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Is anyone else starting to become a bit worried? mod note in first post

Autochange

Bear markets
Fud
Regulation
Wall Street manipulation
The supposed tether ticking time bomb

What are your thoughts? Have you cashed out? Have you been buying the dips?

MOD NOTE:
Its good to see healthy debate and discussion taking place and I am sure every supporter of cryptocurrency and blockchain can agree that the contrarian viewpoint is worthwhile reading, if only to act as an anchor and help prevent investors from getting carried away in an echo chamber of "everything is wonderful, just keep going"

However, there have been a few reported posts recently which I did not action as I wanted to see the thread level out itself rather than start forcing viewpoints and I have been in two minds about that decision.

I'm not going to single any posters out but I'm going to ask that all posters read the forum charter and I want to point out that it was established years ago in the Television forum, that dropping in on a forum to tell the followers of that forums topic (in that case a particular tv show) that it was all crap and only idiots watched it etc etc was the exact definition of being a dick and attempting to troll. I know this because I was the mod of the forum at the time. Now look at the forum charter again.

There is pretty much one rule on this forum : if you cannot discuss in a civil manner, and I mean discuss, not soapbox or attack, then you have absolutely no business posting here and I have no qualms about removing your ability to do so.

This forum is for people that have in interest in cryptocurrencies, blockchain and their application to financial investments. that can be positive or negative but if you really feel the need to start pulling out memes / hiding insults in imaginary hashtags / attacking personalities or just generally being a dick there are other forums you can post in where I will let the local mods determine if it is within the scope of allowable behaviour. Here, it is not.

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el diablo

BTC went above $10,500 a while ago and now sitting at $9,850. Wonder who's behind this totally unexpected 34% pump. :eek:

JohnnyFlash

el diablo wrote: »

BTC went above $10,500 a while ago and now sitting at $9,850. Wonder who's behind this totally unexpected 34% pump. :eek:

Tether. Always Tether.

You will look back in time and wonder why the intellect of a God dealt with the mind of an ant.

el diablo

JohnnyFlash wrote: »

Tether. Always Tether.

You will look back in time and wonder why the intellect of a God dealt with the mind of an ant.

Thanks for your deep insight Johnny. Inspired by seventeen pints of Guinness no doubt.

Grumpypants

The China comment triggered a jump and that triggered a bunch of shorts to be liquidated. Because the volume overall is low (by trading standards) those purchases spiked the price.

Now the thing to see is if this triggers enough interest to sustain it. Or most likely it comes back in line around the 7500 mark.

Bob24

Grumpypants wrote: »

The China comment triggered a jump and that triggered a bunch of shorts to be liquidated. Because the volume overall is low (by trading standards) those purchases spiked the price.

You can never know if explanations given after the fact are correct, but I think that one is plausible (certainly, the short squeeze aspect is more than likely what happened).

If this is the case Xi’s comment was misunderstood though. My understanding is that he meant something like “blockchain, not Bitcoin”.

Grumpypants

Bob24 wrote: »

You can never know if explanations given after the fact are correct, but I think that one is plausible (certainly, the short squeeze aspect is more than likely what happened).

If this is the case Xi’s comment was misunderstood though. My understanding is that he meant something like “blockchain, not Bitcoin”.

He said blockchain alright but it is seen as a chance of loosening if the restrictions. It will prib be clarified in a few days as a "china's own coin" and tank the price again.

makeorbrake

Bob24 wrote: »

If this is the case Xi’s comment was misunderstood though. My understanding is that he meant something like “blockchain, not Bitcoin”.

It went up 1k in 10 minutes at the outset. Until such time as market cap grows, single actors or groups of actors can move this market.

The China thing - it was no harm that he mentioned blockchain. However, how was this news? We know that China is in the process of assembling a digital currency.
As regards an interpretation that this was a nod for Bitcoin - in the same way with Libra I don't think it will be any harm in the longer game. However, this is China we are talking about. Bitcoin is not a totalitarian tool - they won't want it.

This is just the crypto media trying to tack on a 'reason' after the fact.

