@csmit Sure because BTC is valued in the Dollar. It's paired BTCUSD - So regardless of the market the strength of the dollar is how it gets it's value. The correlation works similar to Gold, although like you mentioned there is so much emotional trading currently and high expectations that every move is getting quiet exaggerated.
I feel the markets currently are coiled, anticipating the news on Segwit. Whilst currently enjoying the previous peak due to the weakened Dollar. Let us not get too comfortable on these figures, as a strong dollar can drive down prices fiercly as we saw in the run up to trumps election and brexit - with insane volatility on Gold and the Japanese Yen as people seeked safe heavens for their savings.
Bitcoin has also been used in this manner I believe, but people are wary of what is it actually worth - may be far less then the current sentiment.
Yes you are right. BTC is priced in dollars but I think emotions currently far outweigh any fundamentals.
Are you involved in BTC mining?
@csmit Let's see, I've traded this correlation for the past months and it's rarely been out, but sure there are a tonne of emotions riding right now so a panic sell could also be on the cards due to the uncertainty of the split coming up.
Yeh i'm mining some dash and ethereum right now. are you mining?