Do You Have Enough Long Exposure to Bitcoin? | Fake Blackrock News Shocks the Market
I woke up this morning, opened my phone and saw that it was blowing up. News that Blackrock's iShares Bitcoin Spot ETF got approved were circulating. Bitcoin literally popped right up to $30k.
Even before going to bed the night before, I saw BTC pop up to $28k. A little pissed, I checked my limit orders and found that they hadn't gotten filled.
ICYMI, I talk frequently in these blog posts about dollar-cost averaging. I am a buyer of Bitcoin on a daily basis.
about $1k of buying per day. Mix of WBTC and BTC.
Since dipping below $30k, I have been steadily buying about $1,000 per day of BTC. I am prepping for March 2024 when I think we'll see some bullish action in the crypto market. Time to prepare our bags for the next cycle, frens. As you'll see later in this post - and the core topic at hand - I still feel like I don't have enough Bitcoin. I'm stretching now to get as much as I can and the events today taught me a really important lesson that you should learn too.
$65M Fakeout
Right now, it's unclear if Cointelegraph's main X account was hacked or if an intern posted it but that is where the news originated. The western world woke up at 8 AM today to news that the Blackrock Spot ETF was approved:
After this was posted by Cointelegraph, I saw literally every Crypto Influencer posting on X and saying that the ETF was approved. Bitcoin immediately jumped to $30k and I thought we'd see $40k by the time I got to my computer.
Even I fell prey to it:
But... by the time I made it to my office and sat at my computer to find out what was going on, I learned that the news was fake, originated with Cointelegraph and then everyone started playing a demented game of telephone, relaying the news throughout Crypto twitter like there was no tomorrow.
According to Watcher Guru, $65M+ in shorts got liquidated. We gave back the entire move. Judging by the huge buying volume last night, I personally feel like this was a short squeeze that was methodically planned.
It's so simple to print money in crypto:
- buy
- release fake news that everyone's waiting to hear (spot ETF news, right now)
- shorts get liquidated, price goes exponential
- sell
- short sell
- ppl find out it's fake news, dump happens
- cash in shorts
- retire to some island
Of course, you either need to hack a major crypto news outlet or just pay someone off to post the fake Tweet. I guess we'll never know! Cointelegraph says they're conducting an internal investigation to find out what happened.
Reminder of the Cycle
News. Remember the variable in every cycle? The news starts to heat up. Everyone is sitting on the edge of their seats. Any amount of positive news and we immediately surge upwards. Negative news? We tank downwards with a fury.
We are starting to enter that stage of the cycle in my opinion. The news volatility is going to be insane. The only way to survive is to load up your long-term bags, hunker down and wait for an exit price that you predetermine and stick to.
A More Important Reminder
Do You Have Enough Long Exposure to Bitcoin? | Fake Blackrock News Shocks the Market
This was the biggest takeaway for me from what happened today. As soon as Bitcoin skyrocketed to $30k and I saw the news, my first thought was "I don't have enough Bitcoin"
Despite buying it for years, I have never felt like I had enough Bitcoin. This is the time to accumulate. We are still before the institutions, pension funds and massive capital players. We have some time... but not much.
The news cycle today was a real-life fire drill. The fire drill showed me that I don't have nearly enough Bitcoin to be happy for the Bull Run that I believe is going to happen any time in the next 6-18 months.
Time to keep buying. Maybe I'll double my DCA efforts and really send it.
Do You Have Enough Long Exposure? Drop a Comment Below!
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Same feelings, if fake news can do that, imagine when the actual news will occur...
1000$ per day is an impressive amount!
I also don´t have enough yet, but currently I am quite limited to buy more.
It goes like an electric shock for people to buy coins. I just hope fake news like that will have positive impact on the market
The power of media when it comes to market speculation can't be overemphasised. It's not surprising seeing how the fake news had the price of btc surge. I remember when doge didn't the same then.
I think 2023 has been finalized in terms of price actions for many investors.
Q1 2024 is likely to be the time!
Even if it would have been a real news, sadly fake, I don't see $BTC seeing close 30K price until Christmas.
Buying BTC weekly for a few months already, although in way less quantities. But totally agree: dcaing is THE way!
yeah DCA is the way
Steadily buying $1000 Bitcoin!!! Wow! I love your optimism! Wishing you the very best!
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The person whom spread this news should be jailed, but then again i do not see his motives maybe to drive traffic to his blog or something, i do not see why spreading fake news can make him rich. Anyway i think hive is more of genius than the reat crytos... I guess being active on all news cast related to cryto is how to avoid falling for these fakers
I do hope you get to buy enough bitcoin stacked before the bullish kingdom.
However. It is sad to see what fake news does to crypto. The power of media.... it brings both positive and negative action in full force.
Fake news always spreading like wild fire and of course bringing about chaos and confusion in the market, well it's not surprising that Bitcoin price could be surged, I mean what can social media not do?
Seriously buying $1000 Bitcoin per day and extends it for a year that's huge . Nonetheless the said fakenews and the sudden 🌒 moon of Bitcoin has been putting awesome smiles on the face of those might have bit of Bitcoin to rush up.
Nice learning here about latest on cointelegraph and Bitcoin surge effect. Thanks.
The sad thing about what's happened is that, once again, the ecosystem's lack of seriousness and maturity is going to come under fire (the SEC is rubbing its hands together!).
It's impossible to predict or position yourself on this kind of movement, so you need to think about your investment over the long term, betting on solid projects and, above all, being patient!
The power of the media is uncontrollable. I have learnt to just control my emotions towards what I see online. Yesterday's incidence is a big disgrace to the cointelegraph's reputation.
The $65M liquidation is something that is not strange to me. At least if you have been in the space for a while, you will know how quickly people react to rumors.
I DCA every payday, ETH and BTC, but I may rethink that...
By seeing the movement of Bitcoin after this fake news, we can predict how quickly the price of Bitcoin can rise in a bull market. After yesterday's movement, I assumed that maybe the journey of bull run will start from here. Anyway, I am very optimistic about the future crypto market. !PIZZA
$PIZZA slices delivered:
@cyclopshive(2/5) tipped @khaleelkazi
I still have a bitcoin bag that I just hold onto, hard to let some things go lol
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