Bitcoin Is Still Holding its Own in the Crypto Markets. This week has been a tough one for Bitcoin traders due to two events. The first is the CFTC charging Bitmex with the aforementioned charges.
The second market-shaking event was President Trump testing positive for COVID19.
Due to these two back to back events, many crypto traders were of the opinion that Bitcoin would drop below the psychological price level of $10k. However, Bitcoin has continued with its record-breaking run of almost 70 days above $10k and is currently trading at $10,600.
With the new week ahead, positive progress with regards to the health of President Donald Trump will most likely have a similar positive effect on both the traditional and crypto markets.
The CFTC and DoJ Charging BitMex Might Open the Door For a Bitcoin ETF
Earlier on in the week, Willy Woo had chimed in on the recent news of Bitmex and its owners, being charged by the CFTC and Department of Justice for running an illegal derivatives exchange and breaking the Bank Secrecy Act.
According to Mr. Woo, the actions of the CFTC were a step forward by the regulatory body to clean up the crypto trading industry to pave the way for a Bitcoin ETF. His exact statement was as follows.
CFTC is wrecking BitMEX for wrecking Bitcoiners.
It’s a necessary clean up step before an ETF can be approved. This is one of those “the herd is coming” events.
- Veteran Bitcoin Analyst, Willy Woo has explained that Bitcoin capitulation was last year at $3k
- Bitcoin has been in a bull market ever since
- The Bull market was masked by the wild swings by Bitmex traders
- The CFTC pursuing Bitmex might just bring in some much-needed order in the Bitcoin trading environment and possibly an ETF
Veteran Bitcoin analyst, Willy Woo, has explained that Bitcoin’s major capitulation was last year at $3k. Additionally, Bitcoin has been in a bull market ever since. However, the wild swings by Bitmex traders have camouflaged the bull season and made it difficult for crypto enthusiasts to identify the type of market Bitcoin is in.
Mr. Woo was responding to a tweet by @IrishCryptoWolf in which he was for the idea that Bitcoin needed another round of investor capitulation before a major move in the upward direction. Below are both tweets discussing the matter.
Capitulation happened last year at $3k, we’ve been in a bull market ever since, it’s just been camouflaged by BitMEX traders with the wild swings they create. $4k->$14k was the mother of all squeezes, retracing back to organic valuation took a while. https://t.co/6qG1NpzlT2
— Willy Woo (@woonomic) October 4, 2020