Bitcoin price suddenly surges to 3-year high

[RandallFlagg]

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

That gives us a number for Blackrock's level of investment, it came out back in early Feb that they were tinkering.

$6.15M. that is 6.83 X 10^-7 of Blackrock's capital. This is like someone with $100,000 investing 7 cents.

Just giving some perspective here. I would not be surprised if Blackrock owned some Beanie Babies too, just in case.

 

[lexluthermiester]

India didn't outright ban it. Not yet at least.

The article I read(and of course I can't find it now) stated that the Indian government has already imposed strong restrictions of trade with and for cryptocoin and that they were working to ban it outright because of environmental concerns(which India takes VERY seriously) and fiscal stability reasons among others. This is a growing sentiment amongst the governments of the world.

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.

The problem with that is there is no way to control cryptocoin directly, only transactions involving it.

 

[sepheronx]

The article I read(and of course I can't find it now) stated that the Indian government has already imposed strong restrictions of trade with and for cryptocoin and that they were working to ban it outright because of environmental concerns(which India takes VERY seriously) and fiscal stability reasons among others. This is a growing sentiment amongst the governments of the world.

They did but supreme Court slapped them down due to no law.

 

[lexluthermiester]

They did but supreme Court slapped them down due to no law.

Interesting. Didn't know that.

 

[sepheronx]

Interesting. Didn't know that.

They are apparently slapping at them and gov again cause people are just pissed overall about how they are handling this. And how Matic is apparently very important in India and their contribution to India overall during Covid.

 

[R-T-B]

Looks like coins are taking a beating today. Is it still at a point where it's worth it to continue to mine?

Yes, here in PNW anyways. It's worse off but not as bad as you'd think.

 

[trog100]

bitcoin and eth are still steadily going down.. no signs of panic selling yet but i recon we are about to see some..

as to the why of it.. nobody knows even those that pretend they do..

trog

 

[RandallFlagg]

Bitcoin's chart looks really sick to me. For the past day, when it got a bottom divergence usually signaling buyers are entering, it pops up for maybe 15m - 2hrs on extremely low volume (meaning, there really aren't any new buyers) and then resumes its decline with increasing volume. I interpret this to mean not so much new buyers, just that there are fewer sellers lowering their ask for a bit.

Then the price ticks up and the sellers at those levels are still there. Like right now, I see a MA cross that should be bullish on MACD but it's happening with an RSI of 39 (selling pressure still high) and lowering volume, neither of which are good for a bottom. Meanwhile despite the divergence and price / MA uptick, RSI immediately goes down. I think this puppy is near done with this price range and will be moving on to something lower (like 30K) real soon.

It's like, after hours of divergence, that's all it's got is that little bitty up move and the volume immediately drops on the price rise :

 

[trog100]

Bitcoin's chart looks really sick to me. For the past day, when it got a bottom divergence usually signaling buyers are entering, it pops up for maybe 15m - 2hrs on extremely low volume (meaning, there really aren't any new buyers) and then resumes its decline with increasing volume. I interpret this to mean not so much new buyers, just that there are fewer sellers lowering their ask for a bit.

Then the price ticks up and the sellers at those levels are still there. Like right now, I see a MA cross that should be bullish on MACD but it's happening with an RSI of 39 (selling pressure still high) and lowering volume, neither of which are good for a bottom. Meanwhile despite the divergence and price / MA uptick, RSI immediately goes down. I think this puppy is near done with this price range and will be moving on to something lower (like 30K) real soon.

It's like, after hours of divergence, that's all it's got is that little bitty up move and the volume immediately drops on the price rise :

View attachment 202147

yes a nice orderly decline.. not quite what we are used to seeing.. odd..

trog

 

[RandallFlagg]

yes a nice orderly decline.. not quite what we are used to seeing.. odd..

trog

We'll soon see. MACD at 30 min and hourly made bullish crosses. It did get a pop, around $1000, but not really significant given how volatile this is. Volume finally went up with price for an hour, but RSI is still below 50. If this is a rally it's really weak.

 

[R-T-B]

Can I just brag / pretend I know what I'm doing and say it's amazing my portfolio value actually went up during all of this?

Thanks for tipping me off to Helium, @PaulieG, lol.

Of course, I don't live in fantasy land. I'm sure this downward trend will hit even the smallest of altcoins eventually. Fortunately my crypto portfolio is very small and represents my "high risk" portion of my holdings.

