Positive Future Forecasts for Bitcoin Traders

One of the biggest exchanges across the cryptocurrency industry, a leading Bitcoin trading platform, BitMEX, reported about legal implications it has been going through lately. The US government blames the exchange for creating favorable conditions for illegal transactions and fraudulent actions in crypto space. BitMEX’s founders are under prosecution facing criminal charges and one of them is under arrest for allowing con artists to execute illegal actions such as money laundering and other law violations.

BitMex is one of the largest cryptocurrency exchanges in the world. It influences the cryptocurrency industry immensely. For example, BitMEX played a major part in Bitcoin’s price fluctuations in March 2020 when the pandemic broke out and market players were confused about the industry’s future. Bitcoin’s price experienced an extensive crash losing over half its price by falling from $7,700 to $4,400. The market was overstretched and the exchange’s servers died down. The crypto community was furiously blaming BitMEX for automatic electrical switches that protected the network from the harm that could be caused by excessive numbers of users trying to make use of the exchange. While more and more complaints about BitMEX were made, the exchange had to deal with more than $1 billion trading liquidations.

This is how big BitMEX is, and this is how important it is for the whole industry. And this is the very reason why the Bitcoin community practically couldn’t breathe the minute when US law enforcement officers filed charges against BitMEX.

At the time when news about BitMEX criminal charges started to emerge, the price for Bitcoin was recovering from its bearish as never before positions — the price for Bitcoin was lowest then ever within the past two years. Only had the price made its first attempts to improve when the rise was immediately stopped by bewildering news coming from everywhere in the crypto space.

Getting back to a week before the news, Bitcoin was reported to gain confidence and more and more investors were inclined to buy more Bitcoin for a long-term holding. No one knew that Bitcoin’s good behavior during these days would be its savior throughout the coming uncertain times. Of course, the news itself can’t crash the price down. It could be made by the hyped-up headlines and all the fuss created by mass media that influenced the opinions of traders and investors across the industry. However, Bitcoin was supported by millions of believers holding the coin and believing in its future whatever happens in the short term.

It was also reported that, in general, more that 60,000 BTC lost their liquidity in over a week, but even that fact didn’t make the price fall. It turned out that “now illiquid” Bitcoin was the currency transferred to digital wallets of traders to be held there for the long term, proving the immense support that Bitcoin has as an asset.

Holding onto “illiquid” Bitcoin is a popular strategy of those strongly believing in it during the times of price instability and volatility. The same happened in September after the price fell from $12,000 to $10,000. To the Bitcoin community, falling price doesn’t mean that it’s time to be afraid of assets. It’s an opportunity to buy before the price grows again, no matter how dangerous or depressing the chart may look today and despite the fact that the biggest market influencer–a leading cryptocurrency Bitcoin trading platform–gets charged with fraudulent actions.

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Blackfort Wallet & Exchange

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