Crypto's "Good News" Problem: Even a US-China Truce Can't Pump This Sickly Market
So, we're supposed to believe that a US-China trade truce – something the suits on Wall Street creamed their Dockers over – couldn't even give Bitcoin a freakin' tickle? Gimme a break. Bitcoin's down 1.72% despite the supposed good news? Ethereum and Solana getting hammered too? Somethin' ain't right.
The article says the "crucial period" was Oct 29-30, with the Fed meeting and the Trump-Xi pow-wow. Fine. China agreed to buy our soybeans again and the US lowered some tariffs. Gold dipped, Nasdaq jumped... okay, standard operating procedure for de-escalation. But Bitcoin? Crickets. Bitcoin Fails to Rally on US-China Truce; What’s Next for Price?
They blame the Oct 10 "crash" that liquidated $19 billion in leverage. Like that's some kind of excuse. Newsflash: Crypto's always a leveraged casino. So, what's changed?
And this Powell clown...
Powell's Pivot: The Real Crypto Killer?
Oh, so the Fed lowered rates (good!) and stopped Quantitative Tightening (also good!)... but then Powell had to open his mouth and hint that maybe, just maybe, they won't cut rates again in December.
The article says the CME FedWatch tool showed a 91.5% chance of a December rate cut BEFORE Powell spoke. After? That plummeted to 55%. Bitcoin dropped 2%. Coincidence? I think not.
What is it with these central bankers? They giveth with one hand and taketh away with the other. It's like they want to keep everyone guessing. Like they enjoy the power of moving markets with a freakin' word.
And now we're supposed to hang on every word from Atlanta Fed President Raphael Bostic and Governor Lisa D. Cook? Are you kidding me? These are the guys who didn't see the 2008 crash coming, the inflation spike of 2021, or the bank failures of 2023. Now we're trusting them to guide our crypto investments?
Offcourse, the "experts" are saying that inflation and employment data will be super important this week. JOLTs, ADP, Unemployment Claims... blah, blah, blah. It's all just noise. A smokescreen to hide the fact that nobody – especially the Fed – has any clue what's going on.
I bet those guys are shitting their pants.
They point to the Altcoin Season Index hitting its lowest level since August. Great. Another meaningless metric to justify their narratives. Maybe I'm wrong and the suits know something. Maybe I'm the crazy one here.
Crypto's Officially Lost the Plot
So, let me get this straight: The crypto market can't even rally on a US-China trade truce because of... checks notes... Jerome Powell's vague pronouncements? This ain't the future of finance; it's a glorified trading desk for bored day traders and institutional whales who are just looking for the next pump and dump.