Topic: Stimulus package drop in coinbase (Read 350 times)
Enemplyment rate in USA facing a worse situation which was never happened in the 50 years history so people who need money now may not be investing their money into cryptos but we can't say everyone need that stimulus money so they are spending it to buy bitcoin just as an experiment or really wanted to, but we can conclude the things better only if we found how much of trade orders were raised for $1200.
$3 billion in stablecoins are now sitting on exchanges
and who knows how much non-stablecoin fiat is on the sidelines. i don't wanna read too much into it as a short term indicator, but that's a whole lot of dry powder!
This clearly shows that everyone is expecting an economic turmoil and it is evident that they are expecting that it will affect the bitcoin market too, i wonder how many exchanges will go offline claiming someone hacked their wallets because the amount of coins sitting in the exchanges are really high and people would never understand the risk even though you hear about a major crypto hack every year.and who knows how much non-stablecoin fiat is on the sidelines. i don't wanna read too much into it as a short term indicator, but that's a whole lot of dry powder!
why people will put that money on btc when infact they need the money right now on more important use because they dont know if how long the crisis will last .
It is just a comical approach to the situation and we see these conspiracy theories pop up and no one in the right mind will do those in a crisis like this. 
So I've read that coinbase has been receiving a $1,200 deposits which the US government pays their citizen for quarantine relief, stimulus package.
The CEO of Coinbase Brian Armstrong reported that they were getting a huge number of deposits amounting $1,200 that quadrupled over a week.
Are we going to see a massive pump because of this? Or is it just the big players acting to stage a pump like season to set traps for the upcoming halving?
As for Treasury Secretary Steven Munchin, they have distributed the stimulus check last week in nearly half of their target. 80 million people should have received it.
If this is true that American Citizen has been buying bitcoin from last week, or at least half of them, do you believe that this could start the bull to run?
I dont think so. $ 1200 is too little for the whales to make a difference. But the bulls can run at any time when the crowd is not paying attention to the market. We can see that bitcoin always grows when we don't notice. The whales are preparing for bull run and the proof is that hundreds of millions of stablecoins are printed every day. Especially USDT, every 120 days, it prints another $ 120 million and that's the true signal of bull run.The CEO of Coinbase Brian Armstrong reported that they were getting a huge number of deposits amounting $1,200 that quadrupled over a week.
Are we going to see a massive pump because of this? Or is it just the big players acting to stage a pump like season to set traps for the upcoming halving?
As for Treasury Secretary Steven Munchin, they have distributed the stimulus check last week in nearly half of their target. 80 million people should have received it.
If this is true that American Citizen has been buying bitcoin from last week, or at least half of them, do you believe that this could start the bull to run?
So I've read that coinbase has been receiving a $1,200 deposits which the US government pays their citizen for quarantine relief, stimulus package.
The CEO of Coinbase Brian Armstrong reported that they were getting a huge number of deposits amounting $1,200 that quadrupled over a week.
Are we going to see a massive pump because of this? Or is it just the big players acting to stage a pump like season to set traps for the upcoming halving?
As for Treasury Secretary Steven Munchin, they have distributed the stimulus check last week in nearly half of their target. 80 million people should have received it.
If this is true that American Citizen has been buying bitcoin from last week, or at least half of them, do you believe that this could start the bull to run?
I dont think so. $ 1200 is too little for the whales to make a difference. But the bulls can run at any time when the crowd is not paying attention to the market. We can see that bitcoin always grows when we don't notice. The whales are preparing for bull run and the proof is that hundreds of millions of stablecoins are printed every day. Especially USDT, every 120 days, it prints another $ 120 million and that's the true signal of bull run. The CEO of Coinbase Brian Armstrong reported that they were getting a huge number of deposits amounting $1,200 that quadrupled over a week.
Are we going to see a massive pump because of this? Or is it just the big players acting to stage a pump like season to set traps for the upcoming halving?
As for Treasury Secretary Steven Munchin, they have distributed the stimulus check last week in nearly half of their target. 80 million people should have received it.
If this is true that American Citizen has been buying bitcoin from last week, or at least half of them, do you believe that this could start the bull to run?
any good increase on the price is something that could lead to bull run but we dont only know if its a trap or continous because we cant verify hundred percent if the funds came from people that recieve a check from government or the funds only came from manipulators and acting like it came from the said project of government . why people will put that money on btc when infact they need the money right now on more important use because they dont know if how long the crisis will last .
