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Vijay Ayyar, head of Asia Pacific at cryptocurrency exchange Luno, said early reports that the new, heavily-mutated omicron Covid variant came with milder symptoms was giving the market a boost.
“We’re seeing news of the variant being potentially weaker in terms of symptoms in early analysis, which has bolstered the market comeback,” Ayyar said via email. “Hence, smart investors have probably bought this dip.”
https://www.cnbc.com/2021/11/29/cryptocurrency-bitcoin-btc-climbs-back-above-57000-after-sell-off.html
Some people on this bb don't get a chance to sleep. I wonder how much they get paid.
They have too many different account and the worst they debate amongst themselves.
They think we will believe their delusional beliefs.
Bitcoin is not holding as we want.
PW AND HIS TEAM DO NOT CARE ABOUT SHARE HOLDERS. THIS SHARE WA £ 3 when btc was under 30 k
Intesting article regarding BTC.
Suggests an imminent parabolic rise after the past weekend drop into the liquidity zone.
www.fxstreet.com/amp/cryptocurrencies/news/bitcoin-price-shrugs-off-bears-prepares-for-37-breakout-202111290615
Both UK and US market futures are up significantly along with crypto. US/UK markets are on course for one of the largest daily gains in months. Oil also up considerably.
The day is looking very good.
Also, in case there were to come more restrictions in the next few months, let's not forget that two of the biggest gainers in the last round of restrictions was BTC and the miners stocks. Restrictions are crap for us but seem to be very bullish for crypto and miners.
The market is reacting very positively to the preliminary data that has come from South Africa over the weekend, and especially yesterday, which so far shows that Omicron is very mild and without typical covid symptoms such as loss of tastes and smell. Also not a single patient with Omicron has been hospitalised and recovery has only taken on average 2 days at home. Seems the most you get is some fatigue and maybe a slight cold (quote the head of the SMA).
The WHO also called for an immediate removal of the travel restrictions yesterday.
Should be a positive day for the global markets as tensions have significantly eased. Crypto has already moved very positively to the news.
No problem Hexam. ATB
@JACAL101 - I’m afraid I’m not the best person to ask about Pluto. Others hopefully will be better able to give you the latest on what they’re up to, though as far as the stock goes they will hopefully IPO at some point in the near(ish) future - no date has been set yet as far as I know. ATB
Thanks very much Hexam that's most helpful.
If not to much trouble could you point me to the latest info on Pluto Digital. My hapless Internet search has left me somewhat confused as to the current state of play of this investment (Ie what is Pluto Digital's current trading status - Coys House indicates recently formed) I also note various articles re listing but am unable to determine if a date has been set or indeed has passed !
Again, apologies for my incompetence and any help appreciated.
“if ARB does not sell the btc it mines then surely month on month the correlation will become closer”
The short answer is, in theory, yes. Clearly the higher the HODL in relation to its other activities then the more its fortunes are linked directly to BTC. Obviously too the value of its BTC mining is also directly linked to BTC value.
However, in reality I don’t expect it to get closer for many reasons including:
- they are diversifying away from just BTC mining (eg Pluto and other investments, plans to mine other coins - seemingly up to 20%, etc.)
- I think their ability (or not) to be able to mine an increasing, or at least not falling, share of the BTC available will be a bigger influence on sp going forward (also of course a higher BTC actually leads to increased difficulty to mine)
- how they fund this growth is also key to sp movement
- there are all kinds of other things too numerous to mention that can affect sp not least of which is good old sentiment and the level of reported/expected profits
In short ARB is a share and all sorts of things affect its price of which BTC value is just one thing, pretty important, but still just one thing and personally I feel it will shrink in importance not grow (unless of course BTC suddenly goes to $1m or zero)!
Thanks again for your thoughts Dyfan.
Is the perceived wisdom that ARB share price will now be led by ARBK Nasdaq ?
(apologies I'm catching up here)
My comments re ever closer correlation with btc were more along the lines that if ARB does not sell the btc it mines then surely month on month the correlation will become closer ? or am I missing something ?
Regarding the correlation between ARB and BTC, logically if Bitcoin pumps, Argo pumps as shown earlier this year (Argo outperforming bitcoin in many instances). There can be quite a few reasons as of why we’re not getting as much movement currently during bitcoin pumps. E.g. Argo investors moving directly to bitcoin, increased short positions, not as much buy pressure. The problem I think we’re getting is there’s not enough volume on the Nasdaq compared to our direct competitors. Hut8 is a prime example following their Nasdaq IPO. For those who remember, first few weeks they were getting constant red days. Volume eventually caught up, then went on to achieve multiple ATH’s.
Thanks Dyfan.
It seems logical to me as a good inflation hedge if only it wasn't such a bloomin roller coaster !
Interesting point re. Moving funds from btc to cover share losses. I'm uncertain of the consequences of a large drop in the major indexes although I'm sure at best it would only dampen my losses elsewhere.
I would be interested in your opinion re ever closer correlation of ARB and btc. ATB
It’s down to opinion. I’d say bitcoin is a hedge against inflation. If stock prices plummet however, I’m sure there will be investors moving money from their bitcoin holding to cover losses on their stocks.
Good afternoon all,
Just wondered if any posters are prepared to venture an opinion on any of the following:
As the company continues to increases its btc holding will there be an ever closer linking of its share price movements to that of btc valuation?
As further worldwide covid restrictions now seem somewhat inevitable what effect is that likely to have, if any, on ARB and btc - will they move in line with the major stock indexes ?
What effect will increasing inflationary pressures have on the value of ARB and btc ?
Thanks in advance.