Bitcoin

[tsptalk]

I think this strength surprised a lot of us.

 

[Marjuno]

It's curious that with this growth of Bitcoin, most altcoins almost don't grow

 

[tsptalk]

By grow, do you mean go up in value, or do you mean interest in the "coins" is growing?

 

[Bullitt]

Heard a few people mention bitcoin "Wyckoff Accumulation" stage in late July to early August. Not much out there about it and I've never heard of it until now, but it is a compelling pattern at a key level that appears to be playing out. I'll have to read up on this Wyckoff method even if only for the historical aspect (1920's).

https://school.stockcharts.com/doku.php?id=market_analysis:the_wyckoff_method

https://cryptopotato.com/the-wyckof...coins-30k-breakdownis-structure-still-intact/

From July 31:



https://cryptopotato.com/is-btcs-wy...t-and-where-is-bitcoin-headed-price-analysis/

 

[Marjuno]

I mean the value increase

 

[Bullitt]

Bitcoin basing handle around $50k and looking for a move to mid-$50k very soon. I'm thinking the psychological $50k will bring a lot of money back in.

 

[tsptalk]

Bitcoin and Ethereum are getting slammed today, but bouncing off the 50-day EMA on the first move down.

 

[Bullitt]

Unreal. I wonder what people in El Salvador think right now.

Keep paying me in US Dollars.

 

[Bullitt]

Looks like they "bought the dip". "Appears the discount is ending". The crypto PPT.

400 on September 6.

150 in today's drop.

 

[Bullitt]

Will it bounce from the 38.2 fib retracement?

 

[Bullitt]

Another whacky idea from left field of the CCP. All crypto transactions to be deemed illegal. It will also be illegal for overseas exchanges to provide services to China.

This has always been the #1 risk in bitcoin - governments shutting it down. The question is, how are they every going to do it? There are many ways to skirt using exchanges.

 

[James48843]

[TABLE="width: 100%"]
[TR]
[TD]China declares all cryptocurrency transactions illegal


Source: AP

BEIJING (AP) — China’s central bank on Friday declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money.

Chinese banks were banned from handling cryptocurrencies in 2013, but the government issued a reminder this year. That reflected official concern cryptocurrency mining and trading might still be going on or the state-run financial system might be indirectly exposed to risks.

Friday’s notice complained Bitcoin, Ethereum and other digital currencies disrupt the financial system and are used in money-laundering and other crimes.

“Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited,” the People’s Bank of China said on its website.[/TD]
[/TR]
[/TABLE]

 

[Bullitt]

Weak bounce off of 40,600.

 

[Bullitt]

Not too crazy about this being in the "infrastructure bill", but exchanges should be reporting this activity to the IRS. I doubt many who trade bitcoin even bother to file taxes properly.

The provision in the roughly $1 trillion plan, approved by the Senate Tuesday, requires brokers of digital assets to report on gains from trading to the Internal Revenue Service. As crafted, it would raise an estimated $28 billion over a decade to help pay for improved roads, bridges, ports and other infrastructure.

https://www.wsj.com/articles/crypto...on-in-house-after-senate-setback-11628693953?

 

[tsptalk]

Boom!

 

[tsptalk]

Bitcoin jumps to nearly 5-month high, topping $55,000 on Wednesday

https://www.cnbc.com/2021/10/06/bitcoin-jumps-to-nearly-5-month-high-topping-55000-on-wednesday.html

 

[Marjuno]

I think Bitcoin will soon set a record again and break the $60,000 bar. Also, Solana has been very surprised lately

 

[Bullitt]

New bitcoin ETF based off futures? Think about USO and UNG which also hold futures.

I'm seeing many comparisons to this being like the inauguration of the GLD ETF for the price of gold. GLD holds physical gold, so there is no comparison there.

One of the biggest limitations is that the futures ETF cannot hold 100% bitcoin futures. It would also have to hold Treasuries and even cash, while leveraging futures exposure to achieve the target allocation. This could cause the bitcoin futures ETF to perform differently than bitcoin itself.

There is also a substantial roll cost associated with futures-based funds. Because a futures contract is a contract for future delivery, the ETF has to continuously sell the futures contracts in the front month and buy another month out.

https://www.businessinsider.com/bit...pto-bulls-sec-approval-gemini-bitwise-2021-10

 

[tsptalk]

First bitcoin futures ETF rises 3% in trading debut on the NYSE

Ticker Symbol: BITO

https://www.cnbc.com/2021/10/19/first-bitcoin-futures-etf-rises-2percent-in-trading-debut.html

 

[tsptalk]

Paul Tudor Jones says crypto is his preferred inflation hedge over gold right now

KEY POINTS

Billionaire investor Paul Tudor Jones told CNBC on Wednesday he views cryptocurrencies right now as a better hedge against inflation than gold.

“Clearly, there’s a place for crypto. Clearly, it’s winning the race against gold at the moment,” he said.

“I’ve got crypto single digits in my portfolio,” Jones said, referring to the percentage of his holdings in cryptocurrencies.

https://www.cnbc.com/2021/10/20/pau...rred-inflation-hedge-over-gold-right-now.html