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

[Grape Ape]

Is this just the same old cycle of seeing ETH drop in the 1700, and BTC hitting 30, only to see it go up 10-20% in the next two weeks or so, then continue the cycle?

If it is, shame on me for missing again.

[Flexacon]

Could be bullish, could just be a new way to manipulate markets

https://www.coindesk.com/bank-of-america-is-clearing-crypto-etps-for-hedge-funds-in-europe-sources

Bank of America’s prime brokerage unit has started the clearing and settlement of cryptocurrency exchange-traded products (ETPs) for hedge funds in Europe, according to three sources with knowledge of the matter.

This is the second recent move on the part of the traditionally conservative bank in the volatile cryptocurrency arena. As reported last week by CoinDesk, Bank of America has also approved the trading of bitcoin futures for some clients and is clearing cash-settled contracts.

Bank officials may have felt they could not ignore an asset class that has seen numerous companies dive in. The demand for products such as ETPs has been increasing.

In February it emerged that Goldman Sachs, ICAP, JPMorgan and UBS have all been purchasing the 21Shares Polkadot ETP for clients, according to Bloomberg data. In June, ETC Group launched the first bitcoin ETP in the U.K. on the Aquis Exchange in London.

There has also been an increasing number of cryptocurrency ETPs being listed on the SIX exchange in Switzerland and the Deutsche Boerse’s Xetra market in Germany. The offerings range from blue-chips (bitcoin, ether) to the exotic (cardano, polkadot.)

According to CoinDesk’s sources, hedge funds are using Bank of America’s prime brokerage unit to access a raft of crypto ETPs approved by European regulators. The vehicles allow big firms to invest in various corners of the crypto universe without investing in crypto directly, but through a security that tracks the performance of various digital assets.

[Griffith]

Elon Musk says besides Bitcoin he also owns Ethereum and Dogecoin.

[OneMoreRep]

I don't know gentlemen, but this recent $BTC bounce back from the $29K mark into the $31K+ zone isn't too convincing to me. I still think that if you zoom out, we're still very much in a consolidation with a head and shoulders pattern that is still set to go lower towards the $23K zone. I don't want it to drop that aggressively, but part of me also wouldn't mind discount prices on both $BTC & $ETH.

Thoughts?

"1"

[a_pupil]

I don't know gentlemen, but this recent $BTC bounce back from the $29K mark into the $31K+ zone isn't too convincing to me. I still think that if you zoom out, we're still very much in a consolidation with a head and shoulders pattern that is still set to go lower towards the $23K zone. I don't want it to drop that aggressively, but part of me also wouldn't mind discount prices on both $BTC & $ETH.

Thoughts?

"1"

It needs to crash again for it to be ok risk wise for normies to pump money in. Like at the moment it's low but it's still too much risk just to double your money. I'd rather keep my spare cash in a safe 10-15% a year compounding investment and wait for the next crypto crash. I work too hard to gamble my business earnings away.

[Mayday]

I don't know gentlemen, but this recent $BTC bounce back from the $29K mark into the $31K+ zone isn't too convincing to me. I still think that if you zoom out, we're still very much in a consolidation with a head and shoulders pattern that is still set to go lower towards the $23K zone. I don't want it to drop that aggressively, but part of me also wouldn't mind discount prices on both $BTC & $ETH.

Thoughts?
"1"

14k April 2022.

I’d watch September and see how it’s looking.

[Griffith]

https://cryptopotato.com/brazils-sec-approves-first-ethereum-etf-in-latin-america/

Brazil’s SEC Approves First Ethereum ETF in Latin America

The Brazilian Securities Commission (CVM) has approved the first exchange-traded fund tracking the performance of Ethereum (ETH) in Latin America.

Several months after greenlighting a Bitcoin ETF, Brazil’s watchdog has done the same for a product tracking the performance of the second-largest cryptocurrency – ETH. The fund will be managed by QR Asset Management.

As local media reported, the CVM has given a nod of approval for the second cryptocurrency-oriented exchange-traded fund.

The Ethereum ETF will have a ticker QETH11 and will appear on the country’s stock exchange called B3. It will follow the CME CF Ether Reference Rate, used by the CME Group.

