Wow, great summary. Take that all you fuckers who jump on John. You assholes have a million bright ideas or complains and show fuck all, and no confidence to short the crypto market that you all say is worthless. I'd love for this to be the bottom as well, and even watching SOL go almost 100% from the low makes me sad to not have bought more at a good price. (I'm just looking for my BE exit though). It is interesting that even with more bad news, bitcoin is holding steady. But I think I just need to sit back and not do anything at this point. I already do enough in the equity futures markets, so I can sit out crypto trading and just take a more long term approach.
I'm an expert round-tripper, don't try this at home, from over $1500 profits to a loss right now, m2m. Position still open, though so might be able to close it for profits if Asian traders have a btc pump-party tonight
Bankruptcy announcement of a crypto firm is almost always very good news This is without taking into account the domino push to the next crypto firm insolvency When BlockFi, Celsius and Voyager and some other lending firms went bankrupt, the crypto assets in their custody were frozen from being sold off or liquidated FTX buying out BlockFi and Voyager unfroze those assets, and if you remember the Sunday night before BlockFi announced bankruptcy, we had a btc wick down over $500? During the bankruptcy announcement I believe BlockFi disclosed they liquidated a couple of hundred million $ worth of crypto assets So bankruptcy announcement is good, pre-bankruptcy is bad, a couple of Friday nights ago, DCG was liquidating a bunch of tokens, Filecoin, was one of them,, so the sooner that Genesis announces bankruptcy, the better When FTX announced bankruptcy, we found out they had no bitcoins! so cannot dump btc if Sam Scammerman-Fraud had none! I said almost always bullish as the bankruptcy court will not allow liquidation of crypto assets, but we got news recently that all the Celsius crypto assets that the users deposited belong to Celsius and now there's risk of billions of $ worth that can sold to pay off creditors, investors and the last in line are the platform users aka crypto assets depositors? Now all these bankruptcies have another increased-demand effect if the investors have conviction for the long term Let's focus on just btc, let's say a rich person has 100 btc caught up in the genesis/gemini/blockfi/voyager fiasco, now that rich person has to come into the realization the 100 btc is gone Maybe that rich person wants to buy 100 btc again from the market? So that's the situation with a lot of the bitcoins and crypto assets lost because of the failures of 3AC, Celsius, BlockFi, Voyager, Gemini, Genesis, FTX Heck, the legitimate owners of the FTX 70,000 bitcoins are now owners of 0 bitcoins, unless they have other bitcoins in local wallets or other places that did not shutdown So maybe a lof ot them in denial or maybe they have no more funds to allocate to buying back bitcoins and crypto assets but I'm guessing that once the bitcoin price starts to go up they will not want to lose their bitcoin position, at least that's how I would think about it if I was in their shoes
NFA I've already accepted that we may be in for a 2-5 year bear market in stocks and cryptos, but I found this video and it would be nice if I'm wrong and the bull market starts this year I remember Yellen being fearful of treasury market illiquidity a few months ago I put the video to start at the point of relevant discussion but the whole video is actually very good Anyways... If the Fed does Japan-like move of buying US treasuries, hmmmmmmnnnnn, my party hat will be within arms-length, Let's fucking go!!!
Loved this! What is specially good is that this guy comes from the financial sector so he isn't just a random Bitcoin maximalist hippie. I also love how he laid out his most likely thesis for a failed treasury auction. And best of all the fact that he thinks Bitcoin is in the bottom range. I honestly cannot believe how many smart guys there are here on this forum and yet they fight Bitcoin to The bitter end.
I remember reading an article about how if you don't own Bitcoin you are essentially short Bitcoin. The interesting thing about this is that by being long your risk is limited at 17K but by being short Bitcoin you essentially have unlimited risk. I really do foresee a day where exchanges are overwhelmed with buying and the men pool is also overwhelmed with transactions of people trying to get their Bitcoin into cold storage all at once. I almost wonder what an exchange would do if they have let's say 50 coins left but refuse to sell those two customers because the insiders at The Exchange want to hoard them for themselves.
Powell just gave the market a run-around today... Anyway, market is not spooked, bitcoin might do well today Looking for an entry ~$17,360'sh on the perp futures
I had a small chunk of crypto hanging around in my Kraken account still, so I decided to stake that too and get some dividends. A big risk people are worried about, is that the Shanghai upgrade won't go well on the blockchain as planned, and people may still be unable to un-stake. That said, I plan to keep staked until I die, so I'm not too worried on that. I do expect Ethereum to fall this year even more now... Western governments have even more pain for this year than last year... more interest rates to go up. Also, the retail got into crypto assets long before Bay Street and Wall Street did. This leaves a lot of holders in the hands of retail still, which are being crushed by inflation. Living in Canada for the average person is now basically reaching unsustainable. The trend of defaulting on credit cards, auto-loans, etc are increasing with no end in sight this year. This will only continue to result in more forced selling of assets all around. Trying to short is risky as hell, as politicians and other government reps are looking for some immediate magical hockus-pockus trick to find an easy solution to their complex problem they've created. And those have a way of causing disasters down the road even if the present looks like everything is magically ok again.
I sold way too soon earlier this morning and had to go out today so was not able to re-enter and missed out on a some wicked green candles Looking to enter long in the low $18,100's level btc perp futures