> The number did not go up because of Wall Street interest, futile ETF filings, regulator signals, interest rates, the global economy or sunspots. It went up because of internal market shenanigans. It’s always shenanigans.
> If you’re playing pretend with your accounting, you need the number your accounts depend on to stay up. If it’s cheaper to pump the number up than to let your accounts go down, you pump the number up. And it is indeed cheap — the market’s really thin right now!
I'm anti-crypto but don't have a horse in this race. Just thought a counter-claim should be available to read.
Stock market exchanges usually include a volume metric. Most people don't pay attention to it, generally because it's unneeded: you assume that there is sufficient market for retail investors.
It does matter on the "pink pages", where volume is small. You cannot assume that anybody will buy even one share at the last price, much less extrapolate out to a large order.
I've never seen Bitcoin volume measures, so I can't tell. It wouldn't surprise me if "BTC @ 30K" means "some idiot sold bitcoin from one account he controls to another" or "you might, in fact, be able to get that price for your bitcoins".
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[ 1.6 ms ] story [ 29.9 ms ] thread> The number did not go up because of Wall Street interest, futile ETF filings, regulator signals, interest rates, the global economy or sunspots. It went up because of internal market shenanigans. It’s always shenanigans.
> If you’re playing pretend with your accounting, you need the number your accounts depend on to stay up. If it’s cheaper to pump the number up than to let your accounts go down, you pump the number up. And it is indeed cheap — the market’s really thin right now!
I'm anti-crypto but don't have a horse in this race. Just thought a counter-claim should be available to read.
It does matter on the "pink pages", where volume is small. You cannot assume that anybody will buy even one share at the last price, much less extrapolate out to a large order.
I've never seen Bitcoin volume measures, so I can't tell. It wouldn't surprise me if "BTC @ 30K" means "some idiot sold bitcoin from one account he controls to another" or "you might, in fact, be able to get that price for your bitcoins".