Remember when the slightest bit of negative or positive development would cause the Bitcoin price action to change drastically? Well, those days seem to be long gone leading many to opine that BTC is becoming a much more mature asset. Here are four examples that show BTC is no longer swayed by every bit of news that emerges in the market.
Bitcoin Shrugs Off Bitfinex-Tether Fiasco
At the back end of April, the New York Attorney General (NYAG) accused Bitfinex and Tether (USDT) of covering losses of up to $850 million. The revelation was the latest salvo in the long-running Tether/Bitfinex controversy.
When the news broke out, BTC dipped slightly as Bitfinex users understandably dumped USDT. In the past, a story like this would have had a catastrophic impact on Bitcoin’s positive market sentiment.
Instead, as swiftly as the dip occurred, BTC was back in the green and even moved beyond the $5,500 mark it occupied when the news broke out.
By May 1, 2019, as reported by Bitcoinist, Bitcoin had broken through $5,600.