 

[trog100]

well the expected panic selling with bitcoin diving below 30K never happened.. in fact nothing much happened..

trog

 

[R0H1T]

They did but supreme Court slapped them down due to no law.

Yeah no most exchanges operating out of India are not allowing (wallet) loading or withdrawal using INR due to RBI & the banks, effectively banning crypto. This has been the situation for at least a month now, if not more!

 

[sepheronx]

Yeah no most exchanges operating out of India are not allowing (wallet) loading or withdrawal using INR due to RBI & the banks, effectively banning crypto. This has been the situation for at least a month now, if not more!

Yeah. But hence why this has gone to supreme Court. Apparently not first time either.

Although, it doesn't mean the bill won't be signed either. So crypto could be outright banned in India officially soon.

Indian Crypto's Fate And Its Tryst With RBI, Supreme Court & Govt

As multiple banks continue to block crypto transactions, a Senior RBI official told Inc42 that unless there is legal clarity, the RBI is bound to take measures to stop large conversions of INR into cryptos,

www.google.com

In other news:

Report Shows Over $2B Worth Of Bitcoin Bought During The Dip

Large investors — or so-called whales — bought great quantities of Bitcoin (CRYPTO: BTC) when it briefly dipped at the $30,000 price level. What Happened: In a recent report by blockchain analytics company Chainalysis, the firm's Chief Economist Philip Gradwell explains that whales bought 77,000...

finance.yahoo.com

 

[lexluthermiester]

well the expected panic selling with bitcoin diving below 30K never happened.. in fact nothing much happened..

trog

Hold that thought...

Yeah. But hence why this has gone to supreme Court. Apparently not first time either.

Although, it doesn't mean the bill won't be signed either. So crypto could be outright banned in India officially soon.

Indian Crypto's Fate And Its Tryst With RBI, Supreme Court & Govt

As multiple banks continue to block crypto transactions, a Senior RBI official told Inc42 that unless there is legal clarity, the RBI is bound to take measures to stop large conversions of INR into cryptos,

www.google.com

Yeah, every bank in India is blocking cryptocoin, China has already banned transactions with it. That's two of the world's largest economies banning all of it. Many of the richest nations of the world are following suit...

My guess? This is only a brief calm. Values have already dropped by more than 50% from the highest value levels and with the ban-hammer dropping all over the world, it's value likely will plummet again.

 

[ThrashZone]

Hi,
Ban it or tax the hell out it would be just as effective.

 

[sepheronx]

India is one of the worlds biggest potential markets, but in terms of crypto, it was still very far behind. China was the big one.

There is still demand and push against the government in India. Plus with even governments like that in Maharashtra using Polygon to monitor Covid 19. All I am saying is, dont be excited over the potential fall of Crypto because it wont happen. Essentially, Crypto isn't centralized so any country that does try to ban it, wont essentially lead to much. Most of these exchange groups are not even local anyway (I use crypto.com and its based out of Switzerland).

I am thinking it is more to do with India looking a way to somehow gain control or create some form of regulation. But even if some banks have barred the transaction deals between crypto and Rupees (this is still against the Supreme court rulings and it isnt said if all banks or some). Many Indians are just using outside assets instead of local.

It will end up being a concept of how to tax it. Eventually Indian banks will be allowed. India is definitely not China.

‘Not really in need of money, investments will be strategic’

Jaynti Kanani, Sandeep Nailwal and Anurag Arjun co-founded Polygon (formerly Matic), a blockchain scalability platform in 2017

www.livemint.com

 

[lexluthermiester]

It will end up being a concept of how to tax it. Eventually Indian banks will be allowed. India is definitely not China.

That's one interpretation. You might be right. To me, it seems more like a prelude to completely banning it..

Essentially, Crypto isn't centralized so any country that does try to ban it, wont essentially lead to much.

That couldn't be more wrong...

 

[sepheronx]

That's one interpretation. You might be right. To me, it seems more like a prelude to completely banning it..

I doubt it. I actually seen first hand when they tried to ban old notes. Eventually the old notes situation was resolved, but in the end, it didnt resolve the issue that lead to the banning of old notes to begin with - black market and funding terrorism.

I actually understand the government of India's idea of wanting to regulate it. It is because of the issue of outside money coming into India for nefarious situations. The old notes was entirely to do with Pakistan funding Kashmiri terrorist groups and or 5th columnists with fake old bank notes. Crypto is harder to track thus banning it temporary till they come up with maybe a government ran or more robust way to monitoring it and taxing it, may be most ideal.

