Crypto trading/market thread
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I refuse to buy Bitcoin, but I might look at some alternatives.
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Crypto scam: Inside the billion-dollar ‘pig-butchering’ industry
Filed Nov. 23, 2023, 11:45 a.m. GMTAt a Thai police headquarters in October 2022, Chinese businessman Wang Yicheng congratulated one of Bangkok’s most senior cybercrime investigators on his recent promotion, presenting the official with a large bouquet of flowers wrapped in red paper and a bow.
Wang, the vice president of a local Chinese trade group, wished the new cybercrime investigator “smooth work and new achievements,” according to the group’s website, which displays photographs of the event.
Over the past two years, Wang has forged relationships with members of Thailand’s law-enforcement and political elite, the trade group’s online posts show. During that time, a cryptocurrency account registered in Wang’s name was receiving millions of dollars linked to a type of cryptocurrency investment scam known as pig butchering, a Reuters investigation has found.
In total, crypto worth more than $90 million flowed into the account between January 2021 and November 2022, according to registration documents and transaction logs reviewed by Reuters. Of that, at least $9.1 million came from a crypto wallet that U.S. blockchain analysis firm TRM Labs said was linked to pig-butchering scams. Two other major crypto-tracking firms also said the account received funds linked to such scams.
Read the rest here:
Crypto scam: Inside the billion-dollar ‘pig-butchering’ industry
Fraudulent crypto investment schemes directed from Asia known as “pig butchering” have become a global billion-dollar industry. But little is known about those who benefit. Reuters traced at least $9 million linked to such scams to an account registered to a well-connected representative of a...
Okay...after being negative on crypto-fiat for 20 years, I'm considering taking the plunge. Be happy to talk about why, on another thread.
What I want, is the mechanics of it. First, I don't have any online payment mechanisms - I cut connections with PayPal after they started penalizing users, or threatening, for impure online posts/thoughts. Already I had issues getting paid for some firearms-related equipment (perfectly legal). So, PayPal is bye-bye.
No Apple Pay, Google Pay, and no smartphone. Does this disqualify me?
Second...how do I GET and HOLD this code. I don't want it in an exchange - waiting for it to be used without authorization, to cover short moves, or to disappear when the exchange closes or is seized by the Fudds. I want my crypto on a flash drive I hold.
Is that possible?
How do I DO this? Need I identify myself? If so, how? Crypto-name, or customer-number...if I have my crypto under the name Richard Cranium, can I buy and sell that way?
Or, to make response easy...is there a site online that offers CORRECT information on this?
What I want, is the mechanics of it. First, I don't have any online payment mechanisms - I cut connections with PayPal after they started penalizing users, or threatening, for impure online posts/thoughts. Already I had issues getting paid for some firearms-related equipment (perfectly legal). So, PayPal is bye-bye.
No Apple Pay, Google Pay, and no smartphone. Does this disqualify me?
Second...how do I GET and HOLD this code. I don't want it in an exchange - waiting for it to be used without authorization, to cover short moves, or to disappear when the exchange closes or is seized by the Fudds. I want my crypto on a flash drive I hold.
Is that possible?
How do I DO this? Need I identify myself? If so, how? Crypto-name, or customer-number...if I have my crypto under the name Richard Cranium, can I buy and sell that way?
Or, to make response easy...is there a site online that offers CORRECT information on this?
I tried to answer your questions here:
Crypto 101 - How to get started when you know nothing
This article was written in response to @Casey Jones 's post in the crypto market discussion thread. I figured that my response might serve as a decent reference for folks and should not get buried in a many paged discussion. First, a couple of basic concepts:What is crypto? - When you buy...
Crypto Funds Attract Largest Weekly Inflow in 2023 as Bitcoin 'Short-Sellers Capitulate': CoinShares
Ether funds enjoyed over $100 million of inflows in a four-week positive run, "marking a decisive turnaround in sentiment," CoinShares said.
Crypto sentiment appears to be strengthening.
Bitcoin exchange supply shrinks, setting the stage for a liquidity-driven rally
Bitcoin consolidates near $38,000 as open interest continues to rise while the available supply of BTC on exchanges shrinks, hinting at a possible liquidity-driven rally higher.
www.kitco.com
Now where have I heard of this dynamic before? I know there was some market - a commodity I think - where physical supply/demand was supposed to overwhelm futures/paper markets... It's right there on the tip of my tongue...
MicroStrategy Bought $600M of BTC in November, Increased Holdings by 10%
MicroStrategy is also looking to raise up to $750 million in a sale of class A common stock.
