There is a sea of red https://finance.yahoo.com/quote/BTC-USD?p=BTC-USD&.tsrc=fin-…
Musk is tweeting Bitcoin is too high.
I put all my savings in Bitcoin because someone here said it was a value store. /s
But seriously why is it crashing this time?
Inb4 buy the dip
explain please?
or just talking shiet from your mouth?
Its sarcasm. I can't predict what the price will be any neither can anyone else here.
There are many tools to influence the economy, but I'll stick to the major ones.
To understand the future, you have to know a bit about the past.
Ancient History
Money has been around for thousands of years, in one way or another.
The USD used to be backed strictly by gold at a rate of $35/ounce and it became "the gold standard". It went so well that in 1944, 44 countries signed on and made USD the reserve currency. All national currencies were valued in relation to the USD.
in 1971 Richard Nixon terminated the above-named convertibility and USD was now backed by … nothing. The monetary value became an agreement between parties and what the government said it values at, hence the 70's and 80's inflation.
Reserve Requirements
Reserve Requirement (RR) is the amount of money they need to keep as liquid money for each $ the banks land out. So if the RR is 10% and you borrow $100 from the bank, the bank has to have $10 cash within the bank to cover potential withdrawals.
Recent History
COVID hit, the govt needed money so: Government removed RR.
What does it mean? The banks can land out whatever they want with no requirements to keep any cash.
To put it in perspective, out of 170 years of USD's existence, 5% were created in 10 months in 2020. Yes, CREATED!
Apart from that, the US Government also flooded the system with money.
Neel Kashkari: there's no way to end the ability to flood the system with money.
Jerome Powell: Yes, we flooded the system with money. We, as a central bank, printed money digitally.
From the above, you can see that there is a huge problem with the current fiat monetary system. Not sure how that will end.
Apart from that, there are also smart contracts, DeFi, NFT, and others.
So much so that Uber, Paypal, Mastercard, Visa, Tesla, etc all started adopting crypto. Binance has developed a visa crypto card and it's not the only company doing so.
I don't know how this will pan out in the future, but in my opinion, crypto is here to stay and/or take over the obsolete monetary system. It's happening quite fast I think.
Back to the question
The reason that BTC, and everything else, went down recently is because of market demand and supply. Most of the large purchases in the world of BTC happened over the span of few days with no direct, major and immediate visible impact.
Over the last week, an unknown entity or group thereof, has dumped a huge amount of BTC on the open market driving the prices down. This happened over the course of the week in smaller but significant amounts as well. See image
The reasons behind it are unknown, some speculate that someone shorted BTC however, the impact was visible and immediate.
I suspect it will correct itself quite quickly. In fact, I'm betting $120,000 on it.
This is more prevalent in countries with high inflation where the cryptocurrency market is absolutely huge, example Nigeria's cryptocurrency market was 300% larger than the stockmarket. That's because the local currency was worthless. So much so that the import/exports by the businesses were being done in crypto.
Forgot to write.
There are a lot of reasons for BTC's increase, despite the huge bottleneck it has. The major one being it's fixed number of coins, public, transparent and permanent transactions.
And another advantage. For example, I want to purchase $100k+ now. I can't. The bank is holding my cash and I can't withdraw them but in small sums, $20k/day. That also takes 1 - 3 days to process. This pisses me off badly.
So, to recap with my current finances now, transferring:
The only major issue I see with BTC is the lack of minability in the future. That's a big one. So much so that I don't know how they'll overcome it.
This is the reply I got from my bank now:
"Hi xxxxxx, thank you for reaching out today.
Normally there is no way the $20,000.00 daily limit can be increased, however due to Covid-19 restrictions and reduced branch hours our Contact Centre may be able to increase this limit temporarily.
The request would need to be made by via our Contact Centre and be approved by a Manager.
Please call us on 13 17 19 from 8am WST to make this request.
I hope this helps."
Wtf: public, transparent and permanent transactions.
Why would I want the fact I paid for bangbros being public for all eternity in the blockchain?
I can call my bank ING Direct to transfer all cash now if I wanted to.
Not sure if you can transfer more than 30k within … 1 hour. Not sure if you can do it within 24.
The addresses are public and they look like this, example Bitcoin Gold (random) for 1 address: https://explorer.bitcoingold.org/insight/address/GJjz2Du9BoJ… as you can't see, there are no names behind it so I'm not sure why you are stressing about it.
