What a day it has been. I almost chocked on my coffee this morning when Bitcoin blew past $7000. I almost chocked again on my breakfast a couple of hours later as it fell like a rock to $6700, and I'm almost chocking again now as it went up again and then down again.
The market is confused and concerned and doesn't know which direction it should go. What is Segwit2x? Will it take over Bitcoin core's throne?
There is a lot of positive news out today. Wall street started trading Bitcoin futures and Amazon buys a heap of crypto currency domains - indicating and adding to the speculation that they will start to accept Bitcoin or/and other crypto currencies as payment soon. This would of course be incredibly bullish.
Just remember..the markets are uncertain of the direction today because of a couple of things.
- Bitcoin has had an insane bull run lasting for one and a half month almost doubeling in value.
- FUD regarding Segwit2x 16th of November (or even possibly 15th)
- Heaps of good news (including the "bitcoin is a bubble scam" comment from yet another Wall Street douche)
I want to note that Segwit2x futures are trading at around $1000, the same as Bitcoin cash was trading at before it forked. Bitcoin core however is trading at almost $7000. Which means that the market is betting on Bitcoin core.
I feel really sorry for all of those that are selling now because some whales take millions of dollars of profit because they had a 100% run the past month.
Anyone with less than 50 Bitcoins should just hodl and wait. Bitcoin is become big, and is now bigger than 92% of all SP500 companies. But it's still 70x smaller than the gold-market.
I will of course hodl through this once again, and I will be surprised if Bitcoin in total is not over $10,000 on new years eve.
It is easy to be bitcoin-blind when you make thousands of dollars per day. We should be happy if Bitcoin slows down a little bit.