We would love to hear your thoughts about our site and services, please take our survey here.
This time last year, people were all frustrated that the SEC wouldn't approve a spot ETF. To be fair to Gensler and co, they have saved Joe Public a tidy sum by rejecting them all.
PoorInvester - still seeing 18k in the morning then? I have to agree with Chopsing....this whole industry is a falling knife (at least for now).
Thanks for sharing - that's an interesting read. This is going to take a while to unfold and will attract way more attention that than 3AC/Luna/Celcius due to the amount of retail investors in the US having money tied up on FTX exchange. They are unlikely to see that money again but the SEC are going to come down on all this hard. Fundamentally, this is a mixture of the 2008 GFC and Enron. It's just grim general PR for this industry - it's becoming toxic even to Main Street and certainly an investment money-pit. Maybe 2022 is a nadir, maybe it's the ultimate wheeze towards and ending. I really have no clue anymore.
:) Ha....yeah, he's got some front. I was really referring to his secular/cyclical argument though and how the market has no centralised arbiter so the cycles are more punishing or rewarding depending on when you enter as a participant. It's all a shill on YT isn't it....
...this is a considered and well articulated set of thoughts on the crypto space overall.
https://twitter.com/RaoulGMI/status/1590360845246435329
Good luck with that punt on SOL. In the next 24 hours, $330M staked SOL has been unlocked is about to hit the market. It's going below 10 easy, possibly to zero due to how closely tied it is to the now toxic SBF/FTX in general.
Well, regardless of what price it was two years ago, tomorrow is the CPI print, so i'm expecting much of the same volatility for the next few days. Local low is 14k on the chart with possible spring. That will be a full 80% drawdown YTD. Brutal
Deliberate manipulation of tokens is nothing new, but the two of the world's largest exchanges playing a game of chess with (and possibly to gain) other people's assets is quite frankly ludicrous. The FTX collapse is on par with Enron in my view....a collapse that led to greater regulation and a lot of soul-searching.
I can see regulators getting involved in all this. For the average Joe, is it any wonder that faith in the whole crypto industry is evaporated? It's become not only a graveyard for investments, but even custody of assets looks extremely suspect.
SBF jsut tweeted that FTX have come to an agreement with Binance re. FTT....that's why
BTC couldn't hold 21k on the 4hr. Same old, same old. 2022 in a nutshell...
No, you are absolutely right. A catalyst can drop at point that is crypto market specific. None of these this year (eg. Blackrock, GAPP accounting guidance clarifications) have really had any impact on upward price movement and are not really geared at retail FOMO (which i do believe is also needed to really light a fire).
The market has changed significantly. A lot more of this is now tied up institutionally and correlated to market instruments. Retail has very little impact anymore, which is why the macro is now so important. US midterms and CPI print next week will add volatility and all of this gain could be erased very quickly OR it could gain momentum. That's why i look at a month rather than a day.
Short answer, no. It has done this during the summer rally when BTC traded up to 25K then fell off a cliff again. I want to see a monthly candle that engulfs before i start to think about a reversal. This is really all ultra-short term trending based on equities and currency movement.
Look at the monthly chart over the last ten years and that show when reversals occur. Bull runs are proceeded by significant reversals.
Faster than i had thought it might anyway.
Not a lot of resistance at all on the 4ht chart between 21-22k. If stonks keep pumping, could be an interesting close and momo might carry into the weekend.
Hmmm. Your optimism is appreciated, but 20800 has proven sticky. It's failed to break this consistently over the last few weeks.
Axios are reporting Trump eyeing 14th Nov announcement for 2024 run https://www.axios.com/2022/11/04/trump-presidential-run-2024-announcement
I have no political opinion at all, but i'd be surprised if this wasn't the makings of a pro-Bitcoin/crypto ticket, at least at the margins. Make of it what you will mind you.
Finally, the Fed get a figure that states that tightening may be yielding on the unemployment figure. 3.7% vs 3.5% previous month.
Headline figure was up, but that was a bit of a red herring. Market seems to be digesting positively. 50bps looks nailed on if Core CPI doesn't surprise to the upside. Could be a santa rally in the making
Sorry, i don't really get what you are saying.
Potential is one thing, but growth is in essence the catch-all market phrase that captures potential. Check out growth industries and see how they are getting hammered.
It's also a lot harder to sell potential when you are proving consistently that you can't keep your head above water. What kind of potential is that?
I was a a good footballer when i was younger, but in a team that lost by 4 or 5 in most games. That kind of sums this whole scenario up. I'm not personally attacking your credo, but i find all this now incredibly blind to reality.
Interesting. More of these news releases before Santa comes i suspect.