Bitcoin price discussion and analysis

[moXJO]

What a headache of a day. Forgot how crazy crypto markets can be. I'm all out of positions again except for a small luna position. I had some money left in a kucoin account I found (only place I could buy luna as it's de-listed everywhere). Too lazy to sell it as it's a bugger all position.

It was down 20% from when I bought it and is now back to 5% above what I bought it.
Which is weird considering how the minting method works. But pretty confident its a death spiral.
Funnily enough my current position was probably worth $200,000,000 a couple weeks back

Trading since early morning and now for a nap before US. Some good trades about. But my eyes are fried.

 

[over9k]

NASDAQ rebounds, ASX rebound, Crypto rebound, 10year bonds sub 3%.... Either this is a dead cat bounce or we're finding bottom

Yeah, we might be there for a bit but wait until winter in the northern hemisphere.

Still a bull on energy

 

[waterbottle]

Asus: Demand For GPUs Among Cryptocurrency Miners Is Drying Up

However, Asus expects demand for GPUs from gamers to remain robust, so the pricing may not necessarily normalize.

www.pcmag.com

This must also feed into the chip supply problems that the world has had since the WFH revolution began with COVID, and I suspect we'll see an impact on inflation numbers too

 

[moXJO]

Position in luna has now doubled. Not sure why given its supposed to hyperinflate the market cap. Only explanation is that it was delisted off exchanges and people couldn't trade it as easily.
Or perhaps the team is burning tokens.
Still not worth doing anything as it's a small position.

More interested in the mechanisms behind this thing at this point.

 

[Stockbailx]

Bitcoin (BTC-USD) has finally broken below $30,000.
As a result of sharply higher inflation and interest rates, the great unregulated crypto-currency "Ponzi scheme" has finally started to unravel. In concert with its highly correlated listed equities masters, Bitcoin has plummeted 63% from a peak of US$68,991 in late 2021 to a low of just US$25,424 this week. At this nadir, Bitcoin's market capitalisation had shrunk by US$800 billion, prompting some investors to start referring to it as simply "Bitcoin". In this wire, I explain why crypto-currencies have proven to have little value beyond the "hopium" that investors can convince others to impute a higher price to them.

If you are afraid about owning/buying Bitcoin at this time, I suggest you wait until the bottom is more clearly in. Even when Bitcoin bottoms, history suggests it won't explode to the upside just yet.

 

[moXJO]

Luna has x4 now

 

[Tyre Kicker]

A lot of decimal places in that Luna price now.

 

[moXJO]

A lot of decimal places in that Luna price now.

It should in theory keep adding zeros and hyperinflate the cap.

I think the team has some kind of recovery plan going forward.
A lot of people are jumping in without realising how it auto inflates.

So I'm not sure if any increase is going to hold long without burning the billions or trillions that were minted. We are talking 75-95% burn.

 

[over9k]

Oh dear

 

[againsthegrain]

We understand this has been a turbulent time for our customers and appreciate the patience as we reviewed the ability of trading both Terra (LUNA) & TerraUSD (UST) on the Swyftx platform.

Service Announcement
After assessing the current state of the Terra Ecosystem, Swyftx does not believe either asset meets our listing criteria at this time

 

[over9k]

The question is whether the contagion wrecks the whole crypto space. Crypto depends on confidence and this has been a hell of a blow to that.

It might very well be the catalyst that sets the whole meltdown off. Lots of people very nervous at the moment.

 

[over9k]

THIS. If crypto gets a crisis of confidence, it's all, the entire sector/asset class/whatever you want to call it, f***ed.

 

[Telamelo]

I'm tempted to consider buying Bitcoin & Ethereum again (luckily I'd sold out a while ago when prices 50% higher than currently).

Feel that more downside pain to come perhaps but don't want to miss out on a potential 20-30% sharp rebound (if and when it eventuates?).

Perhaps only when US market's stabilise somewhat we may then see crypto's follow likewise..

