One of Bitcoin's earliest developers suggests crypto trading is all speculation and no tech

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The volatility of cryptocurrency markets is well-documented and definitely not for the faint-hearted - 100x leverage, double-digit percentage drops in a single trading session, and small-cap altcoins "Mooning" hundreds of dollars under an hour lead many to the crypto market under the guise of an early-adopter.

One of Bitcoin's earliest developers, suggests the market does not seem to price in fundamentals at all, instead, exhibiting a rather baffling behavior.

In theory, the two vastly different fundamental factors should have created different price behavior, as a result of the market condition.

Sure enough, cryptocurrencies have a bad rapport for moving in sync with Bitcoin.

News or fundamental-based trading - which dominates equity and options markets - seems to have absolutely no place in the crypto space.

Apart from Tether, a stablecoin, all markets seemed to follow Bitcoin's lead. The pre-halving price run, the slight drop a day after, and the gradual run-up to present levels are mirrored across each token.

All coins had varied fundamental factors; Bitcoin Cash had its halving in April, Ethereum saw the launch of many-a dApp or DEX, Binance announced a move into China and introduced new trading products, while Tezos had no significant announcement.

Still, as the price movements show, only Bitcoin's movements seem to matter.

For the uninitiated, Andresen is one of the few people on the planet who hold the distinction of having worked alongside Satoshi Nakamoto, Hal Finney, and other early Bitcoin visionaries.

While they figured out the intersection of cryptography and finance, it seems like the irrationality of markets and human trading behavior remains an unsolved phenomenon.

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