Bitcoin its a big deal or is it more of a bitCon.
This new Digital age where almost anything is possible we find a lot of interesting things going on.
One of the more interesting aspects about BTC is that the average Jane or Joe could trade and or buy, sell, make money or lose money.
At least right now that is what is happening though things are moving in some disturbing directions.
For one thing and it might be one of the most important things is that regulatory agencies are comping at the bit to go after these big behemoths of the internet age.
Along with Crypto Currency political considerations are looking at Facebook, Twitter and others for their bad behavior.
The thing about this entire situation here is that for the most part you cannot have your cake and eat it too.
No, No, No Sir… OR Ma’am.
If congress goes after Facebook and Twitter and then Goes after Crypto Currency at the same time the effect on the stock market and the economy would be seriously compromised.
It would be insane to do that but all bets are off when it comes to doing stupid things in Washington.
There is a rumor somewhat backed up by at least some good faith evidence that a few individuals and or an exchange may have created artificial demand for bitcoin causing the price to go up.
The bad faith actor, (allegedly) if he or she exists they are as anonymous and as shy as the creator of bitcoin.
The rumor has it that allegedly someone invested a large sum of coins that were not actually backed up with real currency but were printed out on a hard drive and then glued together with crazy glue.
They then allegedly tendered these coins as payment to buy bitcoin.
This created an artificial bump that propelled the currency to higher than normal volume and value.
If true we could be seeing the effects of what might be a discovery of that fact by exchanges and they are now in the process of ridding themselves of that crypto.
(allegedly and a guess at the same time)
Another interesting story is that there were some 2.9 give or take Billion dollars in options that expired on the 29th of Jan 2021.
What does that mean?
Well for one thing it could mean that the brief but exhilarating and exciting fluctuation of BTC to 37,000 was tied to some of those options being executed.
The real story here is what will happen on Ground hog day…
Yes, indeed, Feb the 2nd!
Will BTC see its shadow and go back into the ground…
One thing is for certain Phil is not going to be worried about BTC like the rest of us Joe’s and Jane’s out there.
As I write this the market is moving up and down, up and down, but not really much movement.
34,230 to 34,400
Every time it starts to move up toward 34,500 it gets spiked down to 34,130 or less.
Then people start buying…
Then it goes aback up to 34,270 and then right back down to 34,200
What this means and this is really just an educated and prognosticated Spock moment but it looks like someone or a few someones are pushing a position where anything above 35,000 will create a loss for them and they are willing to spend like the devil to push down the market until a certain point in time hits and they get that long long and slow kiss goodnight.
Bad for us good for them.
The thing is will this overdue rally hit on Monday the first of February or are they going to wait to see if BTC sees its shadow on Feb the 2nd.
I can imagine that there are a lot of people online who are hoping and perhaps even praying that today between 12 and 2pm that the price will jump up again to that elusive 37,000 mark.
Right now it looks bleak and well like more winter is headed the Bitcoin way.
The high so far has not been all that impressive.
But then again I guess it depends on what you got and what you want to sell.
Just don’t meet anyone in a dark alley in the middle of the night…
They are not there to really buy your bitcoin…
There are a lot of possible indications that things could go either way and one of the big possibilities is that BTC could possibly open up on the index.
If that happens there will be a serious flame for BTC…
It will be on Fire.. No theater required.
The opposite could also happen, if the SEC or any other three letter agency decides that Joe or Jane cannot be allowed to compete with the very wealthy people who make money on the stock market.
That would seem to be a real possibility.
When you start to look at what happened with Gamestop…
When you start to think that what would happen if these three letter agencies decided that regular people need to stay poor and then take action that would keep Joe or Jane or Sid or anyone that would like to trade Crypto from actually being able to do that.
They would probably do something like this…
Set stringent requirements for trading…
Minimum account balances of $5000 usd.
You would have to keep that in your account at all times.
So if you bought any BTC you would have to have an equal amount in USD at all times.
What that would effectively do would be to exclude millions of buyers and sellers from being able to “Afford” to buy or sell BTC.
with the way things are going in America these days, they are likely to require a valid vaccination agreement before you could open an account…
Right back to the insanity of DC politics.
But lets get real for a moment IF you believe that the average guy or girl online can really make a ton of money and not because you saved any money on your Auto insurance, you might be right at least for now.
It is literally like the Wild Wild West in Crypto Land.
So “Stick to ur guns partner” and keep up with what is going on because its going to be a wild bumpy ride.