Speaking to CCN, popular cryptocurrency trader, Alex Kruger, explained why this event occurs, and whether or not it attributed to the rise of BTC: An exchange closing, while the rest of the market is open, exposes traders in the closed exchange. The market getting going after the CME closes has been a recurrent pattern in 2019. Note CME volumes only picked up in 2019. That said the CME closing is not a catalyst per se.
Indeed, this week also brought some ostensibly bullish news regarding VanEck’s production of a “Limited ETF.” On Tuesday, speculators arose to an additional $450 pump from BTC. Many attributed this rise to VanEck’s quick-witted spin of SEC rules, which saw the birth of an “ETF” for institutional buyers. Although, in reality, the “ETF” was less like an ETF and more like shares in a newly formed bitcoin trust; all wrapped up in a neat little marketing ploy. At least that was the opinion of resident crypto lawyer, Jake Chervisnksy.