Bitcoin Thread

[Damac10]

How low will she go this dump?

 

[SaiyanZ]

Good luck with ETH, the trading fees on bitmex is daylight robbery on that pair.

Do you mean the funding rates which can go either way? The trading fees are the same for BTC and ETH on the perpetual contracts.

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Trade Bitcoin and other cryptocurrencies with up to 100x leverage. Fast execution, low fees, Bitcoin futures and swaps: available only on BitMEX.

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Though after doing a bit more research, I'll stick with BTC. ETH seems to only be more volatile when BTC is going sideways but they both move around the same percentage during the bigger moves. Also you can only go up to 50x on ETH vs 100x on BTC and I prefer the 100x with cross leverage.

 

[John Tempus]

Ah my bad I actually got the futures contracts prices mixed up in the fee discussion.

But the real problem with ETH Perpetual is that the orderbooks are usually thin so its even easier for someone to fk you over within just a tiny dump or pump but it all depends on your desire for high variance or not.

 

[Snyper564]

When you don't know what you doing and sell 1.4 btc for 500 zar

 

[4cer]

View attachment 762044

When you don't know what you doing and sell 1.4 btc for 500 zar

What site is that, someone must be chuffed While someone else might want to kill

 

[Snyper564]

What site is that, someone must be chuffed While someone else might want to kill

It's valr, just took a screenshot off the mobile app.

 

[John Tempus]

Holy crap VALR must have an orderbook thinner than the average bitmex trader balance.

The price on that screenshot crashing down from R103000 to R500 for less than 2 BTC sold.

I guess its fair to say VALR have no market yooowzaa.

That just looks to insane for me not to suspect the platform error'd on that order.

 

[Snyper564]

Holy crap VALR must have an orderbook thinner than the average bitmex trader balance.

The price on that screenshot crashing down from R103000 to R500 for less than 2 BTC sold.

I guess its fair to say VALR have no market yooowzaa.

That just looks to insane for me not to suspect the platform error'd on that order.

Not really.

VALR Hit All-Time-High Of 500 BTC 24hr Trading Volume, Matching Luno | Global Crypto

Reading Time: 2 minutes South Africa’s newest exchange VALR has achieved a significant milestone. The Johannesburg-based outfit announced the achievement on their Twitter account this morning, noting that the exchange traded over 500 Bitcoin in a rolling 24 hour period just before 09h00 am...

sacrypto.co.za

Luno is definetly bigger but valr is growing fast. The holidays and late hours are playing into a really small order book at the moment but it's pretty busy during the week and on par with luno with much better rates as well.

 

[John Tempus]

I wouldn't call growing fast when you can drop the price from R110k down to R500 for less than 2BTC sold just looking at your screenshot.

Looks more like a tuckshop than a mall.

Their average daily volume is tiny compared to Luno and Luno itself is tiny on the scale of any reasonable exchange.

These SA exchanges are "ok" for the average person wanting to buy something I guess but more than that I find it pretty insane to daytrade on Luno nevermind VALR.

Even right now itll take 23BTC to dump VALR price from R110k down to R11k.

The problem here is not volume, its orderbook depth.

Even on days that VALR showed similar or slightly less volume than Luno it still is struggling with the orderbook spread.

 

[SaiyanZ]

That ordebook should start filling up as this news travels. Someone scored 1.4BTC for R500. This will attract people.

 

[John Tempus]

That ordebook should start filling up as this news travels. Someone scored 1.4BTC for R500. This will attract people.

Not sure sure, The sell side on VALR looks ok but their Buy side looks like a dusty ghost town.

I do agree that their fees are the only standout feature for now compared to luno by a long mile but good fees without orderbook to match is pretty pointless.

 

[SaiyanZ]

I think it's finally ready to go up a bit, looking at the daily charts. Target of inverse head and shoulder is around $8300/$8400.

 

[Tjoker]

lets go!!!

Bitcoin Hash Rate 8x Higher Now Than At $20,000 Top; Why It’s Bullish - Crypto Freak Network

Bitcoin (BTC) hasn’t done too hot over the past few months, plunging some 50% since the June top of $14,000. The selling has stopped over the past few weeks, with the price of the leading cryptocurrency flatlining in the low-$7,000s, leading some to suggest that another leg lower is possible...

www.cryptofreaknetwork.com

 

[Damac10]

The whales will dump hard again...May is far away

 

[SaiyanZ]

If BTC closes above $7350, it will be the first time since August that we have 4 green days in a row. Just shows how bearish things have been with every pump being sold off very quickly. Maybe this is a sign of a trend change.

 

[Swa]

Hash rate means nothing and rather follows trends than make them. Market is still very weak. It's just some new year's optimism. Don't think it can go much higher than $7600 without dumping to at least $6k. It's been trying for a while now without succeeding.

 

[SaiyanZ]

Seems bullish as it made it all the way to the top of the smaller channel without much of a pullback.

 

[SaiyanZ]

I think it's finally ready to go up a bit, looking at the daily charts. Target of inverse head and shoulder is around $8300/$8400.

Following the plan so far:

 

[Tabac]

Hash rate means nothing and rather follows trends than make them. Market is still very weak. It's just some new year's optimism. Don't think it can go much higher than $7600 without dumping to at least $6k. It's been trying for a while now without succeeding.

And ....... BOOM.

 

[SaiyanZ]

This is roughly where I expect it to cool down with sideways volatility until next big move.

Though looks like there will be another push up as there is no major selloff yet. It just hit the fibs so a little resistance is expected.