The ACTUAL Reason Bitcoin is Crashing in February (you won't believe it)
Altcoin Daily
Introduction to Crypto Market
- The crypto market is expected to experience significant changes, with Maryland proposing a Bitcoin Reserve Act and a Senate Banking Subcommittee on Bitcoin and Crypto being formed.
- Despite positive developments, the Bitcoin price has been consolidating, similar to past trends after significant events.
Insights from Political Insider
- Patrick McKenry, a political insider, explains that legislation in Washington moves slowly, with no permanent victories or defeats.
- The election was seen as a bipartisan victory for crypto, but getting proper regulators in place and writing regulations takes time.
- It may take 18-20 months to see law enactment, with the process involving Senate confirmations and committee hearings.
Regulatory Updates
- Financial regulators, such as the Treasury Secretary, are being nominated and confirmed.
- Important positions, like the vice chair for supervision at the Federal Reserve and the head of the OCC, still need to be filled.
- The regulatory process is expected to take time, with hearings and legislation moving at a slower pace.
Market Analysis
- Millionaires are made in bear markets, and it's essential to buy when it doesn't feel good to buy and take profit when everyone is optimistic.
- The market is expected to consolidate for 3-4 months, similar to past trends.
- Shorting meme coins can be profitable, with examples like Trump coin and Vine experiencing significant declines.
Shorting Meme Coins
- To short meme coins, only risk money you're willing to lose and find an exchange with better liquidity.
- Use exchanges like BitumenX, which offer limited-time welcome bonuses.
- Switch to isolated mode, use 2x leverage, and set take profits and stop losses to ensure safety.
- Open a short position immediately or at a specific price point, depending on your strategy.