Everything is on FIRE today!

[spectre71]

As of this writing our beloved Bitcoin is on fire as well as it's derivatives and shitcoins.

Rate hikes immanent and market backing up a bit.

The Blackrock ETF as they have a 500 to 1 SEC success rate.

Solid ground for sound money or is this a FOMO perfect storm?

I can understand the BR ETF exciting the market (the others are crappy spot ETF apps)

But why is the market other than BTC on fire? One must dial back the optics and look at everything.

Is this FOMO? As in another thread have we decoupled?

Trying to understand why the whole spectrum is overheating.

Silver/Gold is dropping as well that trade generally opposite of BTC.

What's going on?


 

[tabas]

There can be some push because of those news about application for ETF and it's not just Blackrock but also WisdomTree, I don't have idea about the latter but it seems another huge company as per my research it has got $87 billion globally of AUM. Other than these news, I don't see anything that can push the prices but it's all due to these fundamentals and good news that we're seeing right now. While those past news about SEC hunting Binance US, Coinbase and more news about Binance negatively globally, it had pulled the market and now these Bitcoin ETF applications and news are likely the reason why we're seeing the sudden push of Bitcoin. But are we going to be surprised with these if it's normal that it surprises us with a bump and then with the typical dumps that we've been?

[spectre71]

This kinda happened quietly

"Crypto investors have drawn succor from the start of a digital-asset exchange, EDX Markets, backed by firms including Citadel Securities, Fidelity Digital Assets and Charles Schwab Corp. Separately, BlackRock Inc. and WisdomTree Inc. have applied in quick succession to launch spot US Bitcoin exchange-traded funds."

https://finance.yahoo.com/news/bitcoin-hits-six-week-high-031406669.html

Who is EDX?

Explains a few things... Interesting bitcoin cash is their mix, explains why it rocketed up.

https://www.benzinga.com/markets/cryptocurrency/23/06/32930271/institutional-only-crypto-exchange-edx-markets-debuts-with-support-from-major-financial-fi


IMHO: this way too much way too fast, it will settle back like you said

[tabas]

Who is EDX?

Explains a few things... Interesting bitcoin cash is their mix, explains why it rocketed up.

https://www.benzinga.com/markets/cryptocurrency/23/06/32930271/institutional-only-crypto-exchange-edx-markets-debuts-with-support-from-major-financial-fi

Actually, I have no idea about them and the edx that I've thought is the one that's educational and more with online courses. It's good that I've got now an idea on who they are, so based from the article they're an exchange for institutional players.

IMHO: this way too much way too fast, it will settle back like you said

It is nothing new and not shocking but we do get overwhelmed whenever we see Bitcoin moves like this. It's like it's been such a long period of time until it had move a couple of thousands from the stable price that it had been or from the price during where the Binance news were around. I can still remember when it was like the barrier($30K) that's unbreakable a few months ago.

[Nwada001]

Yesterday's and today's market movement, which I believe is not just a result of the ETF news but a collaboration of both the good news of ETFs and that of EDX, is what's bringing this instant market pump. A lot of people want to bag more and hold before the initial launch of the EDX exchange, which they believe will have a positive impact on the market since it's being backed up by strong firms that are supposedly worth billions of dollars.
 
I believe in a short time this market will rapidly correct itself, or it may be good to take this opportunity to fill in the gap and dump created by the SEC drama.
 

[Franctoshi]

Yesterday's and today's market movement, which I believe is not just a result of the ETF news but a collaboration of both the good news of ETFs and that of EDX, is what's bringing this instant market pump. A lot of people want to bag more and hold before the initial launch of the EDX exchange, which they believe will have a positive impact on the market since it's being backed up by strong firms that are supposedly worth billions of dollars.
 
I believe in a short time this market will rapidly correct itself, or it may be good to take this opportunity to fill in the gap and dump created by the SEC drama.
 

Whether ETFs news or EDX news, Technically Bitcoin is already set for a bounce back, If you have good knowledge of technical analysis you would understand that this news event looks programmed or planned to move the market when it gets to a retraceable point, think about why the news event came out after we've tested a support level,  Also when we hit 30k resistance there was an event that brought us down the clogging of the meme pool, the market is a game and the biggest speculators best know how to play it, this is why I use news events to confirm market direction after my TA.

[Hamphser]

Yesterday's and today's market movement, which I believe is not just a result of the ETF news but a collaboration of both the good news of ETFs and that of EDX, is what's bringing this instant market pump. A lot of people want to bag more and hold before the initial launch of the EDX exchange, which they believe will have a positive impact on the market since it's being backed up by strong firms that are supposedly worth billions of dollars.
 
I believe in a short time this market will rapidly correct itself, or it may be good to take this opportunity to fill in the gap and dump created by the SEC drama.
 

Whether ETFs news or EDX news, Technically Bitcoin is already set for a bounce back, If you have good knowledge of technical analysis you would understand that this news event looks programmed or planned to move the market when it gets to a retraceable point, think about why the news event came out after we've tested a support level,  Also when we hit 30k resistance there was an event that brought us down the clogging of the meme pool, the market is a game and the biggest speculators best know how to play it, this is why I use news events to confirm market direction after my TA.

