Hello friends. The bitcoin spot etf approval that everyone was eagerly awaiting has taken place. After this confirmation, the price of bitcoin rose. There was an increase up to $48k. Afterwards, there was a sharp decline.
Is this a normal situation? However, there is positive news, but the price is falling. This is really confusing to the uninitiated. In financial markets, there is a phenomenon called buy the rumor, sell the news. If a rumor emerges about an event, it is priced for days. It increases as the price increases. When the news happens, the price starts to fall. Because it happened. There is nothing after this.
The bitcoin etf issue has been talked about for more than a year. This was all on the agenda. This has increased the price of Bitcoin and now it is time for it to decline. It's time for strong investors to take profits.
Recently, I took advantage of the decline in cryptocurrencies and bought Steem. I made approximately 3000 Steem purchases at a cost of $0.23. I will spend more time here from now on. As Steem price drops, I will buy more Steem. My goal is to have 20k SP. What do you think about this? Do you think I can achieve this goal?
Thank you, friend!
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Dear @yas548
Good read buddy,
From the moment when ETF has been approved it has been clear to me that amount of market manipulation within crypto space will reach all time high right now.
Most people seem to believed that approving all those ETF applications will result with increasing demand for bitcoin. I see it differently. In my opinion all those big institutions will take time to accumulate BTC and will use their influence and resources to keep crashing the market during that accumulation period. I think it does make sense and should be easy to understand.
I've read theories that recent dump was nothing more than 'buy the rumour and sell the news'. I disagree with that as well. That dump that took place recently (from 46k to 42k) does not look to me like it has been "organic" at all. I consider it nothing more than market manipulation and we all shall get used to it. Big boys will shake crypto market very often and by doing so they will move BTC from hands of regular investors to their own hands.
Perhaps we could see sell-the-news scenario happening if we could also witness solid PUMP right before ETF approval. But that did not really happen.
In long term I believe that price of BTC will reach some crazy levels. Most likely, once big boys will be done with accumulating then they will use influence and resources to pump it.
Just my own 2 cents,
Yours,
Piotr
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What you say makes sense. Couldn't they have bought bitcoin after the FTX crash? Wouldn't crashing a strong stock market increase their share in the industry?
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Hello @yas548
Thank you for posting within our project.hope community on STEEMit.
Please spare few minutes and read how project.hope is organized and learn about our economy. You can find link here: https://steemit.com/hive-175254/@project.hope/project-hope-economy-explained-2021
That would help you understand more our goals and how are we trying to achieve them. Hopefully you will join our community and become strong part of it :)
Do you use telegram or discord? If you do then join our server and give me a shout. I would gladly share with you goals of our community and introduce to others from our team.
Consider joining our discord server: https://discord.gg/uWMJTaW
Yours,
@project.hope team,
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