Bloomberg Analyst Balchunas Bought Bitcoin! Bloomberg analyst Eric Balchunas stated in a tweet on July 18, 2023, that Bitcoin (BTC) is nearing $19,000 and that this level is a strong support to stay above it.
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Just before Balchunas’ post, 259 bitcoins, worth a total of $9.4 million, were purchased on the Kraken exchange. This purchase could be a sign that the analyst’s post could have an impact on the price.
Balchunas’ post caused an immediate increase of 2.4% in the BTC price. This post helped Bitcoin stay above the $19,000 level and allowed the price to approach the $20,000 level.
However, it is impossible to comment conclusively on how much of an impact Balchunas’ post had on the price. The reason is that many factors affect Bitcoin’s price. These factors include the balance of supply and demand, as well as economic and political developments in global markets.
Another point to consider when evaluating the impact of Balchunas’ post on the price is that Bloomberg analysts have contracts that prohibit them from investing in the subjects they share their views on. According to these contracts, even if Balchunas bought Bitcoin before the post, it could be unclear that this purchase had no impact on the price.
However, Balchunas’ post may have helped keep the price above the $19,000 level by drawing the attention of Bitcoin investors to this level. This can be interpreted as an indirect impact of Balchunas’ post on the price. A green light from SEC to Spot Bitcoin ETF could support the price.
After Balchunas’ post, news came that the United States Securities and Exchange Commission (SEC) and exchanges continued negotiations on spot Bitcoin ETFs. The SEC had previously rejected the approval of spot Bitcoin ETFs. However, recent news indicates that as a sign that the SEC may change its stance on this matter.
If the SEC approves spot Bitcoin ETFs, it could support the Bitcoin price. This will allow investors to invest in Bitcoin through ETFs, which will increase supply and demand.
Balchunas’ post and the SEC’s negotiations on spot Bitcoin ETFs can be two factors that can support the Bitcoin price. These factors may help Bitcoin prices stay above the $20,000 level.