Bitcoin rally: What you need to know

AND PERHAPS NOT. DEPENDS ON HOW THE SCANDINAVIAN THING GOES. THANK YOU. >>> ANOTHER 52 WEEK HIGH ON BIT COIN TODAY HITTING ALMOST 45,000. AS IF PREVIOUS RALLIES, IT SEEMS EVERYONE WANTS A PIECE. HERE'S A LOOK AT HOW PEOPLE WANT TO GET IN ON THE ACTION AND KATE HAS MORE ON WHAT IS DRIVING THE RALLY. >> THERE IS A LOT OF EXCITEMENT FOR BIT COIN ETF WHICH TRACKS THE ACTUAL PRICE AND FUTURE PRICE. THERE IS A LOT OF HYPE THAT THE FCC WILL APPROVE THIS. THERE ARE NINE APPLICATIONS FROM BLOCK ROCK. AND THE XOITMENT IS AROUND THE BIGGEST ASSET ENERGIES IN THE WORLD GETTING INVOLVED. IT IS SEEN AS A STAMP OF LEGITIMACY AND APPROVAL. IT WOULD THEORETICALLY EXPAND ACCESS TO BIT COIN. THERE IS ANOTHER DYNAMIC. THAT LIT THE FUSE AND THAT'S WHAT GOT SOME OF THE PRICE MOVEMENTS ABOVE 30,000. THERE IS ANOTHER DYNAMIC WHICH IS LEVERAGE. ESPECIALLY THE MARKETS IN ASIA, YOU GET A SHORT SQUEEZE. PEOPLE BET AGAINST BIT COIN IN THIS CASE. THEN YOU SEE MASSIVE LIQUIDATIONS GET WIPED OUT. THAT IS MOST LIKELY WHAT WE ARE SEEING THE LAST COUPLE OF WEEKS OR SO. YOU SAW THE PRICE CLIMBING TO 40,000 AND THEN A MASSIVE SPIKE TO ALMOST 45,000. THAT IS MORE LIKELY ONE OF THESE BIG WHALES IN THE MARKETS LIQUIDATING A POSITION VERSUS RETAIL INTEREST. YOU SAW ABOUT $90 MILLION OF LIQUIDATIONS ALONE. THAT INDICATES THAT SOME OF THE BIGGER INSTITUTIONAL PLAYERS IN THESE MARKETS VERSUS RETAIL INTEREST WHICH HAS STILL BEEN PRETTY MUTED. IT HAS RESIN IN THE LAST MONTH BUT IT IS FAR BELOW WHAT IT WAS IN 2021 AND LAST YEAR. >> ALL RIGHT. THANK YOU. BOB, HOW DO YOU SEE IT? >> LOOK, NUMBER ONE, THERE IS NO DOUBT THAT INTEREST IN THE BIT COIN ETF IS DRIVING THIS UP RIGHT NOW. HERE'S THE PROBLEM. WE HAVE SEEN THE PHENOMENON BEFORE. THE PRICES OFTEN GO UP IN ANTICIPATION THEY ARE GOING IN. PEOPLE TRY TO FRONT RUN THE PRICE AND MOVE IT UP A BIT. WE SAW THIS WITH CYBERSECURITY ETFs THAT WERE HOT AND DROVE UP THE PRICE AND THEN SUBSEQUENTLY UNDERPERFORMED. I'M WONDERING WHETHER OR NOT THIS IS THE DEMAND PHASE OF THIS. WE WILL SEE WHAT HAPPENS WHEN THE BIT COIN ETF AND IT IS PROBABLY INEVITABLE WE WILL GET A BIT COIN ETF. GRAY SCALE HAS FUNDS THAT ARE CLOSED IN AND TRADING AT PREMIUMS OF DISCOUNTS TO VARIOUS CRYPTO ASSETS, TRADING AT A DISCOUNT TO BIT COIN RECENTLY. WHAT IS INTERESTING IS THERE IS A LIMITED AMOUNT OF BIT COIN IN THESE FUNDS, 640,000. THEY DON'T CHANGE THAT NUMBER. SO PEOPLE WHO ARE PILING INTO THAT, THE PRICE HAS TO CHANGE BUT THE TRADE IS AT A DISCOUNT OR PREMIUM TO BIT COIN. THIS IS THE PROBLEM WITH THE FUNDS OUT THERE. IF YOU HAVE A BIT COIN ETF, YOU CAN ADJUST HOW MUCH BIT COIN YOU HAVE IN THE FUND AND HAVE IT TRACK THE PRICE OF BIT COIN ACCURATELY. IF THERE IS ANY REASON TO FINALLY FIGURE OUT A WAY TO GET THE BIT COIN ETF GOING IS TOELIMINATE THE PROBLEMS WITH DISCOUNTS AND PROEMIUMS WITH THE CLOSED IN TYPE FUNDS OUT THERE. >> WE SEE SHARES OF ROBIN HOOD POPPING. THIS SEEMS TO BE AGAIN, BACK TO THE FUTURE, IT IS 2021 ALL OVER AGAIN. ANY TIME BIT COIN IS UP, ROBIN HOOD IS UP TOO. >> IT FEELS LIKE IT. ONE OF THE THINGS THAT IS HELPING ROBIN HOOD IS THEY SHOWED 75% VOLUME GROWTH, CRYPTO VOLUME ON THEIR PLATFORM. ANALYSTS ARE POINTING OUT THAT A CRYPTOETF WOULD DISPROPORTIONATELY BENEFIT ROBIN HOOD. THEY HAVE A YOUNGER TRADER AND BIT COIN OFFERING. IF THERE IS A BIT COIN ETF, YOU HAVE TO TRADE IT ON A BROKERAGE PLATFORM. ROBIN HOOD HAS BEEN UP 9% TODAY. COIN BASE HAS SEEN SOME TRADING VOLUME GROWTH BUT ONLY AROUND 65% VERSUS 75% FOR ROBIN HOOD. COIN BASE IS THE CUSTODY PROVIDER BUT ANYTHING THAT WOULD THREATEN THEIR TRADING VOLUME, ANYTHING THAT WOULD THREATEN THAT RETAIL TRADING THAT THEY GET ABOUT 3% OF A FEE ON THAT IS NOT SEEN AS GOOD NEWS FOR COIN BASE. THE SHARES ARE FLAT THERE. >> REMEMBER, ROBIN HOOD GETS PAID

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Id: dPsfeVMbhSc

Length: 4min 41sec (281 seconds)

Published: Wed Dec 06 2023