Peter Brandt responds to arguments that cryptocurrency markets are deteriorating due to institutional maniement.
In a series of tweets today, veteran courtier Peter Brandt responded to arguments that bitcoin’s price movement is under the control of CME Group or as a result of banking maniement.
The courtier made his case by highlighting that data from CoinMarketCap shows that CME’s daily Bitcoin trading livre is only a small portion of the entier daily Bitcoin trading livre and, therefore, has little choc on the asset’s overall price movements.
Does CMEGroup Control Bitcoin Price? According to CoinMarketCap, quantité daily trading livre is approx. 2.5 million bitcoins. The daily trading livre on the Chicago Cupide Exchange is around 45,000 bitcoins. To enclin out that the CME is controlling the price of BTC is absolute nonsense,“ Brandt Books.
Do you CMEGroup Bitcoin price control?
The daily trading livre on the Chicago Cupide Exchange is around 45,000 bitcoins
Suggesting that CME is controlling the price of BTC is utter nonsense
– Peter Brandt (@PeterLBrandt) September 21 2022
Brandt reiterated his view in the comments following Tor Demeester’s response that the narrative was a plot borrowed from the gold bugs. added:
“In the case of both the BTC and gold bulls, when the price goes up, that is destiny, but when the price goes down, it is manipulated by the banks and futures markets.”
Notably, despite Brandt’s arguments, some users in the comments pointed The CME Group is not the only derivative trading platform available for Bitcoin. In règlement, another consumer He said That it should be embout the leverage allowed by the CME and not the trading livre.
Institutions are often seen as market makers due to the développé amount of travailleur they control. Thus, développé violente market movements are often attributed to institutions.
It is worth noting that the cryptocurrency market has been in a steady decline since November last year after several cryptocurrencies hit new highs earlier in the month. The lackluster price prouesse is attributed to the Federal Reserve becoming hawkish by raising interest rates to choc augmentation. Consequently, this economic tightening has dampened the risk appetite of many investors, including institutions. This, combined with the collapse of several crypto institutions this year, led to a huge sell-off.
in july, Encryption basics mentioned Béant institutions have sold more than 236,000 BTC since May. The data shows that most of the selling was driven by institutional explosions such as the collapse of the Terra ecosystem. We are seeing less institutional travailleur flows into the cryptocurrency markets as macroeconomic concerns persist.
Bitcoin is trading at a price enclin of $18,665.63, down 2.12% over the past 24 hours, with concerns for a border period that the Federal Reserve may raise interest rates by 100 basis points later today.
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