Bitcoin price discussion and analysis
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Garpal Gumnut
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I saw a televised interview with the CEO of BAC last night our time and he said he and other banks would be interested in crypto if it became a medium of exchange for customers.
The interviewer went back at him a few times trying to get him to say otherwise and he reiterated if it became a medium of exchange for customers.
I believe this is the "for the record" view of all mainstream US banks, however you may be correct @moXJO as their job is to stay ahead of everyone else and the published view may be quite different from what they actually plan to do. They could well be trading BTC or your info is more up to date than mine.
gg
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Ethereum is rapidly losing value relative to BTC. BTC's little brother is becoming the runt of the litter.
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greggles
I'll be back!
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Looks like another down day on the NASDAQ tonight. High growth, high risk assets are having a little air taken out of them. AI stocks have been smashed in the last few sessions. I think crypto qualifies too, but it took a while for the down move to start.
If the market falls further, these assets will continue to suffer declines as investors flee to defensive stocks and other safe haven assets like gold and real estate.
Garpal Gumnut
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BTC has been falling since midnight US time. Markets open in 3 hours time. It will be interesting to see whether BTC ETF's follow the fall in price directly or whether the funds holding them add to the drop. BTC price as of just now.
gg
gg
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The slaughter of MicroStrategy (MSTR) and the copycats (MARA, GME) begins. 
Dona Ferentes
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Bitcoin dropped as much as 8.5 per cent, the biggest intraday decline since August. The largest cryptocurrency by market value was down 8.2 per cent to $US86,921 at 12.50pm in New York on bitstamp.net.
Other cryptocurrencies also fell. An index tracking top digital tokens was on pace for its largest four-day drop since early August.
"The recent turmoil in digital assets is a stark shift from the risk-on rally that drove crypto markets higher following Trump’s election in early November. Bitcoin has tumbled roughly 20 per cent since his January inauguration, as Trump’s combative stance against allies and geopolitical rivals alike shakes investor confidence, and concerns about elevated inflation linger.
"Exchange-traded fund investors have been stepping back. The iShares Bitcoin Trust ETF (ticker IBIT), the largest spot Bitcoin fund, shed $US158 million on Monday in a rare outflow, while investors pulled nearly $US250 million from the Fidelity Wise Origin Bitcoin Fund — the third-largest withdrawal among all ETFs. More than $US956 million has exited from US-listed spot Bitcoin ETFs in February, the worst month on record for the category, Bloomberg Intelligence data show.
"The bullish bets on crypto have seen hefty liquidations over the last two days with $US815.8 million and $US860 million respectively, according to data from Coinglass. Perpetual futures, which tends to be used by offshore investors due to its lack of availability in the US market, saw leveraged long positions drop
Other cryptocurrencies also fell. An index tracking top digital tokens was on pace for its largest four-day drop since early August.
"The recent turmoil in digital assets is a stark shift from the risk-on rally that drove crypto markets higher following Trump’s election in early November. Bitcoin has tumbled roughly 20 per cent since his January inauguration, as Trump’s combative stance against allies and geopolitical rivals alike shakes investor confidence, and concerns about elevated inflation linger.
"Exchange-traded fund investors have been stepping back. The iShares Bitcoin Trust ETF (ticker IBIT), the largest spot Bitcoin fund, shed $US158 million on Monday in a rare outflow, while investors pulled nearly $US250 million from the Fidelity Wise Origin Bitcoin Fund — the third-largest withdrawal among all ETFs. More than $US956 million has exited from US-listed spot Bitcoin ETFs in February, the worst month on record for the category, Bloomberg Intelligence data show.
"The bullish bets on crypto have seen hefty liquidations over the last two days with $US815.8 million and $US860 million respectively, according to data from Coinglass. Perpetual futures, which tends to be used by offshore investors due to its lack of availability in the US market, saw leveraged long positions drop
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I reckon Yes.
Mick
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Not for me even in a drug endused state would I venture near any of this crap.
Garpal Gumnut
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I'd agree @moXJO . I've only ever traded BTC via VBTC on the ASX, in at equivalent to BTC $92,000 and out at $105,000. I was a bit late in in Nov. after the trump boost. I was hoping to repeat that over the last few days but it's been down to $86,000 and presently around $88,000.
There is a lot of air between here and $60-$70,000. So I'll wait and see, probably leave it be. It imo has no real world value anyway.
gg
Garpal Gumnut
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Unfortunately for holders and believers BTC continues to fall.
From the FT.COM
The price of bitcoin dropped as much as 3.6 per cent on Wednesday to $85,600, taking its losses over the past month to 15 per cent. Other tokens have suffered even bigger losses as crypto assets are swept up in a broader sell-off in risk assets, and the largest-ever cryptocurrency theft shakes confidence in the industry.
Traders have also grown frustrated that Trump has not moved faster to enact some of the reforms he promised on the campaign trail.
“The slower than anticipated rollout of any major pro-crypto policies has led to disappointment,” said Gadi Chait, investment manager at Xapo Bank.
The nominal value of the crypto industry has fallen $810bn from its high in January, according to CoinMarketCap data.
Investors pulled nearly a billion dollars from bitcoin exchange traded funds on Tuesday, according to Bloomberg data, as the deepening slump sparked a record exodus from the vehicles that helped power crypto prices to record highs late last year. Trump’s barrage of tariffs has also spooked investors, sending them racing out of risky assets including crypto.
“There has been a recalibration of expectations regarding the Trump administration’s crypto stance,” Chait said.
Some traders had hoped that under Trump, the US would begin buying bitcoin and would rapidly enact new rules to encourage large financial institutions to buy crypto.
I guess without Trump doing something BTC will continue to fall, … until he does !!
gg
From the FT.COM
The price of bitcoin dropped as much as 3.6 per cent on Wednesday to $85,600, taking its losses over the past month to 15 per cent. Other tokens have suffered even bigger losses as crypto assets are swept up in a broader sell-off in risk assets, and the largest-ever cryptocurrency theft shakes confidence in the industry.
Traders have also grown frustrated that Trump has not moved faster to enact some of the reforms he promised on the campaign trail.
“The slower than anticipated rollout of any major pro-crypto policies has led to disappointment,” said Gadi Chait, investment manager at Xapo Bank.
The nominal value of the crypto industry has fallen $810bn from its high in January, according to CoinMarketCap data.
Investors pulled nearly a billion dollars from bitcoin exchange traded funds on Tuesday, according to Bloomberg data, as the deepening slump sparked a record exodus from the vehicles that helped power crypto prices to record highs late last year. Trump’s barrage of tariffs has also spooked investors, sending them racing out of risky assets including crypto.
“There has been a recalibration of expectations regarding the Trump administration’s crypto stance,” Chait said.
Some traders had hoped that under Trump, the US would begin buying bitcoin and would rapidly enact new rules to encourage large financial institutions to buy crypto.
I guess without Trump doing something BTC will continue to fall, … until he does !!
gg
Big jump on news of crypto reserves. I'm in two minds about this. I do think bitcoin will keep going up over the long term.
But the most it could do is probably 10-15 X.
Which I suppose is still decent. It's still a big maybe though based on digital ether.
I still want it to crash, but what we "want" and what we get are two different things
But the most it could do is probably 10-15 X.
Which I suppose is still decent. It's still a big maybe though based on digital ether.
I still want it to crash, but what we "want" and what we get are two different things
Garpal Gumnut
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@Garpal Gumnut I'm just curious as to how $GG is traveling these days.
Been little to no information forthcoming.
I wonder if this was a timed pump to make a bunch of people richer.
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