Bitcoin pushing $70k...

[Ken07AOVette]

Originally Posted by Dean2

$22,300 U.S. this morning. Margin calls are going to put a tremendous amount of pressure on the markets when it hits $22,000.

Originally Posted by HyperMOA

Just out of curiosity why is $22,000 the magic number for a margin call, and how do you know that?

It was under $21,000 at 2am

[HyperMOA]

Originally Posted by barsik

the missing 15000 is in the original seller's (dealer) pocket. most of the money that is "lost" in the market are retirement and savings funds. the fed is out to wipe the digital coin slate clean in order to introduce their own digital currency.

How does the fed wipe out digital currency? If there is steady demand the value should be stable or even rise. If there is a decreased demand the value will drop. Is there a chance that the market has hit saturation and demand peaked for crypto and it is dying as nobody else is speculating or buying anymore? There could be a few more dead-cat bounces and will always be market for it, so it won’t disappear. Is it possible the product was way overvalued for its commercial use by speculators and its coming down to its actual valuation? Nothing to do with the feds. If they wanted to kill it, I’m sure they could do much more to discourage it.

[Dean2]

Originally Posted by HyperMOA

Just out of curiosity why is $22,000 the magic number for a margin call, and how do you know that?

https://www.marketwatch.com/story/mi...ms-11655111047

This is just one company that is leveraged, there are a wack more, all in the 21-22,000 range, cause it was never going that low again don't you know.

Another article

About $1 billion guaranteed by some 260,000 market investors was liquidated due to margin calls in the past 24 hours, according to data from CoinGlass, the Wall Street Journal reported on Tuesday (Jan. 14).

The day trading frenzy during COVID helped take cryptocurrency to new heights in 2020, hitting record highs in November 2021. The crypto market has since lost 66% of its value, according to the report.

Bitcoin’s price was $22, 411 as of 5:45 a.m. ET on Tuesday (June 14), about two-thirds of its $67,802.30 high in November 2021, according to Dow Jones Market Data. Bitcoin’s plummet since last November has added to about $2 trillion in losses in the overall market.

See also: Crypto Nosedives Following Celsius Collapse

Crypto’s total market capitalization was roughly $975 billion on Monday (June 13) from a November high of close to $3 trillion, according to data from CoinMarketCap.

Celsius, which claims to have 1.7 million customers and $11 billion in user assets, according to its website, said “extreme market conditions” led it to stop all withdrawals on the platform, PYMNTS reported. The company’s eponymous coin lost 50% of its value in the past 24 hours as of Monday.

Read more: Software Company MicroStrategy’s Bitcoin Losses Almost $1B

The bitcoins on MicroStrategy’s balance sheet pledged as collateral could be subject to margin calls. The firm purchased about 129,000 coins at a cost of $3.97 billion over the past two years, an average of $30,700 for each bitcoin, PYMNTS reported.

MicroStrategy founder and CEO Michael Saylor told the WSJ that the firm hasn’t received any margin calls and doesn’t expect to, and has “plenty of additional collateral should we need to post more.”

Related: Bitcoin’s Potential as ‘Digital Gold’ Loses Luster as Price Plummets

“Risky and highly liquid cryptocurrencies are usually the first to be sold in a market selloff,” Jeff Mei, chief marketing officer at blockchain technology solutions provider ChainUp, told the WSJ.

Last year the crypto industry and traditional Wall Street analysts and investors were talking up bitcoin as a hedge against inflation. They are now quick to point to the increasingly shaky economy and tumbling stock markets as the cause of its collapse, PYMNTS reported.

You may also enjoy: Latest Crypto Turmoil Could Signal the End of Sky-High DeFi Returns

None of this should be surprising, Leah Wald, the co-founder and chief executive at asset manager Valkyrie Investments, told the WSJ. Crypto is traveling along the same road that tech stocks did during the dot-com era or silver in the days of the Hunt brothers.

“All assets at the end of the day follow the same trend,” she said. “As much as we think crypto is a new asset class, it’s not.”

[Savage Bacon]

I sold my bitcoin yesterday. What's left of my money was in my bank this morning.

