Crypto insiders are noticing Bitcoin’s resilience as it withstands wave after wave of news events carrying bearish implications.
In a new tweet, Dovey Wan, the founding partner of blockchain-focused investment firm Primitive Ventures, highlights BTC’s relative stability amid an avalanche of negative developments, including the U.S. Commodity Futures Trading Commission (CFTC) going after the Seychelles-based crypto derivatives exchange BitMEX.
and all these add up together didn't tank Bitcoin for even 10%
in the past, it could be easily a 25% dump minimum https://t.co/zxVcYpJoYJ
— Dovey ???? Wan ???? (@DoveyWan) October 1, 2020
Weiss crypto analyst Juan Villaverde has also taken note of the broader crypto market’s ability to stay afloat in spite of ostensibly bearish headlines. Villaverde emphasizes that the Weiss 50 Crypto Index, a broad measurement of the crypto industry’s performance, has managed to quickly recover after a brief sell-off.
“There is that quick reversal at the far right of the chart. This marks the initial reaction to the CFTC’s announcement of a ‘civil enforcement action’ against BITMEX for operating an unregistered crypto derivatives trading platform and violations of other regulations.
What isn’t shown in this chart is the rally that followed this knee-jerk reaction after crypto traders had time to digest the implications – or lack thereof – of this event.”
