Bad News Not Destroying Bitcoin Price
The Bitcoin price has surged above $7,000 on most exchanges for the first time in 6 months. This is not shocking and has been predicted by some analysts. What is shocking is that the price move has happened smack in the middle of some epic bad news for the Crypto industry, namely the hack on https://www.binance.com/en where 7,000 Bitcoins have been stolen and the huge dark cloud that is tether scandal.
We have written numerous articles on tether over the last year and have always seen its impending failure as a catalyst for a crash in Bitcoins price. We might be wrong but I still think we are not out of danger there yet. A fellow YouTuber made this video on the topic and I encourage you to check it out.
Maybe people have become used to the fact tether is questionable in regards to it actually being back by USD reserves and do not perceive this as a major issue! Naive.
Why is it then that a huge hack on the Binance a major exchange has not crashed the market? The news on tether last week did cause a short-lived 10% dump but the news on the Binance hack has seen the price of Bitcoin go up!. Binance has done a good job of informing the public on what has happened and this in part has steadied the market. But could it be that we are in fact sitting on the verge of the next bull run? Does overall market sentiment look to be swinging into positive territory for the first time in what seems like an eternity? We have been extensively researching the case for the bull market being back and will post on this tomorrow.
Bitcoin Dominance
Bitcoin’s market capitalization rose above 100 Billion for the first time since December and its market dominance against other cryptocurrencies has hit 56%, its highest percentage since September of last year. The Bitcoin ecosystem is in an undoubted strong upward trajectory, in my opinion, that began 10 years ago!. The buildout of the lightning network is gathering pace and the news that Fidelity investments with $7.2 trillion dollars, making it the fourth largest asset manager in the world, is finally entering the Cryptoverse after much talk has been big news this week. They have 27 million customers, yes 27 million, there is not enough Bitcoin for each of their customers to have one and indications are lots of them want one.
More Institutional money is on the way as Bakkt is also finally getting its act together and launching in the near future. We will cover both Fidelity and the Bakkt entrance in tomorrows article in the case for the Bull market.
I haven’t written for a while. Two reasons are behind this. The first was that this has been very much a passion project for myself and the team as we are vastly underfunded and made no income from this media. Bitcoin has no marketing department and as a Bitcoin site, getting any support is difficult. We have stuck it out during the bear market and fortunately, it looks like some people have taken notice and we may get some help ramping up the amount of content we can get out to you. Secondly, and the main reason is that we have been in the production of lots of educational and entertaining video content which you will be seeing in the coming weeks. You can help support our efforts by subscribing to this site and importantly to our youtube channel. Here is the teaser for the upcoming series. We are raising the bar in Crypto video media content and doing our bit to educate the masses. Thanks for your support. See you tomorrow.
