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

[Flexacon]

Breaking News: New York Attorney General Alleges Ether Is a Security in KuCoin Lawsuit

If this move has similar effects on Ethereum to what the SEC vs Ripple lawsuit has had on XRP, it can be a deathblow to Ethereum.

https://www.coindesk.com/policy/2023/03/09/new-york-attorney-general-sues-crypto-exchange-kucoin-alleges-ether-is-a-security/

https://www.reuters.com/legal/new-york-sues-kucoin-expands-cryptocurrency-crackdown-2023-03-09/

"1"

They believe proof of stake now means people expect profit on ETH via staking, so are trying to paint it as a security. There are plenty of valid arguments why that's not the case. It was even discussed a few pages back on here.

Worst case scenario ETH is classed a security and the founders and foundation pay a big fine. Won't kill ETH, it will just be something different.

ETH can always roll back to proof of work if things get really bad.

[Flexacon]

100%

Local infrastructure and manufacturing stimmy is the next boom. We will go back to locally sourced and produced goods and right now not much of it exists because of offshoring decades ago. We have to rebuild it all now.

Did you see Silvergate go into liquidation? Saylor’s collateral should go bye bye, will be interesting to see Microstategy’s BTC balance in their Q1 report because he sure as shit doesn’t have the 200M+ in cash to cover the loan, it was all BTC collateral.

Oh and apparently the hacker and mt gox coins have started to move.

Saylor mentioned something about his loan not being issue if silvergate get liquidated as the loan terms can shift to a different provider. Didn't really make much sense because as you mention it was all BTC collateral and who will want to take on that bag of shit in this market.

Margin on everything took a big hike too after yesterdays/todays market dump. He can't be sitting comfortably.

[Flexacon]

Call me crazy, but I have a feeling after all of this is said and done, $BTC will go under $10K and $ETH will be around $400, if not less.

Also, I have a feeling that the SEC vs Ripple case will settle and with added clarity to $XRP (not being a security), we will see some ridiculous price action of upwards of $20/XRP or more. If most tokens get deemed a security and XRP stands as a non-security, along with Bitcoin, I have a feeling VC money will pour heavily into XRP. Not to mention that seeing Brad Garlinghouse all cozied up at the most recent World Economic Forum meetings at Davos really made me lose much doubt as to whether they have a place at the big boy table.

MayDay, Flex and the rest of the crypto tribe here on GetBig, what are your top 5 coins that you're getting behind?

"1"

I made a case for buying coinbase stock instead of alts previously and I think the case for it has actually got stronger. It's basically an ETF for crypto and they are adding Base which will give them an exchange built on roll up that can offer binance type services. They also launched a wallet with similar features to metamask.

I'm also pretty keen on Stacks STX. It's been around a while, but a recent upgrade has given it far more utility. The market seems to have over looked the fact that it's the only ALT that's a BTC layer 2 so pretty much has no direct competition.

[lordantonius]

I made a case for buying coinbase stock instead of alts previously and I think the case for it has actually got stronger. It's basically an ETF for crypto and they are adding Base which will give them an exchange built on roll up that can offer binance type services. They also launched a wallet with similar features to metamask.

I'm also pretty keen on Stacks STX. It's been around a while, but a recent upgrade has given it far more utility. The market seems to have over looked the fact that it's the only ALT that's a BTC layer 2 so pretty much has no direct competition.

Good point. I think that coinbase has a strong position in the us and that this is a good strategy. Going to start a bag.

[Flexacon]

Good point. I think that coinbase has a strong position in the us and that this is a good strategy. Going to start a bag.

I'd be careful about jumping into anything right now. You have the SEC going after everyone, regulations looming and contagion from the banks.

[OneMoreRep]

I'd be careful about jumping into anything right now. You have the SEC going after everyone, regulations looming and contagion from the banks.

Bingo!

I was leaning towards DCA'ing into some of the more utility driven crypto tokens. A lot of these tokens are going on discount during these times and will likely go deeper on their prices.

"1"

[Mayday]

Bingo!

