Crypto trading/market thread

[Voodoo]

I mean between that and MSTR the signs are obvious. Maybe not longer term but for the short term I'm gonna say yes.

 

[nickndfl]

I had MSTR in a watchlist and bought 10,000 by accident (1000) @ $25 in March. That one stock is now $4m. Coulda woulda shoulda.

 

[Peter89]

BTC correlates with stocks. Imagine BTC if stocks have a correction like A or B.

 

[pmbug]

It's not as correlated as some make it out to be:

Crypto Correlation Tool - Blockchaincenter

www.blockchaincenter.net

 

[searcher]

*Not posting as a "how to" but as a neat read. I haven't come across anyone in the offline world who knows much about crypto at all, let alone anyone who talks about it.

With bitcoin eyeing $100,000 and "Peanut the Squirrel" grabbing headlines with 3,000% gains, crypto is firmly back on the menu this holiday season. Family debates about bitcoin, memecoins and "the dog thing Elon tweets about" will no doubt liven up the dinner table and you, as the designated "crypto expert," will need some talking points to win over the normies.

How to Talk About Crypto With Your Family This Thanksgiving

Need to explain BTC’s rally and significance for the future? CoinMarketCap’s Jonathan Isaac has some useful talking points.

www.coindesk.com

 

[nickndfl]

Does anybody thing buying 1k shares of MSTZ is a good bet or do you think it could eventually get delisted? It's 2x inverse of MSTR and $0.94/share now. Could be a buy signal from Cramer?

 

[pmbug]

... anyone in the offline world who knows much about crypto at all, let alone anyone who talks about it.
...

The first rule of crypto fight club is you don't talk about crypto ...

Does anybody thing buying 1k shares of MSTZ is a good bet or do you think it could eventually get delisted? It's 2x inverse of MSTR and $0.94/share now. Could be a buy signal from Cramer?

I don't know anything about it.

 

[pmbug]

MSTR buys another 55,500 BTC for ~$5.4B.

 

[pmbug]

Any change to capital gains tax obviously would require an act of Congress, so who knows what the chances of a "no tax on crypto made in America" really are, but I think it would be difficult to implement in practice as cryptos like Bitcoin are made globally on a decentralized network. They don't have a singular national origin.

 

[pmbug]

Is $18B a lot? Could Brazil even afford that?

 

[pmbug]

...
Over the past two days, Glassnode data shows that short-term holders or those that have held bitcoin for less than 155 days, have sent $7.8 billion or 83,000 BTC to exchanges at a loss over the past two days.

In notional terms, this is the highest number on record. When this cohort tends to send $2 billion or more worth of tokens to exchanges, at a loss, it generally marks a local bottom.
...

Short-Term BTC Have Moved Nearly 83K BTC to Exchanges (at a Loss), Hinting at a Local Bottom: Van Straten

As bitcoin approached $100,000 we saw record notional profit-taking, however, as bitcoin dropped to almost $90,000 we are seeing record notional loss-taking.

www.coindesk.com

 

[searcher]

U.S. Treasury overstepped authority in Tornado Cash sanctions, court rules: CNBC Crypto World​

Nov 27, 2024 #CNBC #cnbctv

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Securitize co-founder and CEO Carlos Domingo discusses the upcoming regulatory shift in Washington and the latest in its tokenization partnership with BlackRock.


11:28

Chapters:
00:00 - CNBC Crypto World, November 27, 2024
0:29 - Bitcoin bounces back
0:52 - The headlines
3:07 - Carlos Domingo of Securitize

 

[pmbug]

Apparently crypto is now legal in Russia (emphasis mine):

The Federation Council, Russia’s upper house of parliament, approved a government-initiated bill outlining the taxation framework for digital currencies on Wednesday. This legislation, passed during a plenary session, follows its earlier approval in the State Duma, the lower legislative chamber, the previous day.

The new law classifies digital currencies, including those used as payment instruments under experimental legal regimes, as property under the Russian Internal Revenue Code. This classification exempts digital currency mining and sales transactions from value-added tax (VAT), easing financial obligations for participants in the sector. Additionally, services provided by authorized organizations facilitating transactions within these experimental regimes will also be exempt from taxation.
...

More:

Russia Approves Crypto Tax Law, Redefining Digital Currency Rules – Taxes Bitcoin News

Russia’s new crypto tax law classifies digital currencies as property, exempts mining from VAT, and mandates detailed reporting, signaling a seismic shift in regulation.

news.bitcoin.com

 

[pmbug]

Signs of potential trouble brewing at Binance? Or just the TRON crypto? Or both?...

#Tether watch!
BREAKING: Binance continues to abandon the TRON blockchain!