QR Asset Management, the company that will manage the fund, said with the announcement:

“Expanding the horizen of diversification, QETH11 becomes a simple, safe, and regulated option for any investor to gain direct exposure to Ethereum through their preferred brokerage.”

[polychronopolous]

It needs to crash again for it to be ok risk wise for normies to pump money in. Like at the moment it's low but it's still too much risk just to double your money. I'd rather keep my spare cash in a safe 10-15% a year compounding investment and wait for the next crypto crash. I work too hard to gamble my business earnings away.

Bitcoin doesn't HAVE to do anything.

It is still decentralized. It still has a hard cap of 21 million. The daily mined production will still be cut in half every 4 years.

It still is the most perfect form of money ever created.

If normies miss out because they fail to understand the fundamentals then they simply miss out.

People who do understand the fundamentals and do not wish to play silly little games like timing the market will simply eat up the supply and hold for years and years. Many of them will never sell.

[Flexacon]

Bitcoin has a mini rally and look who pops up.

I'd be willing to bet this person doesn't even own a whole coin despite wishing bitcoin had a dick they could suck.

[Mayday]

Bitcoin doesn't HAVE to do anything.

It is still decentralized. It still has a hard cap of 21 million. The daily mined production will still be cut in half every 4 years.

It still is the most perfect form of money ever created.

If normies miss out because they fail to understand the fundamentals then they simply miss out.

People who do understand the fundamentals and do not wish to play silly little games like timing the market will simply eat up the supply and hold for years and years. Many of them will never sell.

The short version.

There are 2 distinct phases. Long fundamental phase (the mean). Short FOMO phase.

Long fundamental phase shows the impact of coins HoDL’d. The short FOMO phase doesn’t show shit about the fundamental price.

The charts I post indicate where we are in this mean reversion. We are months away from the mean reversion.

[Theoak*]

I don't know gentlemen, but this recent $BTC bounce back from the $29K mark into the $31K+ zone isn't too convincing to me. I still think that if you zoom out, we're still very much in a consolidation with a head and shoulders pattern that is still set to go lower towards the $23K zone. I don't want it to drop that aggressively, but part of me also wouldn't mind discount prices on both $BTC & $ETH.

Thoughts?

"1"

This same period of time after the 2016 halving btc was at 3500$, 3months later it rocketed to 19800$. Btc now sits at 32200$.  Will history repeat, rhyme?  If it does hit 23k (unlikely IMO), Im betting many big players will back up the truck and send that wick up.

Mayday basically has called 64k a top in this cycle and 80% drawdown by April. Where i believe a price floor after  blow off from the top will sit at around 60k levels.  Either way Btc is here to stay. Enjoy the ride.

[Flexacon]

This same period of time after the 2016 halving btc was at 3500$, 3months later it rocketed to 19800$. Btc now sits at 32200$.  Will history repeat, rhyme?

LMAO at the irony here because this was what I used to sell in May with the intention of buying back later. You and your maxi boy had your doubts, yet here you are spitting the same lyrics.

If it does hit 23k (unlikely IMO), Im betting many big players will back up the truck and send that wick up.

The big players (hedge funds) have possibly had their hands tied by the new SEC regulations in May. It will need newer players (possibly banks) and/or ETFs for to do the heavy lifting and give us new ATH.

Also is the leverage game still a thing. BTC would never have got close to 64K without that. That needs to be in play otherwise forget about it.

[Theoak*]

LMAO at the irony here because this was what I used to sell in May with the intention of buying back later. You and your maxi boy had your doubts, yet here you are spitting the same lyrics.

The big players (hedge funds) have possibly had their hands tied by the new SEC regulations in May. It will need newer players (possibly banks) and/or ETFs for to do the heavy lifting and give us new ATH.

Also is the leverage game still a thing. BTC would never have got close to 64K without that. That needs to be in play otherwise forget about it.

I've  always maintained  im not a trader or short  term guy.  Ive said its risky with that approach. Buy and hodl and you wont lose, Buy and try to time the market and you're  almoet guaranteed  to lose 80% of the time.  If you made some coin, congratulations. Hope in continues...it is a bull market after all.
Who is my Maxi boy? Are you claiming im a Maxi?

