Let us analyse the demand for BTC or more specifically the demand to exchange € for BTC. I list the possibilities...........This is a BUBBLE.
This is worse than the tulip mania At least then you got a tulip at the end, now you get nothing.
Just looking at some Bitcoin charts, two things strike me.
About 1% of the total existing bitcoin is traded every day. (150k of 16m mined) That suggests that most of the people holding bitcoin paid over $4,000. They are not making mind boggling returns just yet. Or perhaps an indication that the smart money is taking profit.
The value on the CEX exchange is about $500 greater than on the other exchanges which are all about the same. Why no arbitrage or am I missing something.
See, there it is again. This morning I was all "Bitcoin is the consequence of impending geopolitical conflict and fraudulent monetary system, BUY! BUY! BUY!"...and now I'm " it's just a number. A number in an account with no value. SELL! SELL! SELL!"
Oh dear. The discussion is getting scattered around a few threads. Hard to make reference quotes.
I think a short is the clever bet here, or else buy some gold as this is where the money will go when this whole thing comes crumbling down....
I feel myself that this is yet another validation of the opinions of those who just would not go along with the narrative regarding the apparent certainty that BTC is worthless or next to worthless.
Boss its seems your bet of €30 or threat of same has moved the market
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