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Look at the price now. I would encourage anyone trying to read into the future of bitcoin based upon daily min/max to learn about the difference between day tra
by elif 10y ago
Look at the price now. I would encourage anyone trying to read into the future of bitcoin based upon daily min/max to learn about the difference between day traders and hodlers. At this point, hodlers have been through so many scares that there is very little left that can weaken their hand.
The volume this week is actually down. It is only a handful of people trying to intentionally spike the price, and trade off the news to turn a daily profit. The only suckers are other day traders, and hodlers actually suckered some of them by buying in the dip they created.
weekly volume:
https://data.bitcoinity.org/markets/volume/30d?c=e&r=week&t=b https://data.bitcoinity.org/markets/volume/30d?c=e&r=week&t=...
- geofft 10y agoBut the ETF isn't going to distinguish between day-traders and long-term holders. In particular, Gemini's price was also in the $1300s before the news, and dropped significantly. If Gemini was giving the hodlers' price, that would be different. If a handful of people trying to spike the price and trade off the news can cause BTC-USD to be 30% more than what it "should" be (i.e., what the price would be in a high-information, high-liquidity, low-shenanigans market), then the SEC is absolutely correct to say that the ETF is too wild to be approvable at present. For comparison, on June 24 (Brexit), GBP-USD fell from about $1.50 to about $1.35, a 10% drop, and that was (IMO) much more significant news about the long-term future of the pound.