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On-Chain Analyst Willy Woo Says Bitcoin (BTC) Price Being Suppressed by Political Agenda

Popular on-chain analyst Willy Woo says that the price of Bitcoin (BTC) is being suppressed by a political agenda.

Woo tells his a million Twitter followers in a thread that with futures contracts, it’s now theoretically attainable to promote an “unlimited” variety of Bitcoin although BTC’s provide is capped at 21 million.

“The door is open for futures markets to manage BTC price. 

Now alongside comes the CME, they launched a BTC on line casino the place you possibly can entrance USD to play.

Wall Street hedge funds cherished that.

What’s the boundaries on promoting BTC now?

Unlimited. Fiat is limitless.”

With the best way the futures markets are arrange, Woo says that huge gamers now have the power to suppress the price of Bitcoin, merely by placing fixed promote stress on BTC.

“BTC doesn’t need to be killed. It simply wants sufficient shorts within the system to suppress price.

Without a big market cap, BTC doesn’t get to make world impression.

Presently, the arc of SEC coverage has been to extend futures liquidity and dominance by approving a number of futures ETF (exchange-traded funds), whereas rejecting all spot ETFs.

This is now a political sport.”

The U.S. Securities and Exchange Commission (SEC) has accepted quite a few futures-based Bitcoin ETFs, whereas turning down numerous bids for a spot-based product.

Industry proponents have lengthy argued that futures-based ETFs are extra ripe for price manipulation in comparison with spot merchandise.

SEC Commissioner Hester Peirce has been a vocal proponent of a spot-based ETF and has mentioned that the regulatory company is holding Bitcoin to a distinct customary than different tradable property.

“It is time for the Commission to cease denying categorically spot crypto exchange-traded merchandise. The Commission’s resistance to a spot bitcoin ETP is changing into virtually legendary…

The causes for this resistance to a spot product are obscure other than a recognition that the Commission has decided to topic something associated to Bitcoin – and presumably different digital property – to a extra exacting customary than it applies to different merchandise…

The reasoning underlying the Commission’s denials of spot Bitcoin ETPs (exchange-traded merchandise) is itself basic and conclusory, which makes it troublesome to understand how approval might be achieved.”

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Disclaimer: Opinions expressed at The Daily Hodl will not be funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual danger, and any loses you might incur are your duty. The Daily Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Daily Hodl an funding advisor. Please be aware that The Daily Hodl participates in internet affiliate marketing.

Featured Image: Shutterstock/Marina Korniienko/Krasovski Dmitri

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