Shit, wish I had waited to buy last week.
Well there is always this week.
Well there is always this week.
Also next week? Probably?
Maybe, depends on Bitcoin. I have a couple of XMR buys further down in both USD and BTC pairs, but it seems $40 is the new $50 XMR/USD resistance level, for now and we may have seen the worst (unless Bitcoin dives again).
I think there will still be uncertainty and possible lower lows in BTC until end of January, unless there is a BAAKT 'bump' coming.
Bakkt continues to be a wildcard. With Caitlin Long and her constant rehypothication/comingling warnings about Wall Street's arrival as well as other things I think it has muted any front-running of price rise. I still cant figure if her constant warnings are purely cautionary or if there is a fud aspect. So I think the market is spooked there, as we are pricing in the sentiment that ETFs are NOT coming any time soon. I think once BAKKT and others are up and running we will see the real effects. And I think as usual this will echo in the Monero market.
I think Caitlin Long has a point - and if you've see her talking on it, it's pretty convincing. I do think the crypto market is equivocal about it, I am not personally convinced it will be 'all good' either. Yes, it involves real bitcoin, unlike the CME /CBOE futures and therefore should draw coins from the market. However, the habitual rehypothecation habits those behind BAKKT are used to are real - and these habits, if applied - risk challenging part of the the value proposition Bitcoin offers; that of it being hard money with a verifiable, fixed and limited supply.
I would like to think it will help Monero, but Monero is still in a crypto market driven by Bitcoin, so if BAKKT is bad for Bitcoin, then even if Monero is not part of it, it won't help.
Let's hope BAKKT is a positive, we can only wait and to see.