Remember when the slightest bit of negative or positive development will cause the Bitcoin price to change dramatically? Well, those days seem to be far away, which causes many to discover that BTC becomes a much more mature resource. Here are four examples that show that BTC is no longer affected by every single news that emerges in the market.
Bitcoin Shrugs Off Bitfinex-Tether Fiasco
At the end of April, the New York Attorney General (NYAG) visited Bitfinex and Tether (USDT) accused to cover losses of up to $ 850 million. Revelation was the last burst in the long-standing Tether / Bitfinex controversy.
When the news broke out, BTC died a bit as Bitfinex users understandably dumped USDT. Previously, a story like this had a catastrophic impact on Bitcoin's positive market sentiment.
Instead, as quickly as the dive occurred, the BTC was back in green and even moved beyond the $ 5,500 mark it occupied when the news broke out.
By May 1
Exchange Hacks No Longer Tank Market
] Exchange hack results in stolen cryptocurrency. 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 beginning of 2019, but BTC has largely remained unaffected by such events.
Binance, without a doubt the golden standard of centralized exchanges today, was hit by $ 40 million in BTC with barely a blip in the Bitcoin prize.
In fact, the market became even more bullish; And it's no coincidence that the thieves simply stole bitcoin, by the way.
Why? Well, CEO of Binance, Changpeng Zhao, quickly realized that Bitcoin is the most immutable leader after discussing the situation with experts. Bitcoin is thus the world's most neutral financial network. This means no recalls, retries, bail-ins or bail-outs.
To put this into bed, it is not possible, bitcoin Ledger is the most unchangeable ledger on the planet. Done. https://t.co/rKLBCEZmgp
– CZ Binance (@cz_binance) May 8, 2019
In particular, the block guard idea is shot down as soon as someone has claimed, another bullish sign was further affirmed that bitcoin does not have any central authority.
CZ has since published the excuse to bring up the idea.
Institutions are in spite of anti-BTC sentiment
There are also reports that major brokers and investment giants such as Ameritrade, E-Trade and Fidelity are set to offer BTC trading.
During Thursday, the US Financial Crime Administration Network (FinCEN) published an updated tutorial image stating that some crypto-correctional businesses operate as money transmitters based on the country's banking secrecy law (BSA).
Some of the platforms identified in the document include Bitcoin ATMs, mine pools, peer-to-peer platforms (P2P), crypto-wave mixers to name a few.
Such businesses woul d have to raise money sending licenses and comply with KYC and anti-money laundering (AML) protocols.
Thanks, Bitcoin Naysayers For Streisand Effect
In May 2019, the usual suspects such as Nouriel Roubini and Warren Buffett have issued their well-known anti-BTC diatribe. Another Nobel laureate Joseph Stiglitz also asked for the crypto curves to close.
Then called Bitcoinist senior market analyst Filb Filb "glaze on the cake," arrived on Friday. US Congress Leader Brad Sherman called with a clear honesty a ban on Bitcoin that fears it is undermining the dollar's hegemony at world stage.
In other words, every country that is not a fan of the dollar as the world's reserve currency (think China and Russia) now has an official confirmation from an American politician that Bitcoin is a threat to this paradigm.
For example, Russia is already rumored to buy billions in bitcoin to avoid US sanctions and avoid relying on US-controlled gold markets.
Therefore, we are witnessing that Bitcoin is not only a more mature asset class, but one that can enter the world of geopolitics.
Do you agree that Bitcoin is now a more mature resource? Share your thoughts below!
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