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RE: Bitcoin Spot ETFs are approved and the GCM Cap touched 1.9+ Trillion dollars

in Project HOPE6 months ago

Dear @kamranrkploy

Good read buddy,

I think I am going to just hold and enjoy the ride for now, what about you?

Same here :)

ps.
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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