Can the futures be the cause of the big Bitcoin selloff and how they affect the price? I try to give my 2 cents in this short review, just to take a pause from drinking.
Futures market is a zero sum game just as the real BTC market on crypto exchanges, you need buyers and sellers. You can’t just short BTC and hope for the best. Also, it can’t directly influence the BTC markets. You would have to have actual bitcoin and trade it in order for it to affect the BTC price. I have heard people dismissing futures as having any influence on BTC and that is true.
But, the theory is that if you have a lot of BTC prior to the launch of futures then you can short it, make pressure on the markets so other institutions and big holder start to sell. Then you take profits on the real BTC markets AND on the futures market. You short the futures and because you are selling the real Bitcoin, of course your short will win!
Sounds like a very sinister move but when you look at the chart, it kind of rings true.
I liked this article reporting on it:
CME Bitcoin futures contract will Boom or Bust Tomorrow?
https://www.coingape.com/first-cme-bitcoin-futures-contracts-expires-on-26-january-2018/
CME futures expired in the last hours and maybe we start to see more upside now. Maybe they sold of what they intended, and also, we are just at the spot where the crazy rally started in the first place. Hint, hint.
On the downside, one final washout to 8k would really put the nail in the coffin and I doubt we’d see it lower. In the long term, I am definitely bullish and I will hold on to my BTC and alts as I’d hold to my favourite stout.
This has been a tough month for BTC and our holdings. I hope you handled the pressure well and I see little sense in selling now. If you do, at least try to do bounce plays with tight stops.
Lots of alts have nice looking charts, that also fills me with optimism for the future. STEEM being the first! EOS! ETH! GAS! NEO! Just to name a few.. Keep an eye on those. Also, when in doubt, I always just load up on ETC, it seems undervalued for a long time now. Also I like to use it for transfers from exchange to exchange. It’s omnipresent with some volume almost everywhere.
What are your favourite alts and are you bullish on BTC?
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That's a very interesting theory, one that I have been thinking of myself. It doesn't help that contract dates keep seeming to end around some largely negative events, like the recent Coincheck hack! Hopefully that this will not create a cyclical short term drop, but I fear it will.
I'm also bullish on a lot of other cryptos, EOS, OMG, STEEM and a fair amount of others, in my opinion. Thanks for sharing!
I'm sure there has been some of that going with BTC. My other thoughts are that other alts have been given more publicity and have taken some of the $ out of BTC, partly because of futures trading bringing another level of uncertainty to the BTC market.
I like the way you’re thinking in terms of how the larger end of town can use futures for their own maximum personal gain. The bitcoin market is maturing and while this might no longer mean we only move vertical, it’s a good long term bullish sign.
it is been a crazy months after an exciting rise last the end of last year. Lets see how the market will go. and yes some of the alt is showing agreat potential.
Tub Cat is still holding tight onto his Bitcoin and is about to receive his first payment of SBD and Steem which he will hold on to very dearly. Tub Cat is of the belief that Bitcoin will go on another surge throughout February however maybe a more informed individual such as yourself may have a better insight.
Tub Cat loves EOS! And owns a small amount that was purchased while it was below $10. What are your thoughts on IOTA? Tub Cat bought this some time ago, however it has not moved and Tub Cat cannot explain why it is doing so poorly of late.
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Awesome analysis and greatly appreciated
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Very good points, very instructive, thank you for sharing :)
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You make an interesting case. Definitely, something to think about.
uptoved, following
I am optimistic about Bitcoin, there all time ups and downs happen. Thanks for Boozecoin links, free coins are welcome always.
I definitely agree with your points. In the short-long term (next few months) I am bullish with BTC and alts as well for right now. We have been consolidating around the 10-11k for long enough now. With these CME futures contracts expiring today I expect these whales will be done pushing the price down to then go long since they pushed it down to a nice low price. Plus the robinhood news with literally 700k people signed up is like the cherry on top.
I know that some people is so conversant with bitcoin sellof and how they affect the price
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is bitcoin being manipulated through the futures market?
The article says there is strong data that bitcoin is being manipulated from the coin itself to gain profits from BOTH futures and btc