So I've read that coinbase has been receiving a $1,200 deposits which the US government pays their citizen for quarantine relief, stimulus package.
The CEO of Coinbase Brian Armstrong reported that they were getting a huge number of deposits amounting $1,200 that quadrupled over a week.
did you have news link so we will not guessing this is just a rumor or real news. if real news i am thinking this is good news for crypto , but personally in my opinion quarantine stimulus should not invested in finance market. our goverment give us for daily needs not for investment.The CEO of Coinbase Brian Armstrong reported that they were getting a huge number of deposits amounting $1,200 that quadrupled over a week.
If this is true that American Citizen has been buying bitcoin from last week, or at least half of them, do you believe that this could start the bull to run?
we need data to calculate how much US citizen that get quarantine fund, so we will know how much fund will come to crypto market and did it will take significant movement or not.
I dont think so. The crisis is getting worse and physical money are what we need right now. Pumping will take its place after this crisis or maybe in the nexy few years.
5 trillion got pulled out at least, a lot of it may have already found it's way back since we're probably only about 10% down now.
But if people have had to rebalance where their funds go and a lot of stock markets offer entry to bitcoin then we may expect to see some people putting a small percent of their equity 1-5% of risky portfolio amounts into bitcoin.
But if people have had to rebalance where their funds go and a lot of stock markets offer entry to bitcoin then we may expect to see some people putting a small percent of their equity 1-5% of risky portfolio amounts into bitcoin.
I wouldn't be surprised if there's money on the sidelines right now, waiting to see whether Bitcoin goes down with the stock market or keeps true to its promise as a hedge during times of financial crisis.
$3 billion added to the stablecoin market in the last 1.5 months, $9 billion total: https://coinmetrics.io/charts/#assets=usdc,pax,tusd,gusd,usdt,usdteth,usdttrx,busd,husd_log=false_left=SplyCur_zoom=1582243200000,1593544320000_stack=true
$3 billion in stablecoins are now sitting on exchanges too: https://twitter.com/twobitidiot/status/1250979847536590849
and who knows how much non-stablecoin fiat is on the sidelines. i don't wanna read too much into it as a short term indicator, but that's a whole lot of dry powder!
even if bitcoin can't diverge from the stock market, then this at least suggests there will be strong demand for bitcoins when the economic recovery does finally come.
If this is true that American Citizen has been buying bitcoin from last week, or at least half of them, do you believe that this could start the bull to run?
"Half" is far too high an estimate when referring to how many recipients are going to buy bitcoin with their stimulus money. I'm not sure what the percentage of Americans is that own any form of crypto, but I'm pretty sure it isn't 50%. Plus there are going to be a lot of people who have to use their stimulus checks in order to put food on the table, either because they're out of work or for whatever other reason.That said, I have no doubt there are going to be a lot of people using that money to buy bitcoin. However, I don't think the amount of money we're talking about would cause the market to spike significantly. Just looking at bitcoin's price now it seems that it's rebounded over the last few months (and that's a great thing), but it doesn't exactly look like it's going to be headed toward a new ATH. We'll see. The stimulus checks are helping to support bitcoin's price in a small way--and probably the stock market's level as well.
Looks like the quantitative easing the Fed has been doing to stimulate the US economy backfired at them. They maybe digging their own graves if they pursue printing trillions of unlimited money that would only increase fear and uncertainty with their investors.
Making those trillions worth of newly printed money flow through new hedge such Bitcoin.
Making those trillions worth of newly printed money flow through new hedge such Bitcoin.
I don't think so. The amount of people that need the $1,200 immediately to pay for bills because they lost their job is too high to see significant amounts of people dumping their checks into crypto. Upwards of 20 million people lost their job and the number is going to continue to rise over the next few weeks even with states attempting to open back up. A pump is going to require a lot of people dumping their checks into crypto and I just don't see that happening with the unemployment numbers we have.
So I've read that coinbase has been receiving a $1,200 deposits which the US government pays their citizen for quarantine relief, stimulus package.
