The Bitcoin ETF has been delayed. Thankfully there isn’t a stupid panic sell for two reasons. One, anyone in the know already knew that it was going to be postponed, and likely to keep on being postponed until the final date which I believe is late February. Second reason, we have Bakkts products a https://www.theice.com/products/69281872/Physically-Delivered-Daily-Bitcoin-Futures launching hopefully in November which would act very similar anyway. Not saying it wouldn’t be nice to have another ETF but it isn’t essential.
Ripple with some massive gains today. This does come as a surprise to me, even though I said this 2 days ago. It’s the fact that people have been excited for the launch of xRapid for months if not longer now. As soon as a bank tests it, oh now it’s legit. I mean cmon. People don’t believe what they can’t see? Gotta be willing to take an educated risk if you’re looking to make money in this market.
Hello everyone. Today I am going to be taking a general look at the market and discussing what I think is it’s biggest weakness. Now there’s a lot of competition for what it’s biggest weakness might be.
Monacoin pumps despite recent news of a Japanese exchange getting hacked for around $60 million dollars worth of Bitcoin, Bitcoin Cash and Monacoin. Not sure if pump groups thought it was then a good time to pump it due to the short supply. Hard to say. No other positive news regarding the cryptocurrency on their social media platforms.
Aurora pretty much the same deal. Active development team, getting closer to main net, not much to explain 50% pumps though.
Anyway let’s move onto the title of this video. The biggest problem with the market right now. And there’s many contenders for number one, manipulation being quite high up there. Or the fact that the industry as a whole is too immature in its development. Many more things that could be said.
But in my opinion, the biggest weakness is what once it’s biggest strength.
I think the Crypto Twins said it best:
Talking about why they reduced their Bitcoin holdings for alt coins. Link to their channel below.
So, for example, Bitcoin going from $1k to $19k in a single year is pretty nice sure, very liquid and seemingly less risky than other coins, but many had thousands of percent returns in the same time frame, if not tens of thousands.
Let me give you an extreme example. Vibe, at 5 cents right now. I made a video promoting this project at ICO and invested a lot of my own money into it. It was around a 7th of a penny in the ICO pool that I was a part of. Selling at 5 cents, which I am not doing, is still technically profitable I believe, depends on what the price of Ether was at the time, but pretty sure it still is. Yet alone selling at $2.40, which it went higher than that on Binance for a few hours. Nice work Binance bots.
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Anyway, imagine I’m a weak hand right now. I can’t handle these red digits. I’m worried about what the mainstream media is telling me. I think Bitcoin might go to zero. Can I still sell some of those coins I fomo’d into for a profit and exit? Yes. No problem.
Can someone sell Ethereum for $200 at a profit? Hell yeah. Crazy profits. Maybe you got 500% gains on Bitcoin right now, going from $1k to $6k, but maybe that’s not the moon for you. That’s no moon Ethereum was $8 at the start of last year. Even at todays $200, that’s a 2400% gain on investment. It’s probably moon. The temptation to sell would be a lot stronger, and that’s what we’ve seen. Ethereum’s fallen harder than Bitcoin simply because it had a higher place to fall from. Same story with many alt coins.
So, what was the greatest strength for the market, being that people were being made rich seemingly overnight which of course attracted lots of positive attention, is now also the markets biggest weakness. It made too many people rich. If that makes sense. Too much money being dumped for big gains still.
This is both good and bad. Bad for obvious reasons, but good in that maybe people are waiting for the markets to recover before they put their considerable gains back in. That’s complete conjecture, but I think certainly possible.
Let me know your thoughts. Like sub and bell and all that. I will be back next week.
Ok thank you guys for watching, and I will see you again soon.