They've done another $500M chainswap and are now up to $5B chainswapped THIS MONTH!

They were already adding USDT on ETH via the Kraken prints/chainswaps, but they accelerated it after the election.

Below top 100 holders on TRON now hold 82.5% of supply, and that'll increase if Tether swaps more/burns what's in the treasury.

Without Cold 3 which is backing BSC-USD tokens on the BNB chain, Binance has LESS THAN $1B USDT LEFT in their wallets *in the top 100*.

On ETH, wallet #9 called Binance 74, *has more USDT in it than Binance has across ALL its hot wallets on TRON*.

Binance Cold 2, which used to hold the majority of Binance's USDT, is now *empty*.

This is while it was still at a high of $11B only a year and a half ago. Difference is previous dips in holdings was money getting shuffled and washed around.

Now it's left the chain entirely.

Arkham hasn't updated yet (and finding data that shows a chart of holdings per chain specifically is hard), but the next time they do, Binance will show ~$3.2B USDT on TRON and ~$25B USDT on ETH.

Even when the majority was TRON USDT, the relationship was never *this* lopsided.

I will remind everybody that *Binance has 50% of global market share*.

THESE ARE SUPPOSED TO BE CUSTOMER FUNDS!

Binance has converted coins on their user's behalf before - they auto-converted USDC to BUSD for example. So there is precedent for them commingling funds.

But like FTX, they're too cavalier with their customer funds, and if you chainswap $20B of funds from one chain to another over time, then there HAS to be some customer funds involved.

Or worse, there aren't, and Binance is as much a ponzi/pyramid scheme as Tether is.

As for why they're doing this, i'll stick with my best guess: Justin Sun is a MASSIVE liability which'll blow up one of these days and the TRON blockchain is just a public ledger of crime.

The cartel is getting ready to clean house. Hence Justin investing in Trump as a hail mary.

Thread by @DesoGames on Thread Reader App

@DesoGames: #Tether watch! BREAKING: 🚨Binance continues to abandon the TRON blockchain!🚨 They've done another $500M chainswap and are now up to $5B chainswapped THIS MONTH! They were already adding USDT on ETH via t...…

threadreaderapp.com

 

[Peter89]

Is $18B a lot? Could Brazil even afford that?

Lawmakers playing sophisticated investors with people's money...

 

[pmbug]

Lawmakers playing sophisticated investors with people's money...