Sent from my SM-G970W using Tapatalk

[fishtank]

With derivatives it’s whole different ball game, max pains and max gains .
Some crypto exchange allow 20-100x. And a few probably higher on certain crypto

[Ken07AOVette]

Originally Posted by Savage Bacon

I sold my bitcoin yesterday. What's left of my money was in my bank this morning.

Sent from my SM-G970W using Tapatalk

did you sell any when it was at $70g?

[Roderek]

Originally Posted by Ken07AOVette

did you sell any when it was at $70g?

If you weren't taking profit along the way you were doing it wrong, so I hope he did.

[Savage Bacon]

Originally Posted by Ken07AOVette

did you sell any when it was at $70g?

Nope that's when I bought it.

Sent from my SM-G970W using Tapatalk

[Pathfinder76]

Who thought it was a good idea to put non regulated pretend money in your wallet?

[Dean2]

Originally Posted by Savage Bacon

Nope that's when I bought it.

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Now that blows like the big Magilla Gorilla for sure. Very sorry to hear that. Never like to see anyone lose money. It is too hard to make in the first place.

[troutbug]

Originally Posted by Pathfinder76

Who thought it was a good idea to put non regulated pretend money in your wallet?

I sure did because I turned that into CAD and now it is real money. And even with the crash I am still making money. Kinda how I do in stocks as well

[Pathfinder76]

Originally Posted by troutbug

I sure did because I turned that into CAD and now it is real money. And even with the crash I am still making money. Kinda how I do in stocks as well

Well, yes. You can buy these types of stocks. Day trading can be lucrative. But you might also lose your shirt.

[troutbug]

Originally Posted by Pathfinder76

Well, yes. You can buy these types of stocks. Day trading can be lucrative. But you might also lose your shirt.

Dont play with what you cant lose is a common motto

[Ken07AOVette]

A coworker friend of my son bought $40,000 of XRP at $3.00. Now it's at .30c

[troutbug]

Originally Posted by Ken07AOVette

A coworker friend of my son bought $40,000 of XRP at $3.00. Now it's at .30c

It was going down either way until the lawsuit is done.

[fishtank]

Almost tested $20k usd, might trigger some margin calls . Hopefully saylor adjusted and got some enough insurance .

[Dean2]

The value of Crypto has shrunk by 2 TRILLION dollars, A Trillion is a 1000 billion. This in less than 5 months. There are a whole lot of people who have been taken to the cleaners on this massive scam and it isn't done yet. When articles start comparing Crypto to the Hunt Brothers and Silver, you know the writers really don't get it. That market manipulation was a tiny percentage of this at about 5 billion dollars.

[ganderblaster]

I would suspect it will have a floor at some point. It is handy to use as currency in some situations. Ethereum I find is more user friendly. I believe crypto is where we are heading as currency eventually but I think the government or UN will come up with its own currency instead of adopting either Bitcoin or Ethereum as many speculate.

Crypto falling may be the biggest reflection on how people think this Covid period may be over. If the government brings back restrictions in the Fall like they are musing in the papers I would guess it will go up in value again?

A lot of the momentum feeding the rise of Bitcoin was people with no faith in the government’s intentions or how they were managing Canadian finances, banking , then once crypto started soaring the momentum fed itself. Now that things appear somewhat more stable and people start to gain a little confidence in that the Covid power may be waning, it looks like the momentum of many who are now converting crypto into Regulated currency is feeding itself again but I believe this also isn’t a reflection crypto actual value as currency just like the high wasn’t but what do I know.

[The Elkster]

Most tech these days amounts to a solution looking for a problem. We already effectively have a digital currency. What percentage of transactions are done with cash? What percentage of currency exists as physical cash?

Will our currency evolve into a more transparent system? Not likely. There will always be a "central bank" or "Trudeau" around ready to manipulate or seize currency at will. Anyone who challenges that is likely to end up committing suicide with two bullets to the back of the head.

[Ken07AOVette]

$27,685

If it hits $50 I might buy a few. lol

(I had written $500 first, but changed my mind)

[Roderek]

Originally Posted by Ken07AOVette

$27,685

If it hits $50 I might buy a few. lol

(I had written $500 first, but changed my mind)

We are in "Crypto Winter" now until 2024 which is the next Bitcoin Halving. This has happened.