The CEO of Coinbase Brian Armstrong reported that they were getting a huge number of deposits amounting $1,200 that quadrupled over a week.
Are we going to see a massive pump because of this? Or is it just the big players acting to stage a pump like season to set traps for the upcoming halving?
As for Treasury Secretary Steven Munchin, they have distributed the stimulus check last week in nearly half of their target. 80 million people should have received it.
If this is true that American Citizen has been buying bitcoin from last week, or at least half of them, do you believe that this could start the bull to run?
The CEO of Coinbase Brian Armstrong reported that they were getting a huge number of deposits amounting $1,200 that quadrupled over a week.
Are we going to see a massive pump because of this? Or is it just the big players acting to stage a pump like season to set traps for the upcoming halving?
As for Treasury Secretary Steven Munchin, they have distributed the stimulus check last week in nearly half of their target. 80 million people should have received it.
If this is true that American Citizen has been buying bitcoin from last week, or at least half of them, do you believe that this could start the bull to run?
I my opinion, such moves are happening from the institutions in order to have a control over the market.
If this is true and American Citizen has started buying Bitcoin - which can be realized only if they make an announcement about that - then the price is going to be increased due to mass adoption.
Most pumps are done by really big whales. I feel like at this point of time (a month) we won't see a gigapump but it's coming...
Unfortunately, there is no way to check the legitimacy of this claim. It's highly unlikely for US citizens to buy bitcoin using the government help! But if that is actually happening, then we can certainly expect a huge pump in bitcoin market.
But if people are buying bitcoin with this money, they might face probe from tax authorities at a later date because the aim of such help is to increase market demand of daily items and to support the economy. Investing in bitcoin wouldn't help that goal!
But if people are buying bitcoin with this money, they might face probe from tax authorities at a later date because the aim of such help is to increase market demand of daily items and to support the economy. Investing in bitcoin wouldn't help that goal!
+1 to this.
This claim is going to perpetuated by anyone that is going to directly benefit from people buying Crypto. If Binance was to come out and say that they had a influx of $1200 purchases that's like a gold seller putting out an ad saying the same sort of thing.
The only way you're going to be able to even get close to figuring this out would be through surveys, and the surveys would be HEAVILY biased by selection bias (and the completion bias, unsure what that's called)
Though on a serious note: I highly doubt that the people who fit within the income limits of the stimulus money truly do need this money and are not going to dump it into any investment (speculative or not) They're going to spent it on food, rent, mortgage, car payments, etc.
The IRS is having lots of delays, I know about 10 people that have logged in to check their status and said the website said something like "IRS stimulus payments are running into glitches and delays" or it says nothing at all. If checks are being delayed, you can't put them in any exchange so might see them bring this up over and over again.
https://www.washingtonpost.com/business/2020/04/18/waiting-for-stimulus-payments/
https://www.washingtonpost.com/business/2020/04/18/waiting-for-stimulus-payments/
Armstrong certainly released a chart showing an increase in deposits under the $ 1200 variants that coincides with the date the first wave of the stimulus check was awarded.
Some deny Armstrong's interpretation as others who support him.
The coincidence indicates that the deposits may be from the stimulus checks that some citizens wanted to invest in crypto.
https://twitter.com/brian_armstrong/status/1250907110730170370?s=19
Also on twitter, I have found versions like that the US citizens have used the stimulus check for essential things and even the check was not enough to cover their needs.
https://twitter.com/MaddowBlog/status/1252792434242830342?s=19
Bull to run is very difficult to specify what happens in the current moment in which we live.
Some deny Armstrong's interpretation as others who support him.
The coincidence indicates that the deposits may be from the stimulus checks that some citizens wanted to invest in crypto.
https://twitter.com/brian_armstrong/status/1250907110730170370?s=19
Also on twitter, I have found versions like that the US citizens have used the stimulus check for essential things and even the check was not enough to cover their needs.
https://twitter.com/MaddowBlog/status/1252792434242830342?s=19
Bull to run is very difficult to specify what happens in the current moment in which we live.
It's just a stimulus they are going to the pump on faith the market just in case they're damaged by the market whales I do not think it is a package purchase they buy without being conscious of the investment. therein case drop the Coinbase If there was an honest idea he would analyze the markets alright and therefore the amount of investment would increase.
