There is no better indicator of a bull market than bad news. Regardless of BitMEX’s diminishing importance in volume and pricing, a government-backed action against a top-5 exchange would certainly have dampened the price had market sentiment been neutral or negative.
Investors and crypto advocates should also factor in Kucoin's $150 million hack just 6 days ago. It literally had zero impact on Bitcoin price at the time. Now imagine those events happening a year ago, when BTC was in a downtrend after a failed $14K test as followed by a top formation at $12K.
Meanwhile, as all of this BitMEX scandal takes place, gold touched a 2-month low at $1,850 on Sept. 28 and has now partially recovered to $1,900. There are also discussions to finalize a second round of economic stimulus to the tune of $2.2 trillion and in less than 30 days the U.S. will have its presidential election.
Historically, all of these events tend to inject uncertainty into the markets and the fact that Bitcoin derivatives' data continue to hold steady during such turbulent news flow suggest that $12K may be tested sooner than one might think.
Stay up to date with Gissis Holding Company!