Today we have a look at the latest in these markets, specifically with the price of Bitcoin (BTC) and Tom Lee's prediction.
So much has gone on in the markets lately. The SEC denied the Winklevoss' BAT Exchange's application for a bitcoin ETF, citing instability and unregulated aspects as well as price manipulation. A SEC Comissioner Hester Pierce publicly disapproved of the rejection citing stalling of innovation and reddit was quick to show their support, announcing her as Crypto Mom. Her twitter has blown up, and it's largely known now that the media publications took the rejection and ran with it, spinning a possible bitcoin price of 5k once again; the fud was spread and damage was done, causing some weak hands to sell at 8k+ causing bitcoin to drop to 7,900 - then quickly was brought up past 8k solidifying the passing of this rejection and a hopeful resume of bullish activity.
The Takeaway from this is: Winklevoss' ETF was expected to be denied, CBOE is quite different (retail vs institutional investors) and that no one is certain even the CBOE will get it. Presumably it doesn't happen this year and we look towards more retail driven rallies.
Could Cryptocurrency be bearish for another 6months? It could. Is that likely? No, but no one knows the future in this emerging space.
Comment below and let me know your thoughts!
Also beware of desperate publications reusing old stories for added FOMO and clicks... Learn to trust certain publications and always double check your information across multiple sources.
Doing your own research has never been more important.
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*** The content seen on this channel is not financial advice, always do your own research (DYOR) and invest wisely. I immerse myself in these markets every day to bring you the relevant news as it happens, and am providing insight that should be considered my opinion! Happy investing everyone!
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