Bitcoin Weekly Outlook: Stimulus Bill, Trump’s Health Remain Key Drivers

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Bitcoin has started recovering from the losses it incurred after the American authorities filed criminal charges against the owners of BitMEX, a crypto exchange, last week. The benchmark cryptocurrency jumped by up to 3.82 percent from its session low, hitting $10,759 in the early Monday trading session. Its uptick showed that traders are willing to ignore the BitMEX lawsuit entirely and focus on other market fundamentals, instead. “Rational traders aren’t selling their Bitcoin because BitMEX is under investigation,” said Scott Melker, an independent market analyst. “They are likely just moving it to another platform to trade. Non-event.” Data released by CryptoQuant on October 2 also showed that BitMEX merely prompted traders to move their Bitcoin elsewhere, rather than dump their holdings entirely. 11,257 $BTC flowed out from BitMEX to all other exchanges. Mostly went to #Binance, #Gemini, and #Kraken. — CryptoQuant (@cryptoquant_com) October 2, 2020 With BitMEX appearing…

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