Bitcoin Thread

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BTC heading to black Friday level prices, who's shopping?:)

Note: If you trade leverage and lost, you are not allowed to comment :p
 
www.moneyweb.co.za

FNB to shut down cryptocurrency platforms’ bank accounts

Following a review of potential risks associated with these entities.
www.moneyweb.co.za www.moneyweb.co.za

First National Bank provided more insight on Wednesday into why it has given notice to cryptocurrency trading platforms in South Africa that it will shut their bank accounts.

Affected currency exchanges include VALR.com and Luno, though FNB hasn’t named any of the companies involved, saying it “cannot provide any information on specific bank accounts”.
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What do you make of this?
 
Tjoker said:
BTC heading to black Friday level prices, who's shopping?:)

Note: If you trade leverage and lost, you are not allowed to comment :p
Click to expand...


I'm buying more so that I can trade more on leverage. The bounce is usually quite strong with all the leveraged shorts in the market, so layering longs on the way down is almost free money. Right now, I'd only start shorting again around $8400.

VGzIsiuA
 
If BTC has already bottomed out and we do see a big bounce, I'd say this region at $8k would be the target to smash through. There'll be a massive amount of liquidity available there in about 3 days.

lReiJWvG
 
Tjoker said:
BTC heading to black Friday level prices, who's shopping?:)

Note: If you trade leverage and lost, you are not allowed to comment :p
Click to expand...
That may be a joke but it's been consistent the last 2 years. With that said which bear market has people paying 2% premium on a commodity? None. This is simply someone toying around so not going to get caught for a 3rd time.
 
rietrot said:
www.moneyweb.co.za

FNB to shut down cryptocurrency platforms’ bank accounts

Following a review of potential risks associated with these entities.
www.moneyweb.co.za www.moneyweb.co.za


What do you make of this?
Click to expand...
FNB is a JP Morgan corresponding bank and JP Morgan has its own blockchain projects.

platinumwealth.co.za

Why did FNB close down Luno and Ice3x accounts?

I saw an interesting tweet from Simon Dingle saying it has to do with pressure from JP Morgan Chase. Here is the tweet: Surprising that this hasn't been reported on, but the real reason @FNBSA is closing down cryptocurrency exchange accounts is simple: because JP Morgan told them to. This has not...
platinumwealth.co.za platinumwealth.co.za
 
Bounce and volume has been pretty decent today. Think tomorrow would be a good time for it to push through $7400 which is going to be fairly tough.

pEKYtZyj
 
Something drastic have to happen in this space for things to actually go north.

Right nowe we have Scamtoken Plus liquidating at record pace and probably part of the last 2 weeks multiple dumping days.

I don't expect any true rebound in the current market, might be a year ending back where it started at $3.5k-$4k with 2020 as yet another reset year at previous low.
 
Cryptocurrency needs to uncouple from BTC. Every time it takes a knock most of the market goes with it. Things haven't matured enough yet.
 
I also see us visiting the 3.5 - 4k region. Perhaps even drop lower and shake people even more. And yes the industry has not matured enough but perhaps everyone is looking at Bitcoin as the saviour while perhaps the unsavoury and shady tether is the one to look out for. Not in terms of gains but so far its the main way to convert from fiat to digital currency making it a critical crucial link for both entry into the space and interoperability (for lack of a better big word to use :sneaky:)
 
BTC halvening is happening next year around May so I think we will see a big uptrend around then or soon after. Two things will happen:

- Supply is going to drop because it's going to be twice has hard to mine the same amount of BTC
- Miners will have to sell BTC at higher prices to recoupe their input costs. So sell pressure at lower prices will decrease. If miners stop mining then supply will decrease even more.

With both of these combined there should be a steady upwards trend. Something like this is difficult to already be priced into the market as the effects will only be felt after May.
 
SaiyanZ said:
BTC halvening is happening next year around May so I think we will see a big uptrend around then or soon after. Two things will happen:

- Supply is going to drop because it's going to be twice has hard to mine the same amount of BTC
- Miners will have to sell BTC at higher prices to recoupe their input costs. So sell pressure at lower prices will decrease. If miners stop mining then supply will decrease even more.

With both of these combined there should be a steady upwards trend. Something like this is difficult to already be priced into the market as the effects will only be felt after May.
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I dont believe in this entire halfving=price rise that keeps going around.

If we have the same players in the market without any new interest from outsiders then it will just be a rinse repeat process of pump cause market expect then dump to profit from it.

Our number issue in crypto space is that we don't see much of any real new user interest. It is like we have 10 people controlling the market and the other 90 just try and follow their bullshit up or down hoping they are not last to a chair.

Ignoring price there is still great potential to make profit up or down even all the way down to $1 if you handle it with long/short margin trading properly but the notion that we have a guaranteed shot at the moon just cause of halving under current conditions is a pipedream.

That pipedream will be smashed if we yet again drop down to 2019 lows of $3.3-3.5k and it would be entirely destroyed if we actually drop below $3k which is entirely possible just based on Scamtoken Plus still having over 25k BTC they seem to just sell at market in bigger and bigger dumps.

Lastly, BTC supply to mine doesn't mean much at all anymore with futures markets coming out settling in cash and not BTC. This means they can trade and inflate their trading volume without even a single BTC being held and the price projections would affect all markets trading actual Bitcoins.

CME and Bakkt is on a roll completely fking over the entire crypto space.
 
The market can be and is manipulated easily by big players. However I don't think we should ignore the fact that mining is going to be more costly. If the numbers are true and mining currently costs around $5k per BTC, then the new cost per BTC should be around $10k which would be the new BTC price floor afterwards. I think the pump this year to $14k and the attempt to stay above $10k for several months was the market trying to price in the halvening but it couldn't hold above just yet.

If it dips below $10k (after May next year) it shouldn't stay below for too long. Similar to how we had BTC dip to $3k for a few months and then bounce back above $5k again.
 
There's only 1800 coins mined per day. Mining has for a long time not determined price with hundreds of thousands BTC being traded per day. 85% has already been mined so halvenings and whatnot have less and less of an effect. I think it's more people sitting on the sidelines hodling trying to drum up the price with people not knowing what mining and halvening means.
 
SaiyanZ said:
Bounce and volume has been pretty decent today. Think tomorrow would be a good time for it to push through $7400 which is going to be fairly tough.

pEKYtZyj
Click to expand...

This looks like it's going to pump somewhere in the next two days. Already pushed towards $7400 three times. Breakthrough is imminent and prime target zone is lining up.

K4QTELgU



Though I won't mind more moves to $6800 or lower. The bounces are quick and fast so it's easy money and I can load up more on spot exchanges like Luno whilst it is cheap.
 
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Below $7k again more likely than push above $8k.

This is just a new rinse repeat of the pump before dump and the fact it pumped nearly 10% yesterday when this pump fizzle out the dump will be more than 10% in reverse.

Thats been the current downtrend pump/dump trend. The only hope for a reversal is if we suddenly make a run for $9k+ , anything below that is just noise and meaningless.
 
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