Before I get into Bitcoin:
Our dearly beloved Hive. Here we are again, another volume pump. But once again the sellers are will to supply the buyers with cheap Hive. Funny how that is relative. Six months ago we would be jumping up and down for 78 cent Hive. Now I am complaining people are selling lower than they need to.
It would be like having a line up to your brick and mortar store for a product and you look out and see the line and think, maybe I should put everything on sale to keep them happy. Why do you think the line up is there? Because you have something people want. You don't have to discount it.
Bitcoin: $62,064.57 up a fraction 0.68%
So it would seem everyone is waiting with baited breath to see what the ETF being traded in the USA is going to do for the price of bitcoin.
Bitcoin nears record high ahead of futures ETF listing. I had to link, give my source as I am going to quote from it.
"ProShares' Bitcoin Strategy ETF is expected to list on Tuesday under the ticker BITO, provided the U.S. regulator, the Securities and Exchange Commission, does not object."
That is just some general news.
"Analysts cautioned that the fund will not invest directly in bitcoin - rather in Chicago-traded futures - and so may not have any immediate implications for flows. But speculators have been wagering its launch is a positive signal for spot prices anyway."
That is the important piece. Not directly investing in Bitcoin. It is Futures trading. From Investopedia.
"Futures are derivative financial contracts that obligate the parties to transact an asset at a predetermined future date and price. The buyer must purchase or the seller must sell the underlying asset at the set price, regardless of the current market price at the expiration date."
So what is this going to do? It is anyones guess. But the question, and maybe I missed it, is how far in the future is the future traded. I believe Oil is like 3 months. This could bring predictability to Bitcoin buyers and sellers that are not in the Futures market. If you pay attention to the Futures markers and you know there is going to be a higher price or lower price then you can prepare, if you are playing the markets.
Then again Bitcoin may not play nice to the Futures holders.
All in all it is going to be an interesting ride.
Your thoughts?
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Bradley
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