Brazil isn't alone in that boat. It seems like a lot of countries are currently considering similar measures.

~~~

 

[searcher]

How the crypto industry's $245M in donations reshaped Washington: CNBC Crypto World​

Nov 29, 2024 #CNBC #cnbctv

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. In this episode, Crypto World dives into the industry's political contributions that were poured into the 2024 election cycle.


7:55

 

[searcher]

• Bitcoin hits $98,700, up 3.3% in broad crypto rally.
• BTC futures on CME briefly surpassed $100,000 for the second time after last week's first, a sign of strong institutional participation.
• Bitcoin miners BTDR, MARA, RIOT also surged, outpacing crypto-related stocks COIN and MSTR.

Bitcoin (BTC) Miners Bitdeer (BTDR), MARA Holdings (MARA) Among Gainers as Price Nears $100K

Bitcoin's price premium on Coinbase rebounded after flipping negative during the recent pullback, suggesting that American traders may be driving the rally.

www.coindesk.com

 

[Peter89]

Brazil isn't alone in that boat. It seems like a lot of countries are currently considering similar measures.

Yes
I think sovereign funds should have stability as their primary goal. I don't think something volatile like BTC should be part of a sovereign funds.
I know you disagree : )

 

[nickndfl]

A little bit won't hurt so they have established access to the market if economic forces change.

 

[Peter89]

A little bit won't hurt so they have established access to the market if economic forces change.

I get your point Nick, on the other hand...
Top 50 according to World Gold Council's latest rankings (as of 2 August 2024)
Gold share of forex reserves
Brazil is #47 (out of 50)
only 2,7%

Gold reserve - Wikipedia

en.wikipedia.org

I think their sovereign funds should focus primarily on gold.
My theory is that they - and other countries - are re-directing themselves toward BTC because gold is increasingly hard to get.

 

[pmbug]

Spot ethereum (ETH) exchange traded funds (ETF) in the U.S. saw record daily inflows on Friday, another sign that the second-largest cryptocurrency is gaining momentum as a catch-up trade after vastly underperforming bitcoin (BTC) this year.

The nine products combined booked $332.9 million in net inflows during Friday's shortened trading session, data compiled by Farside Investors shows. BlackRock's iShares Ethereum Trust (ETHA) and Fidelity Ethereum Fund (FETH) led, attracting $250 million and $79 million in fresh funds, respectively.

Friday was the fifth consecutive session with net inflows for the group, and concluded the second strongest week with $455 million in net inflows, per SoSoValue data. It was a shorter week as U.S. traditional markets were closed on Thanksgiving Thursday.

Ether ETFs also outpaced flows into their spot bitcoin counterparts, which gathered $320 million inflows on Friday and suffered net outflows during the week.
...

More:

Ethereum (ETH) ETFs See Record Inflows as Ether (ETH) Price Outperforms Bitcoin (BTC)

Improved outlook for the DeFi space and warmer regulatory climate with incoming U.S. administration are main drivers behind the sentiment shift towards ether, LMAX strategist Joel Kruger said.

www.coindesk.com

 

[pmbug]

Signs of potential trouble brewing at Binance? Or just the TRON crypto? Or both?...
...

More smoke:

 

[pmbug]

Between this and rumors that the SEC will be dropping it's last lawsuit against Ripple, XRP has some strong tailwinds right now.

 

[searcher]

XRP News: Ripple Whale Activity Zooms to Record High, But Signs of Concerns

Whales can move markets with their buying or selling pressure, and tracking this can indicate their market sentiment.

www.coindesk.com

 

[pmbug]

^^

...
“The latest spike in whale-to-exchange activity coincides with XRP reaching a local price of around $2.3. This could indicate whales preparing for potential profit-taking or increased market activity,” Woominkyu added.
...

XRP whales have been bag holders for years as the SEC lawsuits against Ripple (XRP) have dragged on and on (and kept XRP locked in the doldrums). I'm quite sure there are many of them eager to finally exit their positions in spite of the ultra bullish nonsense they spout on X.

 

[searcher]

Bitcoin Falls to $63,000, XRP Drops 30% on South Korean Exchanges as Martial Law Declared

South Korean President Yoon Suk Yeol declared "emergency martial law" late Tuesday evening.

www.coindesk.com

 

[searcher]

Remember Hawk Tuah girl? She is launching into crypto!

Post in thread 'Hawk Tuah: From drunken street interview to internet fame'

Wednesday at 1:31 PM

‘Hawk tuah’ girl Haliey Welch launches crypto memecoin—but insists it’s not a cash grab​

"Hawk tuah" girl Haliey Welch is still going strong. Welch went viral this summer for her off-color catchphrase and has since parlayed that fame into a merchandise line and podcast featuring such guests as Mark Cuban. Now she has found a new way to express a phrase that can't be explained in polite company: a "memecoin" that launches today on the Solana blockchain.

More...

• searcher

• 
• 

 

[searcher]

Trump picks former SEC Commissioner Paul Atkins to lead agency: CNBC Crypto World​

Dec 4, 2024 #CNBC #cnbctv

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's episode, Asymmetric CEO and CIO Joe McCann reacts to President-elect Trump's pick of Paul Atkins as next SEC chair.


8:15

Chapters:
00:00 - CNBC Crypto World, December 4, 2024
0:20 - Bitcoin dips
0:34 - The headlines
1:59 - Joe McCann of Asymmetric

 

[pmbug]

Bitcoin has broken through 100k...

 

[searcher]

Traders See Even More Bitcoin Buying Pressure as BTC Sets New Record at $103K​

• BTC added 7.2% in the past 24 hours, data shows, zooming to a $2 trillion market capitalization for the first time as it set a record just over $103,670.
• Spot BTC ETFs in the U.S. notched up $533 million in net inflows on Wednesday, data shows, with BlackRock’s IBIT crossing $50 billion in net assets for the first time.
