this is not your daddy’s ETF…
In a huge move a spot bitcoin ETF has been approved and some wonder if this was ever something that really needed approval but that is a different story.
The price of bitcoin increased leading up to this official news and it spiked to $49,102.00 before sell pressure liquidity and other factors caused a reduction in price which has held at the 41,900 to 43,300 levels.
There has been quite a lot of speculation on why this happened but there is always a reason and that reason is hardly ever what they say it is at first.
A great example of this kind of thinking is when Bitcoin flash crashed a few days just before and after several crypto dominate banks failed.
The story was that crypto crashed because the FED continued to increase interest rates and also a news story ran that it was the ukraine war that caused it or a combination of those two events.
The truth later came out when FTX went under along with a few banks weeks later.
This was the real reason why it all went down but no one was telling that truth and even on Google you could see several attribution related postings all with the idea that it was the FED and Ukraine that caused it, but that was not the truth.
So why is Bitcoin going down instead of up as many thought it would do earlier this month?
The truth is that there were several shorts that created this issue along with some liquidations and then the Greyscale bitcoin trust allegedly had some sell pressure its users generated.
The thing here is this it is never what they say it is at first.
So the moral to the story is that you really need to do research even if google will not tell you the truth until later.
When you see a big crash there is always a reason…
The following blurb comes from a great publication that you really should know about and if you don’t subscribe you really should…
If you want to learn more about crypto and how it works there are a lot of great places to find more information.
The best way to get into crypto is to learn and that is something you can do.