Can Coinbase And BlackRock Deal Send Bitcoin To $773,000?

[CryptoFuturistic]

Do you think this https://markettimes.co.uk/cryptocurrencies/can-coinbase-and-blackrock-deal-send-bitcoin-to-773000/ deal gonna have an effect in the market?

[franky1]

no

there are some fundementals people do not realise right now

absolutely everyone on the planet with an modern asic at this moment can mine bitcoin themselves for under $100k

much like previous years everyone on the planet could mine for under ~$75k..

which is why the markets dried up of buy orders when it approached that $70k mark because everyone could mine for less so seen no point in paying a premium on the market if they could acquire elsewhere for less.

those mining were also putting on the sell pressure because they were making profit.
and those that bought way below the $70k mark were selling too.. which all kept the price from going catastrophically into the realms of the unknown.

these fundamentals still apply.
no 'good news' can send the price 500x.. never happened before so dont pretend it will happen in one leap.
so chill on the exaggerations that this one deal can send the price up so high so fast so soon.

it can help to start a ball rolling to speed up the next bull run. but there are too many variables also too many fundamentals to say that $700k is even a possibility in this current 4 year cycle

to even be within a mining economic window to even have enough buy pressure to even get to that level. the hashrate would need to be in the 2,000exahash range


what you find is
that the 2013 $1.2k price occurred due to asics causing a new planet wide cost window shift of what people would prefer to mine or buy to get bitcoin. from single-dozens of dollars to hundreds-thousand dollar window

the 2017-18 shift was due to other reasons.
the article uses silly numbers it just drops in "like my 21x multiplier" BS

yes we might see blackrock do some temporary large buys that might see it cause a peak of $98k (rational top for the year so far)
but this can correct back down just as quick. and then another 0.5% that might see another peak to same level and then correct back down again.

where slowly in combination with other fundamentals like the mining economics. can see the price healthy move forward over years

but DO NOT expect a $700k price any time soon. and definitively dont think it would be a sustainable amount that holds up to any new ATH. expect all ATH to follow with some level of correction

[darkangel11]

It's going to be a wonder if it takes us back to 60k. Let's drop all the bullshit speculations of the extremes, which are people who say bitcoin is going to 1k or to 0 and people who say we're going to a million dollars (773k is pretty close to a million in that way).
We are in a bad economy right now and with the war already raging in Europe and another 1 brewing in Asia, we're not going to have people standing in lines to freeze their money in some investment.
I don't see us going anywhere past maybe 40k until this situation is resolved. We may have some runs up and down but in a bear market positive news are usually ignored and negative news tend to pile up and make people overreact.

[Rruchi man]

$773,000? or $73,000?  

Do you think this coinbase and blackrock deal gonna have an effect in the market?

It may have an effect, but not so much that it sends the price back up suddenly. BTC price will definitely get back up, but it will take and require a series of positive events like this for this to become a reality and not just one news. As btc hodlers, we continue to remain optimistic about the price of btc and it is in our expectations that the price gets back up shortly.

[PX-Z]

$773,000? or $73,000?  

The former as what you see on the title thread.

It may have an effect, but not so much that it sends the price back up suddenly. BTC price will definitely get back up, but it will take and require a series of positive events like this for this to become a reality and not just one news. As btc hodlers, we continue to remain optimistic about the price of btc and it is in our expectations that the price gets back up shortly.

The article mentioned that it takes 5 years to reach that high But i doubt it would happen for such figure, but its possible though. But not for the reason when of these platforms starts to collaborate or so.

[Franctoshi]

Blackrock being the biggest hedge fund manager in the world that almost own everything in the world (Shares etc) now coming to the crypto industry and in partnership with Coinbase to offer crypto to institutional investors is a good deal,  in the sense that this is gonna pave way for more Institutional investors to have access and put their money into Bitcoin and cryptos ,Thereby bringing more money to melt into Bitcoin and that's gonna be massive when things begins to kick off.
With regards to the price of Bitcoin reaching  $773,000 it is very possible coupled with  SEC and CFTC looking into regulate Bitcoin and ETH as commodity can easily push the price of Bitcoin to such a record high.

[hatshepsut93]

I doubt that one single event can bring us back to the ATH levels. For that to happen it must be a wave of events, similar to the institutional adoption hype of the latest bull market, or the blockchain hype of the 2017 market. One company getting into Bitcoin, no matter how large it is, won't push the price that high.

[EdenHazard]

Blackrock being the biggest hedge fund manager in the world that almost own everything in the world (Shares etc) now coming to the crypto industry and in partnership with Coinbase to offer crypto to institutional investors is a good deal,  in the sense that this is gonna pave way for more Institutional investors to have access and put their money into Bitcoin and cryptos ,Thereby bringing more money to melt into Bitcoin and that's gonna be massive when things begins to kick off.
With regards to the price of Bitcoin reaching  $773,000 it is very possible coupled with  SEC and CFTC looking into regulate Bitcoin and ETH as commodity can easily push the price of Bitcoin to such a record high.

Well for some reasons ... i even think we might go the other way around.

To get crashed in the next couple of months and if the bitcoin price going to hit another all time high soon ... it requires a crazy crash to get a crazy skyrocketing price! That's what always we used to see in the bitcoin market , just like before hitting $65k ... bitcoin price were in the lowest level of $2k , so yeah it's 30 times skyrocketing with -80% crash to realized the ath.

[adaseb]

No. I am surprised that we keep seeing articles like this being posted. Also wasn’t black rock suppose to allow trading of Bitcoin a while back also? I remember when the news broke it didn’t have a large affect on price.

Right now I think all eyes are on the CPI prints and unemployment numbers. Unless the fed can control inflation and stop increasing interest rates there will be no ATH in crypto or stocks. Last months unemployment numbers are bad when it comes to inflation.

[bittraffic]

773,000 is a lot. We were hoping to just land on $100K last year and were disappointed.

Still, I wouldn't hold back thier speculation and if it happens in the next three to five years I'd be grateful to take profit. Yet there were also speculators who believe Blackrock is going to suppress the price and keep manipulating BTC to make money for themselves.

[buwaytress]

Right now I think all eyes are on the CPI prints and unemployment numbers. Unless the fed can control inflation and stop increasing interest rates there will be no ATH in crypto or stocks. Last months unemployment numbers are bad when it comes to inflation.

Mmhmm. And even if the numbers stop worrying traders and investors, the impact on regular people will take a while to become obvious. I do not feel we get a regular cycle anymore but sentiment will take some time to change. Savings will take time to replenish. Confidence from investing takes time to trickle down to consumer.

Make no mistake, we will have to be seriously patient for a proper recovery, and seriously prepared for bad to get worse first.

773k? Sure. But not overnight, baby.