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Originally Posted by J pold
This seems big to me as well but the market is more or less flat on this news. I'm fairly new to crypto but it is strange to me that the market hasn't reacted positively to this news.
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First of all, 'news' like this usually isn't actually news - the market was likely aware of it, or at least aware that it was likely, prior to the announcement, and therefore it would already have been priced in.
Also, crypto, and Bitcoin specifically, are global in scope - there could be a lot more going on elsewhere than just this, and the other things are overshadowing it.
Most importantly, prices are set by buyers and sellers, and cryptos have been under extreme selling pressure for some time now, and it is just likely the case that this good news is not enough to stem the overall negative cloud that is currently looming over the market.
By most rational accounts (other than the biggest Bitcoin-is-going-to-a-million! supporters), it is very overpriced and very ahead of itself. And that is causing the selloff. News out of South America, which likely isn't news, and isn't all that significant in the grand scheme of things, just isn't enough to stem the tide at the moment.