Bitcoin Price Thread

Discussion in 'Crypto Assets' started by Magna, Nov 26, 2017.

  1. Esha.J

    Esha.J

    Predicting the market and trading on it is not that easy.
     
    #1951     Jul 19, 2018
  2. johnarb

    johnarb

    https://www.forbes.com/sites/petertchir/2018/07/22/is-this-bitcoin-rally-for-real/#405d9f863b3b

    Is This Bitcoin Rally For Real?

    I have been bearish on cryptocurrencies for a number of months now. I was feeling good about that view as Bitcoin flirted with breaking $6,000 again as recently as July 12th. Then it took off. It went from $6,185, to $6,662, to $7,314 in just 2 days (according to Bloomberg data).

    That description doesn't do justice to just how quickly it shot higher. According to Bloomberg data, Bitcoin was at $6,785 at 1:35 pm EST and got as high as $7,425 by 2:05 pm EST. A 10% move in half an hour is extreme, even by bitcoin standards.

    I have seen many explanations for the move - but none are completely satisfactory. I continue to believe that liquidity remains low in many markets (already this year we have had moves in VIX that were considered nearly impossible and Italian 2-year bonds experienced what was at least a 10 standard deviation move). That low liquidity in an algo driven world has proven susceptible to rapid gaps in pricing, but Bitcoin and other cryptocurrencies have held their gains.

    There are several things that drove the move in my opinion
    • Several sources are reporting that the prestigious CFA designation will require knowledge about blockchain and crypto. In terms of 'adoption' it is impressive that this group, which has to be viewed as serious and conservative, has deemed crypto and blockchain important enough to add to their curriculum.
    • More talk about banks looking at various crypto assets and, of course, Larry Fink told media that Blackrock is exploring blockchain and cyrptocurrencies. Markets seemed to ignore his comment that they have not seen large investor demand. I am not overly excited about big banks or investment firms exploring bitcoin or cryptocurrencies as they should make some investment in case it works out. I view this as less of an endorsement and just smart business sense for these companies to be prepared if it grows - rather than they are committed to helping crypto grow.
    • It seems that the potential for a Bitcoin ETF has increased again. Whether it is the release of comments being sent to the SEC regarding bitcoin ETFs range from childish and absurd to extremely thoughtful and compelling (I thought that some letters that commented on the fact that GBTC - the Bitcoin Investment Trust - regularly trades at extreme premiums exhibits investor demand and that premium is a problem that would be corrected by a properly run ETF as most valid in trying to convince the SEC). I do think Bitcoin ETFs would encourage new adoption - anyone could buy a couple hundred shares - just in case. It would be a great way to alleviate FOMO (fear of missing out) or as I wrote long ago - it would help with the 5 Stages of Not Owning Bitcoin Grief that many felt late last year. Having said that, I think places like coinbase have made investing in Bitcoin and other cryptocurrencies directly, so much easier, that the benefit of an ETF might not be as great in terms of adding new buyers to the market as some seem to think. Open interest on bitcoin futures contracts remains unimpressive.
    • Governments, central banks, supranational agencies are all getting more up to speed on crypto - which is clearly an indication of its importance, but I find most of the comments and statements more cautionary than endorsements - particularly of the current array of cryptocurrencies available (the sheer number of cryptocurrencies is somewhat daunting and to me, is one of their biggest weaknesses, because it does have a 'me too' or 'anything goes' type of vibe - rather than a perception that 'this really works for what it is supposed to do'
    I had the pleasure of sitting down with Mark Yusko of Morgan Creek a few weeks ago in Chapel Hill. We talked about many things, but one question he posed to me, that I'm still working on, is "What do you need to see to believe in the validity of a crypto fund".

    MORE FROM FORBES

    I don't have a final answer, and am working on that more detailed report, but I will concede that seeing the scrutiny of the CFA brought to bear is a good thing, since if it can be endorsed by most with that designation, it would have to be considered appropriate for more portfolios (that remains a big if - it is a big leap from including material on tests, to actually believing it makes sense for your clients). A bitcoin ETF would help too, though I suspect that would be a "sell the news" type of event - but will that occur with Bitcoin at these levels? Higher Levels? Lower Levels? For the first time in months - my view that Bitcoin is headed back to $5,000 is shaken. I can't recommend it yet, but there is a refreshed 'buzz' around crypto right now and that has always been a key precursor to further gains.
     
    #1952     Jul 23, 2018
    vanzandt and Illini Trader like this.
  3. 123abc

    123abc


    [​IMG]
     
    #1953     Jul 23, 2018
  4. If the 50% retracement from the "points c to d swing" holds this upmove then Steve looks like a genius, and if it does not he guessed wrong.
     
    #1954     Jul 23, 2018
    johnarb likes this.
  5. johnarb

    johnarb

    https://www.forbes.com/sites/billyb...-8000-heres-whats-pushing-it-up/#7a9d2ce288f5

    "Many have attributed the recent bullishness around bitcoin to the expected approval of a bitcoin exchange traded fund (ETF)."

    Bitcoin Just Hit $8,000 -- Here's What's Pushing It Up

    The bitcoin price has today climbed above the $8,000 mark for the first time since mid-May — leading many to predict a return to the bull run that last year powered bitcoin to almost $20,000.

    Meanwhile, the so-called bitcoin dominance rate — a measure of how much of the total cryptocurrency market is controlled by bitcoin — rose to 47% this week, the highest level since December last year, according to CoinMarketCap data.

    [​IMG]
    The bitcoin price hasn't been above $8,000 since mid-May.COINDESK

    Here's what's pushing the bitcoin price higher right now...

