It may be possible bitcoin was essentially over-valued for a long time and the adoption by online players was already baked into the price. Good news now has to be of the Google, Ebay, Paypal, Amazon type variety to make an impact.
this is what speculators do, they gamble that shit will happen and cause price to go up, so they buy, shit happens price goes up and they sell.
buying in after the FBI stamped bitcoin with their seal of approval, is for sure going to cost more than buying before.
price does not increase because of speculator tho, price increases because bitcoin is perceived to be more valuable after a seal of approval from FBI, speculators simply gambled that perceived value of bitcoin would go up after X event.
and so I do not believe speculators make the price any less accurate over/under-valued not in any meaningful way anyway.
If anything speculators keep prices
low, because they sell once there gamble pays off.
we are / have been in one of these speculators selling because there bet paid off stage for quite some time now... nearly 9 months?
I participated in this myself, I ran out of "coins to sell should my bet pay off"
9 10 months ago. can't imagine these other guys have much more these coins left.....
and when they do run dry, it won't matter if bitcoin jesus himself says bitcoin is evil we WILL go to >800$ in a flash.
this happens in every other market. its healthy and necessary, If all we had was investors and no speculators, no one would ever sell a damn coin, price would be well over 100,000K, liquidity would be 0, and bitcoin would be completely useless.
Conclusion:
KEEP CALM
AND
SPECULATE