Posted on 02/28/2024 3:14:30 PM PST by NoLibZone
Bitcoin blew past $60,000 for the first time in more than two years on Wednesday as the popularity of spot ETFs drove a renewed trading frenzy for volatile cryptocurrencies — and crashed popular crypto exchange Coinbase.
The price of bitcoin soared to nearly $64,000 in the early afternoon, nearing it’s all-time high of $$68,789 in November 2021, before falling to around $61,000 by 6 p.m. That marked an 18% increase in the leading digital currency compared to one week ago and 40% bump compared to a month ago.
In the midst of Wednesday’s rally, Coinbase, one of the largest digital asset exchanges, warned users that its website was experiencing issues – but assured customers that their “assets are safe” after several complained that their digital wallets showed “$0.00.”
(Excerpt) Read more at nypost.com ...
I think you mean ‘faint’ of heart.
Feint, being a deceptive or pretended blow, thrust or other movement in fencing or in boxing.
I agree with you, crypto currencies are high risk, but high reward tools. Other than that, I’m not yet ready to throw money at it. I keep hearing about people being cheated or stolen from by nameless, faceless bad guys, who never do get caught or prosecuted. I expect more safety measures to eventually be put into place for crypto transactions, if they remain popular.
The block chain completely replaces the need for a third-party ledger.
That’s the whole point.
I didn’t say “feint.” I was quoting the person I was responding to. I’m not the spelling police, but evidently you are.
Boy that's for sure ....
after doing a “little” bit of due dilagence ...
my entry pt on IBIT was 32.605 ......
slept in this am .... woke to find a run away train ....
so of course I FOMOed in at about 36.60
spent the rest of the day trying to recover ...
12 lines on my card just for IBIT
I didn't plan on rolling in that hard that fast ... but hey ..whatcha gonna do?
landed at the close at about 34.90 ... still red , but close enough stop the pain.
After market IBIT 35.42 right now so ...
I'm liking the way this moves ... but I feel like a one legged frogg .... the inverse etf DOSEN”T move .. no help
, no options ....
I believe this thing will roll when better derivatives come out ...
AM I missing a short hedge somewhere?
For now I guess I have to just strap the leather tight and ride.
Except the rally high could well approach $400,000 - $600,000
I’m not talking about ledgers. I’m talking about fully completed transactions. Maybe the Blockchain contains the info that X BC has been transferred from WalletA to WalletB, but if the exchange can’t show that correctly then there’s something wrong.
The ETFs are going to buy anoterh 10,000 BTC overnight and tomorrow based on inflows the 28th of February.
When the ETFs were approved in the US, they purchased 13,500 BTC almost every night after investments poured in. That was when BTC was around 40K per.
Today, it hovering over 60K.
Between the Asian markets and the institutional purchases, tomorrow we will wake up to see a repeat of today. It may be 65K in the morning.
The ETFs were expected to draw approxiamately 50B USD in 2024. They are sitting almost half way to those calculations in just six weeks.
Gold ETFs are experiencing huge outflows mostly headed into BTC ETFs.
The ETFs are creating a situation were demand exceeds daily mining production, which is 1250 today, and in seven weeks it will drop to 625 daily. ETFs worldwide are increasing like in China and even in Hong Kong. US ETF purchases of BTC are holding steady at 10-12x the daily production rates, and in the first days of the ETFs at 40K they were 25-50x the daily production.
My go to Guru has been awake for 72 hours. He beleived 14-days ago BTC would hit 62K on the 26th of Feb; he was two days late and two thousand under. He now calculations that BTC could hit 100K before the Halving evcent in 7 weeks.
There are models based on ETF inflows that calculate prices based on different amounts. If US financial services institutions put 1% of investor investments into BTC that alone was projected for a 2024 price of 77K. Now with updated demand these models are accurate within a few days and few thousand and they are pointing to 300K by year’s end.
My own estimates with 3% in investment funds in the US would drive it 177K, but all bets are off with the ETFs and that giant sucking sound of fiat currency circling the drain.
It’s gambling. Greater fool theory, etc.
One of my old friends in Belguim was EX-NAVY and worked for Swift in Brussels. At some point he was “transferred” as a contractor for the Department of State/sister agency.
SWIFT was really something before Obama and Biden destroyed fiat.
Humor me and put $1000 in BTC. When your kids get it they can buy a car in ten years.
Gold is gambling too, and people are pulling massive amounts out of Gold for the Digital Gold in thar ETFs.
It will not drop simply because the ETFs guarantee, coupled with the Halving in 7 weeks, that return on investment will drive prices up... if the only thing driving it was slow adoption and inflation that was, well so yesterday, yesteryear.
There is no “house.”
That’s the charm. I don’t have to rely on politicians to degrade it.
coinbase did not crash ... it has tripled since late October ...
Does Bitcoin popularity mean an end to SWIFT
https://www.investopedia.com/news/does-blockchains-popularity-mean-end-swift/
Thanks for the info.
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