Nostr

About how stupid gamblers are.

Theese days when #Bitcoin pumps are really interesting to observe. You find interesting things to watch and smile about.

This one is about the BTC push of around 20% since last week.

Only thing that changed is a filled in datapoint in a DTCC database with four aditional digits.

"IBTC"

So filling out this data field with theese four digits made Bitcoin grow 20%!?!

Ok, obviously there is some strange ruleset to define the Price of a sat. Don't want to discuss this here.

But i really ask myself.

If this is the only news/signal.

And it's related 100% to Bitcoin.

Why did ETH grow 12% then?

Just because gamblers are stupid and not able to read the signal right?!

Mateusz

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Discussion

TheGrinder 2y ago

ETH went up because of ETH/BTC liquidity positions. Should be obvious.

MAstr 2y ago

Yes,

but it's stupid.

LOL

Merrcurr⚡️ 2y ago

The allocation of a ticker on the DTCC is an integral part of the process of releasing an ETF. That is why Bitcoin went up in addition to the Grayscale ETF application being resent by a court back to SEC to re-evaluate their rejection.

ETH went up because of the Bitcoin news but also because an ETF approval for Bitcoin translates ETF applications for the broader crypto space that includes ETH

[813765]

MAstr 2y ago

Yes,

but it is still just sentiment driven.

And as far as i know, the SEC made already a differentiation between BTC and Crypto as assets.

Merrcurr⚡️ 2y ago

Yes, the market is purely driven on sentiment rather than fundamentals. Even after the ETF is launched, you will have volatility, but we are in uncharted waters as it would be the first time that an ETF would be trading on a finite asset, this has never been seen before.

[813766]

MAstr 2y ago

Yes

=PopCorn time

LOL

But it is likely that it will behave in the beginning similar to raw materials.