Bitcoin Price.....What's going on?

Bitcoin Price.....What's going on?

If you have been following Bitcoin recently, you would have seen the price rise dramatically. So what's with that? Well There are a couple of reasons that should be considered.

Firstly there has been recent exposure in the media, in Australia on the news (SBS), radio has mentioned it, In the US, CNBC has covered it, the sitcom; Big Bang Theory... The result is as more people find out about it, adoption increases. From a retail point of view (being full time shop & ATM operator) I have a unique point of view, it's not just speculation and technical analysis of charts.. I see everyday people coming in to the shop here and ringing me on the phone. I can confirm, interest in Bitcoin is building & everyday people are getting in. The price rise is partially due to this new money coming in.
Another consideration that has been floated is that there may be manipulation with Tether USDT, there have been claims that Bitfinex & Tether are not operating honestly. There are claims that as claimed by Tether, that they do NOT actually have the reserves to back tether. The preliminary and not full audit found that there was a trust that did have a amount equal to Tether, but that it was not possible to establish if the operators of Tether were able to access these funds. The identity of the people behind Tether have also remained hidden. Despite claims that a full transparent audit is being conducted, it is still not forthcoming. There have been claims that Bitcoin may be being pumped by Tether and that there is a big short in the winds.
There is also speculation that big investors (whales) with trading bots have been pumping and taking profits continually, this is obvious and can be seen by the patterns in the charts. Considering that wall street is employing quants to write algorithms & that over 95% of conventional trading is automated,  bot trading in digital assets is a no brainer.

I would recommend that the best strategy is to find a digital asset that has sound fundamentals and go with that. Most of the alt coin market will disappear and traders are going to get wrecked. This space at the moment is one massive speculative free market, with pump and dumps, market manipulation and the dirtiest tricks going down. Trolling, fake news is just the start of it. Be sure though that most of the profits that are taken in the alts are being reinvested into Bitcoin.

I'll be doing a series of explainer videos on our YouTube channel, subscribe to this blog and YouTube to get some unique real world analysis..

Till next time happy Bitcoin-ing..