Whether there's a ton of stimulus coming into Coinbase, look at the prices.
There's no actual boost that happened and in fact, a dip appeared. That really can't tell that the bull run has started, what if we've seen the actual bull run last year and we are on the cycle of bear market again? I don't know..
But the deposits shown to the graph has dropped already. There a small impact but it didn't last.
There's no actual boost that happened and in fact, a dip appeared. That really can't tell that the bull run has started, what if we've seen the actual bull run last year and we are on the cycle of bear market again? I don't know..
But the deposits shown to the graph has dropped already. There a small impact but it didn't last.
We may not see immediate bull for now because the fear is still on but with time, the stimulus relief will later reflect with time. Surely investment will start growing since the 1,200 has being released to the citizen's account or coinbase.
That stimulus package from the US government will contribute to the market but there's more to it. CMIIW, there will be the other batches coming soon because the expected amount for beneficiaries is higher than that.
I won't know if what the CEO of coinbase is saying is true, but if verified to be true, this may easily not lead to the needed pump in the market. These are just some few persons who are aware of cryptocurrency or are the over 80M+ persons going to place their money to buy bitcoin? Bitcoin has its whales and huge dedicated community not just stimulus package purchase.
Most likely this is just an attempt to manipulate public opinion, I very much doubt that from such times, people will invest in cryptocurrency without sources of income, and experiencing other deprivations, and having no idea when everything is normal.
So you mean to say that a 96 billion USD stimulus package got injected, dropped via coinbase and people started to buy BTC instead of thinking about the upcoming circumstances that will worsen both - their economy as well as affect the current as well as future conditions of a common man and his family? That way, others might have gambled those funds too, no? I guess that this will still not be a positive sign but can become a reason for a panic dump just when they will realize the seriousness of what's actually happening and how they are about to deal with something never experienced before. We, in India, have never ever seen our railways to have stopped in our entire history since it began to run, but this pandemic has written a new page.
5 trillion got pulled out at least, a lot of it may have already found it's way back since we're probably only about 10% down now.
But if people have had to rebalance where their funds go and a lot of stock markets offer entry to bitcoin then we may expect to see some people putting a small percent of their equity 1-5% of risky portfolio amounts into bitcoin.
But if people have had to rebalance where their funds go and a lot of stock markets offer entry to bitcoin then we may expect to see some people putting a small percent of their equity 1-5% of risky portfolio amounts into bitcoin.
I wouldn't be surprised if there's money on the sidelines right now, waiting to see whether Bitcoin goes down with the stock market or keeps true to its promise as a hedge during times of financial crisis. At least the current sideways movement makes it seem as if the market is currently on the fence of what to make of Bitcoin.
Yeah this is more realistic, also was the $1200 not an average and did everyone even get the checks now? I thought some were waiting on that still (direct deposits have apparently gone through based on social media).
$1200 is the standard amount per individual taxpayer, + $500 per child.
not everyone has received payment, only those who filed 2018 or 2019 tax returns with direct deposit info. those people got paid last week. people who input their direct deposit info via the new online portals have apparently not received anything, and they still need to cut millions of physical checks.
The $1200 stimulus package would never be sent through a crypto exchange. They will deposit it in the bank.
jack dorsey was advertising cash app for receiving stimulus payments: https://twitter.com/jack/status/1248711672337817601
those people can turn around and buy bitcoin through the app. i reckon there's plenty of people receiving money who don't really need it, a small minority of which might put it into bitcoin. i don't think it's meaningful for the price though.
Its the big players setting traps, no doubt.
The $1200 stimulus package would never be sent through a crypto exchange. They will deposit it in the bank.
There will be a massive dump after the halving, due to the nature of the hype this time.
It was pointed out that bitcoin was in a bull market right before the halving, in the two previous cycles. Its not the case right now, as paper speculation turned bitcoin into a legacy asset. Now there is correlation between bitcoin and the stock market, as it happens with any paper asset.
Maybe this explains why so many investors are running to ethereum. They want a hedge against the stock markets, and bitcoin have failed to deliver. So now people will need to hedge against bitcoin too, but will ethereum be able to fulfill this task? Only time will tell.
The $1200 stimulus package would never be sent through a crypto exchange. They will deposit it in the bank.
