The Official Cryptocurrencies are Tanking Panic Thread

[wayneL]

It gives me no comfort because I am HODLing cryptos, but we have BTC now under $40,000 USD

Yep, well above what it was 12 months ago. But where to now?

 

[qldfrog]

Russia, after china, is stopping crypto use, mining, etc..and as our democracies have decided to follow these role models in term of freedom lately, and often beat them flat, crypto days are counted imho..i mean btc, eth,etc

 

[wayneL]

Russia, after china, is stopping crypto use, mining, etc..and as our democracies have decided to follow these role models in term of freedom lately, and often beat them flat, crypto days are counted imho..i mean btc, eth,etc

This has been my greatest fear.

 

[qldfrog]

This has been my greatest fear.

the reason I offloaded most and am not planning to add any more

 

[Sean K]

This has been my greatest fear.

One of mine. Add China housing, negative real interest rates, inflation, astronomical debt, geopolitical insecurity. Just keep that first saddle ready.

 

[Tyre Kicker]

Can’t say I’d be sad to see the cryptos go to … zilch.

 

[qldfrog]

Can’t say I’d be sad to see the cryptos go to … zilch.

I will as it was the last attempt against the globalism plague
In the same way as "I am Novak and I am Charlie" Novak can be a jerk and Charlie hebdo was not greatest journalism..but they expressed aspiration of a bygone area and the dream of freedom from totalitarism
So did BTC initially

 

[againsthegrain]

I will as it was the last attempt against the globalism plague
In the same way as "I am Novak and I am Charlie" Novak can be a jerk and Charlie hebdo was not greatest journalism..but they expressed aspiration of a bygone area and the dream of freedom from totalitarism
So did BTC initially

Could it be possible that the very globalists that crypto was against made their profits and now with a controlled exit in the green are laughing and saying keep the bag suckers?

 

[qldfrog]

Could it be possible that the very globalists that crypto was against made their profits and now with a controlled exit in the green are laughing and saying keep the bag suckers?

Definitively...

 

[frugal.rock]

Russia, after china, is stopping crypto use, mining, etc.

So, less supply temporarily, until they move somewhere else...

Can’t say I’d be sad to see the cryptos go to … zilch.

Are you sure about that?
I don't think that scenario would help most portfolios that don't even hold crypto.

Could it be possible that the very globalists that crypto was against made their profits and now with a controlled exit in the green are laughing and saying keep the bag suckers?

Possibly the case!
The little push up before the mini correction tells a story.
The whales can now buy the same amount of crypto and do it all again. History repeats.

The bleeding has eased for now, just need to see if it sticks, or not.

BTC chart, 30 min bars.
I note commodities and futures are mostly bouncing back.... for now.
Our fate is in the hands of the long pockets brigade, I'm afraid. The answer will unfold tonight. Sleep tight, don't let the bed bugs bite ?

 

[explod]

Struth, down 9% tonight. Glad I'm out lol

 

[bluekelah]

Its goin' down below 20k if fed continues with rate hikes.

anyways cant all the crypto guys short crypto all the way down? Maybe short it down to 10k?

Its a risk asset, very obvious along with tech stocks it was going to go down with tapering started in mid NOV last year and rate rises being brough forwards. Those who think its an inflation hedge better think twice.

After China did their CBDC and banning crypto mining and mainstream use, thats already half the global market gone. So what if crappy small nations like el salvador try to use BTC, they were failing defaulting economies anyways. Imagine what happens to the poor folks there when their BTC value goes down 50% in a short time.

 

[Smurf1976]

Its a risk asset

Therein lies the fundamental problem with it. As a currency it's far too volatile.

 

[qldfrog]

Therein lies the fundamental problem with it. As a currency it's far too volatile.