Here is what bloomberg thinks why banning it is bad idea in India(I tend to think Bloomberg is BS for most part but a broken clock can be right twice a day as they say):

India Bitcoin Ban Would Be a Terrible Idea

The country’s previous attempts at currency controls impoverished Indians and prevented its companies from competing globally. This one won’t work any better.

www.bloomberg.com

also another read:

Indian government is rethinking crypto ban: The Economic Times

Local media has reported that a new committee will be formed to discuss cryptocurrency regulation in India.

cointelegraph.com

That couldn't be more wrong...

How so? Crypto isn't centralized. Its method if entirely decentralization. Indians are still using crypto, just bypassing the main banks. Since I know a few who do it specifically, I shall not say because I am not wanting to get anyone into trouble. Just saying its possible.

Cryptocurrency Explained With Pros and Cons for Investment

A cryptocurrency is a digital or virtual currency that uses cryptography and is difficult to counterfeit.

www.investopedia.com

Here is a good read regarding India and Crypto currency:

India's Millennials Embrace Digital Gold Despite Proposed Bitcoin Ban

A crypto ban is hovering above India, but the country's younger generations are still excited about bitcoin.

www.coindesk.com

 

[Outback Bronze]

China has already banned transactions with it

You sure about that matey? :China has Not "Banned" Bitcoin Again, but Will Be Adopting Stricter Measures for Crypto-related Activity: Report (crowdfundinsider.com)

“We have been seeing a lot of rumors and misreporting this week due to the notice and what is happening, for example, that China has ‘banned’ crypto entirely (like in previous years of rumors that China banned Bitcoin). This is not the case. At this time, China is going to be more strict [when dealing with] exchanges and mining operations, but people can still use and hold cryptocurrencies in general, including Chinese nationals.”

Lennix Lai, a Director at OKEx, has noted that China has “not outlawed the owning of digital currencies by its citizens.”

Lai also mentioned:

“People are allowed to mine bitcoins, they can transfer bitcoins to others and settle their trade in renminbi. There are a lot of bitcoin natives and believers in China.”

 

[Vya Domus]

The FUD continues, probably the desired entry point back in hasn't been reached yet for whoever leads this. Though I am curios, if even these misleading articles and news can't set off a new wave of sell offs, I wonder what will.

 

[RandallFlagg]

well the expected panic selling with bitcoin diving below 30K never happened.. in fact nothing much happened..

trog

If this was the 'big rally' - going to 37K and never really approaching the 200DMA - then it's going to fall.

For perspective, the horizontal pink line is roughly the 200DMA. BTC bounced off it 3 times then went back to 33-34K and has since bounced to 37400ish. It really has not made a run for the 200DMA since Thursday, and this bounce looks to me like a normal albeit weak counter-trend rally which is about over.

 

[trog100]

The FUD continues, probably the desired entry point back in hasn't been reached yet for whoever leads this. Though I am curios, if even these misleading articles and news can't set off a new wave of sell offs, I wonder what will.

a large sell off with bitcoin taking a dive below 30K was predicated for this sunday past.. it didnt happen.. i take meaning from this even if some wont..

trog

ps.. the important thing here isnt some kind of super rally.. for people to start buying back in they need to be reasonably sure the price isnt going to suddenly tank much lower.. i think this past weekends events gave them this reassurance.. what i see now is a slow move back upwards.. people who expect an instant return are welcome to stay out..

such people are a f-cking nuisance anyway the market is better off without them..

 

[Vya Domus]

BTC is especially weird in that a good chunk of the supply is essentially stuck forever in inaccessible wallets, this ensures somewhat of a safety chute since the total volume that could potentially be dumped at any given time is relatively small compared to the total supply. Other coins aren't that lucky.

 

[lexluthermiester]

How so?

This conversation has already happened with other users. Cryptocoin itself maybe decenteralized, but cashing it out requires a financial institution of some kind in the transaction and that is what will be tracked, taxed and/or banned.

You sure about that matey? :China has Not "Banned" Bitcoin Again, but Will Be Adopting Stricter Measures for Crypto-related Activity: Report (crowdfundinsider.com)

Owning it, sure that's allowed. Using it as a currency, that's jail time.

Make sure your source is a little more creditble before being a smart-ass about it. Crowdfundinsider.com likely has a vested interest in CCoin and wants to manipulate readers with careful word gibberjabber. Sources elsewhere clearly state that trading CCoin as a currency is outlawed for any bank or financial institution in China. This also makes "cashing out" a criminal act for individuals. That effectively bans it.

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