Bitcoin – What Might Have Been…Bitcoin continues to tread water, bringing volatility down across the broader market. What’s next and is it all down to the SEC’s ETF decisions?
It’s almost 2-weeks ago when Bitcoin and the broader market experienced an anomaly that for once this year favoured the crypto bulls, Bitcoin’s inexplicable rally to a day high $7,788 that not only smashed its way through the day’s major resistance levels but also the elusive 38.2% FIB Retracement Level of $7,376.
Since the 6.32% rally that ultimately left Bitcoin back at sub-$7,000 levels by the day’s end, there’s been very little for the Bitcoin bulls to get excited about and, for now it looks as though there’s going to be very little to get excited about until the SEC’s highly anticipated decision on the 9 Bitcoin ETF applications that are still pending.
The very fact that there has been little to no news driven moves since the $7,788 high suggests that Bitcoin and the broader market are setting up for a possibly monumental move that could make the last anomaly pale into insignificance.
We’ve seen how Bitcoin and the broader cryptomarket respond to news, particularly on the regulatory front, so this is a monumental decision that investors are waiting for.
The only question is whether Bitcoin’s 2018 will become a story of the comeback king of the crypto or a case of what might have been?
It seems almost poetic that the fate of Bitcoin and the broader market sits in the hands of the very people of influence that Satoshi Nakamoto was attempting to prise power away from. Poetic for those who side with centralization and the Establishment’s that is to say…
For those looking to dilute the power of central banks and governments and financial institutions, the fact that Bitcoin and the other true cryptocurrency alternatives to fiat money have yet to make a material dent into the world of commerce will be a disappointment.
Another disappointment, at lease for Satoshi Nakamoto, may well be the fact that it’s not the Bitcoin but the blockchain that has the world excited and with it, the very governments and central banks and financial institutions that contributed to the 2008 global financial crisis that inspired Satoshi and the creation of ‘The Alternative’.
Few would argue that the future of Bitcoin and the broader market remains an unknown, cryptocurrency 1.0 now having been out there for a decade. Will there be a cryptocurrency 2.0 that takes Bitcoin and the other true cryptocurrencies to deliver a truly viable alternative to fiat money and successfully give the power to the people?
We may be some way off and for now, Bitcoin and the rest will have to suffice. Will governments and regulators feel the same way and allow the new kid on the block to become an additional risk to global financial stability?
It’s somewhat hard to imagine that such an outcome would be permitted, particularly when considering the fact that Bitcoin has its Bitcoin whales and the other cryptos also have some degree of concentration that gives influence to a few.
Was that Satoshi’s ultimate goal? Build the market to such a size that it does pose a global financial risk and then hit the sell button and watch the dominos fall?
Food for thought…