Bitcoin

[tsptalk]

300 EMA.

The 200 is being tested right now as well, but it didn't have quite the same significance in prior tests as the 300.

 

[bmneveu]

Nice break above the recent high range of $44K, now into the $47K range. Haven't been here since late December / early January. Looking bullish.

 

[tsptalk]

A big gap was opened in the bitcoin futures between Friday's high of 45400 and today's low of 46550.

 

[tsptalk]

300 EMA.

 

[bmneveu]

Resistance becomes support!

 

[tsptalk]

Re: Crypto News

El Salvador buys the bitcoin dip, adding 500 coins to its balance sheet

El Salvador just added another $15.5 million worth of bitcoin to its balance sheet, as the world’s most popular cryptocurrency continues its sell-off.

In a tweet on Monday, President Nayib Bukele revealed that the country bought the dip, adding another 500 bitcoin to government coffers.

It is El Salvador’s largest coin purchase since it first began adding the digital currency to its balance sheet in Sept. 2021 — the same month it became the first country to adopt bitcoin as legal tender, alongside the U.S. dollar.

https://www.cnbc.com/2022/05/09/el-...coin-as-crypto-market-sell-off-continues.html

 

[Bullitt]

Re: Crypto News

Think about about much money El Salvador has lost in bitcoin. Why does president of El Salvador feel the need to announce that he's buying bitcoin? Does he think he's going to cause a monster rally like Musk did with Dogecoin? The party is over.

What happened to all those laser eyes?

 

[Bullitt]

Re: Crypto News

Now this is interesting. Selling to "meet margin calls". I thought he mostly ran mutual funds, but maybe he's involved in private funds also.

Miller Value Partners Chairman Bill Miller told CNBC he sold some of his bitcoin (BTC) holdings to raise cash to meet margin calls... noting that when times get tough, one wants to sell very liquid assets. Bitcoin fit the bill.

He also has an enormous margin of safety having allegedly bought his bitcoin sub $1,000.

Miller first purchased the crypto when it was in the $200-$300 range.

https://www.coindesk.com/business/2...old-some-of-his-bitcoin-to-meet-margin-calls/

 

[Bullitt]

Re: Crypto News

Saylor's business is about to get a margin call, and when he does, goodbye crypto.

MicroStrategy is now underwater on its bitcoin holdings due to the crypto market tumble.

MicroStrategy’s cost basis was roughly $30,700 per bitcoin, as of March 31, according to its first-quarter earnings report. As of the same date, the company owned roughly 129,218 bitcoins, spending a total of $3.967 billion to acquire them.

“We took out the loan at 25% LTV. The margin call occurs at 50% LTV. So essentially, bitcoin needs to cut in half, or around $21,000, before we’d have a margin call,” Le explained on the May 3 earnings call. “That said, before it gets to 50%, we could contribute more bitcoin to the collateral package so it never gets there, so we don’t ever get into a situation of a margin call.”

https://www.cnbc.com/2022/05/12/mic...software-firms-bitcoin-bet-is-underwater.html

 

[liamii]

Re: Crypto News

Think about about much money El Salvador has lost in bitcoin. Why does president of El Salvador feel the need to announce that he's buying bitcoin? Does he think he's going to cause a monster rally like Musk did with Dogecoin? The party is over.

What happened to all those laser eyes?

Yeah, I agree with you also, he deleted the bitcoin from his Twitter bio, nowadays, It seems we have passed laser eyes!

 

[Bullitt]

Re: Crypto News

I'm still dollar cost averaging into bitcoin but I don't ever expect it to be more than 1% of my investments. Diversification is the reason why. It's considered an asset, continues to become more widely adopted, and might be a diversifying asset among portfolios. Going all in on crypto is not a smart decision.

99% of crypto projects are flat out frauds. Maybe some day bitcoin will have some tangible value besides buying and dropping in a digital wallet, but I seriously doubt it. It failed as any kind of inflation hedge and multiple stable coin projects went up in smoke this past month. On the other hand, the technology is real and could have applicability some day in the real world.

