Bitcoin

[Bullitt]

Well, it looks like it managed to make it's H&S measured move down in one day, so maybe the intermission is over.

I shouldn't be so negative, besides, it's a "store of value" isn't it?

 

[Bullitt]

Binance has temporarily suspended some leveraged trades. Those who are saying, who cares about Binance, well, they allow up to 125x leverage on trades. Think about it.

Binance has temporarily suspended trading for all Binance Leveraged Tokens except for: BTCUP, BTCDOWN, ETHUP, ETHDOWN, BNBUP and BNBDOWN. Subscription and redemption for all Binance Leveraged Tokens has been temporarily suspended.

https://www.binance.com/en/support/announcement/e24f1d2600ff426baca9f1eb71b13907

 

[Bullitt]

For fans of Cathie Wood, she just said on Bloomberg that she still sees Bitcoin going to $500,000. No time frame given though.

 

[tsptalk]

​Coinbase back online following outage for some users amid bitcoin sell-off

https://www.cnbc.com/2021/05/19/coinbase-is-down-for-some-users.html

 

[tsptalk]

Huge reversal on huge volume. Normally a bottoming sign, but it didn't help much right away in January, although it was near the low after a test later in the month. Short term we could get more of a bounce, but a test of 30K may be coming as well.

 

[Bullitt]

Head and shoulders has played out. Question is, can it get above 42,000 to negate a mega H&S that would essentially drop Bitcoin to 3,000 - 5,000 levels? I guess we gotta wait and see if it can gain 25% from here.

 

[tsptalk]

It's testing the recent lows today so that will be key. 30K must hold.

 

[Bullitt]

Another one watching the 30k level.

With momentum at extreme oversold levels now just as Bitcoin retreated to a strong and important support area, I would look for prices to begin a period of backing and filling between $30,000-$50,000. But if for any reason Bitcoin’s critical $30,000 support were breached, it would be vulnerable to decline back to $20,000.

https://www.barrons.com/articles/bitcoin-price-crucial-support-level-51621822456

 

[tsptalk]

Yes the successful test of 30K has been a good sign so far. Oscar (aka live with oscar) mentioned 28K and change as the drop dead support- prior lows.

 

[bmneveu]

33K is a logarithmic Fibonacci Retracement level, I and that seems to be holding pretty well.

 

[tsptalk]

30K has been holding since the test of that area last month, but so far no major bounce, and it looks like a bearish flag / pennant formation.

Bitcoin falls after Elon Musk tweets breakup meme

https://www.cnbc.com/2021/06/04/bitcoin-falls-after-elon-musk-tweets-breakup-meme.html

 

[Bullitt]

In the whacky world of meme stocks and digital gold, the cool kids always double down on their losing bets.

Bull side:

MicroStrategy Inc. is borrowing $400 million to buy more Bitcoin

Bear side:

MicroStrategy, in a separate filing, said that it’s taking a roughly $284.5 million charge during its next earnings report thanks to losses related to fluctuations in the price of the digital asset. That amounts to more than its cumulative earnings since 2011. Prior to today’s impairments announcement, MicroStrategy had already taken about $265 million in charges. That brings the total amount of impairments to more than $500 million, according to its filings and data compiled by Bloomberg.

https://www.bloomberg.com/news/arti...-sell-400-million-in-debt-to-buy-more-bitcoin

 

[Bullitt]

HODL? You do that while smart people trade it for "fiat" money.

No mention of bitcoin in their most recent April report.
https://www.ruffer.co.uk/-/media/Ru.../RIC/2021/2021-04-RIC-fund-report-Apr2021.pdf

For context, £550m is around $775M USD.

Ruffer Investment Company has sold the remaining portion of its exposure to bitcoin in favour of "more attractive risk-adjusted positions elsewhere in the market", as the cryptocurrency reached all-time-high valuations in April.

It follows reports over the weekend that Ruffer had made profits in excess of $1.1bn as a result of dumping its Bitcoin exposure, according to The Times.

The firm told Investment Week in December that its exposure to bitcoin at the time totalled around £550m, equivalent to about 2.7% of total AUM. "Bitcoin has been a successful investment for Ruffer since we initiated our position last November, as an additional protection in client portfolios. We have been actively managing the position and sold the last tranche of our exposure back in April."

https://www.investmentweek.co.uk/ne...t-company-takes-profits-defensive-bitcoin-bet

 

[bmneveu]

If they sold all by April, they nailed the top. Well done.

 

[tsptalk]

$30K area trying to hold again. Nice bounce off the lows, but the question is whether this is a "W" bottom or just a bear flag.

 

[tsptalk]

Bitcoin pops 12% to $40,000 after Tudor Jones endorsement, Musk’s about-face on accepting crypto

https://www.cnbc.com/2021/06/14/bit...says-tesla-could-accept-the-crypto-again.html

 

[Marjuno]

I think Musk will say something again soon and bitcoin will start falling again. I'll probably not rush to sell my altcoins

 

[Boghie]

Is this BitCoin trading some sort of FOREX trade - or is it via a stock/ETF purchase?

The reason I ask is because if it is a stock purchase it will be represented in our S-Fund. If it is a FOREX purchase it will not be.

 

[Bullitt]

It's largely a side show available for 24/7 gambling, but probably does have an effect on markets in general. The fact that Elon Musk can move crypto currencies 5-10% with a tweet is a sign there are zero fundamentals behind crypto currencies.

People who were crypto millionaires in April are 30% less rich today. Those people are now less willing to throw their newfound riches around at material objects.

I'd be surprised if S fund had any crypto miners besides RIOT and MARA but those are the only two US based miners I know of. S fund would not contain any non-US or pink sheet crypto miners. Same impact as marijuana stocks on the S fund - essentially zero.

https://www.tsptalk.com/mb/tsp-talk...hinese-investments-post656518.html#post656518

 

[bmneveu]

There's also GBTC, CLSK, SI... probably others. And a ton of stocks have exposure to crypto now, to a lesser degree. PayPal, VISA, TESLA, Square... name a fintech and it probably has some sort of tie to crypto.