The market value increased by more than 20 billion US dollars a week. Is Bitcoin a "real cow" or a "fake cow"?
The killing of Iranian general Qasem Soleimani last week triggered a series of reactions in the financial market. The market value of bitcoin has increased from a low of 130 billion US dollars this week to a current US $ 151 billion this week. A phenomenon has also fuelled the argument that "BTC climbed because it was seen as a safe-haven asset."
According to Frank Chaparro, the press director of The Block, this claim is unfounded because Iranian BTC activity has not erupted since Solemani's death.
The data from Grayscale and AmunAG show that during the period of geopolitical turbulence, the transaction volume of cryptocurrency ETP has indeed risen.
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According to this statement, the factor that caused the rise in the price of bitcoin was not because of the sharp increase in demand for bitcoin by Iranian locals, but from the push of the giant whales in the market.
On-chain data analyst Willy Woo analyzed the market from another angle. As early as December 7, 19, he mentioned that the data on the BTC chain began to change from a bear to a bull. At that time, he also predicted that the BTC price trend would Appears after 4-6 weeks. And it added today:
"After a month, the switch of momentum on the chain and the accumulation bottom has been completed, and we are crossing the bear market channel."
According to Willy Woo, Bitcoin has shifted from a bear market to a bull market.
But not everyone agrees with this view. Well-known trader Peter Brandt also put forward his point of view, whether it is a bull market depends on 3 points, and he also mentioned that if there have been enough since "December 17," "Cryptocurrency enthusiast" (cryptocultist) was shocked, then the answer is "yes", otherwise it is "no".
Has Bitcoin really ushered in a bull market? What's your opinion?
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