[Flexacon]

I've  always maintained  im not a trader or short  term guy.  Ive said its risky with that approach. Buy and hodl and you wont lose, Buy and try to time the market and you're  almoet guaranteed  to lose 80% of the time.  If you made some coin, congratulations. Hope in continues...it is a bull market after all.
Who is my Maxi boy? Are you claiming im a Maxi?

There is only one poster on here who sounds like a cult member. We all know who that is.

"Buy and try to time the market and you're  almoet guaranteed  to lose 80% of the time."

If you buy at what you believe is close to the bottom and don't intend to sell until the price the bigger, then that should be a nice win. If you get it horribly wrong and some how buy near the top, end up hodling for a few years and then selling at a bigger price, how exactly do you end up losing 80% of time?

That's pretty much following the bitcoin hodling thesis, just taking profit along the way (it works even better when the tax situation is almost a non issue)

[Theoak*]

There is only one poster on here who sounds like a cult member. We all know who that is.

"Buy and try to time the market and you're  almoet guaranteed  to lose 80% of the time."

If you buy at what you believe is close to the bottom and don't intend to sell until the price the bigger, then that should be a nice win. If you get it horribly wrong and some how buy near the top, end up hodling for a few years and then selling at a bigger price, how exactly do you end up losing 80% of time?

That's pretty much following the bitcoin hodling thesis, just taking profit along the way (it works even better when the tax situation is almost a non issue)

That works for you, Gib is also in a tax free jurisdiction however he hodls. My neck of the woods you're looking at 45%.! Yes the thesis is hodl as an investment.  Ive yielded this year at the top and bottoms currently. $1000-1500 weekly across two lending platforms. I dont sell because my situation is vastly different to 99% of those in crypto and after 8 years ive managed to disconnect majority of my emotion from the  market.

If you're in a tax free country or you found a loophole and helps  you retire by 40,  then by all means go for it. Majority of the people aren't  you getting into this market and will get rekt, especially retail.  Hodl strategy is geared towards them and as of late on chain metrics show the smaller addressers are hodling  and accumulating.

[polychronopolous]

The short version.

There are 2 distinct phases. Long fundamental phase (the mean). Short FOMO phase.

Long fundamental phase shows the impact of coins HoDL’d. The short FOMO phase doesn’t show shit about the fundamental price.

The charts I post indicate where we are in this mean reversion. We are months away from the mean reversion.

If your idea of a good time involves engrossing yourself over chart patterns, wicks and moving averages, then by all means, please feel free to do so.

Meanwhile I'll be at Cedar Creek lake fishing for sand bass with an ice cold Busch light in my hand and some Bar-S hot dogs cooking on the grill.

The technical analysis lifestyle isn't for me but I support you 100% in your pursuance of it and any nuggets of wisdom picked up along the way will be taken into consideration as well.

[Jakobslander]

It is still decentralized.

Squeeze me? Look, if you want to buy Bitcoin, one of the best places to look is the Justice Department, they have mandatory crypto liquidations every other week.

People claiming Bitcoin is decentralized remind me of the Amish that use a gas generator (because it's off-grid) to get around their local minister's edicts.

Bitcoin is an alternative to money AND gold. No need to try and hang any more shiny balls on this tree.

[Jakobslander]

I've  always maintained  im not a trader or short  term guy.  Ive said its risky with that approach. Buy and hodl and you wont lose, Buy and try to time the market and you're  almoet guaranteed  to lose 80% of the time.  If you made some coin, congratulations. Hope in continues...it is a bull market after all.
Who is my Maxi boy? Are you claiming im a Maxi?

For the life of me, I will never understand how or why people trade Bitcoin. It is going to 1MM. Why, WHY, would anyone trade it?

And then bitch about the short term capital gains taxes mind you.

[Mayday]

Mayday basically has called 64k a top in this cycle and 80% drawdown by April. Where i believe a price floor after  blow off from the top will sit at around 60k levels.  Either way Btc is here to stay. Enjoy the ride.

September will tell a lot in macro trend so we need to see what that looks like.

The reason I am more bearish is because we already blew past the halfway turnaround point in the larger macro trend for BTC.

Think of it like being in a spaceship where we want to use the orbit of the moon to slingshot back to Earth. We approached the moon and missed it. Now we are in space so how the fuck do we plan to turn around? We can’t, until we reach the next planet which means we have further and longer to travel.

