For months we have been stating that eventually mainstream investors will pour into this market, along with Institutional and Fund Managers. Well today we have a news release from Reuters where Boston-based Circle has acquired a major US exchange Poloniex. The investors include both The Goldman Sachs Group and China’s Baidu Inc.
This provides additional legitimacy to the space and as Goldman Sach’s has more compliance officers then coindesk has fake news articles, this is sure to start clearing regulatory hurdles moving forward. This will without a doubt lead to ETF among a flurry of other investment vehicles which is going to draw money into the space at an unprecedented rate.
Note the spike on the chart going into the news release that happened only 2 hours ago. But the charts were telling us the entire time there was bullish sentiment happening. Though many were calling for 2800 Bitcoin' we stood fast as a bull in a bear forest as we looked to the broader term market perspective while many were missing the forest for the trees. As news starts to spread this is sure to pump up the market especially among the top coins. Look for Bittrex and or Coinbase to be the next exchange up for grabs as JP Morgan HSBC' and other banks race to keep pace. For those that could not see the broader term perspective and ignored the inevitable they will soon be crying foul. I can not tell you how many comments I receive "how can you be bullish in a bear market", well because I had a broader term perspective of the market, and ignored the noise. We knew this was going to eventually happen for months now. Did you really think cryptos were not going to enter mainstream?
Goldman Sach’s by far has not only a world wide presence, but former employees are found in all aspects of government right up to our Treasury Secretary Steve Mnuchin. Talk about having an insider! After the senate hearings that were absolutely a positive for the space, this only adds credence and future opportunities for those who remain Long term bullish .
Nothing has changed on the chart, we still maintain the previous count as the 9350 level held nicely and 9070 was never even tested.
So Are You Still a Bear?