Bitcoin

[JTH]

Re: Crypto News

Bitcoin jumps above $60,000 for the first time since November 2021


Bitcoin jumps above $60,000 for the first time since November 2021

Across 63-sessions that's about a -16% from Standard deviation 3 back down to the centerline. But for myself, I've found technical analysis really doesn't work the same in the crypto world. Too many shady exchanges with questionable volume and large bag holders dumping quietly out the back door.
But I will say the speculation is good as a broad indicator that money is pouring into the markets.

 

[Bullitt]

Re: Crypto News

How many of those new ETF buyers will be willing to hold once the first sign of trouble comes?

 

[Bullitt]

Re: Crypto News

ETF'ers got their first bit of turbulence today. Down over 6%, but at one point it was down 13% from the prior day close. Dealing with the ETF is much simpler than the actual "coin", especially when it comes to cost basis, taxes, fees, and execution. It's just as easy to hit the sell button the ETF as it is to hit buy.

 

[JTH]

Re: Crypto News

ETF'ers got their first bit of turbulence today. Down over 6%, but at one point it was down 13% from the prior day close. Dealing with the ETF is much simpler than the actual "coin", especially when it comes to cost basis, taxes, fees, and execution. It's just as easy to hit the sell button the ETF as it is to hit buy.

This is what I find interesting, how will the ETFs move BTC, or will BTC move the ETFs, it seems the tail can wag the dog now. I emptied my crypto wallet last year, because of the tax hassle and shady exchanges. Now we have safer (less difficult) opportunities to work with.

For myself, I've chosen to use FBTC (Fidelity Wise Origin Bitcoin Fund ETF), but there's no way I'm going to let the position get too big. :smile:

 

[Bullitt]

Re: Crypto News

BTC is seeing some weekend volatility and possibly threatening the psychological $60k level. With BTC down 15% from the high, how many ETF buyers will be looking to sell on Monday before it goes lower?

Looks like this might have been a response to Iran launching drones towards Israel.

 

[tsptalk]

Re: Crypto News

Can the big bull flag breakout or does it need another trip to the bottom of the flag first?

 

[tsptalk]

Re: Crypto News

Per Gemini: Bitcoin's price started at zero when it was introduced in 2009. The first time it had a price was in October 2009, when 5,050 bitcoins were traded for $5.02. This made each bitcoin worth about $0.0009.

That original $5 purchase would be worth somewhere near $323 million today.

 

[JTH]

Some time back I posted that I left the crypto space, and honestly I was hoping this would be my first year to not file a tax return with crypto.

Well when Celsius went bankrupt, I wasn't counting on getting any of that crypto back. A few months ago, they gave me about about 20% of the BTC & 60% of the ETH (at this time the value is 5K). I guess it's a good problem to have, but it's also a stressful PIA to go back and calculate the cost basis for 245 transactions, then sell the crypto and hope I don't cause a red flag on my tax return.

In today's terms those original holdings of BTC/ETH are worth 20K, but what I got back is worth 5K. My investment with interst was about 13K.

Option 1: Report the loss
Option 2: Gift it to family

Option 3: If there an option 3 I'm not thinking of?

 

[tsptalk]

Option 1: Report the loss
Option 2: Gift it to family

Option 3: If there an option 3 I'm not thinking of?

Just thinking out loud, but would rolling it into an IRA help, or make things more complicated?

 

[JTH]

Just thinking out loud, but would rolling it into an IRA help, or make things more complicated?

It might, but I don't qualify to contribute to an IRA since I'm retired and happily not working.

The cost basis on the BTC is 43.5K which is roughly a 50% gain, but since I didn't get all the BTC back I'd have to report the loss on a separate form and attach it to the 1040, which would be about an 8K loss reported. But if I gift it, then I should be able to get rid of the excess paperwork.

Most rational folks would tell me to hire a professional to do my taxes, which would mean yet another person with their hand in my cookie jar.

 

[tsptalk]

I wouldnt buy this with birchtrees money

Reading some of the old bitcoin posts is quite entertaining. Bitcoin had just hit $250 when that post was made.

I'm not picking on rktect1. That was common sentiment in its early days.

By the way, for future reference of this post, bitcoin hit $94,000 today.

 

[BPASDC]

I think it will hit 100k before the 30th. I'm starting a Swan Roth Bitcoin IRA next week. I wish we could buy real BIT with our TSP or at least an ETF. Hopefully the new administration makes a lot of changes to our TSP and soon.

 

[tsptalk]

I saw an old post saying the TSP bitcoin Fund (off hand I believe it is BTCFX) had been lagging $btcusd badly in prior months, which would be discouraging.

The fund is up over 30% in the last month, just 1% behind $btcusd, so that's encouraging.

 

[BPASDC]

I saw an old post saying the TSP bitcoin Fund (off hand I believe it is BTCFX) had been lagging $btcusd badly in prior months, which would be discouraging.

The fund is up over 30% in the last month, just 1% behind $btcusd, so that's encouraging.

It does lag, but currently it is the only game in town.

 

[tsptalk]

What Fed chief Powell said about crypto that may have aided bitcoin’s rally to $100,000

Bitcoin’s meteoric run may have gotten a little extra push from an unlikely source: Federal Reserve Chair Jerome Powell.

“It’s not a competitor for the dollar, it’s really a competitor for gold,” the central bank leader said at the New York Times’ DealBook Summit.

https://www.cnbc.com/2024/12/05/what-fed-chief-powell-said-about-crypto-that-may-have-aided-bitcoins-rally-to-100k.html

Bitcoin to replace gold over next decade, says Bernstein

This is a pay site, but the headline tells you the story.

https://www.cnbc.com/2024/12/05/bitcoin-to-replace-gold-over-next-decade-says-bernstein.html

Disclosure: I own IBIT

 

[tsptalk]

The boldest bitcoin predictions for 2025 are in — and most see prices doubling to $200,000

After a blistering 150% rally in bitcoin this year, crypto investors and industry executives told CNBC they’re expecting the flagship cryptocurrency to hit new all-time highs in 2025.

Several industry watchers who spoke to CNBC forecast bitcoin will hit $200,000 in 2025.

The highest call is for bitcoin to surge to $250,000.

https://www.cnbc.com/2024/12/31/bitcoin-btc-price-predictions-for-2025.html

 

[robo]

I think the odds of it moving back down to $50,000 are above average.

 

[robo]

I deleted my last post by accident trying to post an updated chart. Based on the data and patterns I track crypto moves with stocks. I think stocks are in for additional selling pressure this year.

My post was the odds are above average that Bitcoin will reach $50,000 this year.

 

[bmneveu]

Bitcoin is so dang volatile, it could hit both of these bear and bull projections this year.

Edit: I own BTC.