Killed by its own success....in a world of illimited fiat money world wide, anything limited and in fashion becomes rare and valuable but we are not in a free economy, actually far from that capitalist pure dream.
So government can switch on off the crypto currencies and they are doing it now.
Even the threat of doing that was creating huge fluctuations.now that actions are taken, it gets even more edgy.
China and Russia have some serious gold backing, and could create crypto gold Ruble/ Yuan.and these would become de facto the new refuge currencies.
BTC is already over there... obviously to save the planet and reduce CO2.. LoL

 

[bluekelah]

Killed by its own success....in a world of illimited fiat money world wide, anything limited and in fashion becomes rare and valuable but we are not in a free economy, actually far from that capitalist pure dream.
So government can switch on off the crypto currencies and they are doing it now.
Even the threat of doing that was creating huge fluctuations.now that actions are taken, it gets even more edgy.
China and Russia have some serious gold backing, and could create crypto gold Ruble/ Yuan.and these would become de facto the new refuge currencies.
BTC is already over there... obviously to save the planet and reduce CO2.. LoL

Yes China and Russia have a lot of money laundering going on (even at the very top level officials) which was supposed to be the main use BTC and Crypto in the early days anyways. Now their govs have to take action to clamp down as they risk losing control of the financial system if they let it continue.

Fed just release a paper too, which makes it more concrete that a US CBDC is more firmly on the way, noose is tightening for most regulated cryptos.

Fed Releases Discussion Paper on Central Bank Digital Currency (CBDC)

The Federal Reserve Board has released a discussion paper that examines the pros and cons of creating a U.S. central bank digital currency (CBDC).

www.investopedia.com

probably we will have some gaming tokens and maybe some unregulated money laundering cryptos like Monero still around when everything else crashes and the mainstream media and people treat this crypto boom like the dotcom boom.

 

[Garpal Gumnut]

One of the main problems I see with Crypto especially BTC is that it is a pure TA play with the occasional input from lunatics such as Elon Musk.

I have no idea like everyone else what manipulation aka shorting or buying Musk and other billionaires are up to at the moment but the chart below follows TA principles on trend and many patterns such as breaks in consolidation and descending triangles.

Who knows where it will end. I no longer have the speed nor wit to trade it. Good luck to all ASF members who can make a quid out of it.



gg

 

[bluekelah]

One of the main problems I see with Crypto especially BTC is that it is a pure TA play with the occasional input from lunatics such as Elon Musk.

I have no idea like everyone else what manipulation aka shorting or buying Musk and other billionaires are up to at the moment but the chart below follows TA principles on trend and many patterns such as breaks in consolidation and descending triangles.

Who knows where it will end. I no longer have the speed nor wit to trade it. Good luck to all ASF members who can make a quid out of it.

View attachment 136341

gg

Its got nothing to do with TA now and more to do with FA, Fundamentals have changed with the FED tightening and risk assets like tech stocks selling off. FED is not just tapering +rate rising. They have also signalled that they plan to "reduce the balance sheet" == quantitative tightening!!

Elon and Tesla venture into Bitcoin and Dogecoin and now Shiba Inu have been a bit suss. I believe he used it as a pump and dump to get easy profits for Tesla. I really doubt Tesla has turned a profit that easily with their expanded range, especially with their takeover of heavily indebted SolarCity which was still burning through cash when Tesla Bailed it out. Of course we wont find out until something bad happens like it did with Theranos.

 

[Garpal Gumnut]

This is an extremely interesting thread.

Always best to learn when there is panic about, posters cut to the chase.

I'm now up to speed on Mining Difficulty as well.

gg

 

[Cam019]

Monthly Chart - Uptrend

Weekly Chart

I'm expecting a push down into that weekly range marked $29,300 - $31,800. What is also likely is that BTC spikes down and runs the liquidity that lies below the most recent weekly swing low at $28,600 ($$).

If BTC breaks and closes below $28,600 with displacement, don't be at all surprised to see BTC head down to $9,850 - $12,050. Even if this happened we would still be in an uptrend on the monthly chart as the protected low on the monthly chart is $3,850. So, if you're holding BTCUSD for the long term - nothing to worry about.

 

[qldfrog]

So, if you're holding BTCUSD for the long term - nothing to worry about.

Seriously, down to 3200 and you are ok with that as $3200 is above protected level?