Bitcoin price suddenly surges to 3-year high

[trog100]

Stand by to make it permanent...

and why on earth would a country like iran wish to do that.. he he..

trog

ps.. bitcoin and eth down again today.. we could be seeing another dive to below 30K.. the recovery momentum seems to have been lost..

 

[sepheronx]

and why on earth would a country like iran wish to do that.. he he..

trog

bitcoin and eth down again today.. we could be seeing another dive to below 30K.. the recovery momentum seems to have been lost..

trog

Better sell me your GPUs since you seem down on these typical fluctuations.

 

[trog100]

Better sell me your GPUs since you seem down on these typical fluctuations.

he he he.. i read it as i read it.. i saw a recovery but that recovery stalled out at 40K.. a true bottom hasnt been found yet.. before new highs can be reached a believable bottom has to be established..

i still think long term the only way is up.. short term things may go lower.. i just hodle and watch i am in it long term..

trog

 

[sepheronx]

he he he.. i read it as i read it.. i saw a recovery but that recovery stalled out at 40K.. a true bottom hasnt been found yet.. before new highs can be reached a believable bottom has to be established..

i still think long term the only way is up.. short term things may go lower.. i just hodle and watch i am in it long term..

trog

Yeah, even some of the big players I listen to, whom also predicted this drop, is saying that by end of year we should see a large spike upwards. Still speculation. But it appears fr Goldman Sachs and alike, they want it low so they can buy more. Their recent mass purchases (whomever it may be but we all speculate) had driven prices up to which they weren't willing to pay.

I may be mining but I'm actually staking in coins like Cardano. It has lots of huge prospects and thus I use some BTC from mining to convert to ADA. But not all of it.

 

[trog100]

Yeah, even some of the big players I listen to, whom also predicted this drop, is saying that by end of year we should see a large spike upwards. Still speculation. But it appears fr Goldman Sachs and alike, they want it low so they can buy more. Their recent mass purchases (whomever it may be but we all speculate) had driven prices up to which they weren't willing to pay.

I may be mining but I'm actually staking in coins like Cardano. It has lots of huge prospects and thus I use some BTC from mining to convert to ADA. But not all of it.

i spent £500 on ada back in 2018.. i got 1035.. but i cant remember where i put it.. it seems to have got lost.. he he..

i have notice a slight fall in Ebay gpu prices.. eth mining returns are not as good as they were.. mine are down to less than $60 dollars per day.. which aint a lot for 730 m/sh..

trog

 

[sepheronx]

i spent £500 on ada back in 2018.. i got 1035.. but i cant remember where i put it.. it seems to have got lost.. he he..

i have notice a slight fall in Ebay gpu prices.. eth mining returns are not as good as they were.. mine are down to less than $60 dollars per day.. which aint a lot for 730 m/sh..

trog

That seems to be back to normal more like. The huge gains was a short time thing anyway. I am still making more than I did before but that is because I also added 2 3080's.

 

[64K]

Looks like coins are taking a beating today. Is it still at a point where it's worth it to continue to mine?
I'm suspicious that people like Elon Musk and other whales are working together to manipulate the prices down just so they can buy more.

 

[sepheronx]

Well depends. How much you making vs electricity prices.

I'm making $40 cad a day. I pay roughly $40 cad a month extra in electricity prices ($0.062 kW/h) and so it's big time good for me. Just hold the coins till prices go back up. That's what I'm doing.

I'm not even sure I understand what people get at when they ask if it's worth mining and mention the Whales. The Whales want it to go up eventually so that they earn. Concept of investing is making more out of what you put in. Just ride the wave. Next growth, if you feel, sell the coins and earn the profit from mining. Then continue to mine, especially when it goes down, and then rinse and repeat.

 

[trog100]

Looks like coins are taking a beating today. Is it still at a point where it's worth it to continue to mine?
I'm suspicious that people like Elon Musk and other whales are working together to manipulate the prices down just so they can buy more.

i think we are about to see bitcoin being driven down below 30K.. i cant see any other reason than the whales playing whale games..

its still profitable to mine..

trog

 

[RandallFlagg]

i think we are about to see bitcoin being driven down below 30K.. i cant see any other reason than the whales playing whale games..

its still profitable to mine..

trog

I really don't get the whale comments, seems like blame game / conspiracy theory to me. Tesla took a $1.5B stake in Bitcoin, said it had sold 272M in Q1 and was down to 1.33B in BTC. According to Statista, BTC had hit a market cap of over $1T, and now sits in the 800B+ range. Tesla's investment is significant vs that number, but not enough to move BTC for any extended period.

