Bitcoin price suddenly surges to 3-year high

[sepheronx]

@sepheronx how come your youtuber you follow with crypto advice never told you to invest in Shibu or w.e the crap the parody coin was called of dogecoin... just read about these two guys that put a couple hundred bucks into this coin in February this year, and cashed out just recently and are now millionaires... in less than 3 months. off a few hundred bucks. lmao.

please ask your youtube prophet why he never told you to buy that one. i'm curious to know his answer

I got Shibu. I got 3M of them lol.

He calls them Joke coins. He aims mostly at solid coins like btc, etc, eth, rvn, octopus.

If you are eager for an answer, why not ask him yourself?

his handle is: bitsbetrippin

Also, my Cardano (ADA) is doing well too. Bought at $1.9CAD and now it is $2.7CAD.

BTC is hovering still at around $60K CAD and Ethereum around $4800CAD.

 

[Space Lynx]

I got Shibu. I got 3M of them lol.

shame you didn't cash out for fiat like those two guys did with it at its peak.

 

[xkm1948]

Nicehash disabled coin transfer to Coinbase. Fishy. Get your stuff out of ASAP into offline wallet ASAP

 

[ZenZimZaliben]

It's not Fishy. Coinbases API can't handle the volume coming from NiceHash. They need to fix it by adding a bunch of infrastucture to handle all the requests. This is NiceHash's way of saying do it or look at all the Crypto you wont' be able to hold and leverage. Smart move. BUT you should never leave all you coins in ANY exchange, keep some for trading. If you don't have a wallet better be getting one!

 

[Space Lynx]

It's not Fishy. Coinbases API can't handle the volume coming from NiceHash. They need to fix it by adding a bunch of infrastucture to handle all the requests. This is NiceHash's way of saying do it or look at all the Crypto you wont' be able to hold and leverage. Smart move. BUT you should never leave all you coins in ANY exchange, keep some for trading. If you don't have a wallet better be getting one!

interesting concept, I have no problem leaving all my fiat in one bank. Kappa

 

[ZenZimZaliben]

Hey banks are FDIC insured. If you had a pile of Gold you wouldn't leave it at a Gold Exchange either. This applies to any commodity. Fiat isn't a commodity, in the traditional sense at least.

 

[trog100]

interesting concept, I have no problem leaving all my fiat in one bank. Kappa

your money isnt in the bank.. its used by the bank to gamble with as they see fit.. you dont get much of a reward for doing this ether..

trog

 

[moproblems99]

you dont get much of a reward for doing this ether..

I get reward for doing ether. I get....eth.

 

[trog100]

just for the record my nicehash four hourly payouts are down by %50 to around $12.5 dollars from 730 M/sh.. i am not sure how it all works out.. i could never figure out why they went so high or why they are coming down so much.. he he

bitcoin is around $49000 and around eth 3800.. eth seems to be dropping more than bitcoin.. purely my oppinion but i think we are near a bottom.. but i could be wrong..

trog

 

[Final_Fighter]

just for the record my nicehash four hourly payouts are down by %50 to around $12.5 dollars from 730 M/sh.. i am not sure how it all works out.. i could never figure out why they went so high or why they are coming down so much.. he he

bitcoin is around $49000 and around eth 3800.. eth seems to be dropping more than bitcoin.. purely my oppinion but i think we are near a bottom.. but i could be wrong..

trog

I believe part of the reason for the dip was market manipulation along with taxes. This year's taxes witch are almost past file date if I'm not mistaken asked if you trade crypto.i know I've traded literally hundreds of times and I know others have too. The question now on everybody's mind is are they going to try and tax all of those transactions? I personally don't think so and they are certainly going to have a hard time enforcing it. It's more sensible to just tax it when it gets transfered back into fiat. That's how I've always done it. Tax laws are still in there infancy with crypto and the feds are still teething. The big tax scare should be behind us for now and the markets will more than likely correct.

 

[phill]

just for the record my nicehash four hourly payouts are down by %50 to around $12.5 dollars from 730 M/sh.. i am not sure how it all works out.. i could never figure out why they went so high or why they are coming down so much.. he he

bitcoin is around $49000 and around eth 3800.. eth seems to be dropping more than bitcoin.. purely my oppinion but i think we are near a bottom.. but i could be wrong..

trog

Two words @trog100 .... Block Reward.....

I've taken a real rough guesstimate of power and hash rate... But tune it for your own needs - Click me to check profitablity

Two things really effect Eth production, difficulty and block reward. When the block rewards where upwards of 5.00 it was a lot more than what they are currently... Keep an eye to it as it will change minute to minute. Even if you check once a day, I'm sure it'll be more or less Obviously the price has a little to do with it, since it can be higher or lower, still takes the same time to mine a coin, but the reward at the end is greater. I think we've seen profit of over 3000% when it was hitting the $4400 marker... I think it's about the 1500% marker at the moment but that's just because of the electric costs. Add a few cents to a Kw and it drops hard.

Obviously the price of Eth matters as well but at the same time the faster the payouts which are related to block rewards, the more coin you'll earn even with the same hashrate. There's two things as I'm sure you know won't change much, the cost of your electric and the hash rate you have (unless you build more rigs/use more cards)

I find it interesting to follow, it's amazing to see how much difference it can make

 

[sepheronx]

Right now everyone is pissed at nicehash (including myself) cause they disabled coinbase withdrawal. But people are reporting you can still do it....for a fee.

