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In an exclusive interview with AMBCrypto, Mati Greenspan, the Senior Market Analyst at eToro answered a few questions on the Bitmain crisis, Bitcoin price and the bear market.
According to the market expert, digital assets are high-risk investments, wherein neither the BTC bottom nor a bull market can be precisely speculated at present. Furthermore, he stated that a lot of market progress is often based on the future adoption of digital assets.
Regarding the Bitcoin crash that occurred during the Bitcoin Cash [BCH] hash war, Greenspan explained that the hard fork could merely be a side story in the crypto-chaos. He added:
“I do believe that […] the real reason for the decline was a technical breakout. The fact that it went below $6,000, which is a very strong psychological barrier was broken, something that created a lot of fear, and on top of that you had the Bitcoin Cash hard fork and there were also several other stories at the time which were interpreted as bad news that certainly caused negative sentiment in the market.”
When asked if BTC has already hit market bottom, he stated that crypto-assets are high-risk investments and it is indeed possible that the market may go down further.
He also mentioned that the $3,000 BTC support level is being heavily tested, which if broken could certainly lead to lower support levels that can be pointed out. Moreover, Greenspan shared that many analysts have called out support level figures as low as $2,000 and $1,500.
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Exclusive: Greenspan doubles-down on Bitcoin pump origin claims; discounts Wall Street activity as being ‘after the fact’
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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