Yes they have enough to manipulate the market - for an hour. According to bitcoin stats, just in the last 24 hours $43.5B worth of bitcoin transactions occurred. So Tesla's entire BTC stake is worth 3.06% of the last 24 hours of transactions and 0.0016% of the market cap. If you've ever bought into a stock that say has a transaction volume of 30,000 per day, and you bought 1000 and saw a momentary spike in price (a lot of CEFs are low volume like this - income funds), that's more than what Tesla can do to BTC. Anything they do is going to be transient.

I would bet that there are multiple drug cartels that own more bitcoin than Tesla. They along with Chinese miners probably have a stake here, and may foolishly be trying to manipulate the market, but if so you can bet they are trying to drive it up not down.

BTC has repeatedly failed to get past the 200DMA. I don't think it has more than one more attempt left in it before it either succeeds or plummets.

The 200DMA is that pink horizontal line.

 

[trog100]

I really don't get the whale comments, seems like blame game / conspiracy theory to me. Tesla took a $1.5B stake in Bitcoin, said it had sold 272M in Q1 and was down to 1.33B in BTC. According to Statista, BTC had hit a market cap of over $1T, and now sits in the 800B+ range. Tesla's investment is significant vs that number, but not enough to move BTC for any extended period.

Yes they have enough to manipulate the market - for an hour. According to bitcoin stats, just in the last 24 hours $43.5B worth of bitcoin transactions occurred. So Tesla's entire BTC stake is worth 3.06% of the last 24 hours of transactions and 0.0016% of the market cap. If you've ever bought into a stock that say has a transaction volume of 30,000 per day, and you bought 1000 and saw a momentary spike in price (a lot of CEFs are low volume like this - income funds), that's more than what Tesla can do to BTC. Anything they do is going to be transient.

I would bet that there are multiple drug cartels that own more bitcoin than Tesla. They along with Chinese miners probably have a stake here, and may foolishly be trying to manipulate the market, but if so you can bet they are trying to drive it up not down.

BTC has repeatedly failed to get past the 200DMA. I don't think it has more than one more attempt left in it before it either succeeds or plummets.

The 200DMA is that pink horizontal line.

View attachment 201943

when i say whales i dont really mean tesla.. i mean people who have been in the market for a long time and hodled and who really do own loads of bitcoin.. musk and his twitters dosnt really count.. he he..

musk is a dolphin compared to the people i am talking about..

trog

 

[Vya Domus]

I'm suspicious that people like Elon Musk and other whales are working together to manipulate the prices down just so they can buy more.

They win either way.

I've explained above, it all starts with hype, the goal is to maximize retail investor involvement, then you gradually dump supply into the market so that investors keep buying dips down to their last dime. Then you finally dump everything, panic selling ensues and you start shorting.

Elon Musk's initial love for crypto fueled the hype, BTC bumped up against the 60K mark for quite a while singling that a celling was reached and retail investors reached the limits of their buying power. Then came the shit talking seemingly out of nowhere, a lot of supply was dumped in a very short time and we know the rest. The timing is too perfect, I am not saying it was his doing but he was obviously one of the many cogs in the machine, everyone who thinks people like him were just trolls is either really naïve or just dumb.

 

[lexluthermiester]

ps.. bitcoin and eth down again today.. we could be seeing another dive to below 30K.. the recovery momentum seems to have been lost..

Yeah, it has taken a plunge again... This crash is turning out to be different from the last one. Far more fluctuations...

musk is a dolphin compared to the people i am talking about..

Care to explain that?

 

[trog100]

Yeah, it has taken a plunge again... This crash is turning out to be different from the last one. Far more fluctuations...


Care to explain that?

i think there are people mostly nameless who work behind the scenes and carry a lot more weight in the bitcoin world than elon musk ever does.. he is just an egotists who likes to hear the sounds of his own tweeting..

trog

 

[lexluthermiester]

he is just an egotists who likes to hear the sounds of his own tweeting..

Looked in a mirror lately?
(don't be angry, you set yourself up for that one)

 

[sepheronx]

https://www.reddit.com/r/CryptoCurrency/comments/nn37xb

 

[lexluthermiester]

https://www.reddit.com/r/CryptoCurrency/comments/nn37xb

Interesting, but it seems like tin-hat rubbish to me..

 

[sepheronx]

Interesting, but it seems like tin-hat rubbish to me..

What's true is that BlackRock is now wanting in on Bitcoin. I got stocks in them.

 

[RandallFlagg]

What's true is that BlackRock is now wanting in on Bitcoin. I got stocks in them.

And Kathy Wood wouldn't have a vested interest in bitcoin bubbles now would she?

....

.........

...............................

