Jumping the Gun
Today was quite the momentum occasion.
For today is the first day in 20 years that I got ticketed for speeding.
Yep super fun, and also kind of ridiculous.
At least the last time I got one I totally deserved it.
Oh well, enough about me.
So while I was getting that speeding ticket apparently Cointelegraph was publishing fake news on Twitter regarding the approval of the Blackrock Spot ETF. I wish I had been on the Internets when this happened because I'm genuinely curious as to how I would reacted to the news.
Considering how much coverage I've been giving the SEC lately I feel like I would have immediately been skeptical and not believed it. After all, approving Blackrock before Grayscale like that would be a massive conflict of interest. Imagine being the SEC and losing in court the way that they did, with the judges basically telling them they better figure their shit out because what they did was either full on incompetent or corrupt (spoiler alert: corrupt). Then to immediately turn around and approve a delayed Blackrock application? The optics on that are awful. Just terrible.
In any case...
None of this matters very much. The price pumped less than 10% and crashed just as quickly. Most users in crypto seem to be blowing this situation way out of proportion, and I'm not sure why. Again, I think it all comes back to this idea that a 10% pump is a lot. It's not. We've all seen the 30%+ god candles that can rock this market within an instant.
However, no one seems to remember the good ol' days. Instead many are speculating that this is a case of insider trading or even a test of the market itself from the very ETF players that have pending applications. Really guys? Institutions are going to manipulate the market they're trying to get SEC approval on? Yeah totally that makes sense. NOT.
Chalk it up to people being bored.
We've been crab-walking for so long that every 1% move in the market gets attributed to some ridiculous hot take. It's that crypto madness. Seems like everyone's much more comfortable in an extremely volatile environment than a stable one, which is sad when you think about it because a stable environment is exactly what we need for legitimacy and actually building up businesses atop this tech stack.
The chart tells an interesting story.
And all this off the heels of Jim Cramer himself literally saying:
MR BITCOIN IS GOING DOWN, BIG!
Yeah seriously who told him to say that shit... lol.
Point being that the market pumped before the fake news, and it kept pumping after as soon as all the leveraged got flushed. If you can't tell from the chart: this is what ONLY UP looks like. The price isn't going down. Not only that, it's above the critical $28k level.
Uh... yeah still hugely bullish.
The 100 day moving average is going to continue declining no matter where the spot price of Bitcoin goes over the next week. The last dip we got was the death-cross between the MA(100/200). The MA(50) held as support, and now we've rocketed off that level and tower above all the averages despite the fakenews being disproven immediately.
This tells us one simple thing: the market wanted an excuse to go up, and even completely BS fakenews could act as the catalyst. All we have to do is trade above $28k and the BIG golden cross will happen. That's where the light blue MA(25) line goes above the light green MA(100). Why is this the most significant golden cross? Because it's the one that most traders are looking at by default.
It was always going to be like this.
Again, when all the moving averages are this close together (<10%) this points to a very rare type of stability that almost never ever happens in crypto. Bitcoin hasn't been this stable since before 2020. Whenever that happens the price can only go up. A stable base in Bitcoin will always lead to a springboard upward. As we inch closer to November, things are looking pretty damn good for the historically most volatile month.
10:40
What's the first you heard about this rumor?
Actually I've been busy all day I probably heard it an hour ago.
But it's like wishful thinking isn't it?
Well I can't talk about the specifics of anything.
I think it's just an example of the pent up interest in crypto.
We're hearing from clients around the world about the NEED for crypto.
I think some of this rally is way beyond the rumor.
The rally today is about a flight to quality.
-- Larry Fink
WHAT?
Larry Fink... literally the guy named Fink. CEO of Blackrock... says, "Well I can't talk about it," but then proceeds to shill crypto (not even Bitcoin) to the moon. Did LARRY FINK just call today's crypto rally a FLIGHT TO QUALITY? Did he really? That's insane. Everyone knows that crypto is supposed to be TRIPLE-RISK-ON but then he puts it in the same category as treasuries and gold. Wow. Just wow. I can't even. What is happening right now?