There will be a massive dump after the halving, due to the nature of the hype this time.
It was pointed out that bitcoin was in a bull market right before the halving, in the two previous cycles. Its not the case right now, as paper speculation turned bitcoin into a legacy asset. Now there is correlation between bitcoin and the stock market, as it happens with any paper asset.
Maybe this explains why so many investors are running to ethereum. They want a hedge against the stock markets, and bitcoin have failed to deliver. So now people will need to hedge against bitcoin too, but will ethereum be able to fulfill this task? Only time will tell.
I am thinking that also. Whales might be depositing those $1200 intermittently to make it look these come from the stimulus package. Is the CEO blinded by this kind of strategy or he is also part of this tactic so people will deposit their corresponding stimulus package as well? I don't know if it is a bait or not from Coinbase but I don't think many people will directly deposit it on them.
Whether there's a ton of stimulus coming into Coinbase, look at the prices.
There's no actual boost that happened and in fact, a dip appeared. That really can't tell that the bull run has started, what if we've seen the actual bull run last year and we are on the cycle of bear market again? I don't know..
But the deposits shown to the graph has dropped already. There a small impact but it didn't last.
There's no actual boost that happened and in fact, a dip appeared. That really can't tell that the bull run has started, what if we've seen the actual bull run last year and we are on the cycle of bear market again? I don't know..
But the deposits shown to the graph has dropped already. There a small impact but it didn't last.
We may not see immediate bull for now because the fear is still on but with time, the stimulus relief will later reflect with time. Surely investment will start growing since the 1,200 has being released to the citizen's account or coinbase.
Its the big players setting traps, no doubt.
The $1200 stimulus package would never be sent through a crypto exchange. They will deposit it in the bank.
There will be a massive dump after the halving, due to the nature of the hype this time.
The $1200 stimulus package would never be sent through a crypto exchange. They will deposit it in the bank.
There will be a massive dump after the halving, due to the nature of the hype this time.
Yeah this is more realistic, also was the $1200 not an average and did everyone even get the checks now? I thought some were waiting on that still (direct deposits have apparently gone through based on social media).
There could be a tiny rise now with a dramatic fall after the halving or even before it, I don't think the $1200 would be put into btc in its entirety either, people might throw $200 or even $10 (and given most bullish estimates put bitcoin to be worth over $100k then this still puts people in a good place to benefit from this).
I'm afraid most people are too worried about making ends meet to start thinking about investing in crypto. The only cash that could potentially move into Bitcoin right now is the one we have seen being pulled out of the stock market. I have my doubts that this money will find its way into crypto though.
5 trillion got pulled out at least, a lot of it may have already found it's way back since we're probably only about 10% down now.
But if people have had to rebalance where their funds go and a lot of stock markets offer entry to bitcoin then we may expect to see some people putting a small percent of their equity 1-5% of risky portfolio amounts into bitcoin.
I'm afraid most people are too worried about making ends meet to start thinking about investing in crypto. The only cash that could potentially move into Bitcoin right now is the one we have seen being pulled out of the stock market. I have my doubts that this money will find its way into crypto though.
Now the long term implications of the Fed and the EU trying to kick start their respective economies by injecting cash on the other hand....
Thanks for the link, I was already wondering about the source.
Now the long term implications of the Fed and the EU trying to kick start their respective economies by injecting cash on the other hand....
if you're talking about this tweet, i would take it with a grain of salt. brian armstrong worded that tweet and provided the data in a very misleading way.
Thanks for the link, I was already wondering about the source.
So I've read that coinbase has been receiving a $1,200 deposits which the US government pays their citizen for quarantine relief, stimulus package.
The CEO of Coinbase Brian Armstrong reported that they were getting a huge number of deposits amounting $1,200 that quadrupled over a week.
Are we going to see a massive pump because of this?
Are you kidding? The CEO of Coinbase Brian Armstrong reported that they were getting a huge number of deposits amounting $1,200 that quadrupled over a week.
Are we going to see a massive pump because of this?
Even if this was 100% true, people are going to have to cash out anyway to fiat currencies which they can easily spend. It's not like if Government deposited the money in their coinbase accounts, they would just HODL. In fact i would even expect the price to drop further due to massive selling pressure.
