It was very fun when the fake tweet from SEC was published 36 hours ago telling about the acceptance of the Bitcoin Spot ETFs. Then it quickly came out that it was fake, but almost exactly 24 hours later, we received the official acceptance of the spot ETFs for Bitcoin. I was very curious about the outcome, as I had read and heard from many people who expected it to become a sell-the-news event in which the price would dump, and then you had those who expected the prices to remain steady.
And then the news came. Bitcoin didn't dump, but remained quite steady. But, the interesting thing was that it almost looked as if the news was about Ethereum, because suddenly the second largest cryptocurrency by market cap started to pump, and it has since then increased almost 20% in value. Why is that? Is it because the BTC Spot ETF approval was priced in, and now the investors start to price in an upcoming Ethereum Spot ETF approval, and that is why the price of Ethereum immediately started to increase?
Since then, the markets are green, and nearly all tokens have increased in price. I have recently written a little bit about a brand new platform on the Mantle chain (a layer-2 chain for Ethereum), and there the people behind Trader Joe launched a very similar platform named Merchant Moe. The native token of Merchant Moe (a platform that launched 3 days ago) has increased more than 60% in price the last 24 hours, and it is not far from the price of the JOE token (the native token of the Trader Joe platform on Avalanche). Where is this heading? Is the bull market continuing, or is this just some happy shopping by everyone expecting a gigantic bull run, and then we will soon see prices dump?
I am bullish on the coming months, but there will for sure be some scary and red days coming in order to scare the chickens away!
Upvoted! Thank you for supporting witness @jswit.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit