Today was not a day like any other in the crypto market. At the start of the day the Bitcoin was trading on the 9.750 dollars, while just a few hours later it was sold in 8.019 usd per BTC, a fall that dragged him to the large cryptocurrencies on the market. Are we facing a collapse of Bitcoin? Graph of daily Bitcoin
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Do you panic in the market of the Bitcoin?
All this has generated a wave of panic, as investors wonder what kind of event could have driven a collapse of the Bitcoin so sudden. Therefore, from CriptoTendencia we bring you the comments of some of the leading analysts of the sector, to begin to understand that there is behind this event. And is that, as we explained recently, it is understood within the crypto world that the main culprit for this collapse has been the maturity date of the futures contracts of CME. Or to put it another way, the options on Bitcoin Chicago Mercantile Exchange have as a due date this Friday, September 27th, has stimulated a wave of speculation that has led to the fall of Bitcoin, as explained by the American Finance Association: “Without a physical delivery, strategies based on corners or grips are not feasible. However, investors uninformed still get expected benefits positive, when you establish a futures position and then trading on the spot market to manipulate the price used to calculate the cash settlement at the time of delivery”.
What do the experts say?
This means that, on the approach of the maturity date of the futures contracts of CME, the speculators begin to sell BTC in the spot market, causing the price to collapse due to a sudden increase in the supply of Bitcoins, which coincides with the vision of Thomas Lee, an analyst of Fundstrat: “Bitcoin sees dramatic changes in pricing around the maturity dates of futures CBOE. This was something that was marked by Justin Saslaw at Raptor Group. We collect some of the data, and this in fact seems to be true. In general, BTC has fallen 18% in the 10 days prior to the expiration of the contract for the CBOE”. However, it does not seem to have any reason to worry, because if you agree on something also the financial analysts is that, after a fall of price due to the expiration of the options of the CME, there is a recovery of the value of the BTC, as explained by analysts of Trustnodes: “There are few things more predictable in Bitcoin that the price will fall before the last Friday of the month, when you expire the future, and that price will increase after that”. In addition, Anthony Pompliano, the famous crypto influencer, added to through a message on his Twitter account that this last fall of Bitcoin is only one event short-term short-term, and has nothing to do with the long-term criptomoneda:
Bitcoin’s short term price movements have nothing to do with the long-term outlook.This is true in both directions.— Pomp ? (@APompliano) September 24, 2019
Finally, the analyst of the house, Daniel Jimenez, told us in his very thorough technical analysis of the situation: “you have to do is wait for a recovery of Bitcoin that will drive the market back to levels of a couple of days”, so that we can trust, based on the opinion of experts, in which the BTC will recover very soon the value that it held just a few days ago. And you think… Is this a collapse of Bitcoin or just a bit of a scare a passenger? The following two tabs change content below. Student of International Studies, interested in issues of economy and international politics. Passionate about the progress of the Fourth Industrial Revolution in general and the cryptocurrencies in particular.