3 days ago :

Report: Ark Invest Buys Nearly $20 Million Worth Of Bitcoin

Cathie Wood’s Ark Investment Management has reportedly purchased $19,872,939 worth of bitcoin.

www.nasdaq.com

15 days ago:

Musk Splits From Cathie Wood’s Ark on Bitcoin Environmental Cost

Two of the world’s most high-profile cryptocurrency advocates are suddenly at odds over the environmental impact of Bitcoin.

www.bloomberg.com

5 Months ago:

7 Months ago:

Bitcoin Could Hit $500,000, the Founder and CEO of Ark Invest Says

Bitcoin has been on a tear, rising nearly 160% this year and about 25% month-to-date—and that could be just the beginning, ARK Investment Management CEO Catherine Wood told Barron’s readers on Thursday.

www.barrons.com

 

[lexluthermiester]

And Kathy Wood wouldn't have a vested interest in bitcoin bubbles now would she?

....

.........

...............................

Report: Ark Invest Buys Nearly $20 Million Worth Of Bitcoin

Cathie Wood’s Ark Investment Management has reportedly purchased $19,872,939 worth of bitcoin.

www.nasdaq.com

Cathie Wood seems to be missing the point about how every government on Earth is now seriously exploring or enacting restrictions and penalties concerning cryptocoin.. My guess is that the crash isn't over and will hit investment interests hard.

 

[sepheronx]

Cathie Wood seems to be missing the point about how every government on Earth is now seriously exploring or enacting restrictions and penalties concerning cryptocoin.. My guess is that the crash isn't over and will hit investment interests hard.

Such as?

As far as I am aware, it is just China and even they have backed down (partially). India backed down entirely as well. Iran demands a stop to it just for summer cause of heat waves do cause power outages in those countries.

The rest are just looking for ways to tax people for it.

And Kathy Wood wouldn't have a vested interest in bitcoin bubbles now would she?

Whats your point? Everyone has interest in it.

The point is, Blackrock has interest in it.

 

[RandallFlagg]

Such as?

As far as I am aware, it is just China and even they have backed down (partially). India backed down entirely as well. Iran demands a stop to it just for summer cause of heat waves do cause power outages in those countries.

The rest are just looking for ways to tax people for it.



Whats your point? Everyone has interest in it.

The point is, Blackrock has interest in it.

If that is what you got from it, then you're not well versed in crypto.

Blackrock revealed that it was dabbling in Bitcoin over 3 months ago. However if you read more on what they have said about it, they believe that crypto in general has a future as a form of Gov't fiat. This is not the same as any crypto being traded.

I think they are right and said as much, the future of crypto is under the control of central bank. The technology, as usual, will be used to do the exact opposite of what its creators intended.

Understanding China's Digital Yuan

China recently finished a pilot of the digital yuan. What is it and how will it affect the Chinese economy?

www.investopedia.com

"The Digital Currency Electronic Payment (DC/EP) is a digital version of the yuan – China's national currency. The DC/EP is backed by yuan deposits held by China's central bank and has been under development for slightly more than five years."

 

[lexluthermiester]

India backed down entirely as well.

No they didn't. Iran banned it for a few months and is rumbling about making it permanent. The US Congress is forming the legislation to greatly restrict the use of cryptocoin as a currency as well as officially impose capital gains taxes upon it's use and creation on a formal level.

 

[RandallFlagg]

What's crazy is to watch how BTC and the NASDAQ move together, lockstep in terms of direction and pattern, although in terms of % move BTC is far more volatile.

Like this, BTC and NASDAQ hit a bottom on 1min chart at the same time, then after going up a bit went sideways and slightly negative, at the exact same time. I have to think the same group of people who are buying NASDAQ are also predisposed to buy Bitcoin.

 

[sepheronx]

No they didn't. Iran banned it for a few months and is rumbling about making it permanent. The US Congress is forming the legislation to greatly restrict the use of cryptocoin as a currency as well as officially impose capital gains taxes upon it's use and creation on a formal level.

India didn't outright ban it. Not yet at least. Instead, they are pushing a bill. Issue is, the Supreme court has shot down the RBI regarding how they apparently do not have the right to stop banks from doing transactions regarding crypto. They are trying to do a one time sweep against all crypto but the backlash has been pretty big. Add to the pressure from the so called "farmers protests" and upcoming elections, we will see what will happen. But the supreme court apparently struck down RBI once before (recently). I would also find it quite hilarious if they do ban it, since MATIC is Indian and used for public verification of all covid tests.

Iran wont ban it outright. It is actually one of their only methods of being able to purchase goods besides direct agreements between Rials and Yuans since they are barred from SWIFT.

I imagine the US will find a way to have some form of control over crypto. Like their own official exchange or something along those lines.

And if anyone is interested, here is a short on Blackrock and Bitcoin futures:

World’s Largest Asset Manager BlackRock Is Trading Bitcoin Futures

According to the latest SEC filings, the world’s largest asset manager is testing waters for bitcoin exposure through investment in bitcoin futures.

www.forbes.com