I was leaning towards DCA'ing into some of the more utility driven crypto tokens. A lot of these tokens are going on discount during these times and will likely go deeper on their prices.

"1"

I sold 85% which put me at 2.5x and left the balance as a hedge.

I’m not looking to buy right now. BTC might range 19.2k-21k for a bit before deciding whether to pump or dump.

Voyager have almost liquidated their holdings. Still some to go.

My Gox coin sales have been delayed to September….. 👀 

[Flexacon]

Circle (USDC) had a decent chunk of money in SVB. They should be able to eat the loss, but there will be people who try attack it now and depeg it.

[lordantonius]

I feel like this won't end well for the government. This is not online poker.

I get angry when I think about how the US government is against everything I enjoy - gear, online poker, crypto, weed, mushrooms, - it makes me feel as if there really is a force of control on us. They don't want us to make it out of the matrix or whatever you want to call this social confinement. Its really troubling if you have had your passions taken away like this only to see them come back monetized and now taxed to death.

Anyways - Im still really bullish on crypto provided its POW - LTC BTC is majority of holdings right now. I have small play in AVAX that is longer term as I look for that 6x.

[gib]

Many people bought BTC as a hedge against collapsing banks. Now their time may have come...

[Theoak*]

Many people bought BTC as a hedge against collapsing banks. Now their time may have come...

Another shitcoiner delt a blow shitting all over btc to pump their centralised tokens.

[Flexacon]

CZ (binance) is gonna market buy a $billion worth of BTC, ETH and BNB https://twitter.com/cz_binance/status/1635131601884700674

$billions of USDC that depegged and was frozen over the weekend is now probably looking for a new home. so either convert to fiat, tether or btc/alts.

CZ just incentivised all that money to front run him. We're in squeeze territory if other markets don't nuke

[gib]

BTC jumped today.

Just giving us a little reminder of where money will go for a safe haven if there really ever is a banking contagion collapse...

[The Keto Kid]

Shot up 17%, bought some last week when it was low, pleasant surprise today, I'll be selling by the end of today maybe tomorrow at the latest.

[gib]

Shot up 17%, bought some last week when it was low, pleasant surprise today, I'll be selling by the end of today maybe tomorrow at the latest.

In my view not much point in "trading". BTC is a long term 1 way bet, but with bumps along the way. Buy and HODL is my advice. You will be grateful you did in 5 years, and look back with huge regret in 10 years if you don't...

[Mayday]

If BTC was going to make a run for it i had 30k in March. It's having trouble breaking above 25k but lets see.

I have the Fed rates at 5.33% in May which is 2 more rate hikes of 0.25%. I believe the Fed then holds rates to November or so for maximum pain.

Market now thinks 5.1% peak (it's come down from 6%) and cuts in July...... wishful thinking on cuts.....

[loco]

If BTC was going to make a run for it i had 30k in March. It's having trouble breaking above 25k but lets see.

Since I started following BTC and ETH several years ago, I've noticed that their value moves with the value of the stock market, not opposite the stock market as it might have many years ago.

So my theory is that the value of BTC and ETH will shoot up again in the next stock bull market.

But in the end...

[loco]

It seems at the moment any association with crypto is viewed as toxic by banks, their customers and investors.

Regulators seize Signature Bank in third-largest US bank failure

Regulators seized New York regional bank Signature Bank (SBNY) two days after shutting down Silicon Valley Bank as overseers of the banking system try to restore calm before markets open Monday.

Signature becomes the third-largest bank to ever fail in the U.S., behind Silicon Valley Bank and Washington Mutual in 2008, if its assets haven't changed significantly since the end of 2022. Signature had $110 billion in assets as of Dec. 31, ranking 29th among U.S. banks. It had $88 billion in deposits as of that date, and approximately 89.7% were not insured by the Federal Deposit Insurance Corporation.

