eToro Crypto Expert Mati Greenspan Shares Fascinating Bitcoin Bull Run Insights

    What’s Driving the Bitcoin Bull Run? eToro Senior Analyst Mati Greenspan Gives an Alarming Analysis

    Mati Greenspan, eToro senior analyst has revealed in his analysis that the bitcoin bull run is being spear headed by Koreans and Japanese traders. According to his analysis, there has been a significant increase in bitcoin volume in that particular region in line with the increase in price.

    So, what is Really Happening in East Asia?

    Bitcoin price has spiked up rapidly in the last two months crossing the $8,000 mark, heading to $9,000. The rise in price has been consistent especially in the last week, rising from a low of $6,380 to more than $8,000.

    Bitcoin investors and enthusiasts are particularly excited and are hoping that this be the much-anticipated bull run. Several factors and issues including Blackrock’s potential interest into the digital currency market as well positive news from the regulatory institutions seems to be favoring the bull run.

    There is, however, according to Greenspan a different theory all together that can also be attributed to this spike in price. Greenspan has gone ahead to share a series of graphs that explain why Koreans and Japanese are leading the bitcoin price surge.

    According to his graphs, the bitcoin surge above $8,000 has been fueled by the increase in bitcoin trading volumes in East Asia. On the chart, Japanese Yen and Korean Won transactions on bitcoin correspond to the surge.

    Looking at the other charts showing USD volumes, the spike is quite insignificant since the trading volumes are low. USDT (tether) remains constant throughout the trading period.

    Greenspan also attributes the spike to improved liquidity of the crypto market. The spread between different brokers remains closely tight despite the surge, showing that bitcoin liquidity has really improved over time. Just a year ago, there would have been even 20% differences between different exchanges. As of the moment, all the exchanges have more or less the same bitcoin price unlike last year when you’d find differences of hundred of dollars.

    Here is Why Japanese Bitcoin Trading Volume is Increasing

    According to Greenspan’s analysis, Japanese traders are moving to bitcoins following the announcement by the Central Bank of Japan (BOJ) of a plan to devalue the Japanese Yen. The announcement led to the highest increase in bond yields in Japan over a two-year period.

    According to Greenspan tweet, the Japanese are gearing up to save their money by converting their liquid cash to more valuable assets like bitcoin following a plan to tweak their monetary policy.

    Greenspan, however, does not have conclusive reports on what the BOJ is going to do. There are speculations that the bank might raise its interest rates. Considering that Japan has the lowest rates in the market, the rates will probably not go above 1%. To add on to this, Abe & Kuroda have strict “weak Yen” policy.

    This means therefore, that even if the rates increase or influence bond purchases, they will still ensure that they stick to their “weak Yen” policy.

    It is, thus, not very clear if the bull run will continue, though bitcoin remains on the positive or the green side of the graph and is still above $8,000.

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    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

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