It is encouraging though that there was some $$ to follow through after that initial move :-D

Bob24

makeorbrake wrote: »

I
This is just the crypto media trying to tack on a 'reason' after the fact.

Yep, in truth no one knows for sure what the original trigger really was - and at the end of the day it doesn’t really matter either.

makeorbrake wrote: »

It is encouraging though that there was some $$ to follow through after that initial move :-D

The first spike was genuine buyers, but as Grumpypants was saying the second wave was mostly due to forced purchases caused by the resulting short squeeze.

“The short squeeze that accompanying the first part of Bitcoin’s 16% rally from $7,450 to $8,600 resulted in the liquidation of $150 million shorts at BitMEX” - https://cointelegraph.com/news/bitcoin-price-soars-42-to-10-500-biggest-daily-gain-since-2011

Regardless of the cause this was a massive move! - I think I read somewhere it was the third highest daily gain in bitcoin’s lifetime!

q85dw7osi4lebg

Watching Bitrekt, a serious amount of shorts lost thousands, even if they were very low leverage.

You'd hope that would keep shorts on the sidelines for now. Teach them a lesson.

JohnnyFlash

el diablo wrote: »

Thanks for your deep insight Johnny. Inspired by seventeen pints of Guinness no doubt.

Only 12. I still manage to know more about crypto than the rest of you put together though.

Arrival

JohnnyFlash wrote: »

Only 12. I still manage to know more about crypto than the rest of you put together though.

And bowel movement etiquette

makeorbrake

Bob24 wrote: »

The first spike was genuine buyers, but as Grumpypants was saying the second wave was mostly due to forced purchases caused by the resulting short squeeze.

The short squeeze scenario is very plausible. However, the first initial spike being 'genuine buyers' - i'm not so sure. It's over the space of minutes - that's not organic movement.

If it's coming from retail sources, then it requires a bit of planning (putting money on account).

The Chinese announcement - I guess it's possible that some got caught up with that but they are seriously misguided if they did. And then there are those that are taking solace from that alleged response. Figures for searches for Bitcoin on Wechat and Baidu are being presented on CryptoTwitter - but they don't point out that the uptick in searches was as a result of the uptick in price that was already underway!

I'm exactly where I've been with this for the last few months - bullish in the long term but this is a fake-out for me on the short term. Of course, it can be a fakeout and still build from here (it's climbing again as I write this). I may miss another moonshot but I'm content to sit this one out for now.

Bob24

makeorbrake wrote: »

The short squeeze scenario is very plausible. However, the first initial spike being 'genuine buyers' - i'm not so sure. It's over the space of minutes - that's not organic movement.

If it's coming from retail sources, then it requires a bit of planning (putting money on account).

The Chinese announcement - I guess it's possible that some got caught up with that but they are seriously misguided if they did. And then there are those that are taking solace from that alleged response. Figures for searches for Bitcoin on Wechat and Baidu are being presented on CryptoTwitter - but they don't point out that the uptick in searches was as a result of the uptick in price that was already underway!

I'm exactly where I've been with this for the last few months - bullish in the long term but this is a fake-out for me on the short term. Of course, it can be a fakeout and still build from here (it's climbing again as I write this). I may miss another moonshot but I'm content to sit this one out for now.

By "genuine buyers" I just mean buyers who willingly bought as opposed to be forced to (the ones of the short squeeze).

But yes, agree the Chinese announcement isn't necessarily the explanation and that if it is it was a misunderstanding of what Xi said.

Having said that it seems like this announcement wasn't random and will be bullish for blockchain (not bitcoin) in China. Apparently it was the headline of all national papers the following day and universities started to offer blockchain programs within a few hours after the speach.

Also interesting is that as part of this Bakkt numbers seem to have been picking up.

makeorbrake

Bob24 wrote: »

Having said that it seems like this announcement wasn't random and will be bullish for blockchain (not bitcoin) in China. Apparently it was the headline of all national papers the following day and universities started to offer blockchain programs within a few hours after the speach.

