. Right? Gox in 2014 certainly ended this bubble. Well, these days, not so much.
Hackers have hit a few platforms since the beginning of 2019, but BTC has remained largely unchanged by such events.
Binance, which is arguably the gold standard of centralized trading today, was hit by $ 40 million in BTC without the price of Bitcoin being hit by a fall.
In fact, the market has become even more bullish. And it's no coincidence that thieves stole only Bitcoin, by the way.
Why? Binance's managing director, Changpeng Zhao, quickly realized that Bitcoin was the most immutable big book after discussing the situation with experts. Bitcoin is the most neutral financial network in the world. This means no cancellation, retry, bailout or bailout.
To put that in bed, it is not possible, the book of bitcoins is the most enduring book on the planet. Completed. https://t.co/rKLBCEZmgp
– CZ Binance (@cz_binance) May 8, 2019
Some claimed that the idea of reorganizing the chain of blocks, which were slaughtered so quickly, was another bullish sign, further confirming that bitcoin did not have central authority.
CZ has since publicly apologized for bringing up this idea.
Institutions enter despite anti-CTB sentiment
It has also been reported that large brokers and investment giants, such as Ameritrade, E-Trade and Fidelity, would offer BTC trading.
At the same time, the US Financial Crime Network (FinCEN) released an update sheet on Thursday, stating that some cryptocurrency companies are operating as transmitters under the country's bank secrecy law. .
Some of the platforms identified in the document include Bitcoin ATMs, extraction pools, peer-to-peer (P2P) platforms, and cryptocurrency mixers, among others.
These companies should obtain funds issuer licenses and adhere to the Customer Knowledge (KYC) and Anti Money Laundering (AML) protocols.
Thanks, Bitcoins advocates for the Streisand effect
In May 2019, the usual suspects like Nouriel Roubini and Warren Buffett published their anti-BTC rants. Another Nobel laureate, Joseph Stiglitz, also called for the closure of cryptocurrencies.
So what Bitcoinist Filb Filb, a seasoned market analyst, called it "icing on the cake" on Friday. US Congressman Brad Sherman has called, with blatant honesty, for a ban on Bitcoin, fearing that this will undermine the hegemony of the dollar on the world stage.
In other words, all countries that are not supporters of the dollar as a global reserve currency (think of China and Russia) now have official confirmation of a US policy that bitcoin is a threat to this paradigm.
The rumor, for example, that Russia would buy billions of dollars in bitcoins to escape sanctions imposed by the United States and avoid relying on US-controlled gold markets. .
Therefore, we find that Bitcoin is becoming not only a more mature asset class, but also a category of assets that can enter the world of geopolitics.
Do you agree that Bitcoin is now a more mature asset? Share your thoughts below!
Images via Tradingview, Shutterstock
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