How long ago was it that these exact same institutional players were saying that crypto was complete garbage? It really was not that long ago. Now they have a product they need to sell and they are shilling hard. So what is it that Larry Fink "can't talk about"? Well he was replying to the question, "But it's like wishful thinking isn't it?" Saying he can't talk about it is the same as saying,
No, it's not wishful thinking, the Blackrock ETF will get approved, soon™
But instead of saying that... what did he say? He elevated crypto (not Bitcoin) above all other hedges and compared it to gold and treasuries during uncertain times. He heavily implied that Bitcoin crypto is actually better than both treasuries and gold because we all know that Bitcoin has infinite upside, whereas gold can only go up a little at best and treasuries are even worse in the reward department. Therefore to compare the downside of crypto to these same assets is to firmly declare it superior to them. Truly some insane statements coming from Larry Fink in the wake of this fakenews. All one has to do is read between the lines. He's saying a lot of things.
Conclusion
It's pretty nutty we've reached this phase in the game. "If you can't beat 'em, join 'em." This is where Bitcoin finds itself right now. And how to maximalists respond to this obvious money attack? They embrace it with open arms. Perhaps this was always the way it was going to be.
Wow, you just used this one stone of a post to kill many birds, Lots of information about Blackrock ETF, Bitcoin and the crypto space in general. I really don't hate all the fake news about the things happening around the crypto market. It's a a form of marketing they do and it won't actually prevent the mass adoption that is coming.
As for your speeding ticket, 20 years has bee a long time.. In all, sorry about the loss.
I agree on one important thing here, I think stability is a thousand times better than being in a volatile market, although you can get some extra money you can also lose a lot. I personally don't usually bet on cryptocurrencies that behave that way call me crazy hahaha.
Regarding the fine, well we all have a first time for everything so at least it served to make you stop and read the news.
well i guess one has to join the moving train huh, seems larry knows about the fake news or who did it he feels more or less not concern about it... But really bitcoin is actually making more effort not to stood so low, guess it is fighting the test of time
I am very sorry to hear about your fine, it must not have been pleasant.
As for the fake news that is nothing new, the commercial, monetary and other world is managed like that, a scandal provoked to see reactions and opinions. As for crypto, not that I know much about the subject, but I agree with you that there was a time when they were very favorable and I enjoyed it a lot.
That's right. Technical analysis and fundamental analysis are looking very good for BTC. We already know that anything can happen, but we are optimistic looking at what has been happening in the last few weeks. I agree with you in saying that what happened a while ago is a catalyst, to see who BTC is counting on to be able to maintain a semblance that can be called bullish. Thanks for commenting on this important fact @edicted
https://yewtu.be/watch?v=lDrO99PuqqA
You have to go back in time to get to the really good ones, but this guy is the one that taught me to defend myself in traffic court.
I beat my last speeding ticket.
If the skype chat is still going, that is where I learned most of it.
Frankrizzo3
Marc had to stop helping the general public because he couldn't afford the time and travel to defend himself from bar members in other states.
Ha nice thanks I appreciate that.
„Seems like everyone's much more comfortable in an extremely volatile environment than a stable one, which is sad…“
This hits so hard 🫠
This is quite interesting as I was having this discussion in the gym lastnight about how frequently people get speeding tickets. I don't get them as often as I don't really go anywhere.
Sorry you're having to buffer up the pockets of others. Do you have an apology system where if you haven't received one in years you can apply to have it cancelled by writing an apology?
Last time I got one I took a ridiculous "drivers training" course online to expunge it from my record.
It's more of a punishment than anything else.
Not sure how I'll be handling this one.
Demand the court demonstrate it has the authority to try you.
