John Bollinger Names "Most Interesting" Thing About Bitcoin at the Moment

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Tue, 01/26/2021 - 18:40
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Alex Dovbnya
Veteran trader John Bollinger has noticed one thing about Bitcoin that seems to be particularly interesting to him at the moment
John Bollinger Names "Most Interesting" Thing About Bitcoin at the Moment
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Veteran trader John Bollinger has shared his most recent take on Bitcoin’s performance, taking note of the cryptocurrency’s resilience to Janet Yellen’s “siren song”: 

The most interesting thing about Bitcoin at the moment is its ability to resist Yellen's siren song.  

He is obviously referring to the anti-crypto comments made by America’s first female Treasury secretary last week.  

As reported by U.Today, Yellen mentioned that cryptocurrencies were “a particular concern” when it comes to terrorist financing during her Jan. 19 confirmation hearing in the U.S. Senate. Bitcoin shed over 20 percent in the following few days.

Later, however, the former Federal Reserve chair also spoke about the benefits that Bitcoin and other digital assets can offer to the U.S. financial systems:         

Bitcoin and other digital and cryptocurrencies are providing financial transactions around the globe. Like many technological developments, this offers potential benefits for the U.S. and our allies.

Her favorable remarks attracted far less attention in the mainstream media, but they also helped to assuage fears about an impleading regulatory clampdown.   

On Jan. 25, the Senate overwhelmingly approved Yellen’s historic nomination in an 84-15 vote.         

Related
Three Reasons Why Bitcoin Just Plunged to $30,000

Holding above the lower Bollinger band  

Bitcoin has been extremely choppy over the past few days. Yesterday, the cryptocurrency soared to almost $35,000, but the rally quickly lost its steam. Bitcoin retraced back to as low as $30,847 on the Bitstamp exchange the following day.

At press time, it is trading above the lower Bollinger band on the daily chart after a slight recovery.

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Image by tradingview.com
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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