Eric on Nostr: I have a good chuckle reading media market reviews of bitcoin: Bitcoin (gained/lost) ...
I have a good chuckle reading media market reviews of bitcoin:
Bitcoin (gained/lost) #% today, on news of [insert any random news story here]
Usually that news story likely has almost nothing to do with the bitcoin/fiat exchange rate. The media, especially the financial media, is just so accustomed to knowing (or at least reporting on) the known market drivers, like interest rate changes, earnings reports, employment numbers, etc., that they can't help themselves trying to apply these same drivers to bitcoin exchange rate. Even better is when they try to tie a change to political news, then later tie a change in the opposite direction to the SAME political news.
None of us will ever know exactly WHY the exchange rate changed when it did, other than there were more buyers or sellers active on that exchange at that time. Some things seem obvious, like FTX imploding, or news of large amounts of bitcoin being put up for sale, but the media typically doesn't report on these - sometimes they will credit changes with almost any other insignificant thing.
For now, it is just meaningless entertainment.
Bitcoin (gained/lost) #% today, on news of [insert any random news story here]
Usually that news story likely has almost nothing to do with the bitcoin/fiat exchange rate. The media, especially the financial media, is just so accustomed to knowing (or at least reporting on) the known market drivers, like interest rate changes, earnings reports, employment numbers, etc., that they can't help themselves trying to apply these same drivers to bitcoin exchange rate. Even better is when they try to tie a change to political news, then later tie a change in the opposite direction to the SAME political news.
None of us will ever know exactly WHY the exchange rate changed when it did, other than there were more buyers or sellers active on that exchange at that time. Some things seem obvious, like FTX imploding, or news of large amounts of bitcoin being put up for sale, but the media typically doesn't report on these - sometimes they will credit changes with almost any other insignificant thing.
For now, it is just meaningless entertainment.