    Many have attributed the recent bullishness around bitcoin to the expected approval of a bitcoin exchange traded fund (ETF).

    MORE FROM FORBES

    The U.S. Securities and Exchange Commission (SEC) is mulling whether to approve the ETF, which was filed through the Chicago Board of Exchange (CBOE) by New York-based VanEck and blockchain platform SolidX.

    If approved a bitcoin ETF would mean people are able to buy into bitcoin without having to deal with clunky exchanges that often struggle with cumbersome regulation and lack of public trust.

    It would now appear the bitcoin ETF is likely to get approved, according to an unconfirmed report by the ICO Journal late last week.

    The website reports that two sources, one at the SEC and the other at the U.S. Commodity Futures Trading Commission (CFTC), have said they are "nearly certain" that the bitcoin ETF will get approval — a decision that many are expecting around August 15.

    “I would call [the likelihood of approval] 90% at this point. The crypto markets have moderated and regulators have watched the lack of drama surrounding bitcoin futures across several global exchanges," one of the ICO Journal's unnamed sources, from the CFTC, reportedly said. "The price moderation and adoption of a peer product is what the conversations have centered around. In January we were justifiably concerned about a bubble and the harm a quickly approved product could attract speculators and create losses that led to significant lawsuits. Now, those factors seem to be mitigated significantly.”

    The ICO Journal's second source, from the SEC, expects the decision to come in September but is still upbeat: “I would expect a positive outcome in September – or if it gets strung out a little further it is simply a few ‘dotted i’s and crossed t’s’ are being finalized on larger regulatory language in the crypto space."

    Elsewhere, news that BlackRock, the world's largest asset manager, is keen on bitcoin and cryptocurrency is still powering bitcoin onwards, with investors hoping a surge of instituational money will drive fresh demand for the digital coins.

    Bolstering the BlackRock news was the appointment of David Solomon as the new chief executive of Goldman Sachs last week, who in June said the New York-based investment bank is looking in to adding further bitcoin and cryptocurrency services to its portfolio.

    According to Solomon, Goldman Sachs is already offering clients publicly-traded derivatives tied to bitcoin but in an interview with Bloomberg he said the bank must "evolve its business and adapt to the environment."

    In regualtory news, last week international financial watchdog, the Financial Stability Board (FSB), released a report that found bitcoin and cryptocurrencies do not currently pose a material risk to the global financial system — which was taken as a sign that global regualtors are likely to take soft touch on bitcoin and cryptocurrency regulation.

    Meanwhile, the FSB — which has members from the G20 major economies — said it planned to monitor cryptocurrency assets at banks and the world's largest financial systems.

    However, the boom for bitcoin — the world's largest cryptocurrency by some distance — has so far failed to bleed across to the world's other big digital tokens.

    Ether is down some 1% in the last 24 hours, while ripple is down 2.6% and bitcoin cash is down by 3%.
     
    #1955     Jul 24, 2018
    vanzandt and Illini Trader like this.
  6. dozu888

    dozu888

    elliot wave? sounds like idiot wave - no offense no offense... just saying.. the sooner you abandon this stuff, the closer you are to profitability.
     
    #1956     Jul 24, 2018
  7. I see BITCOIN and ETH as a buy here...been adding more ETH at $475 and scaling in for long term hold.
     
    #1957     Jul 24, 2018
  8. vanzandt

    vanzandt

    Hmmmm....

    "Central banks and investment banks are set to release their own digital currencies, and that could mark the end of virtual currencies such as Bitcoin, according to the report".

    ________________________________________________________________________

    Bitcoin Price Retreats; EU Issues Warnings Regarding Future of Virtual Currency

    32 minutes ago (Jul 25, 2018 11:19PM ET)

    [​IMG] © Reuters. Bitcoin and other major cryptocurrencies retreated on Thursday
    Bitcoin and other major cryptocurrencies prices retreated on Thursday after jumped around 40% since the start of July and 13% so far this week.
    Bitcoin was trading at $8,185.1 by 11:20PM ET (03:20 GMT) on the Bitfinex exchange, down 1.9% in the last 24 hours.  
    Ethereum, the world’s second largest cryptocurrency by market cap, was down 0.9% to $474.1 on the Bitifinex exchange.       
    Ripple’s XRP token traded 0.5% higher to $0.46188 on the Poloniex exchange.  
    Meanwhile,Litecoin also lost 1.6% and traded at 84.744 on Thursday. 
    In a report, the European Union said it was worried about the future of virtual currency as it could potentially run into conflict with central banks.

    Central banks and investment banks are set to release their own digital currencies, and that could mark the end of virtual currencies such as Bitcoin, according to the report.

    Over the weekend, G20 finance ministers met in Argentina, and cryptocurrency was one of the subjects under discussion. The G20 said the cryptocurrency market, estimated to be valued at around $300 billion, does not “pose a global financial stability risk” at the moment. 
    In other news, U.S.-based Coinbase is partnering with start-up company WeGift to allow their users to convert virtual currency into gift cards.
    “Whether it’s converting Bitcoin into Uber credits or Ethereum into an ASOS (LON:ASOS) e-gift card, customers will have greater flexibility and control over how they use their crypto,” San Francisco-based Coinbase said in a statement. “With the launch of e-gift cards, customers have a new option to spend their crypto balances, realizing its value to buy tangible things or experiences.”
     
    #1958     Jul 25, 2018
    johnarb likes this.
  9. nancy7505

    nancy7505

    #1959     Jul 27, 2018
  10. nancy7505

    nancy7505

    Now I remember why I had problems with this forum.
     
    #1960     Jul 27, 2018