Biggest news of the year and Bitcoin hardly reacts
A few days ago news broke that ICE would be launching bitcoin futures, but prices have hardly moved.
In a news report the other day, it was revealed that there are big developments coming for bitcoin and the cryptocurrency industry.
Developments that likely will transform the industry.
More about it can be found here:
https://steemit.com/bitcoin/@jrcornel/big-news-bitcoin-settled-futures-are-on-the-way
In one news release we got a regulated crypto exchange, custody solutions, and a well respected company moving to start accepting crypto all in one.
The first two will also likely help usher in a crypto ETF.
ETF now even more likely?!
After that news announcement, analysts are now saying there is a very good chance we get a bitcoin ETF approved as soon as this year.
If not this year, it will be Q1 of 2019 at the latest.
That is YUGE!
A bitcoin ETF is the holy grail for crypto investors.
It will allow investors to own bitcoin in their retirement accounts and it will allow them to gain exposure without having to go through risky crypto exchanges.
Basically the asset class will be opened to a whole host of new investors.
However, with all this great news, prices didn't even budge.
Why is that?
I think my biggest take away from this is that news isn't really moving prices like we think it is.
At least not by retail traders at public exchanges.
My big takeaway is that the OTC markets are likely the big drivers for cryptocurrency prices currently.
When a big buy or sell takes plase in those markets it moves markets.
Sometimes those big trades move on news, and sometimes they don't.
In this instance it may take a few days before institutional money decides this news is big enough to warrant getting involved.
If not, we may have to wait until some of these services are actually up and running.
Which may not be that long as bitcoin settled futures are expected to launch as soon as November.
Stay informed my friends.
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Good read. I think bitcoin news has muted the market a bit in that every day there are stories countering each other. Today is a good news story tomorrow it’s all going to $0 then the next day we’re all rich again.
It’s just numbed the brains of people.
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That's possible, though usually really big news still moves markets. It's possible they need to see it to believe it though.
Staying informed sir. Thank you for the information.
You got it.
I keep trying to say this. Whenever there is a big price movement there is always a piece of news that people just assume caused the shift.
However, when the price doesn't move and news just keeps coming out left and right no one seems to notice.
It is most likely large OTC orders dictating direction.
Thank you for the information. I had missed that article. I do believe this is good news for the bitcoin market.
It is, though markets aren't really reacting yet.
Regulation is still not completed and will take a little while longer. The ICE Bakkt Crypto Platform will be laughed in November, so that was why many important bitcoin people that already knew this, said Bitcoin will go sky high. But also this has to be proofed first before investors believe this. December 2017 had a lot of criminal value in it, so this value of 660 Billion will not come back after regulation. Total Market Cap can reach 350 Billion max.
Max? Why is that the max?
The total Market Cap depends on the investors. In December 2017 there was no real regulation yet, and the total market cap went up to 660 billion. Since January 2018 regulation has scared of the criminal circuit. If you look back the total ask dropped from about 110 million to the range of 67 million per day. Even with good news a total market cap of max 300 billion is reached max . So we need a lot of new investors to reach a value higher than 350 Billion. Wall Street boys will not jump in because the risk are to high to guarantee the customers profit.
So, basically you are saying we are in the gray area... between criminals using it and institutions... no man's land so to speak?!
Yes we are investing on the edge of good and evil ;-). You may call it gray. But what is the definition of good?
i dont think bitcoin is going to take any major surge before the mid 2020 or late 2020
we better sit back and relax the pahse
Personally, I think the next bullish phase begins end of 2018 beginning of 2019. Basically whenever the ETF gets approved.
I agree to that too.
I agree to that .
I meant the same 😅
. I meant the next surge will be in the next year.
I got confused with what the currentyear it is lol
Yea, that has happened to me as well. Usually I get it down right before the next year is about to begin.
i do agree with you, end of year will bring some bullish movement, maybe to another peak
The next couple of months could be a bit rough still, but I think by November we should start moving back up.
"would be" launching bitcoin futures ... needs to be "launches" in present tense. I do believe once ETF is in present tense ... then Bitcoin prices will surge. Til now, still speculation, so not concrete enough for price action movement yet.
Good point. There is probably a lot of truth to that. People will believe it when they see it actually happen.
Happy for these critical developments to be happening during a downward trend, the momentum will continue to build and when we move into a bull market there is going to be more underlying value in the ecosystem to support the inevitable higher valuations.
Yes, that will likely be the case. Nice observation.
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such news are coming but still the bears are heavy hopefully the tables would be turned but big thanks for sharing this update