A bit more detail on the comment in the article referenced in post #413 about "the available supply of BTC on exchanges continues to decline":
www.coindesk.com
"taking direct custody" means people are moving Bitcoin from their exchange accounts to cold/hard storage like a Ledger or Trezor wallet. Folks who are wanting to sell their crypto generally leave it on exchange accounts so it's easier to sell. Moving to cold/hard storage indicates they don't plan to sell in the near future. Less selling supply and more buying demand mean prices likely go up.
Bitcoin Eyes $40K as $1B in BTC Withdrawals Suggests Bullish Mood
Data shows over $1 billion worth of BTC has been withdrawn from exchanges over the past week.
"taking direct custody" means people are moving Bitcoin from their exchange accounts to cold/hard storage like a Ledger or Trezor wallet. Folks who are wanting to sell their crypto generally leave it on exchange accounts so it's easier to sell. Moving to cold/hard storage indicates they don't plan to sell in the near future. Less selling supply and more buying demand mean prices likely go up.
More:
Crypto fund inflows extend to 10 weeks, Fear/Greed index at highest level since Bitcoin ATH
Total AuM for digital asset investment products increased $1.76 billion last week, extending the streak of inflows to 10 weeks, the longest run of inflows since October 2021.
www.kitco.com
Not terribly surprising given cryptos rise over the year, but it is another measure of investor interest in the sector.
Early Ether Investor Moves Nearly $90M ETH to Kraken
Moving to an exchange could suggest the investor is likely to sell the asset for stablecoins or other tokens.
Blackrock updated their spot BTC ETF application, but it's not clear (yet?) what, if anything, they changed:
www.coindesk.com
BlackRock Received $100K Seed Funding for Spot Bitcoin ETF
The unknown seed investor agreed to purchase $100,000 shares on October 27, 2023, BlackRock’s latest filing reveals.
Some details on the Blackrock filing:
www.coindesk.com
More (details):
cryptoslate.com
BlackRock, Bitwise File Updated Applications for Spot Bitcoin ETF
BlackRock’s amended filing included clarifications on topics such as the Trust’s structure and potential regulatory impacts on it.
More (details):
A complete guide to all 21 major amendments to BlackRock's latest ETF filing
BlackRock fine-tunes Bitcoin ETF proposal with critical amendments addressing security, valuation, and compliance concerns.
cryptoslate.com
Bitcoin Blasts to $44K on Coinbase, Could Run Towards $48K Resistance: LMAX Analyst
The sharp move higher from $42,000 Tuesday prompted $73 million in liquidations, mostly from leveraged positions betting on lower prices.
$73M =
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From the link:
Short traders betting against higher bitcoin (BTC) prices lost some $90 million on Tuesday alone, adding on to the $70 million in short liquidations on Monday.
Bitcoin’s ever-growing prices are leaving at least one group startled by the rapid bumps: Those placing highly leveraged short futures bets aimed at profiting from potential price reversal.
Short traders betting against higher bitcoin (BTC) prices lost some $90 million on Tuesday alone, adding to the $70 million in short liquidations on Monday, according to data source CoinGlass. These may have contributed to the asset’s strength since the start of this week – a move that has seen it jump to $44,000 from $39,000.
www.coindesk.com
Short traders betting against higher bitcoin (BTC) prices lost some $90 million on Tuesday alone, adding on to the $70 million in short liquidations on Monday.
Bitcoin’s ever-growing prices are leaving at least one group startled by the rapid bumps: Those placing highly leveraged short futures bets aimed at profiting from potential price reversal.
Short traders betting against higher bitcoin (BTC) prices lost some $90 million on Tuesday alone, adding to the $70 million in short liquidations on Monday, according to data source CoinGlass. These may have contributed to the asset’s strength since the start of this week – a move that has seen it jump to $44,000 from $39,000.
Bitcoin Surge Blasts $170M in Bearish Shorts as BTC Price Targets $48K
Short traders betting against higher bitcoin (BTC) prices lost some $90 million on Tuesday alone, adding on to the $70 million in short liquidations on Monday.
There are whales swimming in these waters. Placing bets against them is a good way to get crushed. Read the room. It's all about institutional interest in the pending spot ETFs right now. Maybe some insider gets advance insider info on a SEC decision to reject the applications and make a mint shorting the market at the right time, but outside of that scenario, going short right now is incredibly risky IMO.
