Bitcoins - about to hit $5,000 per coin today!

[gib]

No they are getting BTC back. From their site https://www.gemini.com/earn

"Successful Resolution of Earn. This week, we announced Gemini’s settlement in principle with Genesis and other creditors in the Genesis Bankruptcy that will, if approved by the Bankruptcy Court, result in all Earn users receiving 100% of their digital assets back in kind (see February 28th update, below). As explained below, for Earn users this means, for example, that if you had lent one bitcoin in the Earn program, you will receive one bitcoin back; you will also receive any and all appreciation of your assets since you lent them into the Earn program. "

You are kind of confusing concepts:

The bankruptcy plan allows Genesis to either convert shares of the GBTC into Bitcoin on behalf of the creditors, or sell the shares outright and distribute the cash. Either way, the key point is that Genesis does need to sell its GBTC holdings, and that puts pressure short term pressure on price to the extent not equalized by demand.

See here which explains a little further:

https://cointelegraph.com/news/genesis-bankruptcy-gbtc-outflows-bitcoin-coinbase-crypto-exchange

"Genesis was granted approval by a bankruptcy judge on Feb. 14 to liquidate around $1.3 billion worth of GBTC as part of its efforts to reimburse creditors. ... There are concerns within the crypto industry that the recent approval for Genesis to also sell-off GBTC shares could lead to additional downward pressure on the price of Bitcoin."

You are correct that there was a wallet form 2013 which sold some coins. 65m worth I think. Did that spook the market? Yes possibly part of the cause, but in the big scheme of things, easily absorbed.

[SouJerz]

ETH hit 3,900 high for this cycle.  If the ETF’s are approved does it get past the ATH of 4900?  Back then in 2021 when ETH hit 4900 it was out pacing BTC.  Hopefully ETF’s get us to 6000.  As far as BTC I’m with gib and PLAN B if you guys know of it we’re blasting off soon next stop 100k then FOMO hits then massive selling of the gamblers taking profits.  I’m hoping we dip back to 40k post halving because in several years we’ll be at 1 mil.

[gib]

ETH hit 3,900 high for this cycle.  If the ETF’s are approved does it get past the ATH of 4900?  Back then in 2021 when ETH hit 4900 it was out pacing BTC.  Hopefully ETF’s get us to 6000.  As far as BTC I’m with gib and PLAN B if you guys know of it we’re blasting off soon next stop 100k then FOMO hits then massive selling of the gamblers taking profits.  I’m hoping we dip back to 40k post halving because in several years we’ll be at 1 mil.

I am annoyed I didn't buy more BTC during the little dip yesterday. I was hoping it would stay down a bit longer, and when I finally got around to buying it was already partially recovered.

[SouJerz]

I am annoyed I didn't buy more BTC during the little dip yesterday. I was hoping it would stay down a bit longer, and when I finally got around to buying it was already partially recovered.

These 5-10% swings are normal when BTC is in this type of cycle.  Also I think historically Saturday mornings have been a dip day. I think post halving it should drop as it has in the past, hopefully to 40k-50k.   One of those “buy the rumor, sell the news” events for those short term investors/gamblers looking for a quick 50%+ ROI.  Also small time miners could close shop leading to a price drop.

I’m more interested in the ETH etf does BlackRock have enough pull to get the SEC to sign off?  Supposedly 70% chance.  But I can see the SEC denying it too. 

[Mayday]

The bitcoin used to dump the price was coin mined in 2010 which hadn't moved for 14 years. Could potentially hint at a supply shortage.

I will be completely wrong and I am a retard.

Old accounts dumping en masse like now happens only when tops are forming.

Only 1 time in Bitcoin’s history were old accounts this active and we didn’t hit an ATH. That 1 time was not anything like today.

[a_pupil]

Is there a connection between the s&p 500 going up and dipping slightly with bitcoin's movement?

The chart looks similar.

[SouJerz]

Is there a connection between the s&p 500 going up and dipping slightly with bitcoin's movement?

The chart looks similar.

Whats the one year ROI on the S&P right now and the one year ROI on bitcoin right now?

If you want even more fun look at the 5 year s&p chart and the bitcoin 5 year chart.

[Flexacon]

Is there a connection between the s&p 500 going up and dipping slightly with bitcoin's movement?

The chart looks similar.

Some days they look identical, some days they dont.

Long term inverse dxy and bitcoin track

[Flexacon]

I will be completely wrong and I am a retard.

Old accounts dumping en masse like now happens only when tops are forming.

Only 1 time in Bitcoin’s history were old accounts this active and we didn’t hit an ATH. That 1 time was not anything like today.

I was expecting a lot of old accounts to become active, but not because it's a top. Selling and going into ETFs

I can see it going higher than 10% but more for the reason that big OG whale holders redistribute some of the BTC the hold in cold wallets into ETFs. Makes sense to diversify and it makes things like inheritance easier to manage.

Looks more like consolidation though after blasting up here from $52k. I was expecting months long consolidation here, but with the ETFs firing as they are it might be weeks, or maybe even days as Saylor in due to buy again soon.

There is also $2 billion of leverage to wipe out both ways. So probably another 10k daily candle both ways. Up to $71k, dump down to 61K or vice versa.

[gib]

Long term inverse dxy and bitcoin track

Agree!

[gib]

I will be completely wrong and I am a retard.

Old accounts dumping en masse like now happens only when tops are forming.

