US Stock Traders Influencing Bitcoin Prices, Says South Korean Researcher
US stock traders are exacting a big influence on Bitcoin (BTC) prices, a South Korean crypto researcher has claimed.
Per the media outlet KyungHyang Games, the comments came from Kim Min-seung, the head of the Korbit Research Center at the Korbit crypto exchange.
Kim noted that prices were once mainly influenced by the activities of Bitcoin miners and BTC whales. But he said that this has changed in recent months.
The Korbit official claimed that the Securities and Exchange Commission (SEC)’s decision to approve Bitcoin spot exchange-traded funds (ETFs) has created a new “market dynamic.”
This dynamic, Kim said, is now “centered on stock market traders.” The researcher said analysts have found that the price of Bitcoin is “sensitive to trends in US spot ETFs.”
NEW:
Read more on cryptonews.com
