Chart: BTC price plotted against recent crypto rug-pulls and bankruptcies
Dear reddit community,
In celebration of my account reaching 400 Karma I have decided to share one of my personal private charts with the public. This is a graph, which I have found very useful and I hope you would find it too.
Some explanations:
Red area - Symbolizes a "bear market". Calculations are done via my private indicator.
Green area - Symbolizes a "bull market" (even if it's a short run).
Some observations:
- It seems like initially bankruptcies had a big effect on the Bitcoin price, but as they got more often, the market sort of stopped reacting so strong to them (as seen in late summer).
- Unlike September 2021, when there was a big pump-and-dump in price as El Salvador was preparing to accept Bitcoin as a legal tender, in 2022 the "drop" happened earlier (about 2 days) before the "big event" of the year, which was arguably the Ethereum merge. It seems like retail investors have learned to "sell the news" earlier this time.
- Fed rate hikes did not appear to have some directionally observable correlation with BTC price, as such it was not plotted (but it was considered).
P.S: Shout out to the mods at /r/CryptoMarkets for deleting my post. Seems like it's not enough "data-centric" for them. 🤲
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