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While technically nothing changed, the SEC approving an ETF directly tied to bitcoin would have changed how Bitcoin is perceived by a lot of people. > Nothing about the currency actually changed. You can say this about about everything: "while nothing about the pound changed, brexit caused the price to go down."
Brexit had real world impact on how the currency would be used in the future and the strength of the economy of the country that stands behind it. The SEC decision does none of that.
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It clearly reduces some of the potential future value of Bitcoin, and predictions of future value are baked into the current market price. I guess you could consider that under your definition of "speculative investment bubble," but it really applies to any market price of anything.
The only way it reduces its future potential value is by making it harder to speculate on its future potential value. Nothing about the currency actually changed.
Bitcoin just went from a high of 1327.1926 to 995.9575 in the blink of an eye. Wow. From the ruling.... > First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated. > Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulat…
Can't they just file in another country? I mean, it doesn't really matter where it's traded; any decent bank will give you access to at least the LSE and Xetra in addition to the two big American exchanges.
It matters, because the US retirement funds (401k, IRA) can't invest into some other country's ETFs, correct me if I'm wrong.
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VXX and UVXY buy and hold contracts in a contango futures market. They are always going to decrease over long time periods. That is their design.
People that don't understand VXX talking about VXX is one of the funniest things on the entire Internet. For some good laughs, take a look at the comments section on this post: https://sixfigureinvesting.com/2013/04/how-does-vxx-work/ A choice quote from elsewhere on the Internet: "Write call spreads, collect $$$ when they expire... this worthless stock is a goldmine!" I have no words.
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I put a 50x leveraged short contract trade 10 mins before that at BitMex, and just before it plummeted, it quickly went up to 1327 and I got wiped out. So I didn't get to make a huge return!
Consider that your expensive lesson about the dangers of short-selling even when you're absolutely sure the price will go down.
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I am not sure why you put the word currency in quotes. There have also been many state issued currencies that have done similar - see Thai Baht, Argentine Peso, Russian Ruble, Venezuelan Bolivar etc.
Pound sterling...
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On 2001-09-11 gasoline tripled, food doubled, and bottled water as much as quadrupled or quintupled in dollar pricing in parts of the US in less than a day. Yes, there were in fact $4/gallon, $5/gallon, and even $8/gallon gasoline and diesel prices posted, many by noon. This also increased the price of everything shipped by truck for a while, too. Prices came off that peak quickly, but took months to years to revert…
That wasn't a swing in the value of the dollar, that was a swing in the value of those goods. The price of a christmas tree drops precipitously the ~9PM on christmas eve every year, that says nothing about the value of a dollar.
Not saying that's what did or didn't happen on 9/11, though.
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function generateBitcoinNewsReaction(oldPrice, newPrice) { if (oldPrice > newPrice) { return "This is good for bitcoin."; } else if (oldPrice
function generateBitcoinSkepticism(oldPrice, newPrice) { if (oldPrice > newPrice) { return "It was a bubble all along."; } else if (oldPrice
generateBitcoinNewsReaction();
generateBitcoinSkepticism();
generateButteryPopcorn();