On the Day of Bitcoin Spot ETFs Approval...
... altcoins pump. Isn't that funny? Maybe people were expecting a "sell the news event".
This is a great event for the validation of cryptocurrency and likely for the short to medium-term price in the market, but it is also another serious step toward transforming the critical parts of cryptocurrency into appendices of Wall Street, banks, and various governments in the world.
From the alternative to an appendix, it's a big difference. And for this reason, it's also a sad moment in the history of cryptocurrency.
The one good thing that comes with these approvals that is rather fundamental, and not price-related is the validation that they represent, especially for big firms to invest in crypto (bitcoin, in particular), but also for a large part of the population who still think of them as a scam and need their government to tell them they are ok.
The problem is that most of them will not invest in bitcoin or crypto directly, but will use these ETFs, which will make them holders of some shares, while the fund manager (BlackRock, Grayscale, etc.) will hold the underlying asset (bitcoin, in this case). This is how the centralization of bitcoin begins.
What is sure is there will be plenty of money revolving around bitcoin and ethereum. From the development point of view, money is important. Is it worth giving up principles to have all the funds necessary for development? Some people think it is or they wouldn't be so happy about the approval of the Bitcoin Spot ETFs so much. Not sure what could have been done though. If Wall Street wanted to come, it's not like devs or bitcoin whales could have said no. That's how decentralization works. You can't apply Hive's recipe, because once forked, bitcoin is... no longer bitcoin.
Ok, maybe I'm turning too negative here when most people are happy. Why wouldn't they be? Bags are pumping!
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You are right it depends upon people's thinking
That's right people were thinking that things will come down from here and they will buy again but they didn't get such a chance this time at all.
If someone was selling think that, at least for now it seems like they were wrong. That's why I prefer not to speculate on short-term trends during bull markets (and in general).
Yeah you are right.
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Nice summary and thoughts! I personally feel BTC has a long way to go from the current levels. None of my non-crypto friends are talking about it yet, and the halving is coming up.
Yeah, for sure! Probably the next major stop - ATH.
Im just happy to see my bags pumping tbh! lol
I guess everyone is. It's not like we can do anything about it, at least regarding Bitcoin and Ethereum.
The pump was crazy
I had to check my coins and saw the profit
I’m glad!
I didn't see the initial pump on Bitcoin when the SEC's presumably hacked Twitter account announced the approvals. Then the dump back to support happened when Gensler said they were not approved.
I'm just reading about it now, lol.
Thanks for sharing your thoughts. More to come for BTC.
It will certainly become the certain of attention for the masses too, with the promotion it will have. But it will be the ETFs, not bitcoin directly.
Cryptos are definitely subject to money attacks, and they can be turned from decentralized to centralized. It's one of the recognized attacks, right? So if we choose decentralization, I guess maybe we'll have to abandon cryptos that have become centralized, and move to decentralized ones. Maybe a few of those cycles and the DAOs will have the majority of the world's money. If we carefully set it up so that DAOs benefit from each cycle.
Hmm, interesting. DAOs are one of the solutions that, when implemented right, could be a protection against money attacks.
I was actually expecting a massive pushup in the altcoins
And you had one, although maybe not massive yet.
I would like to think that BTC, and ETH soon, to be the necessary sacrifice so that Crypto can run. Throughout the years, more and more people are accepting crypto, but at a slow pace. Governments were also constantly trying to block it. I hope this opens the floodgates for mass adoption. The philosophy of decentralization hopefully lives on in altcoins like Hive.
I wish that were true. But for most regular people, convenience and perceived security mean a lot. And that's what ETFs offer, unlike crypto.
The green candles are there and I agree with you on the centralization of funds into the ETFs. It makes me wonder if they will try to outlaw owning crypto normally in the future.
They don't have to. They just have to increase fees to deter small-to-medium transactions.
Basically, I view it as bringing more structure to cryptocurrency in general but it comes at a cost, as some of the true essence of what crypto stands for may not be upheld in the process.
Yeah, I don't know if it was inevitable, but the course has been set for quite a while. We will see how great the cost was in time, probably.
Well we might be expecting some massive movement in altcoins soon