We haven't made tons of money in crypto thus far, or at least I haven't, but at least this space is entertaining as hell. Last night before going to bed, I checked the crypto market once more so that I could have a smooth sleep knowing that we're on the right track. To my surprise, BTC was close to $48,000, so I had to check what happened.
When I opened Twitter, the amazement was short-lived. A series of tweets all saying that the Bitcoin spot ETFs were approved made the spike have a sense in it. Just so that twenty minutes later, Garry Gensler comes out to say that the SEC official Twitter account was hacked, and that no damn ETF has been approved.
The audacity the hackers had, to hack the account of the exact institution that was supposed to protect investors and spread FOMO among crypto investors. Once the fake news was debunked, it was all over. BTC fell below $25K, flushing out over-leveraged positions in both ways, and my gut feeling is telling me we will soon be back to $48,000 once again.
However, I don't know how many of you have noticed it, but when BTC crashed after the fake news regarding the SEC's so-called official announcement regarding the spot ETFs approvals were announced, ETH started pumping. Somehow Vitalik's coin became a safe haven in all the turmoil.
Or... Or, crypto investors have realized that BTC's rally is already far-stretched, the ETFs approvals are priced in, and most of the altcoins are still on a discount, and since quite a few of them juicy alts are available on DEXs, it would be a good idea to buy some ETH for diversification... If that makes any sense...
My personal humble opinion is that the big announcement coming from the SEC will be delivered today; we will probably witness a small-lived pump to something like $50,000, and then BTC's rally will pretty much be over till after the halving. That's when altcoins such as Hive that are bleeding severely lately will start appreciating on both the USD and BTC pairing.
Just my two cents...
There's something else that I am particularly excited about aside the ETFs approval announcement. As a matter of fact, the impact on the price of BTC will be seen in time as investors interested in pouring money into ETFs will realize Bitcoin's value. Don't expect Bitcoin to moon yet...
Twitter has just announced that by mid-2024 will make peer-to-peer money transfers possible between users. They don't say whether it is fiat types of transfers such as PayPal's or crypto peer-to-peer ones, but nevertheless, I like the idea. Revolut is becoming more like a bank than a "money app," and it's good knowing that you have alternatives.
There are already rumors that DOGE, BTC, or ADA will be implemented in the project, but I doubt that. I would not be amazed to see Twitter embedding some sorts exchange allowing users to swap between creating cryptos and internationally used currencies, but I don't see Elon "chaining himself" with crypto.
Unfortunately, laws and regulations are rather stifling progress for the crypto industry rather than encouraging it, and knowing how much love Elon has for the SEC, he's probably gonna stay away from complicating his life with turning Twitter into a crypto app.
He already stated that none of his companies will launch any stablecoin or any crypto of any sort, so the best he can do in integrating crypto with Twitter is to adopt some of the features that an exchange has and make transfers between users as simple as PayPal's are. This is what I see happening with Twitter in the next few months.
Being able to top up your Twitter account with cash means that commerce will be available on Twitter, probably real money tipping too, and why not conducting businesses or hiring real-life workforce and paying employees by solely using Twitter and our Twitter accounts.
Twitter is looking to become the everything app, and there's nothing the establishment can do about it. Popular TV personalities such as Tucker Carlson are putting out content exclusively on Twitter, content monetization is possible for verified users and looks like Twitter is way ahead of its competition in terms of innovations and dedication to its users.
Many believed Elon did a bad business when he bought Twitter, but they were all wrong. In a few years from now, when revenues will start flowing from all sorts of regular activities conducted on the platform, we will realize that $40 billion for Twitter was a bargain.
Meanwhile, hold tight to your coins, don't use leverage and make an exit plan cuz this bull market is going to be very very fun and challenging at the same time.
Thanks for your attention,
Adrian