Nurse Sherry asked me when I will make another buy of the Bitcoin because she can get in ASAP
I am fascinated by the current kitco.com chart for the Bitcoin since shortly before mid day Friday
It's not the price discovery, it's the volume, virtually nonexistent since Friday evening
It's a situation of "you buy, no, you buy"
We all know the Bitcoin will go volatile shortly after the latest FOMC decision, but so does the stock market on those days. I should know from experience, having written for financial websites going back the late 90's.
One would think with the FRC collapse the Bitcoin market would have responded either up or down. It has done nothing.
Nothing. So far.
I am in the camp of idiots who think the Bitcoin price discovery is controlled by one person, with that person controlling a significant supply of the currently available tokens of around 19 000 000
I also think this person, who I call the Orca, doesn't actually trade the coins so much it uses an access to a huge supply of capital to move the price.
Which immediately raises the issue of wash trading or synthetic trading to generate volume that attracts buyers
The question in my mind has to do with when will the Orca make its move and for how much price discovery in a relatively short time period that usually lasts at most three hours
My current strategy is if the Orca decides to take down the price I'm buying
If the Orca decides to goose the price I'm buying
AI