Signature served clients in the cryptocurrency world and had been trying to reduce its exposure. Like Silvergate Bank, another crypto-friendly bank that said last week it would voluntarily wind itself down, it suffered from a deposit outflow in the aftermath of the collapse of crypto exchange FTX. Deposits dropped 17% in the fourth quarter of 2022 as compared to the year-earlier period.

The value of some of its securities had also dropped in value due to a rapid rise in interest rates over the last year, a development that also created problems for Silicon Valley Bank once depositors at that California bank began withdrawing money.

Signature tried last week to restore confidence in its position as investors punished regional bank stocks, releasing a filing that stated it had "a strong, well-diversified financial position" and reiterating the company's intent to reduce its exposure to cryptocurrency customers. Its shares sold off more than 20% Friday, and were down 76% over the past year.

https://finance.yahoo.com/news/regulators-seize-signature-bank-in-third-largest-us-bank-failure-231404695.html

[Mayday]

Since I started following BTC and ETH several years ago, I've noticed that their value moves with the value of the stock market, not opposite the stock market as it might have many years ago.

So my theory is that the value of BTC and ETH will shoot up again in the next stock bull market.

But in the end...

A few years ago it didn’t follow the stock market.

This cycle it did follow the stock market. Therefore they had something in common = liquidity.

We have liquidity coming into the markets in 2023-24 so we could see crypto begin to do its own thing. The short term commonality is shit is breaking so everything is getting nervous.

Also short term BTD dominance tapped 45% and started getting sold off. It’s not always a given but when you see dominance tap out and begin to rotate it means rotation into shitcoins while BTC dumps. Hence I left my hedge of pieces of total garbage coins in play which hadn’t yet pumped because rotation hasn’t begun yet.

[loco]

A few years ago it didn’t follow the stock market.

This cycle it did follow the stock market.

I assume you are referring to crypto following the stock market downward in the last couple of stock market crashes and in the current bear market.

But in my opinion crypto seems to also have followed the stock market upward during the last bull market, which was the longest lasting bull market in the history of the stock market.

But I could be mistaken.  I've been paying attention to the stock market since 2008, but I've only started paying attention to crypto the last several years.  I'm only sharing my observation, and I'm by no means a crypto expert like other Getbiggers here.

[gib]

Wow some serious bank run fears bubbling along today both in Europe and USA. Where to put your money when you no longer trust banks (and when you no longer trust money to hold its value)... BITCOIN.

[loco]

Wow some serious bank run fears bubbling along today both in Europe and USA. Where to put your money when you no longer trust banks (and when you no longer trust money to hold its value)... BITCOIN.

Yes, but with which crypto exchange?  One too many have already collapsed and people were unable to withdraw/transfer their crypto.

[obsidian]

Yes, but with which crypto exchange?  One too many have already collapsed and people were unable to withdraw/transfer their crypto.

Exchanges and banks should at the very least match their customers' funds. Would be great to see an exchange or bank allow a complete run on the bank and survive. That would instill confidence in customers. Banks and exchanges' main business model should be to be able to survive a 100% run on the bank.

[Mayday]

I assume you are referring to crypto following the stock market downward in the last couple of stock market crashes and in the current bear market.

But in my opinion crypto seems to also have followed the stock market upward during the last bull market, which was the longest lasting bull market in the history of the stock market.

But I could be mistaken.  I've been paying attention to the stock market since 2008, but I've only started paying attention to crypto the last several years.  I'm only sharing my observation, and I'm by no means a crypto expert like other Getbiggers here.

You missed my part about liquidity which was commonality between the two moving together. The point being, they move together only when there is a reason for them to move together. Where they don’t have common ground, they do their own thing

Crypto should not act like a tech stock if it is claiming to be a monetary tool.

If it’s still following the S&P then what you should consider is always SVB the first sign of a liquidity crunch for tech startups. If it is then with 2 more rate hikes and no cuts until end of year we might see a total bloodbath in tech in which case crypto will go with it.

[dunkin donuts]

Wow some serious bank run fears bubbling along today both in Europe and USA. Where to put your money when you no longer trust banks (and when you no longer trust money to hold its value)... BITCOIN.

physical gold if you are smart