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Bitcoin and cryptocurrency trading thread

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On the 15th of December I wrote the following...

"On the topic for a change, my SIL that has not a clue about markets asked me about Bitcoin today. This is a red flag for me as the only other investment she has ever made was buying Telstra at $9 totally against my advice, because her best friend told her to.
When the mania has reached the level of non investing people, there are not many suckers left."

In the 6 weeks since then, the main crypto I follow, Ripple, went from about $1 to 90c, then boomed up to $4.80, now back to $1.02 as of right now.
Bitcoin, worth over $A23,000 is now $A10,690.

Since the middle of December there have been quite a few requests from punters wanting to know which is the best place to buy coins/trade coins on this thread.

For me a 'currency' is something that tends to hold its value and is widely exchanged for goods and services.
A few weeks ago there was a story of a person in Melbourne that accepted Bitcoins in exchange for the sale of a property. Bitcoin was trading at around $A18,000 at the time.
 
brty said:
A few weeks ago there was a story of a person in Melbourne that accepted Bitcoins in exchange for the sale of a property. Bitcoin was trading at around $A18,000 at the time.
Click to expand...
That guy was a Chinese fuc$ trying to avoid capital gains by selling the gains in crypto, He wasn't selling the whole house for Cryptos.
 
brty said:
In the 6 weeks since then, the main crypto I follow, Ripple, went from about $1 to 90c, then boomed up to $4.80, now back to $1.02 as of right now.
.
Click to expand...
Stupid ripple.
20 cents more and I would have been all out, driving away in my Ferrari. Now all I can afford is a lowly Mercedes.
Ferrari make a family sedan, right?
 
It was a very interesting night of trading.
The cryptos had 'the everything,' including the kitchen sink, tossed at them by the media and establishment.
Then, of course, whilst the Super Bowl is on, time for a spanking by the manipulators.
Then, the yanks woke up, they started buying it back up to the recent support level, before the entire financial system looked to correct, for the first time since 2016.
During that frenzy the cryptos had recovered what looked like may have been a dot com crash and held their ground.
Maybe, there is something technical in that.
I think 10 years on from the financial crisis it's unlikely that people were seeking cryptos as the alternate place for their cash whilst the market tipped over.
The theme is blurry, it really should have been 'the end' of the bit coin.
Perhaps it's just that it's a small enough market for the Illumitardies to be able to maintain their belief in it and thus keep it going.
Just going to be trading on the frenzy unless someone has a better idea!
 
notting said:
It was a very interesting night of trading.
The cryptos had 'the everything,' including the kitchen sink, tossed at them by the media and establishment.
Then, of course, whilst the Super Bowl is on, time for a spanking by the manipulators.
Then, the yanks woke up, they started buying it back up to the recent support level, before the entire financial system looked to correct, for the first time since 2016.
During that frenzy the cryptos had recovered what looked like may have been a dot com crash and held their ground.
Maybe, there is something technical in that.
I think 10 years on from the financial crisis it's unlikely that people were seeking cryptos as the alternate place for their cash whilst the market tipped over.
The theme is blurry, it really should have been 'the end' of the bit coin.
Perhaps it's just that it's a small enough market for the Illumitardies to be able to maintain their belief in it and thus keep it going.
Just going to be trading on the frenzy unless someone has a better idea!
Click to expand...
All you can trade on is the fear and greed scale. And we must be moving from the fear bottom soon. Not much news about.

I jumped on some ripple ($1). Based on nothing much but feel, my star sign and a spare 10 k.
Either going to lose $2k or make $5k.
Still holding the bulk of my other coins.
 
Chart of the more popular "coins" and relative performance BTC LTC ETH XRP.PNG
 
Behaving like a high risk asset should.
What was interesting to me, was that the crypto capitulation preempted the US melt down and was stable to positive the whole way through the real price action.
Thre other events to note, Super Bowl distraction, Trump memo and most importantly the 10 year yeild went up through 2.80 which is when the market really took a pounding.
 
It's consistent with the theory that Bitcoin is completely manipulated now, it was tanked on low volumes whilst the US was distracted by the above and before the US woke up then bought all the volume selling as US kicked into gear. Pattern has been confirmed again!
 
I'm more curious about how this contagion is intertwined and where the flows are going...m
 
Well I gave one theme.
Europe has been the buzz word and so flows to Euro, hence week US$.
Great time to repatriate cash however, good move USA USA.
If rates at 2.8 are worthy of a 666 spanking WTF! Taper tantrum?
I don't know getten a leg over 5 is normally a little more appropriate.
Unless everyone is sickly OVER LEVERAGED :D
disclaimer - this isn't really a post, I'm just thinking out aloud.
 
CanOz said:
I'm more curious about how this contagion is intertwined and where the flows are going...m
Click to expand...

I agree. There was $800 billion USD invested into the crypto market at its peak in Jan 2018, according to coinmarketcap.com. That money needs to come from somewhere, and if some were using credit cards to fund their purchases, with others selling their investment properties, it wouldn't surprise me if equities were being sold off to do the same.
 
CanOz said:
I was chatting to a mate last night, ex-propex trader, he had recently visited a Sydney prop firm to see thier crypto desk. According to what he saw and discussed the prop guys are in this big and it's not in the futures. They've got guys trading the actual coins on Korean exchanges. They've even got thier own depth of market (dom) custom built for this stuff. He said they're scalping for 10-50 ticks and absolutely smashing it....old school, just levels, spoofing, just like the old days before algoes. No spread trading, just outright directional. He's also doing something with it as well as he had his own ladder built for the Chinese commodities markets...will be trading in the crypto space in a matter of weeks....
Click to expand...

There is a shocking amount of arbitrage available in the crypto exchanges from what I've seen. But requires deep pools of capital, excellent risk management (converting to fiat as soon as possible and not holding the bag when the market drops 20% overnight) and accounts at multiple exchanges (includes decentralised ones). By any chance, are you referring to Star Beta? They seem to be the only legit shop in crypto. But they are only doing crypto futures based on their website.
 
The BIG holders in Crypto Currencies have been for Years
So these fluctuations are only hitting those who are just
hitting the scene. Sure there are some who have put the house on
it and lost heaps but don't think there is half the population
selling everything to keep the PPR.

Personally I think many are missing this point and rubbing their hands with glee as
Bitcoin drop 50%.
These guys with Billions frankly don't give two hoots about 1 billion or $500K.
They wouldn't spend it anyway they are geeks who look at money a whole
lot differently to most of us.
 
Waterbottle, this statement shows a lack of understanding of markets.....

"There was $800 billion USD invested into the crypto market at its peak in Jan 2018, according to coinmarketcap.com. That money needs to come from somewhere"

The Market Cap of all the cryptos was $US800b, definitely not the amount of money invested in it. When the price fell, it was just because there were more eager sellers than buyers. A couple of hundred million dollars worth of trades could have reduced the overall Market Cap from the $US800b to $US300b.

I actually have no idea of the volumes traded, but a $US500b or whatever the reduction was in total MC certainly does NOT mean that much came out of the market.
 

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