Whether it’s because of Thanksgiving or just the inability to push through higher levels, traditional markets have been trading mostly muted. Comparatively, crypto markets seem to now be on investors' radar and experience much more activity. After a two-month-long rally and probably a lot of complacency, the bout of volatility yesterday shook many, triggering massive liquidations. Any opportunistic buyer would’ve been happy to pick up some coins.
While traditional markets traded muted most of yesterday, crypto markets are swinging wildly. Investors are torn between the euphoria of an incessant rally, the unbearably close 20K mark but, also, the risk of waiting too long before taking profit and the volatility that historically plagues Bitcoin rallies -and definitely altcoin rallies.
The party-poppers are on hold until the release of this evening’s FOMC minutes from the Fed’s November policy meeting. We all know the drill by now, another stimulus = another Bitcoin rally. But, is there a real risk that the Fed hints they have done enough? If the US dollar rallies hard post the release of the Fed’s thoughts, Bitcoin could have missed a great opportunity to register a new all-time high.
The best thing about hodling is ignoring price swings, with the resolute belief that Bitcoin is one of the answers to a financial system that is built on a pile of debt. Global debt stands at $272T, with another $5T expected to be added to the pile by the end of the year.
It’s a Hodler’s delight. Bitcoin prices appear to be on a never ending journey north. Today, we have again printed a new yearly high, with resistance at $17,130 acting as a break on prices. Bitcoin is a peculiar asset — its transparency allows us to report crazy facts, like: 99.46% of all Bitcoin transactions are in profit.
It wasn’t too long ago that the weekend trading sessions provided all the action in Bitcoin. Now, it’s turning into a Monday to Friday market — maybe the institutional effect is taking Bitcoin up enough during the week, leaving the weekend bulls free to spend their time browsing Lamborghini showrooms?
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