Also, if you don't understand the technology, the benefits of something or don't want to get involved in something, please stop behind a keyboard warrior and let others enjoy.
This is 1 of my 3 accounts in the last month with the market going down in the last week. How much did ING give you during this time? I'm not bragging but seeing the benefits (as well as the risks) sometimes pays off.
Business accounts have no such limits. The limits on personal accounts are to protect the individual from fraud. It’s designed to protect the bank holder, not the bank
I suspect it will correct itself quite quickly. In fact, I'm betting $120,000 on it.
Short or long?
Long.
Bitcoin is going down because the printing press (Tether) has stopped. Nothing to see here guys, institutions just don't feel like buying the dip right now, despite buying 400-800 Mill through Tether every day from 47k to 58k just a week earlier.
If bitcoin is going to $100k this year and I sell, I will make $400k. if not I'll either take a big hit or a small(er) gain. I'll take my chances.
If you want, we can come back this time next year and I'll either paid off my mortgage or cry about it. Either way, it will be exciting :-)
Assuming I have no idea what Tether is and why it would affect bitcoin prices.
What's your prediction of this relationship changing? Just a dip in bitcoin prices or is a proper crash back to last year's prices on the horizon?
its not stopped.. Tether is still functioning as usual. it got more legitimized infact.
Markets:
Sometimes they go up
Sometimes they go down
They never only go up
They never only go down
Ta da
There's a secret Reddit sub group controlled by the ultra mega super duper rich elites which are actually puppets of their evil Satoshi crypto masters that decided it was time to sell and take profits.
The OP doesn't realise that is what markets does.
It happens on the stock market, happens on forex market, and it happens on crypto market.
Crypto Market is similar to investing in volatile shares. Only put money you are willing to lose in it, and if you do lose then don't complain.
Which ozbargainer has made the most out of the speculative investment?
There is someone here that claims that they own 7 or 9 investment properties.
https://tinyurl.com/2jfs94kk
Finally, what we’ve been waiting for: the U.S. Securities and Exchange Commisison has published Coinbase’s S-1, clearing the way for a direct listing on Nasdaq.While some major details are still missing (most notably when they plan to list), we now have a glimpse into how a major crypto exchange works, what it’s worried about and just how much the market is growing.The figures are indeed eye-opening: in the fourth quarter of 2020, the number of verified users on Coinbase’s platform reached 43 million after adding almost 45,000 new users a day. The average number of monthly transacting users grew by over 30% in the fourth quarter alone, to 2.8 million.Also
eye-opening is the inflow of institutional investors, something that
we’ve talked about often in this column. Over the fourth quarter,
institutional trading volume grew over 110% to $57 billion, while retail
trading volume grew by almost 80%. The company services 7,000
institutional accounts.
The Coinbase filing gave everyone who works in this industry something to
chew on. There was the bold vision, the numbers, the services overview,
and some details on their recent acquisitions. There was even a nod to
Bitcoin creator Satoshi Nakamoto, who was featured on the front page as a
designated recipient of copies of the filing documents.
And for those interested in the future of work, the customary physical
location of the filer was given as “Address not applicable,” with the
footnote: “In May 2020, we became a remote-first company. Accordingly,
we do not maintain a headquarters.”
While there is much to enjoy in the filing, and no doubt much to continue to
pick apart over the next few days, let’s take a step back and look at
what this document is really about, and what it says about the future of
capital markets. Deep down, it’s about the reshaping of trust.
Opening the books
One of the big steps forward for the industry is greater transparency as to the inner workings of a key infrastructure company.
With greater transparency comes greater trust. This is not the same as trust
that Coinbase’s value will go up and up. It’s trust that there is a
real business opportunity here, for investors and builders.
We’ve all experienced the dismissal from mainstream economists and investors
that crypto is anything but hot air. We’ve all seen how market
innovations are dismissed as trivial or even irritating. Yet with this
hefty document, even the most skeptical of market observers will look at
the numbers and realize that this business is substantial, and that
crypto assets move significant amounts of money. What’s more, the market
is attracting a growing user base that is generating meaningful profit
margins.
With this filing, more traditional businesses will start to trust that
crypto assets are here to stay, and are a market force to be reckoned
with.
