Yen carry trade blowing up and not done, kinetic war escalation in many places, recession indicators flashing bright red, and a "high" interest rate environment... yet bitcoin is still at $57k... a true global store of value asset, indeed I'm old enough to remember when posters on ET said bitcoin will go to single digit when a recession hits or interest rate goes above 5%, now we have both I have not had this much peace of mind holding majority of my family's net worth in bitcoin
When the AI bubble bursts, there will be great fire-sales from the Nasdaq right through into crypto. This is when Orbit will show up in full force... and peddle 'proof' of his broken-clock strategy.
BTC seems to follow the macro data recently. Short term it will just follow the flow of data which is looking worse every week. If the NFP tomorrow is < 100K jobs it could swoosh down again. This would seem to indicate the marginal buyer/seller sees BTC as a risk asset. I noticed when the QQQ rises and BTC goes down, QQQ always comes back down intraday. BTC is a better read on the macro sentiment.
The chart for the past 6 months doesn't look particularly healthy, with a succession of lower highs and lower lows. But I guess the trend could turn around at some point.
Don't worry. They are just trying to make the coins more accessible by lowering their price. This is just a step closer to mass adoption. Cheaper Bitcoins = more people can afford to buy!
Since we are heading into the historically bad Sept-Oct lows with gaps to be filled in the market, don't count on it.
The ETFs have been with us less than a year and now everyone who bought after March is underwater. (Ya I know there were a few days in August who are still whole) Anyway these are investors not Bitcoin Hodlers, how long do you think they'll hold on to falling investments. The ETF holders are looking for investment returns and are pretty fickle. 5% guaranteed in a term deposit looks better than an investment thats dropping.