Blockchain headlines have been full of negative news lately. QCoin suffered a major breach on September 26, two US regulators attacked Bitmex on October 1, and the UK Financial Conduct Authority (FCA) banned cryptocurrency derivatives on October 6, and news emerged of the incentive payment talks. America stopped near 9 October.
But Bitcoin's price appears largely unperturbed, despite this seemingly unfavorable set of stories. This could be an indication of a potential rally in the coming weeks, according to an October 19 report from crypto investment solutions firm CoinShares.
as the author of the report, Danny Masters, CEO of Queen Shires, wrote: This tells me that shareholders are not nervous and that leverage is low - a theory supported by the portfolio's activity and movement. Traffic - and causes short-term price outlook to skew from neutral to positive.
In the days following each of these events, Bitcoin's price has mostly remained flat, dropping only slightly compared to its usual price activity, and often rising shortly thereafter .
Masters wrote, explaining: In my 30 years of trading, my most important golden rule has been to act when news does not match price action.
added: Since I've been around about cryptocurrencies during MTGox, the Chinese ban, the Bitfinex hack, Trump's comments, and the many other market-shattering stories that permeate Bitcoin's history, I was struck by the absence of negative price action, especially around Bitmex, citing FCA and Bitmex events as potential bearish ones.
Bitcoin has acquired a number of major players in the past several months, in part in an effort to preserve these speculators' capital against inflation.
Masters detailed these key entries in the first part of the report, citing Square and Microstructure as examples.
MicroStrategy allocated $ 425 million of its treasury reserves to Bitcoin between August and September. Whereas, Square raised nearly $ 50 million in Bitcoin at the beginning of October.
Masters wrote: We believe these measures are only the beginning of a Treasury diversification strategy that will attract technology companies and payments worldwide.
