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Bitcoin price discussion and analysis

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Bitcoin miner Core Scientific is filing for Chapter 11 bankruptcy — but plans to keep mining
Just highlights the folly and incredible waste of energy and special purpose compute hardware required to "mine" a dematerialized "asset".

"Core’s market capitalization had fallen to $78 million as of end of trading Tuesday, down from a $4.3 billion valuation in July 2021 when the company went public through a special purpose acquisition vehicle, or SPAC. The stock has fallen more than 98% in the last year."

Valuation once again confused with market capitalization based on price. Yet another SPAC gone bust. How many crypto mining rigs are just E-waste now?

"Core had previously said in a filing in October that holders of its common stock could suffer “a total loss of their investment,”

😆 That warning likely applies to every crypto project, exchange and venture.

The financial fallout from crypto mania continues apace.
 
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Russia is supposedly about to approve the use of Bitcoin as a payment mechanism for oil and a few other things.
From Bitcoin magazine

Russia’s Congressional finance committee chairman, Anatoly Aksakov, said the country is moving to greenlight international trade in cryptocurrency within the next month, according to a report by national news agency TASS.

"In January, we want to legalize cryptocurrencies to ensure foreign trade activities," Aksakov said, per a translated version of the report.

The chairman highlighted that although Russia is taking steps to allow bitcoin and cryptocurrency payments for imports, there are no plans to encourage similar usage of the burgeoning assets within the boundaries of the nation’s territory.

"The circulation of cryptocurrencies as a means of payment on the territory of Russia will be prohibited, and liability will be prescribed in this regard," he reportedly stated. "But to pay for foreign trade transactions, we still assume the possibility of using cryptocurrencies, for example, for parallel imports."

Russian officials have teased at this possibility for almost a year, following an intense package of Western sanctions deployed in the wake of the nation’s invasion of Ukraine.
Going to be hard for the US to sanction this one, its out side the BIS umbrella.
Mick
 
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Russia is supposedly about to approve the use of Bitcoin as a payment mechanism for oil and a few other things.
From Bitcoin magazine


Going to be hard for the US to sanction this one, its out side the BIS umbrella.
Mick
Not really what Bitcoin maximalists are hoping for, this puts only a small dent in the reserve currency status of the USD. No doubt counter parties would simply move in and out of Bitcoin solely for the purpose of competing a transaction to minimize the volatility risk of holding BTC. Forbidding "The circulation of cryptocurrencies as a means of payment on the territory of Russia..." must be considered a blow to maximalist ambitions for Bitcoin in Russia.
 

Garpal Gumnut

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I've been reading some of the Hedge Funds comments on BTC and Crypto in the WSJ and FT.

It would appear that with the FTX debacle their appetite for trading ( which has been overall profitable trading long and short ) is waning.

Their main worry is the safety of their "coin" on the blockchain particularly since the FTX debacle.

I can see either massive shorting or withdrawal of Funds' investment over the next few weeks.

Further I cannot see this consolidation around BTC= $16600 or thereabouts lasting on a TA basis.

1672736116158.png

gg
 
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Russia is supposedly about to approve the use of Bitcoin as a payment mechanism for oil and a few other things.
From Bitcoin magazine


Going to be hard for the US to sanction this one, its out side the BIS umbrella.
Mick
Sounds like an international game of pass the parcel, I mean bitcoin, it will be interesting when the music stops to see who is carrying the oil and who is carrying the bitcoin.
 

Garpal Gumnut

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Bets are increasing on a push higher for Bitcoin and on BTC price action defining the current range as its macro bottom.
BTC is making a good attempt to crack $USD 1700 and break out of it's range over the last few months.

Tonight when the US markets open will decide whether it will be successful or not.

My guess is it won't but it is a guess, and as good a one as anyone elses. Perhaps I'll be proven wrong.

gg
 
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My guess is it won't but it is a guess, and as good a one as anyone elses. Perhaps I'll be proven wrong.
Sometimes it's good to be wrong, for all the right reasons.
Was watching a bit over the weekend and there were signs of life in the crypto world. Cracked through soon after you posted Mr Gumnut esquire.
I'm not interested really apart from the fact, if crypto is starting to run, it's relatively risk on time.
For how long? Dunno. How long does New Year hopium go for?

Screenshot_20230109-205729.png

Edit. Had noticed some other cryptos had starting sneaking on the dailies last week.
You can see Spitcoin here did too....

Screenshot_20230109-210659.png

PS, at time of posting, BTC seems to be about the worst performing on the rise. Others like Solana and Cardano are currently up 20 & 15% respectively in the last 24 hours
 
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Was watching a bit over the weekend and there were signs of life in the crypto world.

possibly people in jurisdictions operating on a jan-dec financial year (like the US) were selling in dec to book losses for tax purposes. those who did so in early-mid dec might be starting to buy back in now, as sufficient time should've passed for them to avoid breaching the wash sale rule.
 
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I wonder if carl is going to regret this tweet from early 2022'
1672094298796.png


There are a few days to go, but I suspect he will be out of the money.
Mick
Well, to be fair, it's probably more fun that he doesn't disappear, and, he didn't say when he would delete his twatter
 
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I've been calling it spitcoin lately.
I think it's back to a mining cost break even, from I understand?
I'm wondering where the money is coming from...
Up over 20% in 3 days ...

Interesting days with a broader indication now of reckless abandon risk on.

Screenshot_20230114-235024.png
 

Garpal Gumnut

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I've been calling it spitcoin lately.
I think it's back to a mining cost break even, from I understand?
I'm wondering where the money is coming from...
Up over 20% in 3 days ...

Interesting days with a broader indication now of reckless abandon risk on.

View attachment 151708
A 16% gain recently in BTC is not to be mocked.

I still reckon that US Funds with large losses are buying and selling to get out at a reasonable loss with the beginning of the end for BTC.

No sour grapes though, but it may hold Gold back.

A profit is a profit.

gg
 
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Credible highlights that Bitcoin is in the midst of a long-term bull market and that last year’s deep correction is part of a five-wave uptrend. The popular Elliott Wave practitioner thinks that BTC is now on the verge of starting its fifth wave rally en route to a new all-time high at around $150,000.
 
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In the largest of the three notable king crypto asset transactions on Thursday, January 19th, a whale moved 6,314 BTC worth $130,868,521 from one unknown wallet to crypto exchange Binance, according to Whale Alert.
Monopoly being played by the looks of it.
 
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