Every time the price of Bitcoin starts to rise, as it’s been doing for the last few hours, there are always a number of questions, that all boil down to “What’s moving this?”
Very rarely is a big price move in Bitcoin clear, particularly if it’s going up. It might be the news, it might be something going on behind the scenes, or it might be a wealthy investor moving money around – usually there’s just no way to tell.
This time as the price climbs, the impending decision of the SEC on whether they will approve, reject, or just allow the Winklevoss ETF seems to be why everyone thinks Bitcoin is running up.
Personally, I’m not sure. In general, the sentiment seems to be pretty negative. Bitcoin is a new, risky asset. It has been linked to dark markets, money laundering, hacks, and scams throughout its short existence. Though it’s clear that there are legitimate uses, regulators are not likely going to want to go out on a limb – it would just be safer for them to give this ETF a pass.
With sentiment so poor, it doesn’t really
Read more ... source: Bitcoin Warrior
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