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RE: The Irrationality of the Crypto Market
I think at this point anything that reeks of FUD will dump the market whether it makes sense or not. I saw a lot of tweet talking about that news regarding the FEDS not owning BTC. sentiments are a double-edged sword in crypto and it can be really surprising.
0.00114461 BEE
Yeah, that was probably the trigger. We might see the market go lower, although for some alts this would be really bad.
It's pretty frustrating to be honest. Once again it's left to us sane ones to steady the market by slowly neutralising the bleed with our DCA's and HODLs. I'm reminded of something someone posted about how the number of people who actually 'get' crypto is much lower than the amount of people in crypto. While the fed statement may be a blow of sorts to confidence, BTC isn't a US coin, it isn't a USD coin.
There's a whole 200+ country and world economy out there and the fed can fud all over BTC all they like, even without the fed embracing bitcoin, it doesn't change BTC for the rest of the world, it actually provides even more opportunity to front run the US in this space. And competition is a bullish scenario the fed wont ignore when other countries leapfrog any delay in the US taking charge of ownership of the opportunity in this space.