Six newsworthy events affecting Bitcoin’s price towards the end of 2019
- Sept 23: BAAKT launches Bitcoin Futures.
“The approval clears the way for the company to begin offering its highly-anticipated physically-settled bitcoin futures contracts. The company intends to launch its products on Sept. 23.”
2. September: US Residents lose access to trade on Binance.
40 million US customers will lose access to trade on Binance.com. A US specific version of Binance will be available, but will likely only list a subset of the total coins available on Binance. Some speculation that this signals “Altcoin Winter.”
“Since US traders make up as much as 30% of Binance’s user base, he expects small-cap cryptocurrencies listed on Binance but not the US exchange to suffer brutal corrections.” ~ CNN
3. October: Brexit — Delayed till the end of October.
“If a “no-deal” Brexit goes through, I predict that the UK will find themselves in a hyper-inflationary market. With many companies, including Airbus, threatening to leave the UK in totality, every economic indicator will likely flash red on that day. Unemployment will rise, the already strained UK central bank will be forced to “print cash” and Bitcoin will rise against the Pound.” ~ Forbes
4. October 14th: NY AG Injunction against Bitfinex & Tether to expire. The companies made a motion to dismiss because of lack of jurisdiction. Their motion was denied, and so the companies will have to continue providing documents to the NY Attorney General.
“At the time, the NYAG’s office claimed that Bitfinex and Tether had negotiated a line of credit, enabling Bitfinex to borrow as much as $700 million from Tether’s reserves. The line of credit would have allowed the exchange to borrow another $200 million, but an injunction imposed by Cohen in May froze any further lending.” ~ CoinDesk
“According to Josh Roger, a well-known cryptocurrency trader and investor, the different scenarios will have different impacts on the price.
The upcoming VanEck ETF decision could certainly have a serious impact on BTC price.
Denial = Pull back the current price regardless of how good it looked this weekend.
Approval = push the price to new yearly high and create mass FOMO buying.
Delay = Expected & likely little change.”
“When approved creditors finally start receiving their payments, bitcoin’s price could be affected if there should be a sudden flood of coins on the market. The exchange’s trustee has previously been accused of causing of a decline in bitcoin prices since December 2017 by selling off $400 million in bitcoin and bitcoin cash belonging to the estate.” ~ CoinDesk