I am also looking at Cudo miner as well. It gives you an option what coin to be paid out in as well.

 

[phill]

Another reason for not using Nicehash I'm afraid. It might be easy to setup and work with, but at what cost down the road??

I'd suggest a different pool, offline wallet. Keep it safe.

 

[sepheronx]

Another reason for not using Nicehash I'm afraid. It might be easy to setup and work with, but at what cost down the road??

I'd suggest a different pool, offline wallet. Keep it safe.

yeah, I am thinking of buying a offline wallet.

 

[phill]

yeah, I am thinking of buying a offline wallet.

Do it and know whatever you have is safe... Unless you loose it or the key But at least it's still safe!!

 

[trog100]

okay two words "block rewards".. but what has caused the rewards to be half of what they were a couple of days back... as you say it isnt the price so what is it.. ??

trog

 

[phill]

okay two words "block rewards".. but what has caused the rewards to be half of what they were a couple of days back... as you say it isnt the price so what is it.. ??

trog

I believe Trog it's the amount of transactions done... The higher the number, the higher the block reward. That's why it generally only goes nuts for a few days.... As it's hoovering about the 3800 marker or was the last I checked few hours ago, it's low as there's not many transactions going through..

Another sell off I guess since Eth is at 3700 now... Just around the 300,000 transactions for this 24 hours according to coinbase...

 

[Zach_01]

Also the ETH transaction fee is not a stable amount. The less it costs the less the reward for the confirmation on the blockchain

The transaction fee is called GAS and its measured in Gwei.
1.000.000.000Gwei = 1ETH

Cryptocurrency Prices, Charts And Market Capitalizations | CoinMarketCap

Top cryptocurrency prices and charts, listed by market capitalization. Free access to current and historic data for Bitcoin and thousands of altcoins.

coinmarketcap.com

Ethereum Gas Tracker | Etherscan

Gas Snapshot Price at 1/12/2025 1:34:07 PM UTC - Low: 2.014 gwei | Avg: 2.061 gwei | High: 2.176 gwei

etherscan.io

From graph above (gastracker) you can see that confirmation time has dropped significantly, meaning that either the mining hashrate has increased or amount of transactions decreased. Either way rewards decrease.

 

[trog100]

so my next question would be.. exactly what caused such a dramatic increase in transactions followed by a similar fall off.. he he..

my nicehash estimated daily payouts went as high as $226 dollars a day now now they at $76.. one hell of a difference..

what was the actual root cause of all this activity.. ??

trog

 

[sepheronx]

So I am looking for alternatives to nicehash.

unhappy how they pulled free transactions from nicehash to coinbase.

 

[RandallFlagg]

just for the record my nicehash four hourly payouts are down by %50 to around $12.5 dollars from 730 M/sh.. i am not sure how it all works out.. i could never figure out why they went so high or why they are coming down so much.. he he

bitcoin is around $49000 and around eth 3800.. eth seems to be dropping more than bitcoin.. purely my oppinion but i think we are near a bottom.. but i could be wrong..

trog

Actually Eth, from a TA standpoint, is showing sell signals on hourly charts. Before it was just on 15 minute / 30 minute charts and lower time scales.

The weekly chart has not yet rolled over to sell signals, though it appears to be getting close. It does show overbought on both RSI and MFI. Overbought is usually where smart money sells.

Basically what all that means is it has lost momentum, like a car going up hill and slowing, slowing slowing, right now it's stalled on a weekly basis and rolling backwards on lower time scales. The momentum tells you that new buyers are not entering as quickly as sellers are, and in the end the price is all about having more buyers than sellers, or vice versa.

 

[Outback Bronze]

rolling backwards

Looks like the ball has started to roll. Actually, I think it started a couple of weeks ago. Will be interesting to see where the ball stops.

Is it just a few headwinds in a Bull market or do you think the Bear has got its claws in?

 

[RandallFlagg]

Looks like the ball has started to roll. Actually, I think it started a couple of weeks ago. Will be interesting to see where the ball stops.

Is it just a few headwinds in a Bull market or do you think the Bear has got its claws in?

This is the most basic TA method below, that is trend channels. The way to use it goes back 100+ years, to Charles Dow.

When the trend channel is established you look for a break of the trend line of >3% of the total value. 3% of ETH at 4000 would be 120. Doing this allows you to participate in the bulk of a move up while minimizing losses down. The idea is not to catch the peak or the trough, but the get into the middle part of a rise and get out before the middle part of a decline.

This is a 1hr chart. The MACD is starting to flatten now on the bottom (slightly bullish) and it is now showing oversold (slightly bullish) on money flow and nearly oversold on RSI.

This looks like a reversal to the upside (on hourly) forming up but there is no buy signal (see previous rules).

I would *not* buy this right now, because - look at the daily chart below this.

Trend line broken by > 3% on daily.
MACD 9 / 13 EMA crossed -bearish.
RSI and money flow coming off of extended overbought readings.

This thing has no support until it hits the 2000- 2600 range.

 

[phill]

Looks like it's going to drop a fair bit more one might guess.....

 

[RandallFlagg]

Looks like it's going to drop a fair bit more one might guess.....

It's going to bounce on an hourly chart but the daily is decidedly negative. The last uptrend on hourly only gave about 4 or 5 hours up then it went down. Traders would call that 'whipsaw' because as soon as they get a buy signal, a few ticks (hours in this case as that is the charts time frame) later they get a sell signal.

Daily trend is down until it establishes and then breaks the top trend channel on daily chart.