Great that you're noting this. The price has been dropping and dropping, but I figured at some point it would stop where it was supposed to be. I don't really know what you mean with the increased interest rate, but I don't have to as I'm not a witness. I'll leave that part up to you :-)
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Bitcoin setting up for a strong move lower belowst $2000 so I would 'expect" the price of all cryptos to follow the price of bitcoin. Bitcoin price could get cut in half from teh current $2400 and it will STILL be in a bubble. Once the stock market begins to crash out taking the Silly Conn Valley backing away, then we will find the price of "true" equilibrium for bitcoin. I figger that will be somewhere below $50/coin on bitcoin. Basing my opinions solely on the "sentiment" that drives price in the markets. A nice drop of $1000 would likely generate some "fear" for the first time since March. Don't "expect" much upside until all of the locals who are so "high" on teh future of STEEM are all blogging here in wild wonderment >>> "WTF just happened?! And will I EVER get even on my Bitcoin buy at $2500?!!" :-) The sheeple are so much fun to observe. Don't you agree?
Wut
I track various markets by gauging "sentiment" and how it is affecting price at any given time. I mainly use the U.S. exchange traded bitcoin tracker GBTC to track the fortunes of bitcoin. I'm still holding in a full short position in my "mythical" GBTC trading account. Longer term bitcoin gets crushed. And it isn't even close to generating a buy signal as of yet. You can follow my blog if you want to find out when the next buy opportunity sets up. GBTC will control the price of bitcoin going forward. Yes, bitcoin is a bubble. I'd be careful with sell stops as there is always a chance the computerized trading wizards "controlling" price will do the same thing they did with ETH.
Wow, I feel like I lack so much knowledge to even contribute to that particular conversation. All I know is I've seen many coins lower these last couple of days, which is as far as I can get! Seeing, but not really understanding why :-)
It's a pretty simple concept actaully. The price of anything you wish to buy is a function of your own perception of "value." Most of the bitcoin advocates say >>> "Bitcoin can't be in a bubble because everyone who I talk to about it has no idea what bitcoin is!" That of course is immaterial to value. If everybody who wants something already has it, then price will react to the downside. It doesn't really matter how big the pool of investors/buyers is. Sentiment indicators tracking bitcoin prices were predicting a move lower for weeks now. When price dropped to $1880 as the low over memorial day weekend, and even the local bitcoin price technical anal-ysts didn't get their buy targets hit, even they capitulated on teh frenzy to $3000. If I was a first time buyer I wouldn't even consider buying a single coin until 90% of the commentary on the steemit blogs is a steady stream of sheeple boohooing their misfortunes. Then you will be investing solely on "sentiment"...buy when people are crapping their pants. Sell whenever Dollar Vigilante is breaking out the champagne and cigars. :-)
Dollar Virgil going to get people absolutely crushed over time. It's one of my main missions here. I will single-handedly take this clown dooooown. You can follow my spews about future price of bitcoin at my blog. I update when necessary. Currently still holding a "maxi" short position.