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As five central banks across the United States and Europe took coordinated action to ease the stress on the global funding market, the price of Bitcoin BTC/USD saw a spike on Sunday evening, which prompted a reflective social media post from CryptoQuant CEO Ki Young Ju.
What Happened: Ki contrasted the action of the central banks with Bitcoin’s pseudonymous creator Satoshi Nakamoto in his tweets on Sunday.
“Satoshi just decided to print more Bitcoins again to bail out crypto exchanges. BTC price will go down as its supply increases,” said Ki.
The CryptoQuant CEO shared a tweet from the European Central Bank, which featured a press release from the central bank detailing the actions it and other institutions are taking to “enhance the provisions of US dollar liquidity.”
See Also: How To Buy Bitcoin (CRYPTO: BTC)
Why It Matters: Ki asked those that believe in the “U.S. dollar system” to imagine if cryptocurrency exchanges invested all client funds in so-called shitcoins, which leads to Nakamoto printing infinite Bitcoins to bail out the exchanges and the price of the apex coin being contingent on Satoshi’s hawkish or dovish expressions.
Bitcoin spiked on Sunday hitting a high of $28,440.56 in intraday trading. At the time of writing the largest cryptocurrency by market cap was up 3.5% at $28,074.
Bitcoin has seen 25.9% and 68.65% gains for the week and the year, respectively. The second-largest coin, Ethereum ETH/USD has shot up 11.6% and 48.7% in a similar period.
On Friday, over $55 million in cryptocurrency shorts were wiped in just 12 hours as Bitcoin crossed the $26,000 mark.
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Image and article originally from www.benzinga.com. Read the original article here.