Big jump in Bitcoin...

Brendan Burgess

Brendan Burgess

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This wasn't supposed to happen until after I had closed out my short sell position!
 
Some speculation the jump was triggered by people falling for an April Fools story on the SEC approving a bitcoin ETF.
 
I assume you won’t sell until it approaches 0 as you predicted. Of course you will maximize your profits by waiting for your price target!!!
Hold on Bren
 
Leo said:
Some speculation the jump was triggered by people falling for an April Fools story on the SEC approving a bitcoin ETF.
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It very much remains to be seen if this is a tangible move upwards. However, you have to read everything with a pinch of salt when it comes to the market side of crypto - regardless of whether the story is about crypto going up or crypto going down. Publications rush to wheel out a reason - and will snatch at any old drivel ..when in reality, they don't know.
 
tecate said:
you have to read everything with a pinch of salt when it comes to the market side of crypto - regardless of whether the story is about crypto going up or crypto going down. Publications rush to wheel out a reason - and will snatch at any old drivel ..when in reality, they don't know.
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Fully agree. It's the same with the stock exchange report in the newspapers. Occasionally, they can attribute a share price rise or fall to results, but often there is no reason so they attribute it to "profit taking" or it being "over sold".
Brendan
 
Hi,

Perhaps a concerted effort by a number of the bigger players to start getting the price back up (somewhere close to where it once was) ?

Lets not forget, a lot of people could be sitting on "paper losses" at the moment, as a result of having bought into Bitcoin at higher prices, so they might be holding (and praying) ... while a number of whales could then start trying to shift the price, by buying at what they consider a low price.

I'm not convinced that this theory could result in the price ever getting back up anywhere near US$20k, but it could have some short term impact, or result in modest occasional increases.
 
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MrEarl said:
I'm not convinced that this theory could result in the price ever getting back up anywhere near US$20k, but it could have some short term impact, or result in modest occasional increases.
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We're probably in an accumulation phase, and there will be a few more 'shakeouts' along the way. We won't see another all time high until way beyond the next bitcoin halving (probably into 2021).
 
Yeah, pity I didn't close it when it was getting close to my target of $3,000.

I would open up a new position now at $6,000.

Brendan
 
Not much chatter on here on the subject over the past couple of weeks. Probably one of the most significant pieces of news in that time was the announcement by one of the worlds largest asset managers (Fidelity) that it would begin trading of Bitcoin for institutional clients within the next few weeks. According to a survey they carried out, 22% of institutional investors have some exposure to digital assets whilst 50% are open to gaining digital asset exposure.
 
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HODL as they say in Crypto.

I haven't read much of the Fidelity plans other than the headlines. Is it for all clients i.e. retail investors or just institutional clients and offering access to the Bitcoin Futures? There is obviously massive differences in the route.

I wouldn't bet against Bitcoin
 
haha, I wouldn't go that far however that article does not mean there is a flaw with bitcoin, as much as posting an article about bank fraud means there is an issue with fiat currency.
 
Surely its just an issue with the exchanges security, and not bitcoin?
If I rip an ATM out of wall using a digger, does that mean there is an issue with fiat currency, or just the security of the ATM?
 
As far as I know, there have not been widespread losses by customers of banks in the ordinary run of business. Banks have been robbed. And bank customers have been defrauded through fishing.

But Bitcoin owners have lost out a few times due to exchanges going bust or being defrauded.

So there is a significant difference.

Bitcoin hates regulation - but bank customers benefit from it when things go wrong.

Brendan
 
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