Some people speculated it was not going to happen again this time as Bitcoin was becoming more mainstream. I personally believed it was coming again, as when someone can send out one tweet that effects the market, it is not stable enough. As soon as pricing drops people start to panic sell.

Bitcoin pricing typically drops about 70% during "crypto winter" so if you believe it will survive this is the time to start buying in, only put in what you can afford to lose as all crypto is super risky. Do your own research. You likely won't see prices as low as you will over then next year and a half.


November 28, 2012 First halving price hit $1100 in 2013
July 9, 2016 Second halving price hit almost 20k in 2017
May 11, 2020 Third halving as you are aware it hit almost 70K

Next having is estimated 2024 (August)

[Ken07AOVette]

Originally Posted by Roderek

We are in "Crypto Winter" now until 2024 which is the next Bitcoin Halving. This has happened.

Some people speculated it was not going to happen again this time as Bitcoin was becoming more mainstream. I personally believed it was coming again, as when someone can send out one tweet that effects the market, it is not stable enough. As soon as pricing drops people start to panic sell.

Bitcoin pricing typically drops about 70% during "crypto winter" so if you believe it will survive this is the time to start buying in, only put in what you can afford to lose as all crypto is super risky. Do your own research. You likely won't see prices as low as you will over then next year and a half.


November 28, 2012 First halving price hit $1100 in 2013
July 9, 2016 Second halving price hit almost 20k in 2017
May 11, 2020 Third halving as you are aware it hit almost 70K

Next having is estimated 2024 (August)

good reply, thank you.

Honestly I can't afford to lose any, so buying half a dozen at this price to me would be ludicrous.

Also, and I may be wrong here, but is it true nobody can cash out right now? There is a halt or cease or whatever they call it on selling? I know less about it than I do the # of stars in the sky.

[Pathfinder76]

Originally Posted by Dean2

The value of Crypto has shrunk by 2 TRILLION dollars, A Trillion is a 1000 billion. This in less than 5 months. There are a whole lot of people who have been taken to the cleaners on this massive scam and it isn't done yet. When articles start comparing Crypto to the Hunt Brothers and Silver, you know the writers really don't get it. That market manipulation was a tiny percentage of this at about 5 billion dollars.

No doubt.

[fishtank]

Another 10% haircut … $20k

[Armorman]

I always said the charts looked eerily similar to the weed stocks....

Sent from my Pixel 3 XL using Tapatalk

[Savage Bacon]

Originally Posted by Ken07AOVette

good reply, thank you.



Honestly I can't afford to lose any, so buying half a dozen at this price to me would be ludicrous.



Also, and I may be wrong here, but is it true nobody can cash out right now? There is a halt or cease or whatever they call it on selling? I know less about it than I do the # of stars in the sky.

I cashed mine out a few days ago. Maybe that's more recent? Where does the money come from if everyone wants to cash out all at once?

Sent from my SM-G970W using Tapatalk

[troutbug]

Originally Posted by Ken07AOVette

good reply, thank you.

Honestly I can't afford to lose any, so buying half a dozen at this price to me would be ludicrous.

Also, and I may be wrong here, but is it true nobody can cash out right now? There is a halt or cease or whatever they call it on selling? I know less about it than I do the # of stars in the sky.

One network suspended trading etc. I have bought and cashed put on 3 different networks.

[Roderek]

Get your tokens off of exchanges and into a wallet or a ledger. If the exchange goes under, they will keep your tokens to pay there debts.

If you have them in a wallet, you can sell them on another exchange.

[BlackHeart]

Originally Posted by Savage Bacon

I cashed mine out a few days ago. Maybe that's more recent? Where does the money come from if everyone wants to cash out all at once?

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Ahh. A question that is quite ironic in itself. And has quite an obvious answer....though most crypto fans don’t really want the answer.

Sooo..... if cryptos were a true long term viable currency, you wouldn’t need to CASH them out. When someone pays you with a cheque, you take it to the bank and exchange it for legal tender as the cheque is just a voucher. If some one pays you with a $100 Canadian paper bill, you don’t exchange it for cash. You treat it like a true currency.....yah I know...Govt printing presses...worthless currency like Zimbabwe’s....but that’s just a crutch for crypto fans not wanting to think deeper.

