Will the Bitcoin share price manage to decouple itself from DAX, Dow Jones & Co. And has the former Bakkt boss used her position as senator to profit from the Corona crisis?
Zhu: Bitcoin price of 50,000 US dollars "relatively quickly possible"
Market observers are looking forward to the coming months with great anticipation: Will the Bitcoin market decouple from the classic indices such as Dow Jones, S&P 500 & Co. during the Corona crisis? Crypto investor Dovey Wan is also pushing this question. The co-founder of the investment company PrimitiveCrypto believes that in the event of decoupling, the "ultimate pump" is inevitable:
If $BTC escapes the gravity of the $SPX. The ultimate pump will come,
Wan let her followers know on March 18
Su Zhu, CEO of fund manager Three Arrows Capital, shares Wan's view. On March 18, Zhu predicted that the Bitcoin price could reach the $50,000 mark "relatively quickly" if it remains at its current level.
This is theoretically the moment the Bitcoiners have been waiting for. Emerging markets now fear a significant risk of sovereign default. The US dollar itself has embarked on an inflationary course from which it is difficult to reverse. If the Bitcoin market maintains these levels, USD 50,000 is possible relatively quickly.
Fundstrat hears the toads calling
Unusually cautious tones were heard last week from the investment advisory firm Fundstrat. Especially its Head of Research, Thomas Lee, is rarely at a loss for a bullish Bitcoin price forecast. His colleague at Fundstrat, analyst Rob Sluymer, however, is quoted by the news portal Bloomberg with a sceptical outlook for Bitcoin:
Last week's crypto collapse reflected the 'get me out of everything' panic that dominated all asset classes, whether defensive (bonds and gold) or not (stocks). The Bitcoin price has reached lower highs and lower lows, which means the profile is at risk in the longer term,
stated the Fundstrat analyst on March 19. The price rally of 20 March was intended to prove Sluymer wrong, at least in the short term.
Binance head Zhao: The contra indicator?
Meanwhile, Changpeng "CZ" Zhao is known for his uncompromising Bitcoin bullishness - even if this is a trait that can probably be attested to every CEO of a Bitcoin exchange. Nonetheless, CZ has been hit by a shitstorm in the face of the Corona crash. Zhao waved it off via tweet:
Some comments are saying I'm a contrary indicator. Funny. I'm ALWAYS bullish, every day/second/tick. I also tweet every day. You can easily find all the down ticks and connect them to my tweets. You can just as easily find all up-ticks and correlate them with my tweets,
and as usual, nothing can upset CZ.
Bitfiniex CTO: Bitcoin prevails
Another Bitcoin exchange also sees a perma bull confirmed. Paolo Ardoino, Chief Technology Officer at Bitfinex, did not let the corona crash throw him off track.
While the critics of Bitcoin will rush to today's 20 percent price crash, one day does not make a market,
the Bitfinex CTO told the crypto-blog Cryptonews.com.
Bitcoin is "a battle-tested asset and must now demonstrate its strength as a true store of value, especially in light of monetary policy. This will "certainly fail", while Bitcoin will show what it is made of.
Corona knowledge advantage exploited?
A report by the US news portal The Daily Beast has put Kelly Loeffler, the former head of the Bitcoin stock exchange Bakkt, in dire straits. Research by the portal revealed that Kelly Loeffler and husband Jeff Sprecher, head of the Intercontinental Exchange (ICE), had sold masses of shares before the stock market experienced its first corona-induced collapse.
Sales began on January 24th - the same day the US Senate held a meeting on the corona virus in camera. In the days and weeks that followed, Loeffler and spokesman made a total of 29 trades. Only two of these were purchases. The fact that one of the purchases was for shares in a teleworking company also made critics stop.
That Loeffler might have taken advantage of her position to commit insider trading, the senator does not want to know about:
This is a ridiculous and unprovoked attack. I don't make investment decisions about my portfolio. Investment decisions are made by several third party advisors without me or my husband knowing or being involved,
Loeffler is fighting back on Twitter. There she also published a document proving that she was not informed of the transactions until 16 March.
