Cryptos sentiment… illusive at best
Just wanted to quickly share the results of the weekend poll that I conducted on my twitter handle. Despite me being a big believer in the Blockchain technology & firmly believe that at some point in near future the Cryptos would become mainstream, one can’t deny the fact that there is a high degree of speculation associated with the digital coins & for a good reason.
Warren Buffet trashing Bitcoin (once again!) last week was one such incident. No wonder that legendary investor is not a fan of Cryptos but nonetheless the sharp decline of bitcoin following the comments were associated with him bad mouthing Bitcoin. Similarly, Today’s smallish recovery in BTC was associated with the kick off the Blockchain week in New York.
As a technical trader here’s my take on it… just as Buffet’s rants are not going to bring the Cryptos to zero suddenly, neither is a stunt of driving Lamborghinis in downtown Manhattan going to make them push to new highs… I am not kidding… here’s the deadline on a Bloomberg article today
Nonetheless the consumer sentiment still seems to sway with these headlines as evident from the poll results. The sentiment always lags behind the actual price movement. I was actually surprised that 42% agreed with his exact statement. Whether this means a bigger flip in the sentiment or just few nervous players taking Buffet’s statement too seriously remains to be seen.