Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 2240. (Read 26610404 times)

Because quite frankly people after daft. And they have short-term memory. That of UST de-pegging in 2022, not of USDT de-pegging in 2018 for example, and the clear difference of consequence.


At the moment it's flowing more into USDT (ironic I know) than Bitcoin, or even USD, although there was an initial spike in price due to USDC dumping for Bitcoin with high volume. Stop buys I imagine.


Not convinced it's as simple as that. When UST de-pegged, there was significant reserves in Bitcoin at the time - 40K if not mistaken. So when the reserves were liquidated, it did cause price to dump, as there was selling pressure (direct affect). Whereas when USDT de-pegged in October 2018, price spiked to the upside by 15% - it was a positive for Bitcoin - mainly as at the time there wasn't an alternative stablecoin.

So really I'd say it depends on the situation, mainly based on the collateral of stablecoin reserves and whether it's in Bitcoin or fiat. In this case, it's fiat reserves. So in summary, despite the short-term spike to the upside today, price is so far up +1%. What does this mean? Nothing happened basically, just another day of consolidation around $20K. Bitcoin remains unaffected.

To say this is positive for Bitcoin because price is up +1% is nonsense, likewise if price was down -1%. It's just completely irrelevant imo, at least at present with current situation. The irony being that USDC is short 8% on reserves due to SVB, and USDC price was down around 8% (now 5% I see) before buyers stepped in (some big funds notably), so pretty much the "reserve loss" was priced in quite quickly.

Monday will end up being a dumb day if USDC price is <$1. Coinbase are planning to resume redemption 1:1 of USDC for USD, once banks are open again, so arbitrage will play out of buying USDC under $1 and selling 1:1 for dollar until the price returns to parity. Despite all the doom and gloomers out there expecting USDC to go to zero, the likelihood hood (right now) of that happening is very low.

TL:DR: USDC de-pegging in this scenario isn't good or bad for Bitcoin, it's simply irrelevant.

Oh the money printer is still open for business, it's just that no one wants to borrow at 5+% rates.

A return on nothing is still nothing.

Lol. Of course they did. 


https://twitter.com/GRDecter/status/1634281801739915282

right now, it mostly went to tether, which is erroneus, IMHO.

i thought he was referring to proudhon

I never understood why people say that the collapse of stable coins would hurt Bitcoin in the short term.

For me it seems just logical that Bitcoin would go up in price.  I mean where else should the money from a collapsing stablecoin market go?
A part into fiat but the rest would go into the next stable and most secure coin, which is Bitcoin.

You surely deserve a batslappening for expressing that kind of a wish.




Yes.. no coiners and low coiners tend to feel like that.. but your feewings doesn't necessarily mean that all of us HODLers should have to suffer merely because you did not have enough time to pick up an additional 0.00062139 BTC in the past 8 months.


Name those "experts"

Are those purported "bitcoin experts" in the room with us now?


What is "crypto?"  how would I know if I have put my money in "crypto" if I don't know what it be is?


Were you able to 'splainie 'splainie to those supposed "friends" what the fuck is "crypto?"

Is "crypto" in the room with us now?

same here. met a family member today (newcoiner).  recognized that confidence in Bitcoin is very low. I was asked if it would ever go up again...  
Usually most people don't see global collapses coming, so I guess we're somewhere near the bottom... at least for BTC ... I hope

Explanation

Apart from the Circle, the area most affected is the venture capital, which is mostly nothing to do with "crypto".
So, you can tell them that reckless FED just shut down the world's engine of innovation, but yes, pizza and Coca-Cola are unaffected.
IMHO, collapse in all assets is more likely than not (or at least 50:50 chance), unless they manage to sell SVB to someone this weekend.

I’ve started getting calls from friends, asking me how worried they should be about the current situation in crypto. I don’t know if that is a good thing as people are scared, and that signals the bottom, or if it is a horrible thing that we’re about to witness a global 2008 style collapse in all assets. My hope is that this is the time to buy when there’s blood in the streets but we will see.

fallout in the banking sector continues with SVB being shut down by the fed

ties to the USDC and Circle sent the stablecoin plummeting yesterday, de-pegging to $0.91 at one point and setting up a short squeeze on the btc pair,  which spiked over $26k on Kraken in late session trading.



https://cointelegraph.com/news/bitcoin-price-spikes-to-26k-in-usdc-terms-how-high-can-the-btc-short-squeeze-go

huh...weekend..banks closed...go figure....monday should be interesting



what a shitshow


---------------------------


the caturday morning wall report

plenty of volatility for all you knife catchers and throwers out there..

cannon fire appears effective... and on target....prepare to come about and load another volley
all ahead full

dyor


4h


D

stronghands

Explanation

Explanation

The only "Bitcoin expert" is (or was) Satoshi.

https://www.zerohedge.com/crypto/usdc-stablecoin-breaks-peg-circle-admits-billions-stuck-svb

Explanation

Bitcoin is so deep into US economy that only morons can think they can harm it and get away with it. No spot ETF, ban this ban that. Now let all US economy collapse, FED, SEC and fat neck bankers deserve it!