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It was lower than that at the start of the week. There’s no reason for people to panic sell. We’ve been here before, and we’ll be here again. HODL!
BTC 45600 just then - really going for it towards the open today.
Exactly what Barmancy said. Pay attention to it. While there will be a drop today, you will feel a lot worse after opening on Monday after BTC has started to recover over the weekend.
The information is out there if you want to research it. Also remember, we are at the beginning of this Bullrun.
F2 are flooding the market with Bitcoin again hence drop in price it should stop tomorrow after the Bitcoin conference. More details here.
https://mobile.twitter.com/CryptosR_Us
Lifesagame.
This seems to be spot on. Certainly according to CryptosRus' assessment.
Apologies it it's already been posted.
https://www.youtube.com/watch?v=dKHKPeyBVSU
FWIW; The thing that irks me about this is that it's essentially an incorruptible asset being manipulated in a corrupt system - BTC / Crypto / Block is not at fault as an entity, it's the system of implementation/exchange which the humans create that can/is abused.
CC
The best way of beating fpool doing this — simple , do not sell next time , or better still get the other pools to create a bull run that stops the short and leaves fpool having to pay a shot load of money to pay for the short ( a bit like the whole gme saga)
The miners using F2pool should boycott and switch to other mining pools based around the globe rather than in China. Bitmex (the dumping ground) along with other exchanges should ban their wallet address so they cannot accept outflow. Everyone involved in BTC should rally like crazy on BTC so that they liquidate their short position, maybe get WSB involved (not ARB not actual BTC). Make them pay for what they are doing so that they realise they are unable to control the market like this again. Just my brainstorm of thoughts haha. In all seriousness, we will hopefully be through for February... Same time next month.
Apologies for my loose drafting. Yes I mean bounce
Makes sense and why wouldn’t they - And me personally I’m all for extending the bull run lol Nice work if you can get it - And like you Amanensia I’m not in the slightest perturbed- We have plenty more legs yet ;)
CP, Haha you and me both, I quickly realised I was a useless trader so don’t even try to guess the market - I’m a sit on my hands convert now so just watch on from the sidelines, But yes I’ve kept some powder dry for CBX - Tried to do a Best Buy with AJ bell this afternoon for the morning but no joy !
Something strange is going on. The volume of all cryptos reduced by 60% and Thether had a trading volume of $220.29 B while bitcoin had only $104.45 B. To me this means that people are selling cryptos into stable coins in anticipation of a potential drop in price along most of the cryptos. That is why I find so dangerous owing ARB as if a crash in price, as the one experienced in the past, happens while the market is closed there would not be any way to sell before the market opens by which time it will be too late. We shall see tomorrow is something is actually up.
The only way to beat a short position- is to do exactly what they do — buy when the btc has been driven down to its bottom ( below 50k) then sell when it gets right back up again .. do it again
And again— get the picture
The short runs it’s term tomorrow, so this weekend will start to see a gradual climb or early next week — whatever you do —- absolutely do not sell now thinking you will buy back when it goes down much further —- it won’t and you will have sold low with the only option walking away or buying back in quick at a loss
DYOR- but it’s all out there and seems to be on here now —- anyone suggesting a sell right now is absolutely betting on the short , do not be fooled !!!
If it drops more - don’t sell ——- BUY !!!
Gla
Yeah I know the feeling!!
you have to be quicker than me to keep up with this chat - my replies are about 5 posts behind!
that's what I thought: nice work if you can get it.
All we can do is either sit it out and trust in the long term rise of crypto and associated stock; or catch those dumps too and try to trade them.
I'm terrible at keeping cash aside - there's always something looks tempting - but I have kept some ready for tomorrow if ARB does drop; or for the new cannabis kid on the block - fortunately got some of that in the IPO too
Yep. They don't want to trash Bitcoin long-term - they are miners after all. They make their own cycles and profit from them, simultaneously sucking froth out of the market and extending the bull run. It's all fairly easy, and once you know it's happening it's not really anything much to worry about.
It will get to a point above 200k in the future where they won’t be able to have so much influence as there is just so much money in the pot
All very interesting, I did read an article where it stated it’s actually a good thing in a bull run as what in effect they are doing is cooling the buying power which equates to a much longer term extended bull run - How much truth there is to that I don’t know but sounds more than feasible,
They do this:
i) open a large short position
ii) sell enough BTC to push the price down, knowing that people with leveraged long positions will be liquidated, forcing the price down even further
iii) close the short, pocket the profit, and open a large leveraged long position
iv) buy shares back now they are cheap
v) close their leveraged long position when the price duly rises on their purchases, pocketing another profit
Rinse and repeat. Easy peasy.
And there's nothing anyone can do about it....
But this is presumably the reason we're all here... if the world goes mad(der?) and money is worthless, where do people go... I rolled the dice and decided they'd go here.
@Cornishpixie - potentially they win twice;
1) Sell high - create dip - buy low
2) Short position - they win a gamble if they keep the price below $50k (is the presumption).
does that mean that they are mainly selling, and not buying?
maybe I just don't get it, but it seems to me that they sell high and buyback low. So far, so good - we all try to buy low and sell high.
But they drive the drop in price through selling a large amount; and then benefit from the lower price.
Or is that too simple?
At some point they will start to run out of Bitcoin, last month was a 14k coin dump this time only 3.6k coin dump, they won’t be able to dump in huge numbers every month
Don't foget fundamentally they are miners. They don't want a trashed Bitcoin any more than we do.