GrexitIn the past week did not do much in things Bitcoin price. The price per BTC oscillated somewhere around the 225 dollar mark throughout the week.
According to the CoinDesk BPI (Bitcoin Price Index), the Bitcoin price started last week at 226.40 US dollars and closed the week at 222.87 US dollars. This represents a small loss of 1.56% over the 7-day period.
Bitcoin news seems to have fallen into a kind of price rigidity
At the beginning of the week there was still some price movement in play. On Monday the Bitcoin news price rose by 16 dollars to a high of 242 US dollars, then fell again by 22 dollars the following day and closed Tuesday at 226.96 US dollars. Sentiment Indicators: According to the Bitcoin news on Bitfinex, the mood on the Bitcoin market is slightly bullish optimistic.
The hourly swap activity was dominated by the longs over the shorts. The shorts were only slightly more dominant on the 4th and 5th, but were unable to hold their position for the rest of the week.
Overall, active swaps showed an upward trend for the longs. On the 08th, active swaps finally stood at 78%.
Short swaps reached their high of 27%, but are now back at around 20%.
On the regulatory front, Italy created a positive mood. The Italian central bank announced that digital currencies are not affected by the anti-money laundering laws for the time being.
Grexit’ good for Bitcoin news?
On the macro front in Europe Greek banks are on the verge of a debt crisis. They could even withdraw from the Eurozone. According to Bitcoin news, the chances of a so-called “Grexit” are currently at 50% like explained here: https://www.forexaktuell.com/en/bitcoin-news-trader-scam/
Arthur Hayes of BitMEX is bringing the Swiss franc into play. He says if Greece were to leave the Eurozone, there would be a panic reaction and many people would invest their money in Swiss francs. This in turn would increase the demand for Swiss francs so massively that Switzerland would be forced to introduce capital controls. And that’s exactly where Bitcoin comes in.
Hayes writes:
“When investors feel threatened by the threat of their assets being confiscated, they start to think outside the box. Bitcoin offers the possibility of a decentralised investment. In other words, the government could not access the assets. The bottom line is that events in the Eurozone could once again bring many cash buyers into the market and create a bull market.
Perhaps wishful thinking in the current lull on the Bitcoin market