How instant gratification is sucking the air out of the bitcoin market

Bitcoin (BTC) is suffering from an identity crisis that has nothing to do with fundamentals and everything to do with shrinking attention spans. While gold rallied more than 12% and the S&P 500 ticked higher in the past 30 days, bitcoin slid more than 10% in a market that appeared to pose no reason to shock the largest cryptocurrency. The real story, according to NYDIG’s global head of research, Greg Cipolaro, is what he calls speculative cannibalization. That is, the buzz of short-term speculation is c ...