The BTC price action just seems so strong at the moment, it looks like whenever it gets down to 57k or so corporates come in and take large slices driving it back up. Of course it's a very risky asset and could drop 25% anytime so need to be careful. But really looks like it is becoming more mainstream, take the MS article for example, plus the numerous payment providers working on it. Regarding ARB the answer as to where the cash is going is 'on everything'. A normal company uses the cash proceeds from sales to pay for all the various expenses. ARB is not doing that as they want to keep the BTC they mine. So they are paying for everything out of placing cash. This sounds a bit crazy and basically levers up the company further to the value of BTC. While BTC is rising all good and well. Mind you this is no different to doing a placing and buying BTC with it like others have done. However, ARBs communication has been terrible. Nothing that BTC moving into the 60s won't fix however.
Happy to see it at 58k this morning. Longer term inflation hedge seems to be holding, you just have to ignore intraday and shorter term volatility. That being said a large crash down would scare anyone. Let’s have another crack at 60k in US hours please.
Hi 1509 - I've watched from the sidelines on this one, but am of course tempted. What in your mind are the main obstacles here? Clearly there must be significant risk to completion (some might say a 50/50 chance) if it is likely to double if it happens?
Yes, saw it. The machine looks good and running well, but it was never going to do 5m per month, that was just a pump by the old board. But...I am more hopeful than I've been in months on this one, they have a solid base now from which to grow. So am back in!
See below from Bloomberg - I've been noticing this pattern too. If it holds today we should break and hold 58k in US hours at least. Hope so!!
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Bitcoin has shown a tendency lately to clock its intraday low in the Asian or European session, and end near daily highs in the U.S.
For example, the low on Monday was after 3 a.m. New York time and the high around 4 p.m. Tuesday’s low was right at the start of the Asia session before a run higher and steadying out near $54,000. Somewhat similar patterns were evident Wednesday and Thursday. A theory has emerged that this may be due to tokens being mined and sold in Asia, and then buyers come into the market in U.S. hours.