Yes, I agree...I see this in the same way as the whole public discussion surrounding Libra brought crypto front and centre (despite Libra not being crypto). The chinese run a totalitarian shop but that doesn't mean to say they will be able to keep decentralised crypto under their thumb.

Bob24 wrote: »

Also interesting is that is part of this Bakkt numbers seem to have been picking up.

Absolutely....far more tangible. If the crypto-media wanted to pin it on something - this would have been far more logical.

q85dw7osi4lebg

My portfolio hit an all time high this week despite buying at 12k during my DCA’ing.

Will continue doing so for the foreseeable.

unkel

Gerald Obedient Manicurist wrote: »

My portfolio hit an all time high this week

Well it's bound to do that if you keep feeding it funds every week

q85dw7osi4lebg

unkel wrote: »

Well it's bound to do that if you keep feeding it funds every week

The naysayers will still slag me off for losing 45% on some purchases.

Bitcoin goes up, I buy.
Bitcoin goes down, I buy even more.

makeorbrake

Gerald Obedient Manicurist wrote: »

The naysayers will still slag me off for losing 45% on some purchases.

Bitcoin goes up, I buy.
Bitcoin goes down, I buy even more.

I don't think there's anyone slagging you off here, right? There's no one size fits all approach with this - it's different for everyone

Bob24

makeorbrake wrote: »

Absolutely....far more tangible. If the crypto-media wanted to pin it on something - this would have been far more logical.

On this ... Just came across a chart showing the Bakkt volume spike clearly. The figures are still pretty low in absolute terms, but that is an impressive volume increase and shows there is rising interest.

stockshares

Just posting this in case it's relevant for some posters here.

Huobi are freezing US customer accounts from Nov 13th.

https://www.theblockcrypto.com/linked/45733/huobi-to-freeze-all-us-user-accounts-on-nov-13

SauNewb

Taking a short position on Neo.

It will be probably be $20 tomorrow - but I'm hoping the recent hype has died.

https://www.coindesk.com/china-is-poised-for-another-crypto-trading-crackdown-as-speculation-returns

JohnnyFlash

Why is volume so low for the past 5 days? Like it’s bizarrely quiet. Usual bit of wash trading, painting the tape, and some dudes ‘stacking sats’ but that’s about it.

q85dw7osi4lebg

SauNewb wrote: »

Taking a short position on Neo.

It will be probably be $20 tomorrow - but I'm hoping the recent hype has died.

https://www.coindesk.com/china-is-poised-for-another-crypto-trading-crackdown-as-speculation-returns

Taking profits ?

SauNewb

Gerald Obedient Manicurist wrote: »

Taking profits ?

I think Neo has a lot further to fall.

Will probably wait 2/3 days and see where it is at.

The whole market is red today. Don't think it will bounce back tomorrow.

All speculation.

Lex Luthor

its been fairly bloody for a few days now, maybe a week
presents opportunity to accumulate more at the lower prices and cost average out

Christine Legarde has a speech on Friday about economy and is tipped to bring up crypto in it, will see if it has any bearing on pricing

TheAnalyst_

Lex Luthor wrote: »

its been fairly bloody for a few days now, maybe a week
presents opportunity to accumulate more at the lower prices and cost average out

https://www.gamblersanonymous.ie/

SauNewb

SauNewb wrote: »

I think Neo has a lot further to fall.

Will probably wait 2/3 days and see where it is at.

The whole market is red today. Don't think it will bounce back tomorrow.

All speculation.

Not looking good now, but I'm going to wait.
The Chinese coins increased much more than the rest of the market over the last few weeks. I'm sure they will drop back.

Bob24

It is a bit of a blood bath at the moment ... any global leader available to talk about blockchain on TV? :-)

Arrival

Hoping for a €4-5k BTC like many people online seemed to be anticipating, would be a handy dip

Kickstart1.3

Hardly a bloodbath, +/-6% is a normal day here!
Don't know if there's a huge amount waiting to buy at 4-5k why not just buy now. If it falls to 4-5k then who's to say it'll not test 2.5k again. Anything is possible now since the hype and fanfare has fallen away.
Me personally I'll not be buying BTC, but rather one of the Alts that could give a much higher return