The price rise from 1200==>1600 was mainly artificial, thanks to the liquidity squeeze from bitfinex, which the other exchanges chose to follow like lemmings.
True, there are a lot of new institutional investors and overseas investment. But not enough to raise the price that high.
I don't know how you could call this anything but a mini-bubble based on artificial bitfinex prices.
Look for a correction down to 1400ish
And what you call the shitcoin rise then? Natural? Sustainable?
In terms of finex their will be an announcement coming on the weekend or monday at the latest.
1400 would still be a very good level for a bottom.
Agreed. It's naive to think that largest exchange stop processing withdrawals in USD doesn't have any effect on the market.They retired their BFX token, introduced a ton of liquidity in people's account and then made BTC the only way to get out. Otherwise why would there be a $100 spread? Shitcoin rise is
dumb people "traders" calling tops and thinking of alt coins as diversification just parking money there instead of USD waiting for a "correction" to jump back in BTC.
Or those are my 2c
Edit: But the good thing is, the gap between Finex is starting to close before announcement. Maybe someone front-running an announcement
