The Market is wrong

[themickey]

This is only my opinion.

They say the market is ALWAYS right.
That's the common phrase bandied about by traders.

In my opinion the market is frequently wrong.

So on crypto we had a bearish day as seen from the above.
There was selling pressure.
For day traders they went bearish.
For swing traders I dunno what they did, maybe sat on their hands.

I would imagine crypto was bearish because the overall market was bearish other than Energy.
But there was no need for crypto to be so bearish.

There's nothing bearish to see here.

 

[schizo]

This is only my opinion.

So on crypto we had a bearish day as seen from the above.
But there was no need for crypto to be so bearish.

Here’s what happened in crypto today
https://cointelegraph.com/news/what-happened-in-crypto-today

Senator Elizabeth Warren has amped up her campaign against crypto with a letter urging the White House to consider the role of digital assets in terrorism financing. Meanwhile, Reddit is sunsetting its blockchain-based rewards system, “Community Points,” and Sam Bankman-Fried’s defense cross-examined Nishad Singh.

Lawmakers sign letter urging White House’s attention to crypto terrorism financing
Notable crypto cryptic Elizabeth Warren was joined by over 100 legislators in signing a letter to alert the White House about the role of digital assets in financing terrorism.

The letter, which was dated Oct. 17, was addressed to the Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson and National Security Adviser Jake Sullivan. The authors cited a recent news article claiming that Palestinian militant groups raised over $130 million in crypto donations between 2021-2023.

“As Congress considers legislative proposals designed to mitigate crypto money laundering and illicit finance risks, we urge you to swiftly and categorically act to meaningfully curtail illicit crypto activity,” the letter said.

The letter was signed by 29 senators, including Warren, and 76 members of the House of Representatives.

 

[wxytrader]

This is only my opinion.

They say the market is ALWAYS right.
That's the common phrase bandied about by traders.

In my opinion the market is frequently wrong.

View attachment 325520

So on crypto we had a bearish day as seen from the above.
There was selling pressure.
For day traders they went bearish.
For swing traders I dunno what they did, maybe sat on their hands.

I would imagine crypto was bearish because the overall market was bearish other than Energy.
But there was no need for crypto to be so bearish.

View attachment 325521

There's nothing bearish to see here.

Here’s what happened in crypto today
https://cointelegraph.com/news/what-happened-in-crypto-today

Senator Elizabeth Warren has amped up her campaign against crypto with a letter urging the White House to consider the role of digital assets in terrorism financing. Meanwhile, Reddit is sunsetting its blockchain-based rewards system, “Community Points,” and Sam Bankman-Fried’s defense cross-examined Nishad Singh.

Lawmakers sign letter urging White House’s attention to crypto terrorism financing
Notable crypto cryptic Elizabeth Warren was joined by over 100 legislators in signing a letter to alert the White House about the role of digital assets in financing terrorism.

The letter, which was dated Oct. 17, was addressed to the Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson and National Security Adviser Jake Sullivan. The authors cited a recent news article claiming that Palestinian militant groups raised over $130 million in crypto donations between 2021-2023.

“As Congress considers legislative proposals designed to mitigate crypto money laundering and illicit finance risks, we urge you to swiftly and categorically act to meaningfully curtail illicit crypto activity,” the letter said.

The letter was signed by 29 senators, including Warren, and 76 members of the House of Representatives.

It's all just noise and can be ignored...Bitcoin beginning it's uptrend to new highs unless it does a double correction imo.

 

[Drawdown Addict]

But there was no need for crypto to be so bearish.

And there you have a red flag about what many have been claiming for years, that crypto markets are manipulated.

 

[themickey]

It's all just noise and can be ignored...Bitcoin beginning it's uptrend to new highs unless it does a double correction imo.

Agree, it's going higher.

 

[themickey]

And there you have a red flag about what many have been claiming for years, that crypto markets are manipulated.

Agree, I've been watching bitcoin closely and it sure looks like it to me, but imo the whole market more or less operates like that.
If one can just get an inkling how the rigging operates, it then becomes easier to trade.

 

[wxytrader]

And there you have a red flag about what many have been claiming for years, that crypto markets are manipulated.

Red flag? Manipulation? Yeah that is called big money loading up...ie etfs. Nothing about crypto should be a red flag...it was $1000 in 2017 lol. It has outperformed the history of the entire stock market. If you missed the boat then blame yourself for listening to the doom and gloom.

Agree, it's going higher.

All time highs

 

[metalztrader]

The crypto ETF talk is exactly the same as the chatter in metals before GLD and SLV came out. There were people that thought it would send silver to a 100 as all these big players piled into silver.

The whole idea doesn't make sense. Greater price discovery and liquidity doesn't cause a massive bull market. If anything, there is a good case to be made for liquidity dampening a bull market compared to the less liquid version of the same market.

There is already an incredible array of options for exposure to crypto markets. I just don't think there is all this pent up demand that is solved by an ETF that isn't already solved. With metals, an ETF at least solved the need to hold the physical metal that is a huge pain.

I am most interested to see if a crypto ETF will even work. I would think a crypto ETF will have much of the problems that a long volatility ETF has.

Red flag? Manipulation? Yeah that is called big money loading up...ie etfs. Nothing about crypto should be a red flag...it was $1000 in 2017 lol. It has outperformed the history of the entire stock market. If you missed the boat then blame yourself for listening to the doom and gloom.



All time highs

 

[wxytrader]

The crypto ETF talk is exactly the same as the chatter in metals before GLD and SLV came out. There were people that thought it would send silver to a 100 as all these big players piled into silver.

The whole idea doesn't make sense. Greater price discovery and liquidity doesn't cause a massive bull market. If anything, there is a good case to be made for liquidity dampening a bull market compared to the less liquid version of the same market.

There is already an incredible array of options for exposure to crypto markets. I just don't think there is all this pent up demand that is solved by an ETF that isn't already solved. With metals, an ETF at least solved the need to hold the physical metal that is a huge pain.

I am most interested to see if a crypto ETF will even work. I would think a crypto ETF will have much of the problems that a long volatility ETF has.

Again...all noise. Price moves in cycles...call it whatever you want... distribution, capitulation, consolidation, accumulation, markup etc. We had accumulation from nov23 to jan24.

 

[destriero]

This is only my opinion.

They say the market is ALWAYS right.
That's the common phrase bandied about by traders.

In my opinion the market is frequently wrong.

View attachment 325520

So on crypto we had a bearish day as seen from the above.
There was selling pressure.
For day traders they went bearish.
For swing traders I dunno what they did, maybe sat on their hands.

I would imagine crypto was bearish because the overall market was bearish other than Energy.
But there was no need for crypto to be so bearish.

View attachment 325521

There's nothing bearish to see here.

That’s a superficial view. Grayscale was up and the remainders are ETFs long shtcoins or are operating companies subject to market beta.