Cryptocoin Value and Market Trend Discussion

[cvaldes]

Yes, yes, I meant El Salvador.

The point is that they won't be the first and last country to adopt a cryptocurrency as legal tender. They are just the start.

Bitcoin is tumbling toward $40k as I have predicted. I think $40k is the support. If it breaks through that then I think it could go down further.

Ethereum is below $2900 as of now. I am not sure what would be the support line since I don't follow it much. Anyone has any idea?

I don't track cryptocurrencies closely but I glanced at some technical indicators (Bollinger Band, RSI, ADX, OBV, MACD 3 months) for ETH and my guess is that support lies somewhere around 2850, maybe 2800.

 

[trog100]

well crypto is still tanking.. this evergrande contagion thing aint over yet.. we will see what tomorrow brings..

trog

 

[R-T-B]

It seems to be coming more common though no?

Remember March 2020? Everything fell together. I'm under the impression they are becoming more tied as time moves forward.

I do think this is the case. Probably a sign crypto is becoming less and less a "rebel currency" and more and more mainstream.

well crypto is still tanking.. this evergrande contagion thing aint over yet.. we will see what tomorrow brings..

trog

I swapped my assets to stable coins when the tanking started. Neat trick.

 

[lexluthermiester]

The point is that they won't be the first and last country to adopt a cryptocurrency as legal tender. They are just the start.

Maybe. Time will tell..

 

[cvaldes]

There are plenty of other countries in a similar situation as El Salvador. Cryptocurrencies facilitate importing money from abroad without the exorbitant fees.

My guess is that all nations are watching El Salvador very closely. No one wants to be first but everyone wants to be second.

Most likely there are 20-30 countries who are in direct contact with El Salvadoran financial officials right now asking questions how they did it. Free market economies want easy movement of money.

 

[lexluthermiester]

There are plenty of other countries in a similar situation as El Salvador. Cryptocurrencies facilitate importing money from abroad without the exorbitant fees.

My guess is that all nations are watching El Salvador very closely. No one wants to be first but everyone wants to be second.

Most likely there are 20-30 countries who are in direct contact with El Salvadoran financial officials right now asking questions how they did it. Free market economies want easy movement of money.

You assume an all-positive outcome. El Salvador is a hot-bed of criminal activity. No nations will look to them for guidance...

Cryptocurrencies help import money without the exorbitant fees.

Yeah it's called money laundering and most, if not all, of it is a crime.

 

[cvaldes]

You assume an all-positive outcome. ElSalvador is a hot-bed of criminal activity. No nations will look to them for guidance...


Yeah it's called money laundering and most, if not all, of it is a crime.

I never said everything would be lawful and rosy; don't put false words in my mouth.

There have been plenty of sketchy behavior in the highest boardrooms of American public corporations.

Lehman Brothers anyone?

In any case, it sounds like you are burying your head in the sand. A lot of the money that is being transmitted into El Salvador is from expatriate laborers sending money back to their families, not drug lords and arms dealers.

Here in my area, there's a lot of immigrants who send money back to relatives and most of it is very well-intended and lawful.

There are always people who try to trick the system.

I know your propensity is to only believe in your personal worldview bubble and that you are the only one who is right.

Guess what? You aren't. Sorry about that.

My guess is that the world will make what El Salvador is currently doing much more difficult in the future. But not tomorrow, not next week, not next month.

But I assure you that El Salvador will not be the last.

Someday another country will adopt a cryptocurrency as legal tender...

 

[lexluthermiester]

Huh, moving on...

Things seem to be leveling off for the last little while. This is a very weird dynamic.

 

[trog100]

Huh, moving on...

Things seem to be leveling off for the last little while. This is a very weird dynamic.

yes bitcoin seems to have leveled off at 42K with eth around 3K.. but its not over yet.. he he

trog

 

[lexluthermiester]

yes bitcoin seems to have leveled off at 42K with eth around 3K.. but its not over yet.. he he

trog

You're expecting a bigger drop?

