Bitcoin [BTC] pumped by 15 percent on April 2, leading to a spike in institutional interest. While some have correlated it with Wall Street’s Bitcoin activity, which surged in close proximity to BTC’s rise, others have laid rest to these “insider” rumors.
Mati Greenspan, senior market analyst at eToro, in an exclusive interview with AMBCrypto claimed that institutions acted on the price rally “after the fact.” No prior information was revealed to large financial institutions, the analysts opined.
The Chicago Mercantile Exchange [CME] reported a massive 950 percent rise in BTC Futures contract volume, days after the price rally. Greenspan summed up this surge as “Wall Street’s trading activity on Bitcoin, in a nutshell.” On April 4, 22,542 BTC futures contracts were traded. The same was down to around 7,000 at press time.
The question was posed in light of a CFTC report claiming that long positions by institutional investors on the CME increased a week prior to the rally. On April 2 alone, 315 BTC futures contracts were opened, an incline of 88 percent when compared to the previous week, while short positions declined by 63 percent.
Greenspan refuted this coincidence, reiterating the post-rally actions of Wall Street. Even if the institutional activity occurred at the same time as the price surge, “it’s not something that could’ve moved the market on an exchange,” he added.
The eToro analyst also doubled down on his earlier claims that the origin of the pump was in Asia, specifically either “Japan or South Korea,” based on the “timing” of the rally. He based his inference on the timing of the “Asian trading session” coinciding with the pump.
Given that it was 0030 EST in New York during the price pump, Greenspan stated that these contracts were “not active” during this time and hence, Wall Street’s involvement was after the price rally. He stated,
“Just based on that timing, my assumption is that this move originated in the Asian market and certainly not on Wall Street.”
Greenspan further stressed on the “cash-settled” nature of CME contracts. Contracts floated by the futures exchange represent 5BTC and are settled in dollars at the expiry of the period. Hence, no Bitcoins are physically delivered. At no point during this rally did institutional investors hold the top cryptocurrency, he claimed.
However, Greenspan was optimistic of Wall Street’s involvement in Bitcoin, albeit from a mere trading perspective,
“It’s nice to look at their volumes and see that their taking notice of what’s happening in the [crypto] market.”
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Bitcoin [BTC]: 60 Minutes segment airs on CBS; market relieved over no FUD content
Bitcoin [BTC], the largest cryptocurrency in the world has gained a lot of mainstream media attention over the years. However, most media houses have often failed to deliver the message to the masses, with the main reason being lack of research and knowledge of the subject. The cryptocurrency was thrown back into the spotlight after CBS released a teaser to their latest “60 Minutes” episode, unveiling a few influencers of the industry, speaking about their experience.
The episode, which released on 19 May 2019, immediately grabbed the attention of the cryptocurrency space, with a majority wondering whether the media channel would nail it or fail it. Interestingly, there was a poll conducted on Bitcoin Talk, where the question was ‘CBS 60 Minutes 5/19/19 on Bitcoin. Will it cause FOMO or FUD?’
60 Minutes, broadcast on the CBS Network is one of the oldest and most-watched American television programs, with the focus being “the real story on America’s most prevalent issues”. According to CBS, 60 Minutes has an average of 11.4 million viewers and about a million people who listen to its radio broadcast and podcast.
The show titled ‘Bitcoin’s Wild Ride’ aired hours ago, and covered the story of Charlie Shrem, the founder of BitInstant, Laszlo Hanyecz, the famous pizza guy who is recognized as the first person to make a real-world transaction with Bitcoin, and Marco Streng, the CEO of Genesis Mining. The segment also had Neha Narula, the Director of Digital Currency Initiative at MIT Media Lab, answering questions pertaining to the coin, and Lael Brainard, a member of the US Federal Reserve, speaking about why not Bitcoin.
The show was briefly explained by a Redditor, EternitySphere,
Unlike other mainstream Bitcoin segments, this segment was well-received by the Bitcoin community after a majority agreed that it did not spread FUD and that it was an unbiased episode, contrary to expectations. However, there were few concerns pertaining to a lack of content, with some believing that it failed to explain key information; which includes how it derives it value, albeit there was no FUD.
Franky1 commented on Bitcoin Talk,
“[…] next was the whole describing mining segment involving genesis mining.(facepalm) ASIC’s do not store records(asics have no hard drive).. so saying the mining done by genesis is the location where records are kept can be misguiding people to think genesis mining are ‘the bank’ and user software just ‘watches the numbers and letters'[…]”
Rdbase also remarked on the Bitcoin forum,
“The whole segment was about charlie shrem known as bitcoin moses and his fall into bad luck with taking a payment which was used to buy illegal things on the dark web. It did have some good points but overall it was just directed towards the public view about it. As a skeptical thing to use and banks were safer with its fiat financial system”
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