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Crypto tags:
#BitcoinNews #CryptoNews
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Transcript:
0:00:00 Analyst: BitMEX Data Suggests Bitcoin is Fairly Valued at $8,800 to $9,300
0:00:08 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".
0:00:14 While some cynical analysts are expecting for BTC to spike lower, one investor suggests that per his analysis of a number of data points, the asset’s “inferred price” or fair value isn’t that much lower than current prices.
0:00:26 The past few weeks haven’t been all too kind to BitMEX.
0:00:30 A week or two back, the popular cryptocurrency derivatives exchange was revealed to be under investigation by the U.S. Commodity Futures Trading Commission.
0:00:39 Also, an equivalent authority in the U.K., the Financial Conduct Authority, purportedly unveiled plans to restrict access to BitMEX’s suite of products and similar vehicles.
0:00:49 Due to this unfortunate set of news, the Bitcoin platform began to see less volume and capital flight, as investors using the exchange presumably weren’t all too pleased with the encroaching regulatory presence.
0:01:00 According to Max Keiser, a long-time Bitcoiner that began touting the good word of Bitcoin in 2011, this trend implies that Bitcoin is currently temporarily overvalued.
0:01:10 Per his analysis, which took the claimed average leverage of Bitcoin positions on the exchange into account and the capital outflow, Keiser suggests that BTC has a “temporary inferred price of $8,800 to $9,300”.
0:01:24 $9,300 is around 2% lower than the current price; $8,800 is around 7% lower than the current price and lines up with the short-term $8,500 price target that has been put forth by a number of Bitcoin analysts.
0:01:40 So what exactly has users of BitMEX running scared?
0:01:43 Well, it’s the prospect that the CFTC will discover U.S. consumers illegally using the platform.
0:01:49 Thanks for checking this video!
If you wanna read the whole article you can go to CoinCheckup.com or go to: "NewsBTC", who originally published this news update on their website.
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