So you want to know why BTC jumped to $30k during this downside momentum?

What's up Hive Community!

I've wanted to try a sort of a threadstorm that I saw a lot of fellow Leofinance Members posting it and seems to be a very interesting feature and why not give it a try!

Before we start, Everybody know about the bear market and $BTC price moving downward during the last few weeks because of some negative news regarding Binance; as the SEC (Securities and Exchange Commission) filed a lawsuit against the largest crypto Exchanger Binance, claiming that they hold a certain risk in term of security and regulations. Even Coinbase didn't escape the SEC radar regarding this matter;

However, some great news did turn the tides and led to the revival of market confidence and restore faith in the cryptocurrencies:

1. Starting off with Blackrock, one of the biggest investment firms, filed for a spot of Bitcoin ETF, many experts claim that if this ETF is approved, it'll be massive for the BTC in the long run. Moreover, could the timing of filing for the ETF a "calculated" move during the time where the SEC putting restrictions on the crypto world? If so, that would show how confident they are and obviously the investors feels the same!

1. Following but the Deutsche Bank, applying for a digital crypto custody license in Germany. European countries are strict in term of cryptos regulations and trading but this is a First initiative from an European Bank.

2. The launch of EDX Market receiving the trust from well know financial institutions like Citadel Securities, Charles Schwab and Fidelity Digital Investments for being a non-custodial exchange;what does that means? This means that EDX won't take your cryptos as custody aka not depositing in the centralised crypto wallet, but will act as a middle-man between the investor and the trading platform! One of the multiple matters that the SEC wants to regulate.

3. The US Dollar index and Bitcoin has exhibited an inverse correlation, looking at the forex news, the DXI rate seems to be cooling down because of the Federal Reserve pausing the increase of Interest Rate, which is an indirect positive news for the BTC that would attract investors and leads to an overall positive sentiment towards Bitcoin.

Conclusion, it's true that $BTC is still far from the ATH but overall, would these news lead to the beggining of a Bull Market or it's just a temporary boune? Let me know in the comments!

Posted Using LeoFinance Alpha