Nocoiners have been sticking their head in sand for 12 years thinking that this industry would wither and die. Think of all the gains they could’ve had if they were a bit more open minded to innovation.
The guys at the top of the food chain have been making a killing providing their customers with what they want.
https://en.cryptonomist.ch/2020/02/27/net-worth-ceo-binance/
Bought FTM on the crash .. now its 40% gains
Also bought CHZ … 10% gains so far
CHZ is now 0.09c from 0.05c. Likely due to the planned $50M expansion in the US market
Now its 0.105 .. lucky i bought when it was 0.047
It's a useless currency at USD 8000.
https://youtu.be/bxbMK4RsKnk?t=48
It's not so useless at USD 47000.
https://news.bitcoin.com/shark-tanks-kevin-oleary-bitcoin-cr…
I am fascinated. I’m investing. I’m holding a 3% weighting in it between ethereum and bitcoin. The volatility sickens me but I’m getting used to it.
Canadian, Swiss and many other regulators have done a 180% on BTC. This is a game changer for many investors including me.
The 1% are flipping like 🥞.😉
When will you elect to get paid in Bitcoins?
Didn't expect this from Kevin O Leary. But that is a common characteristic of an astute investor. He is able to change his opinions on developments in the market. People had the chance to front run Elon Musk, Michael Saylor and now Kevin O Leary but didn't take the opportunity. I see people saying Bitcoin was dead in March on this forum and making fun of it. Best sale of my life.
I still believe it's early days though in Cryptocurrencies. China just rolled out their Digital Yuan. Eurozone will follow soon.
How much do you have left in cryptocurrency.
I reckon it'll be down to the 20s in 3 months.
They're trying to push for CBDC to counter the adoption of permissionless, transparent and immutable digital assets. Will it work? Only time will tell.
Still early on this ride. Let's see where this goes.
Live with Meet Kevin + Ross Gerber about BTC, Tesla, Robinhood, stocks, options, real estate, casinos, DCA, ETF, NFT, the central banks, take profits, lithium batteries, etc.
https://www.youtube.com/watch?v=70usB_5tCE0
How much is your cryptocurrency portfolio worth?
So many pumpers in this thread.
To all the coinbois if you can prove Forex is not a zero sum game you may have a point otherwise you are trying to suck in more people so you can get out.
I think bitcoin is probably not going to last. I think crypto in general will survive but the use case for bitcoin is kind of a dead end and it's relying on first mover/brand recognition.
But you make such terrible argument against it like proclaiming a crash and crowing every time it dips a bit, nothing close to the proportional dips it's done in the past, baby dips it does during bull runs. It makes me think maybe I'm wrong because how could I arrive at the same conclusion as someone with this terrible, terrible logic?
https://i.imgur.com/whep7uK.jpg
FFS
Where's the "Why is Bitcoin rising again?" post? 🤨
One sec let me post it
🤣🤣🤣
Correction seems to be over for now. Remember this happened 7 times or so in 2017.
Bitcoin is crashing up
👌
It's quiet here now. When it corrects again, this will come alive. Happens every bull cycle. I don't even care about the 30% dips after such a monstrous year. Just another day in the office. If someone cries over an asset correcting 30% after running 1000%, really shouldn't be investing.
What is the smart money doing?
https://finance.yahoo.com/news/soros-morgan-stanley-join-200…
Soros, Morgan Stanley Join $200M Investment in Bitcoin Firm NYDIG
Smart money, Tesla, Microstrategy, Mass Mutual, Square, billionaires, Harvard, Stanford, Yale, Brown, MIT's endowment funds and now Soros and Morgan Stanley etc… are now all part of a ponzi scheme?!
That can't be right.
😉
I'm just staying low and accumulating…
Might have a massive pump from the US stimulus this week, will see.
I'm hodling it for sure. Take some profits and hodling most of it. Alts and defi meanwhile, might take profits on those.
All looking good now but i am very very uncomfortable with the bearish divergence on the daily. Could see a giant correction after the next pump. I hope i'm wrong but ready for it.
https://www.bloomberg.com/news/videos/2021-03-18/bridgewater…
Ray Dalio Says Diversify, Don't Hold Cash
Settle down, Winnie.
Digital asset adoption isn't anywhere. It will keep getting bigger, faster and better over time.