The SEC indeed have really been dragged to the corners, it looks more like sign here, non one really needs your comments. We must say Blackrock and Fedelity have done a great job so far. Inasmuch as I know they will really have a lot to gain if the whole process goes on smoothly, you just have to appreciate them for the belief they have for bitcoin. It's like this week is going to be very hot with SEC, it sweet when those who always prepare the hot seat once in a while are left to sit on it.
Without doubt, we saw how it played out five months ago, when Grayscale investment pinned a loss to the SEC when they were fighting against these crypto asset managers. I guess it was one of the things that backed the bitcoin bounce back last year. Indeed the market surge was visible, creating a relief in the hearts of crypto enthusiasts. Although we should not praise that much knowing the fact that there was a time bitcoin was swinging in the $68,000 dollars mark.
Could the spot ETF be the long awaited solution? I have discussed about the soon coming halving in my last two post, Fourth bitcoin halving, fourth month innthe year 2024 part 01 and part 02 which is another greenlight with a record that has never gone bearish. Our center talk today will be on the spot ETF. A lot of investors still seem skeptical, you know this type of scenario played out last year but didn't actually last. It's like a very dicey game here, the question of 'what if' is creating the needed fear.
We know fully well, there was a huge loss after bitcoin crashed from an all time high of almost $69,000. Some investors have been the ones bearing that loss for a while, who knows if the ETF is the needed opportunity to get themselves off this tight hole. But first it has to pay off, we all know the SEC really loves paperwork and I must say I am not much a fan of it. Complying with the SEC for me already seems we are losing some sort of value or demoting the decentralized system.
As earlier said, a lot of investors seem not to be shaken despite the double positive expectation. Lols, everyone is putting their lenses on to have a clear and zoomed view of what will play out in coming months. Will FOMO once again be a dominant emotion?
Edited screenshot from souce
Looking at the 8 days price history according to finance.yahoo, I must say this is not the kind of market price we should be expecting. Bitcoin moved in from new years eve at roughly $42,800 dollar highest price mark. We were not really expecting much from New Year's Day, you know a lot were involved in the celebration exercise rather than the market, yet I must say I am surprised it didn't even drop below $42,200 dollars. Maybe a lot of investors were spending their new year in the market, it was really a strong fight.
January 1st all-time high here is an impressive one, a roughly $44,170 dollar high is worth at least a display of hope that year 2024 means business. Don't know if it surprises you to see that the highest peak of bitcoin so far this year came on the 2nd of January at a staggering $45,900. I know we should be expecting a better market price position by now. So what is keeping the market swinging in a short range till date?
Doubt I would say, I guess a lot don't believe that this pressure from Blackrock and Fidelity will pay off. Don't be mistaken, we know what eventually happens if there is a flop, yes, an inevitable dip. Who wants to bear the loss especially at such an early stage of the year. A mistaken portfolio so early in the year may be enough to wrap your entire investment plan for 2024. The lowest market price this year came on the 3rd of January at roughly $40,810.
Wow! Could this be one of the reasons investors are already skeptical? It's like there are sellers waiting to offload at a quick pace. Remember bitcoin was $45,900 the previous day. To be more precise, $45,900 is the latest all time high of bitcoin after its glorious day fall from $68,000 to the below $16,000 price mark. Since January 2nd, today is the first time bitcoin is crossing the $45,000 dollar mark with an extra $160 dollar to add to it. From here we can clearly see that investors at the bull end are more skeptical, they fear the unexpected.
What more can mere investors do, you are replying on news that comes hours or minutes later when the market gets things executed in seconds or less. No one really knows how effective this ETF pressure can go, all we can say is that for certain, SEC are against tough opponents who also have fortunes to grab should their petition scale. The market is divided between two sets, the bulls and the bears. A lot of people are expecting a bull run, maybe because they are the bears who are waiting to grab the fortunes early. Market is not a place of assumptions and anyhow news. We know that more than half of the news we read are fake, just individuals trying to create market tension which can force the needed herd mentality.
To conclude let me add, inasmuch as it will be a good thing for bitcoin to scale so early this year, we should be aware of the unexpected. Blackrock winning this ETF case or not is not all that will shape the cryptoverse, it survived even before blackrock saw the interest. Wouldn't advise much hope to be put in such a dicey game. If you think it's a one time opportunity, do well to venture in, you know that old saying, 'no risk, no reward'. The market needs a display of professionalism which only a calm mind at this state will be very essential.
