Hi traders, quick market update.
Bitcoin just broke previous all-time-high ($7899) on the market mover (Bitfinex) and is currently eyeing the next fib level at around $10,000;
It's been a crazy year for crypto currencies and if you want to prepare for the next market cycle you should definitely start scaling out of BTC and worthy altcoins (ETH, Zcash and ENG) in cold hard fiat.
Again this is not a good time to buy Bitcoin if you don't have any. The charts have started to look a lot like back in 2013 when Bitcoin went from $150 to over $1100 in a matter of weeks (although markets were much thinner back then) and the soon-to-open Bitcoin futures market paves the way for market manipulations;
- Terry Duffy, chairman and CEO of the Chicago Mercantile Exchange, said Monday on CNBC's "Power Lunch.":
"I think sometime in the second week in December you'll see our [bitcoin futures] contract out for listing"
So it's possible the FOMO leading-up to the listing keeps pushing the price up followed by a "sell-on-the-news" dump on the spot markets days before listing with the big players (banks) shorting BTC futures for massive profit;
Just for context, JP Morgan was supposedly caught red-handed buying large amounts of BTC on Nasdaq's Stockholm exchange back in September shortly after their CEO Jamie Dimon called it a 'fraud'.
It's very likely a number of banks have been loading up on cryptocurrencies for a while now, maybe as far back as 2015 when Coinbase was successfully funded by institutions including the Spanish megabank BBVA, the New York Stock Exchange and former Citi chief Vikram Pandit.
- The consequences of Wall Street coming into crypto are discussed in more details by entrepreneur-extraordinaire and idol of mine Chris Dunn in this video which I recommend you watch;
- It's also possible more crypto-currencies are about to be listed on futures markets like Ethereum or Zcash (which has strong links to banks) which would trigger more waves of FOMO and craziness;
Interesting times ahead folks,
Trade carefully, cheers,