Bitcoin Ticker - Tick by tick - Real time updates

bitcointicker.co

P.S. Interested in people's thoughts/technical analysis of Bitcoin price action...

 

[basilio]

Mate who owns Bitcoin reckons he’ll be able to retire by age of 85


A friend who got into crypto a few months back reckons he’ll be able to quit his dayjob and retire before he’s 100, maybe later.

Reece Robertson, 28, took out a loan to buy $20k worth of Bitcoin in November after listening to a podcast which promised crypto would totally change the way he thinks about wealth creation. “And it totally has. I’ve never lost so much so quickly before. Who would’ve thought turning real money into imaginary coins could go wrong?”

Robertson said he researched a lot before getting into the market. “I watched this video called ‘How crypto can massively transform your retirement plans’ and it’s totally true. I planned to retire by 60, but now that I’m into crypto, that number’s out by at least 25 years”.

He said he had taken a diversified investment strategy. “I’m not an idiot – I’m not just invested in Bitcoin. I’ve put $10k into Ethereum and another $5k into Dogecoin cos Elon Musk told me too. So I’ve played it pretty safe”.

Mate who owns Bitcoin reckons he'll be able to retire by age 85 — The Shovel

"It's totally changed the way I think about wealth creation"

www.theshovel.com.au

 

[Garpal Gumnut]

I'm tempted to consider buying Bitcoin & Ethereum again (luckily I'd sold out a while ago when prices 50% higher than currently).

Feel that more downside pain to come perhaps but don't want to miss out on a potential 20-30% sharp rebound (if and when it eventuates?).

Perhaps only when US market's stabilise somewhat we may then see crypto's follow likewise..

Bitcoin Ticker - Tick by tick - Real time updates

bitcointicker.co

P.S. Interested in people's thoughts/technical analysis of Bitcoin price action...

I've been following BTC and ETH.

It is still in an impressive downtrend and with one of the coins, Luna, going to 0c there is the chance of contagion in to other crypto.

TA would say stay away, except, if you are brave, I have noticed a time around 9.30 pm ET which is pizza/munchie time in the Bagel, where many big moves occur. I lived in NY many, many years ago and can attest to the importance of that time. So look closely at the charts if you are brave around that time for a trade.

Otherwise, as they say in Ukraine, it is Xуй -ed.

gg

 

[waterbottle]

$2 trillion lost since Nov '21, with $1 trillion lost in the last month.
That money needs to find a home....

 

[basilio]

View attachment 141731

$2 trillion lost since Nov '21, with $1 trillion lost in the last month.
That money needs to find a home....

$2 trillion lost since Nov '21, with $1 trillion lost in the last month.
That money needs to find a home.... ???

Really ? Since when did the 2 trillion actually exist beyond figures on a screen?

Punters/investors had valuations on their holdings on one day and two months later these valuations have evaporated.
There is minimal underlying physical assets in these digital currencies. No factories, products. Some financials services but these are quite expensive to use.

I suggest that money has evaporated into thin air.

And of course the dollar currency that purchased the coins (con .) in the first place

What hasn't disappeared is any borrowings used to purchase the coins.

So that $2Trillion dollars has so far disappeared. No doubt some traders have made a bundle on the way

 

[basilio]

I checked out a table on the status of the top 200 cryptocurrencies . Makes ugly viewng. Around 20-30% drop in the past seven days.

All Cryptocurrencies | CoinMarketCap

View the full list of all active cryptocurrencies.

coinmarketcap.com

 

[over9k]

I checked out a table on the status of the top 200 cryptocurrencies . Makes ugly viewng. Around 20-30% drop in the past seven days.

All Cryptocurrencies | CoinMarketCap

View the full list of all active cryptocurrencies.

coinmarketcap.com

Hence my contagion comments

 

[againsthegrain]

Its probably time for a new scam, get rich scheme, Investment I mean.