Whether TA's been showing some possible bounceback
Whether FA's been showing positive

There's no way that we could be able to tell on whats the exact reason on why this market is really moving that way. One sure thing that happened recently on which we've seen SEC vs Binance issue plus other
negative things happened too on which it did really make some effect into the market on which we did really make out some decrease but now we've been seeing some positive news which
Applications for ETF and other things on several companies and other putting themselves in line. Im not really that shocked when it comes to market manipulation. 

[Woodie]

Yesterday's and today's market movement, which I believe is not just a result of the ETF news but a collaboration of both the good news of ETFs and that of EDX, is what's bringing this instant market pump. A lot of people want to bag more and hold before the initial launch of the EDX exchange, which they believe will have a positive impact on the market since it's being backed up by strong firms that are supposedly worth billions of dollars.
 
I believe in a short time this market will rapidly correct itself, or it may be good to take this opportunity to fill in the gap and dump created by the SEC drama.
 

After all the negative news SEC has brewed in the last couple of days, this news right here has pretty much soaked everything in and we might just forget about them for now.
What a rebound for bitcoin, when all hope was lost and an eminent bloodbath for crypto...markets just rebounded back into life and am hoping we can get into the $35k to $40k range just to send a message to these guys trying to bring crypto down.

[South Park]

Yesterday's and today's market movement, which I believe is not just a result of the ETF news but a collaboration of both the good news of ETFs and that of EDX, is what's bringing this instant market pump. A lot of people want to bag more and hold before the initial launch of the EDX exchange, which they believe will have a positive impact on the market since it's being backed up by strong firms that are supposedly worth billions of dollars.
 
I believe in a short time this market will rapidly correct itself, or it may be good to take this opportunity to fill in the gap and dump created by the SEC drama.
 

After all the negative news SEC has brewed in the last couple of days, this news right here has pretty much soaked everything in and we might just forget about them for now.
What a rebound for bitcoin, when all hope was lost and an eminent bloodbath for crypto...markets just rebounded back into life and am hoping we can get into the $35k to $40k range just to send a message to these guys trying to bring crypto down.

I will admit that I am quite surprised by the sudden movement that we are seeing right now, I thought that the market will be dominated by a negative trend for some months before we got to see bitcoin back at the 30k level, and instead what we are seeing is that bitcoin is returning to that level without too much of a problem, still I am not so sure for how long these positive market conditions can remain as it would not surprise me if another round of FUD made it to the markets to slow down the growth of bitcoin once again.

[taufik123]

After all the negative news SEC has brewed in the last couple of days, this news right here has pretty much soaked everything in and we might just forget about them for now.
What a rebound for bitcoin, when all hope was lost and an eminent bloodbath for crypto...markets just rebounded back into life and am hoping we can get into the $35k to $40k range just to send a message to these guys trying to bring crypto down.

Good to see the market recovering and starting to enter the $30k price area.
This is a significant increase when previously the bitcoin price crashed due to binance.us legal dispute with the SEC.

But when everything is over and it is clear, Bitcoin starts to recover again.
My hope is that Bitcoin in July will be able to stay above the price of $30k so that it will have the opportunity to go higher to reach $40k.
This will apply when there is no more FUD, but when FUD starts to attack again then the market will be disrupted.

We will still see some corrections and that is quite natural because some corrections are needed so that the market is not saturated and can go even higher.

[Nwada001]

as it would not surprise me if another round of FUD made it to the markets to slow down the growth of bitcoin once again.

Even if it's not now. Fud now looks like something normal to the crypto market. When it looks like the pressure of one is going down and the market is trying to recover so hard, there comes another, as if it's been manipulated by some organization gathered somewhere. Just take a good look at the Luna incident, which resulted in a great market dump. On the FTX exchange, the same thing happened. Now the SEC is suing, etc. It's just something normal now but what matter is how the market keeps on recovering after all this. It keeps bouncing back stronger.

[TravelMug]

I think it's obvious that this is just FOMO, but it will have to start from something, so when the BlackRock Spot ETF application come to surface, everyone wanted to be on board and that's why the price simply skyrocket for the past 2 days.

However, we have experienced this price before, we have hit $31k so this is just a retest. And it's just a question on whether now if we can sustain this run because of the FOMO and then go up $32k++. So it's too early to get excited, in my opinion.

For sure though, those who have been buying at a cheap price is very happy to see their portfolio growing.

[Dave1]

Yesterday's and today's market movement, which I believe is not just a result of the ETF news but a collaboration of both the good news of ETFs and that of EDX, is what's bringing this instant market pump. A lot of people want to bag more and hold before the initial launch of the EDX exchange, which they believe will have a positive impact on the market since it's being backed up by strong firms that are supposedly worth billions of dollars.
 
I believe in a short time this market will rapidly correct itself, or it may be good to take this opportunity to fill in the gap and dump created by the SEC drama.
 