All of us are captives to some degree to our govt and country of existence. You can flee to a new one, but you’re still a captive. In order to break free of that you’d need a currency that is widely accepted, has a base value backed by something substantial and be non-govt issued or controlled.....hence cryptos....they missed the first point, definitely skipped the second point...and believe they hit the mark on the third point. But did they???

By just asking how to cash out, indicates they didn’t.....now investors are running back to the govt currency. And can be seen by the 2 Trillion in evaporations in the crypto market...didn’t really escape....just got beaten and abused by a more crueler master....the ultimate reality of Ponzi schemes.

Most crypto fans will strongly disagree with the above. But “cashing out” is the ultimate betrayal of what really is the truth.....if the US dollar collapses, the market then collapses, then the global economy collapses, and cryptos disappear...and even society will collapse......but no one is giving you a grain of rice for your cryptos then.

Just look what has happened with a little ole 3/4 % interest rate increase. Shows how highly leveraged the S show has been. And cryptos were the burn off of that excess.....

[Roderek]

Originally Posted by BlackHeart

Ahh. A question that is quite ironic in itself. And has quite an obvious answer....though most crypto fans don’t really want the answer.

Sooo..... if cryptos were a true long term viable currency, you wouldn’t need to CASH them out. When someone pays you with a cheque, you take it to the bank and exchange it for legal tender as the cheque is just a voucher. If some one pays you with a $100 Canadian paper bill, you don’t exchange it for cash. You treat it like a true currency.....yah I know...Govt printing presses...worthless currency like Zimbabwe’s....but that’s just a crutch for crypto fans not wanting to think deeper.

All of us are captives to some degree to our govt and country of existence. You can flee to a new one, but you’re still a captive. In order to break free of that you’d need a currency that is widely accepted, has a base value backed by something substantial and be non-govt issued or controlled.....hence cryptos....they missed the first point, definitely skipped the second point...and believe they hit the mark on the third point. But did they???

By just asking how to cash out, indicates they didn’t.....now investors are running back to the govt currency. And can be seen by the 2 Trillion in evaporations in the crypto market...didn’t really escape....just got beaten and abused by a more crueler master....the ultimate reality of Ponzi schemes.

Most crypto fans will strongly disagree with the above. But “cashing out” is the ultimate betrayal of what really is the truth.....if the US dollar collapses, the market then collapses, then the global economy collapses, and cryptos disappear...and even society will collapse......but no one is giving you a grain of rice for your cryptos then.

Just look what has happened with a little ole 3/4 % interest rate increase. Shows how highly leveraged the S show has been. And cryptos were the burn off of that excess.....

My guess is the person asking the question, probably has very little knowledge of crypto. But in reality it is not much different then a stock, if no one is buying it your left holding the bag...

Crypto is still in its infancy and needs to be more widely adopted before it can be a truly viable currency, but as of right now, If you were willing to take Bitcoin, ETH, or any other crypto as payment, I could transfer it to you just like I could an e-transfer.

You think your money is safe in a bank? Have you walked into a bank lately and asked to withdraw 10K without giving them notice? Most banks tell you the most they can give you is 2k. without 48 hours notice. I was trying to buy a cargo trailer and I had to go to 4 different banks to get out enough cash in one day to pay for it. I had more then enough money, just the bank didn't have it on hand.

What would you do tomorrow if Electronic banking became unusable, and no one was accepting cheques? guess what you would be standing in lines at the bank for hours in hopes to maybe get a couple hundred of your dollars out of the bank. I believe the most recent examples of this was Cyprus a few years ago.

I firmly believe that some crypto is going to be a global currency in the next 20 years. The hardest obstacle for it to overcome will be the big banks/Governments trying to kill it, which is already happening.

The vast majority of people do not understand crypto or how it works, and are not willing to spend the hours upon hours to understand it and figure out what is what.

Stable coins were/are supposed to do exactly what your talking about, it is a token that you could trade your crypto for that is always worth 1 USD.

Luna obviously failed, It is believed it was a hedge fund that manipulated the market that actually caused the stable coin to drop below 1USD. Which is the problem right now, whales can manipulate the market.