If your idea of a good time involves engrossing yourself over chart patterns, wicks and moving averages, then by all means, please feel free to do so.

Meanwhile I'll be at Cedar Creek lake fishing for sand bass with an ice cold Busch light in my hand and some Bar-S hot dogs cooking on the grill.

The technical analysis lifestyle isn't for me but I support you 100% in your pursuance of it and any nuggets of wisdom picked up along the way will be taken into consideration as well.

I’m spectrum autist so not really a question of good time, it’s addictive so I tend to keep away from numbers unless at work.

But I fucked up in the bullrun. Got things wrong because first time and trying to learn quick. Still made over 100k which bought a new car so not all bad. I learn fast though so no prob now.

[Griffith]

https://seekingalpha.com/news/3718526-anthony-scaramucci-china-having-tiananmen-square-moment-sees-bitcoin-at-100000-by-year-end?utm_source=coinmarketcap.com&utm_medium=referral

China having 'Tiananmen Square moment,' Bitcoin at $100,000 by year end

Anthony Scaramucci, founder of SkyBridge Capital and a former White House aide in the Trump administration, said Friday that the recent regulatory crackdowns from the Chinese government equate to a "Tiananmen Square moment of capitalism" meant to regain control over the country's business leaders.

Speaking to CNBC, Scaramucci also predicted that Bitcoin would reach $100,000 by the end of the year, calling it "Amazon of 1997-2000."

Scaramucci's comments came as Chinese stocks suffered a general sell-off in Friday's pre-market trading. This included a 10% drop in DiDi, which added to a 11% retreat the previous day.

Scaramucci said the increased regulatory scrutiny in China will add risk premium for those stocks and make it harder for them to grow overseas.

On the cryptocurrency market, Scaramucci called Bitcoin the "apex predator" of crypto, though he also thought Ethereum was a strong competitor.

The former White House staffer said Bitcoin and Ethereum could become the "Coke and Pepsi" of cryptocurrency.

He noted that Skybridge launched an Ethereum fund earlier this month.

[Griffith]

https://markets.businessinsider.com/news/stocks/family-offices-bitcoin-cryptocurrencies-crypto-inflation-hedge-goldman-sachs-2021-7

60% of super-rich family offices own crypto or are interested as inflation soars, Goldman Sachs says

The investment firms of the super-rich are increasingly interested in cryptocurrencies, a survey by Goldman Sachs has found, with 15% already having bought in and 45% saying they could well do in the future.

Goldman said in a report on Wednesday that many respondents said they were considering cryptocurrencies "as a way to position for higher inflation, prolonged low rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus."

The bank surveyed 150 family offices - investment firms that look after the wealth of the very rich.

Interest in cryptocurrencies such as bitcoin varied from region to region. Goldman found 24% of family offices in the Americas had put some money in the space already, compared to just 8% in Asia and 8% in Europe, the Middle East and Africa (EMEA).

Around 40% of respondents said they were concerned about monetary debasement as central banks pump money into economies, with more than 40% of this group saying they would consider buying digital assets.

Family offices are a growing force in the investing world, thanks in large part to the boom in billionaires. Of the 150 firms surveyed by Goldman, 22% managed $5 billion or more and 44% managed between $1 billion and $4.9 billion.

Goldman's report said: "Our conversations with family offices indicate they are interested in getting exposure not only to cryptocurrencies but also to innovation in the digital assets ecosystem."

[Flexacon]

https://markets.businessinsider.com/news/stocks/family-offices-bitcoin-cryptocurrencies-crypto-inflation-hedge-goldman-sachs-2021-7

The issue for your regular crypto investor is that if hedgefunds buy more and more crypto, then the first thing they'll do during any financial crash is sell crypto to cover losses elsewhere.

This sends the crypto prices crashing, so your regular investor is left holding the bags.

[polychronopolous]

"Rickety, outdated, old timey technology" 

Jack Dorsey says bitcoin will be a big part of Twitter’s future


Twitter CEO Jack Dorsey confirmed to investors that bitcoin will be a “big part” of the company’s future, as he sees opportunities to integrate the cryptocurrency into existing Twitter products and services, including commerce, subscriptions and other new additions like the Twitter Tip Jar and Super Follows.