Whether there's a ton of stimulus coming into Coinbase, look at the prices.
There's no actual boost that happened and in fact, a dip appeared. That really can't tell that the bull run has started, what if we've seen the actual bull run last year and we are on the cycle of bear market again? I don't know..
But the deposits shown to the graph has dropped already. There a small impact but it didn't last.
There's no actual boost that happened and in fact, a dip appeared. That really can't tell that the bull run has started, what if we've seen the actual bull run last year and we are on the cycle of bear market again? I don't know..
But the deposits shown to the graph has dropped already. There a small impact but it didn't last.
So I've read that coinbase has been receiving a $1,200 deposits which the US government pays their citizen for quarantine relief, stimulus package.
The CEO of Coinbase Brian Armstrong reported that they were getting a huge number of deposits amounting $1,200 that quadrupled over a week.
The CEO of Coinbase Brian Armstrong reported that they were getting a huge number of deposits amounting $1,200 that quadrupled over a week.
if you're talking about this tweet, i would take it with a grain of salt. brian armstrong worded that tweet and provided the data in a very misleading way.
on one day, the % of ACH deposits for exactly $1200 spiked from ~0.1% to >0.3%. the jump looks big when charted a certain way, but in real dollar amounts, it's probably negligible.
Are we going to see a massive pump because of this?
no.....
Unfortunately, there is no way to check the legitimacy of this claim. It's highly unlikely for US citizens to buy bitcoin using the government help! But if that is actually happening, then we can certainly expect a huge pump in bitcoin market.
But if people are buying bitcoin with this money, they might face probe from tax authorities at a later date because the aim of such help is to increase market demand of daily items and to support the economy. Investing in bitcoin wouldn't help that goal!
But if people are buying bitcoin with this money, they might face probe from tax authorities at a later date because the aim of such help is to increase market demand of daily items and to support the economy. Investing in bitcoin wouldn't help that goal!
Its the big players setting traps, no doubt.
The $1200 stimulus package would never be sent through a crypto exchange. They will deposit it in the bank.
There will be a massive dump after the halving, due to the nature of the hype this time.
It was pointed out that bitcoin was in a bull market right before the halving, in the two previous cycles. Its not the case right now, as paper speculation turned bitcoin into a legacy asset. Now there is correlation between bitcoin and the stock market, as it happens with any paper asset.
Maybe this explains why so many investors are running to ethereum. They want a hedge against the stock markets, and bitcoin have failed to deliver. So now people will need to hedge against bitcoin too, but will ethereum be able to fulfill this task? Only time will tell.
The $1200 stimulus package would never be sent through a crypto exchange. They will deposit it in the bank.
There will be a massive dump after the halving, due to the nature of the hype this time.
It was pointed out that bitcoin was in a bull market right before the halving, in the two previous cycles. Its not the case right now, as paper speculation turned bitcoin into a legacy asset. Now there is correlation between bitcoin and the stock market, as it happens with any paper asset.
Maybe this explains why so many investors are running to ethereum. They want a hedge against the stock markets, and bitcoin have failed to deliver. So now people will need to hedge against bitcoin too, but will ethereum be able to fulfill this task? Only time will tell.
So I've read that coinbase has been receiving a $1,200 deposits which the US government pays their citizen for quarantine relief, stimulus package.
The CEO of Coinbase Brian Armstrong reported that they were getting a huge number of deposits amounting $1,200 that quadrupled over a week.
Are we going to see a massive pump because of this? Or is it just the big players acting to stage a pump like season to set traps for the upcoming halving?
As for Treasury Secretary Steven Munchin, they have distributed the stimulus check last week in nearly half of their target. 80 million people should have received it.
If this is true that American Citizen has been buying bitcoin from last week, or at least half of them, do you believe that this could start the bull to run?
The CEO of Coinbase Brian Armstrong reported that they were getting a huge number of deposits amounting $1,200 that quadrupled over a week.
Are we going to see a massive pump because of this? Or is it just the big players acting to stage a pump like season to set traps for the upcoming halving?
As for Treasury Secretary Steven Munchin, they have distributed the stimulus check last week in nearly half of their target. 80 million people should have received it.
If this is true that American Citizen has been buying bitcoin from last week, or at least half of them, do you believe that this could start the bull to run?
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