Remember when the slightest bit of negative or positive development would cause the price action to change drastically? Well, those days seem to be long gone leading many to opine that is becoming a much more mature asset. Here are four examples that show is no longer swayed by every bit of that emerges in the market.
bitcoin Shrugs Off Bitfinex-Tether Fiasco
At the back end of April, the New York Attorney General (NYAG) Bitfinex and Tether (USDT) of covering losses of up to $850 million. The revelation was the latest salvo in the long-running .
When the broke out, dipped slightly as Bitfinex users understandably . In the past, a story like this would have had a catastrophic impact on ’s positive market sentiment.
Instead, as swiftly as the dip occurred, was back in the green and even the $5,500 mark it occupied when the broke out.
By May 1, 2019, as reported by , had broken through $5,600.
Exchange Hacks No Longer Tank The Market
Exchange hacks result in stolen . This means market panic. Right? Mt. Gox in 2014 certainly put an end to that bubble. Well, these days, not so much.
Hackers have hit a few platforms since the start of 2019 but has largely remained unaffected by such happenings.
, arguably the golden standard of centralized exchanges today, got hit for with in the price.
In fact, the market became even more bullish; and it’s no coincidence that the thieves stole only, by the way.
Why? Well, the CEO of , Changpeng Zhao, quickly realized that is the most immutable after discussing the situation with experts. Thus, is the world’s most neutral financial network. This means no rollbacks, retries, bail-ins or bail-outs.
To put this to bed, it’s not possible, is the most immutable on the planet. Done.
— CZ (@cz_binance)
Notably, the idea getting shot down so quickly, some have argued, was another bullish sign further confirming that has no central authority.
CZ has since publicly apologized for bringing up the idea.
Institutions Are Entering Despite Anti-BTC Sentiment
There are also reports that major brokers and investment giants such as Ameritrade, E-Trade and Fidelity are set to offer .
Meanwhile, on Thursday, the U.S. Financial Crimes Enforcement Network (FinCEN) released an updated guidance sheet detailing that some businesses are operating as money transmitters based on the country’s Bank Secrecy Act (BSA).
Some of the platforms identified in the document include ATMs, pools, peer-to-peer (P2P) platforms, mixers to mention a few.
Such businesses would have to obtain money transmitter licenses and be compliant with know-your-customer (KYC) and anti-money laundering (AML) protocols.
Thanks, bitcoin Naysayers For The Streisand Effect
In May 2019, the usual suspects like and have issued their familiar anti- diatribe. Another Nobel Laureate Joseph Stiglitz also called for .
Then, what Bitcoinist senior market analyst Filb Filb called “the icing on the cake,” came on Friday. US Congressman Brad Sherman called, with blatant honesty, for a fearing that it undermines the dollar’s hegemony on the world stage.
In other words, every country that’s not a fan of the dollar as the world reserve currency (think and Russia), now have official confirmation from an American political that is a threat to this paradigm.
Russia, for example, is already rumored to be up billions in to evade US sanctions and avoid relying on US-controlled gold markets.
Therefore, we are witnessing as is not only becoming a more mature asset class but one that may be entering the world of geopolitics.
Do you agree that is now a more mature asset? Share your thoughts below!
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Published at Sat, 11 May 2019 12:25:07 +0000