Dorsey has been a staunch bitcoin advocate for years, but how it would be put into action on Twitter’s platform had not yet been spelled out in detail. However, Dorsey has often publicly touted the cryptocurrency, saying it reminds him of the “early days of the internet” and that there wasn’t “anything more important” in his lifetime for him to work on.

More recently, Dorsey launched a $23.6 million bitcoin fund with Jay Z and announced plans to lead his other company Square into the decentralized financial services market by way of bitcoin. Square also this year acquired a majority stake in Jay-Z’s TIDAL music service with an eye toward how blockchain technologies and cryptocurrencies could change the music business.

Today, Dorsey also dubbed bitcoin one of three key trends for Twitter’s future, along with AI and decentralization — the latter which Twitter is pursuing through its “Bluesky” initiative.

Twitter’s decentralized future


He touted bitcoin to investors on Twitter’s second quarter earnings call, saying it could help the company move faster in terms of its product expansions, while explaining that it was the “best candidate” to become the “native currency” of the internet. (Incidentally, Square’s $50 million in bitcoin purchased in 2020 was worth $253 million by February 2021, and it purchased $170 million more earlier this year.)

“If the internet has a native currency, a global currency, we are able to able to move so much faster with products such as Super Follows, Commerce, Subscriptions, Tip Jar, and we can reach every single person on the planet because of that instead of going down a market-by-market-by-market approach,” Dorsey explained. “I think this is a big part of our future. I think there is a lot of innovation above just currency to be had, especially as we think about decentralizing social media more and providing more economic incentive. So I think it’s hugely important to Twitter and to Twitter shareholders that we continue to look at the space and invest aggressively in it,” he added.



https://techcrunch.com/2021/07/22/jack-dorsey-says-bitcoin-will-be-a-big-part-of-twitters-future/amp/?__twitter_impression=true

[Griffith]

http://www.getbig.com/boards/index.php?action=post;topic=574601.7750;last_msg=9614757

ETH whales accumulated nearly 1.65 million coins in the last six days.

Ethereum (ETH), the world’s second most valuable digital currency, touched nearly $2,100 today after the overall market cap of cryptocurrencies jumped by approximately $50 billion in the 24 hours. Due to the latest price surge, Ethereum’s on-chain activity is showing some signs of recovery.

According to the latest data published by crypto analytics platform Santiment, Ethereum whale addresses holding between 10,000 and 1 million ETH now own a total of 60.5 million coins. Large Ethereum addresses accelerated the accumulation of ETH since the start of this week.

“Ethereum whales that hold between 10k and 1m ETH in their respective wallets now own a cumulative total of 60.52m coins. This is the highest amount held by this tier since 5 weeks and represents a 1.65m ETH accumulation in the past 6 days,” Santiment mentioned.

During the last seven days, ETH remained the top-performing cryptocurrency with a substantial gain of nearly 12%. Currently, the cryptocurrency is trading above $2,060 with a market cap of over $240 billion. ETH’s crypto market dominance spiked above 18% on Friday, its highest level in nearly three weeks.

Significant ETH transfers have increased in the last few days amid a jump in the volatility of the world’s second-largest cryptocurrency. On 12 July 2021, a prominent ETH wallet moved 40,000 coins from the crypto exchange Gemini to a digital wallet. Whale Alert, a blockchain tracking firm, recently highlighted the movement of 145,363 Ethereum to an unknown digital wallet. The total value of the mentioned transfer currently stands at around $292 million.

According to the recent weekly digital fund flows report published by CoinShares, Europe’s leading crypto asset management firm, Ethereum-related investment products attracted $11.7 million worth of inflows last week, compared to outflows worth $10.4 million from BTC investment products. In July’s research note, Goldman Sachs highlighted the growing popularity of Ethereum and mentioned that ETH has the potential to overtake Bitcoin (BTC) in the future.

[Mayday]

The issue for your regular crypto investor is that if hedgefunds buy more and more crypto, then the first thing they'll do during any financial crash is sell crypto to cover losses elsewhere.

This sends the crypto prices crashing, so your regular investor is left holding the bags.

But Saylor said to HoDL. Can we let the hedge funds know to HoDL? Maybe send them Saylor’s videos?

Not so crazy to believe market behaviour will change when big money comes in. Like….I dunno…. say the parabolic peak gets chopped in half and there becomes massive incentive for a downside as low as possible…..