Market Commentary von Patrick Heusser, Crypto Finance AG
So... the PlusToken scam stories are making the rounds again.
Token movements of EOS, ETH and BTC were detected by the community, which, in turn, triggered a certain amount of panic. In my opinion, this panic was unwarranted on account of the fact that none of the tokens were moved (yet) to a known exchange.
Having said that, the market remembered the last time that a good portion of those tokens hit the market. The selling pressure (oversupply) pushed the price down.
Mining companies are probably putting coins on the stock market again
In addition to the PlusToken news, there has also been some "chatter" about larger mining operations moving their coins to exchanges. This did not serve to help support the price either.
And last but not least, yesterday was a rather weak day for stocks. This was mainly due to the negative news on the COVID-19 front, and also probably due to a slight sentiment shift towards Biden in the US presidential election race.
Options and futures expire tomorrow
Looking at all that, I would say that the BTC$ price move (of roughly 8%) is rather muted and encouraging. But before I lean too far out the window, I want to see if there is any "rumble in the Bronx" due to the large options and futures expiry tomorrow.
The bottom line is: I think we are heading towards an interesting weekend with some trading opportunities. Stay tuned. We will keep you updated!