• A seasonally bullish holiday period, demand from ETFs and higher mainstream media attention could fuel more buying demand for BTC in the coming weeks, traders say.

More:

What Next for Bitcoin? BTC Prices Set $103,000 Record, Expected to Go Even Higher

Spot BTC ETFs in the U.S. notched up $533 million in net inflows on Wednesday, data shows, with BlackRock’s IBIT crossing $50 billion in net assets for the first time.

www.coindesk.com

​

 

[searcher]

Vladimir Putin Says 'Nobody Can Ban Bitcoin,' Stresses Crypto Will Develop 'One Way Or The Other'​

Russian President Vladimir Putin firmly asserted that Bitcoin (CRYPTO: BTC) and digital assets are unstoppable, describing them as essential tools for reducing costs and enhancing financial reliability.

What Happened: Speaking at the Investment Forum in Moscow on Dec. 4, Putin stated, “Who can ban Bitcoin? Nobody. And, who can prohibit the use of other electronic means of payment? Nobody. Because they are new technologies. And no matter what happens to the dollar, these tools will develop one way or the other because everyone will strive to reduce costs and increase reliability.”

More:

https://www.msn.com/en-us/money/mar...S&cvid=73cb7a716c904382b43b966696b57fb4&ei=39

 

[searcher]

Bitcoin To Emerge As 'Premier Store Of Value Asset,' Hit $1 Million By 2033, Says Bernstein​

Bernstein Research forecasts Bitcoin (CRYPTO: BTC) will evolve into the premier “store of value” asset, ultimately supplanting gold over the next decade.

What Happened: The firm’s analysis emphasizes Bitcoin's growing role in institutional investment portfolios and corporate treasury management, signaling its acceptance as a key player in global financial ecosystems.

"We expect Bitcoin to emerge as the new-age premier ‘store of value' asset," stated Bernstein analysts, adding that its integration into multi-asset allocations reflects a maturing perspective among global investors.

The report also anticipates Bitcoin becoming a standard for corporate treasuries, following the lead of companies like MicroStrategy (NASDAQ:MSTR), which holds over $40 billion worth of Bitcoin.

More:

https://www.msn.com/en-us/money/mar...S&cvid=7ae9a4c8371743ee97034047d2444c88&ei=37

 

[pmbug]

You/they buried the lede...

...
"The adoption of Bitcoin as a treasury reserve asset is accelerating, aided by favorable accounting guidelines and the success of institutional ETFs," the analysts observed.

Bernstein projects Bitcoin will hit $200,000 by 2025, driven by its cyclical demand-supply dynamics and diminishing sell pressure from miners following halving events.

The report further estimates Bitcoin could exceed $500,000 by 2029 and $1 million by 2033 as adoption widens and demand strengthens.

 

[searcher]

DYdX Surges 30% as Trump Names David Sacks as 'AI and Crypto Czar'​

• Donald Trump will appoint venture capitalist and former PayPal Chief Operating Officer David Sacks as White House AI and Crypto Czar.
• The dYdx token has since surged 30%. DYdX is one of Sacks' Craft Ventures portfolio companies.
• Sacks' responsibilities will include helping craft a legal framework for the crypto industry, Trump said.

Trump Names David Sacks as 'AI and Crypto Czar'

The "PayPal Mafia" alum will work to ensure the crypto industry has the legal framework and clarity it has been asking for, Trump said in a TruthSocial post.

www.coindesk.com

 

[pmbug]

 

[searcher]

Bitcoin hovers near $100,000 after week of pro-crypto Trump administration picks: CNBC Crypto World​

Dec 6, 2024 #CNBC #cnbctv

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Adam Sullivan, CEO of Core Scientific, discusses the company's Q3 earnings and potential regulation in the next Trump administration.


10:03

Chapters:
00:00 - CNBC Crypto World, December 6, 2024
0:28 - Bitcoin hovers near $100k
1:00 - The headlines
2:19 - Adam Sullivan of Core Scientific

 

[searcher]

Bitcoin can separate money and state — David Sacks​

David Sacks was recently appointed by President-elect Trump as his top AI and cryptocurrency advisor. The new "Crypto Czar” is not only pro-crypto, and a seasoned technologist, but has also hailed Bitcoin BTC$98,787 as a potential way to separate money and state.

More:

https://cointelegraph.com/news/bitcoin-way-separate-money-state-david-sacks

 

[searcher]

Crypto cash flooded the election. Here's why and the impact it may have | 60 Minutes​

Dec 8, 2024

The price of Bitcoin hit record highs after President-elect Donald Trump’s win. Ripple CEO Brad Garlinghouse explains why the crypto industry poured millions into super PACs ahead of the election.


13:32

 

[searcher]

Amazon Shareholders Push for Minimum 5% Bitcoin Allocation​

• Amazon has a fiduciary responsibility to diversify into assets like BTC that outperform bonds, the shareholder proposal submitted by National Center for Public Policy Research said.
• The company's present asset mix of cash, cash equivalents and bonds isn't adequately protecting the shareholder value, the proposal added.

Amazon's (AMZN) shareholders are urging the company to take a page from MicroStrategy's (MSTR) playbook by diversifying its reserves into bitcoin (BTC) to beat inflation and boost shareholder value.

"Though bitcoin is currently a volatile asset – as Amazon stock has been at times throughout its history – corporations have a responsibility to maximize shareholder value over the long-term as well as the short-term. Diversifying the balance sheet by including some bitcoin solves this problem without taking on too much volatility," according to a shareholder proposal shared by conservative think tank the National Center for Public Policy Research (NCPPR).

More:

Amazon (AMZN) Shareholders Push for Minimum 5% Allocation to Bitcoin (BTC)

The proposal submitted by the National Center for Public Policy Research calls for the company to add BTC to its treasury to beat inflation

www.coindesk.com