Top crypto trends to watch for in 2024 - Andreessen Horowitz
Venture capital firm Andreessen Horowitz (a16z) has released its “big ideas” report for 2024, which includes a list of trends that could impact the world of crypto in the year ahead.
www.kitco.com
- Decentralization - This is a valid point to the extent that Joe Sixpack starts paying attention to what crypto actually is and what nations and central banks are trying to build with CBDCs. I still think that Joe Sixpack is largely sleeping on these issues. Maybe the BTC spot ETF and 2024 bull market wake some people up.
- User experience - The tech here is still developing (see Solana SAGA phone for an example). Making it easier/more accessible for people will definitely help.
- AI and blockchain - I think the hype over AI is overblown.
- The evolution of play to earn - There is no free lunch. I don't see how this genre ever really breaks out.
- Non-fungible tokens (NFTs) - I've never seen the value proposition for NFTs. Maybe an evolved use case changes my mind.
- SNARK adoption - This was all Greek to me. I need to do more reading to understand what they are talking about.
More:
Bitcoin Wallet Conio, Coinbase Team Up to Bring Crypto to Italian Banks
Conio is also looking at tokenization, and is involved in the Euro Token project overseen by the innovation center of the Bank of Italy.
Italy's central bank seems supportive of crypto. Conio is working to make crypto services available for their banking industry.
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Cryptoverse: Bitcoin defies its doubters in 2023
Dec 12 (Reuters) - If 2022 was the year that "broke bitcoin", 2023 has been the year of trauma recovery.Bitcoin has bounced pluckily in the face of depressed crypto prices, low trading volumes and tough economic conditions. It even found a second wind in October following a summer slump.
"We've had a nice recovery, but we're just in the cusp of the new cycle," said Kevin Koh, co-founder and managing partner at investment firm Spartan Group.
Indeed, 2023 has been a surprisingly good year for bitcoin.
The king of cryptocurrencies has leapt 164% since Jan. 1 and is trading above $40,000. It has outpaced traditional assets, including gold which has risen 10% and the S&P 500 (.SPX) which has gained 20%.
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BlackRock's Bitcoin ETF Now Invites Participation From Wall Street Banks
A change to the structure of proposed spot bitcoin ETFs would enable authorized participants (APs) to create new shares in the fund with cash, rather than only with cryptocurrency, essentially opening the door to banks who cannot hold crypto directly.
Cosmos (ATOM) is up over 20% in the last 24 hours. Traders seem to think it could run another 40% or more...
www.benzinga.com
www.fxstreet.com
Cryptocurrency Cosmos Hub's Price Increased More Than 21% Within 24 hours
Over the past 24 hours, Cosmos Hub's (CRYPTO: ATOM) price rose 21.64% to $11.69. This continues its positive trend over the past week where it has experienced a 15.0% gain, moving from $9.87 to its current price. As it stands right now, the coin's all-time high is $44.45.
www.benzinga.com
Cosmos Price Prediction: ATOM breakout could catalyze 50% rally
Cosmos (ATOM) price has been trading around the $10 psychological level for nearly five weeks with no directional bias.
From yesterday afternoon:
www.coindesk.com
Avalanche has had a good week.
Bitcoin Halts at $41K as Traders Eye Fed Rate Decision; AVAX Flips Dogecoin as Altcoins Jump
Investors will monitor Fed Chair Jerome Powell's press conference Wednesday for signs of potential rate cuts next year.
Avalanche has had a good week.
Here's Why Bitcoin Will 10X From Here: Michael Saylor
The MicroStrategy executive chairman appeared on CNBC on day after the company reported its Q3 earnings.www.coindesk.com
I wasn't aware of the accounting rules change. Interesting.
FASB Confirms 'Fair Value' Approach for Corporate Crypto Holdings
The new rules by the U.S. accounting standards setter would go into effect in December 2024.
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From the link:
After a year of inactivity, a big Ethereum whale has reemerged, causing waves in the crypto market, according to Lookonchain. The whale, who had been silent for over a year, went on a massive selling frenzy, selling 18,865 ETH for a whopping 42 million DAI via four newly formed wallets. This activity amounts to a $2,229 average selling price per ETH.
www.cryptopolitan.com
After a year of inactivity, a big Ethereum whale has reemerged, causing waves in the crypto market, according to Lookonchain. The whale, who had been silent for over a year, went on a massive selling frenzy, selling 18,865 ETH for a whopping 42 million DAI via four newly formed wallets. This activity amounts to a $2,229 average selling price per ETH.
Mysterious Ethereum Whale emerges from shadows, triggers massive sell-off
An Ethereum whale has moved ETH worth almost $13 million, causing a market sell-off and an effect on Ether’s price, which is currently trading at $2,243.
www.cryptopolitan.com
DAI is a stablecoin that maintains a 1 to 1 peg to the dollar. 42m DAI = $42m
While a lot, it really did not move the market much.