Only 1 time in Bitcoin’s history were old accounts this active and we didn’t hit an ATH. That 1 time was not anything like today.

One account mate. No Biggie. For every BTC OG selling some Sats, there are 10x Billionaires willing to buy...

[gib]

I was expecting a lot of old accounts to become active, but not because it's a top. Selling and going into ETFs

Agree with that too. I know a number of early hodlers, who are now putting some amount in to the ETFs. Not because they don't believe in self custody, but for convenience, diversification of custody, and also as it helps legitimize their wealth with KYC etc once in the system.

[gib]

https://cointelegraph.com/news/tesla-buying-bitcoin-btc-wallet-curiosity

[SouJerz]

https://cointelegraph.com/news/tesla-buying-bitcoin-btc-wallet-curiosity

They better be that's the only way they are going to be able to show a profit this year on the balance sheet because they are going to lose money selling cars.  Sneaky or Smart Elon?

[Mayday]

Cheers Flex and gib.

I am calling we are going to have the cycle top this month.

My target of 76k likely will be hit next week, if it blows through it, perhaps 96k.

A top in hindsight is always easy to see. I ‘think’ I have enough info to tell me we are at the end, I cannot see it clearly though, it’s still foggy for me.

Buying at 17.5k was an easier call to make than this. It’s plausible 69k was actually the top and we all missed it and perhaps we double top (68k now). This is why I went alts, to give me time for my own error of judgment.

[obsidian]

Not sure if this is legit or not.

https://cryptodaily.co.uk/news-in-crypto/bitcoinik:microstrategy-planning-to-buy-ethereum-eth-report

Microstrategy Planning To Buy Ethereum (ETH): Report

Reportedly Nasdaq listed business intelligence firm Microstrategy planning to invest in Ethereum (ETH).

Microstrategy is a business intelligence firm that is mainly known for its Bitcoin investment strategy. Since Aug 2020, this company has been investing in Bitcoin. This company aimed to add multi-million Bitcoin to the company’s balance sheet. To date, this company is holding 193,000 BTC with a net 73% profit.

On 6 March 2024, Crypto Intelligence News reported that a person close to Microstrategy disclosed that the company was planning to buy Ethereum (ETH) to add to the company’s balance sheet.

The report confirmed that they’re still not sure whether the information is right or not but asked the Microstrategy firm directly on this matter. So far no response from Microstrategy or any executive came on this report.

[obsidian]

I've seen two influencers now thinking Ethereum is going to run to a 30-36% dominance this cycle. Right now it is at around 18.8% and Bitcoin at 50.8%.

[obsidian]

[SouJerz]

Not sure if this is legit or not.

https://cryptodaily.co.uk/news-in-crypto/bitcoinik:microstrategy-planning-to-buy-ethereum-eth-report

Microstrategy Planning To Buy Ethereum (ETH): Report

Reportedly Nasdaq listed business intelligence firm Microstrategy planning to invest in Ethereum (ETH).

Microstrategy is a business intelligence firm that is mainly known for its Bitcoin investment strategy. Since Aug 2020, this company has been investing in Bitcoin. This company aimed to add multi-million Bitcoin to the company’s balance sheet. To date, this company is holding 193,000 BTC with a net 73% profit.

On 6 March 2024, Crypto Intelligence News reported that a person close to Microstrategy disclosed that the company was planning to buy Ethereum (ETH) to add to the company’s balance sheet.

The report confirmed that they’re still not sure whether the information is right or not but asked the Microstrategy firm directly on this matter. So far no response from Microstrategy or any executive came on this report.

This is some sexy news!  Hopefully it’s true.  Maybe Saylor has inside info on the ETF and if the ETF are true for Ether then the price ramp should be similar to what the ETFs did for BTC. 

[SouJerz]

Cheers Flex and gib.

I am calling we are going to have the cycle top this month.

My target of 76k likely will be hit next week, if it blows through it, perhaps 96k.

A top in hindsight is always easy to see. I ‘think’ I have enough info to tell me we are at the end, I cannot see it clearly though, it’s still foggy for me.

Buying at 17.5k was an easier call to make than this. It’s plausible 69k was actually the top and we all missed it and perhaps we double top (68k now). This is why I went alts, to give me time for my own error of judgment.

Why are you selling whether this is a top or not BTC is easily going past 100k at some point.  Are you in it for gambling short term gains? 


And going to alts for what to gamble? what’s your sell ROI number?

[gib]

$70,000.00

[SouJerz]

$70,000.00

There goes the double top theory.

[gib]

FILECOIN IS AWAKENING...

[gib]

New ATH just hit. 70083.06

[obsidian]

Anybody know why BNB is pumping so hard?

The past 7 days it's up 31.32%. Sitting at around $535. I have not yet sold any BNB. The ATH for BNB was $699. Nigeria just slammed Binance with a $10 billion fine. It seems like everyone and their mother is going after Binance. There's negative news everywhere, and almost nobody is talking about BNB on Youtube. And yet here we are. I am starting to root for Binance the underdog.

Perhaps one reason is Coinbase has literally bogged down because of the recent rallies. Binance has not had any major issues.

7 Day Performance:

BTC: 13.05%
ETH: 15.96%
BNB: 31.32%
SOL: 14.93%
DOGE: 30.05%
SHIBA: 63.30%

FILECOIN: 15.31% (FOR GIBS)