There is a lot of buzz in the crypto space today. If you are looking for information about the happenings in the cryptocurrency market, then you are at the right place. Let’s dive into it.
Securities and Exchange Commission approves Ethereum ETF spot trading which will begin on July 23rd 2021. That should send ETH to the moon, won’t it? Not so fast.
Having watched the market myself, I can tell you that it has been almost as interesting as watching paint dry. It’s like everyone is just waiting to see which sell orders will be executed first and who will blink later than others. You know how they say “Buy rumors, sell news.” In this case, however, it feels more like “Who’ll sell the news first?”
This entire thing reminds me of when Bitcoin ETF got launched. Remember that rollercoaster? BTC fell to $38k after all those ATHs but two months later it blew through ATHs completely. So if history is anything to go by, we may be set for another wild ride with ETH too.
But let’s now take a turn and discuss some big moves in Bitcoin that have caught my attention. This is similar to a game of musical chairs only with billions of dollars’ worth of Bitcoins.
Mt. Gox, the old timer made headlines first. They were moving real coins around. Recently, they moved 47,600 BTC towards different wallets . I’m not one for conspiracy theories but when you see moves like this it’s hard not to raise an eyebrow or two.
Our friends from Germany caused quite the stir. The German government didn’t just sell a few last week; they sold everything they had in terms of Bitcoin. That means total liquidation. When a major player does something like this, it shakes up the market. Perhaps that’s why there seems so much caution in the market when the news of ETH ETF approval is making the rounds.
And then out of nowhere Uncle Sam came into the Bitcoin shuffle. Yes, indeed! Enter Uncle Sam himself. The U.S Government has not been sleeping either having transferred 58.742 BTC on Coinbase today's morning alone. But that is nothing compared to what the has – 213,239 BTCs. Do your math on that and you get $14.2 billion in Bitcoins . What are they planning on doing?
What does this mean for us small guys in the crypto world? It’s not that clear-cut. Such behavior can be seen as a way to reposition strategically or get ready for big market moves. That means, we have to always be on high alert.
All these are taking place as Ethereum ETF gets approved. Apparently, the crypto market has not yet decided whether it should party or panic. On one hand, this is a major step forward towards mainstream adoption. On the other hand, we have significant coin movements which could disrupt everything.
You know what? The whole thing reminds me of an old phrase they say is a Chinese curse: “May you live in interesting times.” We are certainly living in interesting times as far as crypto is concerned.
So what comes next? Volatile markets? Quiet before the storm or are we thinking too much about it? I want to hear from all of you.
Remember in crypto today’s FUD is tomorrow’s FOMO. Stay vigilant, do your own research and "never invest more than you’re willing to lose" That's the mantra and it's been working so far for us.
Stay tuned and stay alert!
Posted Using InLeo Alpha