Avalanche (AVAX) and Cosmos (ATOM) are having nice up 4% days while the rest of the crypto market is slightly red.
While a lot, it really did not move the market much.
Avalanche (AVAX) and Cosmos (ATOM) are having nice up 4% days while the rest of the crypto market is slightly red.
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Bitcoin Hovers Over $41K as Memecoin, Ordinals Frenzy Clogs up Blockchains
Bitcoin (BTC) opened the trading week marginally higher, trading above $41,000. Ether (ETH) was also up slightly, trading above $2,100.
Data from Coinglass have been $103.5 million in liquidations of token-tracked futures in the past 12 hours, and $95 million of them have been longs, or bets on higher prices. Of the $103.5 million in total liquidations, $33 million in bitcoin positions were liquidated, with $29 million of those being long bitcoin positions
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Belgium to Push European Blockchain Network During EU Council Presidency, Digital Minister Says
Belgium will give Europe’s ambitious blockchain initiative a political push when it takes the EU Council presidency in January, the country’s digital minister said in an interview with CoinDesk.
Mathieu Michel has already shared his grand vision for an EU-wide digital infrastructure that – at the very least – could store records such as driving licenses and property titles on a common blockchain controlled by the bloc’s governments.
Bitcoin (BTC) opened the trading week marginally higher, trading above $41,000. Ether (ETH) was also up slightly, trading above $2,100.
Data from Coinglass have been $103.5 million in liquidations of token-tracked futures in the past 12 hours, and $95 million of them have been longs, or bets on higher prices. Of the $103.5 million in total liquidations, $33 million in bitcoin positions were liquidated, with $29 million of those being long bitcoin positions
____________________________________________________
Belgium to Push European Blockchain Network During EU Council Presidency, Digital Minister Says
Belgium will give Europe’s ambitious blockchain initiative a political push when it takes the EU Council presidency in January, the country’s digital minister said in an interview with CoinDesk.
Mathieu Michel has already shared his grand vision for an EU-wide digital infrastructure that – at the very least – could store records such as driving licenses and property titles on a common blockchain controlled by the bloc’s governments.
Bitcoin ETF Ad War Officially Underway With Bitwise Campaign
The short video advertisement featured the actor best known for portraying the "Most Interesting Man in the World."
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BlackRock updates spot bitcoin ETF proposal to allow cash redemptions
Dec 19 (Reuters) - BlackRock (BLK.N) has updated its proposed filing for a spot bitcoin exchange-traded fund (ETF) to allow cash redemptions, in a move which could help it secure an approval from the U.S. Securities and Exchange Commission.A spate of filings for spot bitcoin and ether ETFs, including from traditional finance heavyweights, have revived the crypto market this year after a series of meltdowns in 2022.
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US court approves order for Binance to pay $2.7 bln to CFTC
WASHINGTON, Dec 18 (Reuters) - A U.S. court entered an order against crypto exchange Binance and its former CEO, Changpeng Zhao, approving billions of dollars in fines for money laundering following a case brought by the U.S. Commodity Futures Trading Commission, the agency said on Monday.Zhao will pay $150 million and Binance will pay $2.7 billion to the CFTC as a result, the agency said in a statement.
The U.S. District Court for the Northern District of Illinois approved the previously announced settlement and entered a consent order of permanent injunction, civil monetary penalty, and equitable relief against Zhao and Binance, the CFTC said in its statement. The settlement was reached in late November.
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Ah yes, the GLD technique...
2023's Institutionalization Of Crypto Markets Set To Accelerate In 2024 As ETFs "Unlock $30 Trillion In Advised Wealth" | ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com
Crypto Was Institutionalized in 2023, Says Goldman Sachs
Goldman Sachs says that crypto derivatives trading saw more institutional support in 2023, ahead of a possible Bitcoin spot ETF approval.
www.coinspeaker.com
Yah.
Nothing like adding another five layers of obfuscating complexity to it...the better to fleece the Muppets...
BlackRock, Nasdaq, SEC Met Regarding Bitcoin ETF
This is the second meeting in a month between the parties about rule changes required to list the bitcoin ETF.
It really looks like it's happening.
Solana gaining momentum:
More:
www.coindesk.com
More:
Solana Leapfrogs XRP as Fifth-Largest Crypto, Spurred by Meme Coin Mania
SOL is trading at a 20-month high on the back of a bustling DeFi ecosystem and meme coin mania.
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