 

[trog100]

You're expecting a bigger drop?

i was but not so much now its leveled off... i think its very dependent on what happens in the general stock and bond markets.. if they go down crypto will go down with them..

i still think its early days and anything could happen.. i dont believe the CCP can just wave a magic wand and and make their over leveraged housing market bubble go away.. its gone too far for that to happen.. lets say i am more pessimistic than most..

trog

 

[95Viper]

Stay on topic.
Stop the trolling/flame baiting/arguing/etc.!
Any more of this behavior... there will be points and bans issued.

Have a Good Day.

 

[trog100]

well.. bitcoin is back up near 44K.. the dump seem to be over and things are on the way up again..

i dont think the chinese real estate problems are over but things have quietened down at least for a while..

trog

ps.. for what its worth i do think this recent crypto dump was entirety caused by recent evergrande fears.. nothing else.. which is why i mention it..

 

[Chomiq]

Evergrande: Shares in crisis-hit firm jump as debt deadline looms

The debt-laden developer is due to make a $83.5m interest payment on an overseas bond on Thursday.

www.bbc.com

The show ain't over until Winnie the Pooh signs.

The company had moved to placate investors, saying in a statement on Wednesday that it would pay interest payments for its domestic bonds.
The amount due for the domestic bond is estimated to be $35.9m (£26.3m).

"Until there is certainty regarding how the government will deal with Evergrande, investors are likely to remain jittery," Catherine Yeung, Investment Director, Fidelity International told the BBC.

 

[LFaWolf]

Evergrande: Shares in crisis-hit firm jump as debt deadline looms

The debt-laden developer is due to make a $83.5m interest payment on an overseas bond on Thursday.

www.bbc.com

The show ain't over until Winnie the Pooh signs.

Winnie the Pooh, I know what you did there...

 

[R-T-B]

Evergrande: Shares in crisis-hit firm jump as debt deadline looms

The debt-laden developer is due to make a $83.5m interest payment on an overseas bond on Thursday.

www.bbc.com

The show ain't over until Winnie the Pooh signs.

It seems to be for crypto, though. The value has been shooting upwards again.

 

[lexluthermiester]

The term "shooting upwards" might be an over-statement. It's definitely on the upward swing ATM..

 

[Outback Bronze]

Like to tip in BTC anybody?

You can now get paid in bitcoin to use Twitter (cnbc.com)

 

[R-T-B]

Like to tip in BTC anybody?

Not really. Any other crypto? Maybe. BTC transaction fees are way too high to make anything short of like, a $500 tip feasible...

The term "shooting upwards" might be an over-statement. It's definitely on the upward swing ATM..

Meh, just words that came to mind. It isn't moonshooting or anything.

 

[trog100]

bitcoin is up over 45K and still seems to be climbing.. the stock markets are flat or in the red.. the chinese real estate fears still seem to be hanging around as regards the stock markets..

trog

ps.. since writing this bitcoin has taken a rapid dive back down to 43K.. this has to be connected to the euro stock markets opening in the red.. as soon as the markets opened bitcoin was kicked back down from 45K to 43K.. i did think it a little odd at the time but it seems bitcoin was getting a little bit in front of itself..

for reasons unknown eth is taking a bigger hit than bitcoin.. its down near 2800.. it seems the markets were a little premature in discounting the evergrande problems..

 

[Liquid Cool]

In eth...2800 is support(BTC same with 40k) - for now. You're doing nothing out of the ordinary here, just a retest. If they can't probe any lower...they'll attempt to crack it higher. Then...I might have a comment or two because we're heading into a very serious inflection point.

Life changing...from my perspective.

Best,

Liquid Cool

 

[Outback Bronze]

this has to be connected to the euro stock markets opening in the red.

Could be the China FUD going on as well..

Bitcoin drops after People’s Bank of China declares all crypto illegal | Evening Standard

 

[sepheronx]

Could be the China FUD going on as well..

Bitcoin drops after People’s Bank of China declares all crypto illegal | Evening Standard

Which is like the 3rd time this year.

 

[lexluthermiester]

And the plummet continues.

 

[Colddecked]

And the plummet continues.

I was expecting more of a blood bath tbh...