After all the negative news SEC has brewed in the last couple of days, this news right here has pretty much soaked everything in and we might just forget about them for now.
What a rebound for bitcoin, when all hope was lost and an eminent bloodbath for crypto...markets just rebounded back into life and am hoping we can get into the $35k to $40k range just to send a message to these guys trying to bring crypto down.

I will admit that I am quite surprised by the sudden movement that we are seeing right now, I thought that the market will be dominated by a negative trend for some months before we got to see bitcoin back at the 30k level, and instead what we are seeing is that bitcoin is returning to that level without too much of a problem, still I am not so sure for how long these positive market conditions can remain as it would not surprise me if another round of FUD made it to the markets to slow down the growth of bitcoin once again.

Yeah, June seems to be very bad for us historically, but this is very different. When we thought that it might go down or at least sideways at $26k-$28k, suddenly in the last couple of days, the market seems to be on fire and on FOMO.

And yes, we could really smell FOMO here, those who don't want to buy when the price is $26k, is now buying at $30k because they think that the market will continue to go up. Lol, that is the very basic definition of FOMO and I wouldn't be surprised is that is what happening in the market right now that's why the price suddenly went up to $30k in 48 hours.

[Franctoshi]

 After all the negative news SEC has brewed in the last couple of days, this news right here has pretty much soaked everything in and we might just forget about them for now.
What a rebound for Bitcoin, when all hope was lost and an eminent bloodbath for crypto...markets just rebounded back into life, and am hoping we can get into the $35k to $40k range just to send a message to these guys trying to bring crypto down.

The moment we take out the $31k the previous high since market recovery, the next resistance point to face is that of $34k-35k which is technically corresponding with a monthly Resistance, So I do think we will face a little bit of an obstacle there because the zone is a significant level to watch in the market. After all, the price staying above that level will turn it to as strong support before heading to hit the price of 40k, The ETFs news is huge one to get us there.

[Fundamentals Of]

You just can't attribute all the price increases to BlackRock alone. BlackRock already filed for an ETF before the price increased. And why do you underestimate the filings of the likes of WisdomTree, Invesco, BitWise, and others? They have billions under their names. It is even possible that the FOMO is caused by the decision of all these huge companies to file for an ETF almost simultaneously. Such effect on the price wouldn't have happened if there's only that applied even if it's BlackRock.

[adaseb]

Yeah I remember when we broke below $25000 and looking on the daily it looked like we would test $22K with all the SEC news we kept getting hit with.

I think in around 24 hours we gained about 15% which is nuts. Normally on a weekly chart we might see 15% but in around a day it’s crazy. It also seems most are spot buys and not just degen getting liquidated who shorted.

[YUriy1991]

Yeah I remember when we broke below $25000 and looking on the daily it looked like we would test $22K with all the SEC news we kept getting hit with.

The increase in Bitcoin dominance above 50% shows why cryptocurrencies have become something of a Bitcoin party. In the past two years, Bitcoin reached a new daily peak of $30,000, fueled by news of the participation of traditional financial actors in the crypto market. The applications companies are filing with the SEC for Bitcoin ETFs are growing, in line with steps being taken by BlackRock, WisdomTree Investment, Invesco, and Bitwise.

I think in around 24 hours we gained about 15% which is nuts. Normally on a weekly chart we might see 15% but in around a day it’s crazy. It also seems most are spot buys and not just degen getting liquidated who shorted.

True as you said it, and for this moment  is better to wait for a potential pullback in the current market situation than to chase the price and enter a position at the current level before considering entering the market again, moreover Making hasty decisions based on FOMO (Fear of Missing Out) can lead to disastrous results unprofitable because the market can be very volatile and subject to rapid fluctuations.

[Dr.Bitcoin_Strange]

Is it really on fire, like you said? Well,  i don't think it is. I just think it has been a characteristic of Bitcoin that sometimes the market falls so drastically, just like it took a sharp drop some weeks ago when people were asking what the cause of the fall was. That's also how it has taken a sharp uptrend, and some people are making assumptions about what they think is making the price really spike with just an interval of a few days.

[Lamkuthang]

But why is the market other than BTC on fire? One must dial back the optics and look at everything.

What's going on?

Dude, if you really want to know why the market has been on fire the past few days you should turn back the optics and take a wider view and look at how the stock, real estate, commodity, and other investment markets are performing. They are all connected in one way or another. So it's not just the BTC craze in the market, but a lot of other things too. To find out, we have to take a step back and look at the bigger picture.

But, today it's all smiles again BTC has shown its power. BTC is going towards $48K in the next 2 months time. but if stupid FUD doesn't hit that makes investors' guts go out and they are lazy to enter the market again.

[Smitty Werben Man Jensen]

Is it really on fire, like you said? Well,  i don't think it is. I just think it has been a characteristic of Bitcoin that sometimes the market falls so drastically, just like it took a sharp drop some weeks ago when people were asking what the cause of the fall was. That's also how it has taken a sharp uptrend, and some people are making assumptions about what they think is making the price really spike with just an interval of a few days.

Today bitcoin rose to $ 30.7k before it was to $ 31k and experienced a correction below it again,
but I still feel calm because the bitcoin price is of course still positive, so if you waste a market that is on fire,
of course you will regret it.