 

[hundredaire]

Re: Crypto News

Ever since I started learning about crypto (starting Jan 2021), I've learned so much about macro and fiat to the point it makes me feel sick and disgusted with the way our monetary system is managed.

I started with discovering the use case for bitcoin, then I discovered L1s, L2s, oracles, IoT, NFTs, and many other utilities. I do believe blockchain based gaming, metaverses, audio and video streaming, and cloud storage options are going to explode through this upcoming cycle.

After reading some of these comments I can see how people haven't done the due diligence required to understand crypto and its purpose(s). Hopefully the bill that Senator Lummis is trying to push through will gain traction with the majority on both sides of the isle; if not, I'd hate for us to fall behind in harnessing technology that blockchain/Web3 offer and taking advantage of the hardest asset: BTC.

 

[Bullitt]

Re: Crypto News

The bitcoin stories really do get laughable at times.

The latest is Riot Blockhain (RIOT) CFO calling it quits, retiring last week after holding the position for a year and half. RIOT has had four different CFO's and five different CEO's in the last five years. The stock is down 90% from it's peak in February 2021.

To make matters funnier, they announced their mining factory in Texas (the largest mining center in North America) has been shutting down due to temperatures in the 100's.

"This week alone, each week, each day we turned off between 3:00 and 7:00 P.M."

https://www.foxbusiness.com/energy/crypto-mining-texas-power-problems-nanoseconds-blockchain-exec

 

[bleeck]

Re: Crypto News

Yep, Texas welcomes them and they already have a shaky power grid.

 

[tsptalk]

Re: Crypto News

Are we at puking levels yet on bitcoin?
50% haircut since April. uke:

 

[Bullitt]

Re: Crypto News

Massive forced selling out of leveraged positions. I wonder what Michael Saylor thinks about this? A month ago he had this to say:

“We took out the loan at 25% LTV. The margin call occurs at 50% LTV. So essentially, bitcoin needs to cut in half, or around $21,000, before we’d have a margin call,”

Hedge fund troubles elsewhere. Everything is linked. Forced selling in one sector bleeds over to other sectors. So much fraud in crypto and NFT world it's like the comic section to watch. The excitement has just begun. Pretty soon we'll be hearing about about all the celebrities that pumped NFT's and other outright frauds getting sued.

Beleaguered cryptocurrency fund Three Arrows Capital (3AC) confirmed Friday it had suffered heavy losses in the recent market downturn and said it had hired legal and financial advisors to figure a way out.

https://www.coindesk.com/business/2...-collapse-exploring-potential-options-report/

 

[Bullitt]

Re: Crypto News

A few months old, but gives an idea of bitcoin sentiment in a survey among Goldman Sachs clients. Since March bitcoin is down over 50%, but anyone holding bitcoin will be biased to the bull side.

The survey showed that 40% of the respondents have exposure to cryptocurrencies and 54% predict the price of bitcoin will be between $40,000 and $100,000.

61% of respondents expect their digital assets to increase in the next 12 to 24 months.

22% of respondents predict the price of bitcoin will be over $100,000 in 12 months.

https://www.coindesk.com/markets/20...s-clients-reported-exposure-to-crypto-survey/

 

[tsptalk]

Re: Crypto News

Another long bearing flag threatening to break down after today's 7% loss.

 

[Bullitt]

Re: Crypto News

Dimon is right. I stopped DCA'ing into bitcoin a few weeks ago. It's never made any impact on my total asset allocation and never was going to make up anywhere close to 1% of my holdings so I asked myself, "Where are we going with this?". I'll let the 20 year olds take YOLO bets on this 24/7 casino. At this point in my life, there's nothing to gain in crypto.

“I’m a major skeptic of crypto tokens, which you call currency, like bitcoin,” Dimon said during an appearance alongside other banking executives before the House Financial Services Committee on Wednesday.


“They are decentralized Ponzi schemes, and the notion that it’s good for anybody is unbelievable,” he said.

https://nypost.com/2022/09/22/jamie-dimon-calls-bitcoin-a-decentralized-ponzi-scheme/

 

[tsptalk]

Re: Crypto News