Exogenous pressures – Bitcoin (BTC) continues to gain in the $28,000 – $32,000 range. The analysis of the macro environment provides another reading of Bitcoin price fluctuations in the short term.
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Bitcoin above $30,000: an eye outside the markets
Bitcoin price rises above $31,330 on Bitfinex today, June 8, 2022. It fails to hold above $31,000, however. a bitcoin trades at $30,325 at the time of writing this article. It is currently recording a daily loss of 2.64%.
Journalist Marcel Pechman cites many exogenous factors that are shaking the markets. According to him, these elements complicate for the moment the conquest of $ 32,000 for Bitcoin.
The first concerns the uncertainty in the stock marketswith an S&P 500 index which is supposed to be correlated with the price of Bitcoin.
The economic situation presents a ambivalence with, on the one hand, a euro zone recording annual GDP growth of 5.1%. On the other hand, inflation continues to rise, reaching 9% in the United Kingdom.
On the regulatory side, the 69-page bipartisan bill backed by Senators Cynthia Lummis and Kirsten Gillibrand, which was introduced in the US Senate on June 7, 2022, increases the will of Bitcoin. This bill concerns CFTC authority in digital asset spot markets.
Procedures that spoil the party
Bitcoin price is also impacted by legal proceedings affecting major crypto players. The US SEC opened an investigation against Binance Holdings on June 6, 2022. The commission wants to know if the cryptocurrency platform is well respected – or not – the securities rules on the initial offering of the Binance coin (BNB).
The Gemini exchange must also face legal action intended against the company, June 6, 2022. The suspect is the IRA Financial Trust platform. This provides self-managed retirement and pension accounts in digital assets. IRA clients can benefit from Bitcoin and Ether (ETH) through a September 2019 deal with Gemini.
The IRA estimates that Gemini caused the loss of $36 million in cryptocurrencies belonging to its customers. She points to the February 8, 2022 hack.
Apart from this turmoil in the US, other sources from Asia are also shaking the BTC markets. South Korea’s Financial Monitoring Service (FSS) opened on June 3, 2022, a survey of 157 crypto payment gateway services.
Will these events exogenous to the markets be enough to materialize Bitcoin’s exit from this routine, falling around or below $27,000?
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