Awesome mate, you did pretty well by killing several birds with one stone with this post. There is a ton of information regarding the Blackrock ETF, Bitcoin, and the cryptocurrency market as a whole.
I honestly don't mind all the false information that is being spread regarding events in the cryptocurrency industry. They use it as a marketing tactic, but it won't actually stop the impending general adoption. Regarding your speeding ticket, 20 years has been a very long time. I'm sad for the loss overall.
Fink’s comment is genuinely big crypto news, but the cointelegraph mistake is a hoot. Gotta wonder if whoever posted that tweet is still employed.
Speeding tickets can be so random. I never got one for going 100+ mph as a stupid young guy, but did get one as a middle-aged guy clocked at 54 in a 40 mph zone.
Same here. I haven't had the pleasure of getting a speeding ticket. Luck might have something to do with it. I've had questionably weird tickets given to me by traffic officers but to me that is just things balancing itself out in the end. 😎
$WINE
It's called the setup. This is the way it is always done.
Thanks!
So, this started with a rant for a ticket yoyou didnt deserve because I am sure if you did, you would have just said that.
And about Fink, the guy needs a bang on head, and I am sure you would have done that with your words. He could have just answered like a human and not a programmed robot. Lol
Glad the pump never stopped despite the fake news.
So, this started with a rant for a ticket yoyou didnt deserve because I am sure if you did, you would have just said that.
And about Fink, the guy needs a bang on head, and I am sure you would have done that with your words. He could have just answered like a human and not a programmed robot. Lol
Glad the pump never stopped despite the fake news.
What great time investment for over 20 years no wonder you been able to use a single article to explain and give an express information about #Blackrock ETF, #Bitcoin and the #crypto space in general. You have enlightened our minds about cryptocurrency especially in the era of wrong and fake information surrounding crypto market. You have lost a lot but you are making it again after those 20 years. Consistency is a key
Beyond what currently is Larry Fink perception seriously showcase lots about nearest future over current market situation and relatively fluctuations .
That when closely bringing both treasuries , gold and crypto into close value evaluation.
Then what would be quite visible is nothing than crypto. Because crypto has this kind of wideget in terms of holding , trading and settlement for payment value all within in a given crypto blockchain wallet.
So Larry Fink perception is quite okay , for me because indeed crypto is more than both treasuries and gold in market and usefulness.
Here your write up is quite informative thanks'much for sharing.
well, You are right that a lot of fake news have been going around which is making it hard for people to make right decision especially in a bearish market where volatility is the order of the day but i still don see bitcoin going down.
Sometimes, I feel like the market is being manipulated but if one is sharp and open minded, they should be able to make profit from it
Times are changing my pixelated internet friend... Risk on, risk off... Let's make some 💰
What do you think the peak for BTC will be?
I'm actually surprised with the way the price pump went down almost immediately
I thought it was here to stay. So can we still say that we are expecting a pump?
This mini-pump ensures that a golden cross will happen.
I expect another pump when the golden cross occurs.
Looks like it could happen in about a week.
Long article! Tried to read through so that I could share my thoughts but couldn't finish. In any case, thank you for the update.
The insights into institutional influence and how it affects the market's dynamics are quite thought-provoking
I get your point friend, but don't get too surprised about how Larry Fink is shielding the cryptoverse. Business is much of hyping. He has a product to sell and he is working his way out. As you said, if you can't beat them, join them. Many are beginning to see the massive opportunity behind blockchain technology.
This was fricking amazing.
Many said it was a nothing burger, but I agree with you, the shill is on, they have skin in the game and they need to one, pump their bags and two, sell their ETF, which is coming, it's just a matter of time.
In the absence of applicable regulation they are just going to do what influencers like Bitboy do, use their influence to pump their crypto bags and get rich. T
But.... one big difference...
They are looking for both exit liquidity and to build a business on everyone buying Bitcoin, same as every other stock. Brokers make money on the buy and the sale.
They don't believe in products, they believe in the process, because that's what made them rich.