Crypto trading/market thread

Welcome to the Precious Metals Bug Forums

Welcome to the PMBug forums - a watering hole for folks interested in gold, silver, precious metals, sound money, investing, market and economic news, central bank monetary policies, politics and more. You can visit the forum page to see the list of forum nodes (categories/rooms) for topics.

Why not register an account and join the discussions? When you register an account and log in, you may enjoy additional benefits including no Google ads, market data/charts, access to trade/barter with the community and much more. Registering an account is free - you have nothing to lose!

Bitcoin Dips Below $50K as Investors Flee Risk Assets

Ether slumped by the most since May 2021.

Updated Aug 5, 2024 at 4:19 a.m. EDT

  • Ether posted its steepest single-day plunge since May 2021.
  • The crypto fear and greed index flashed "fear" and fell to its lowest level in a month.
  • The CoinDesk 20 Index dropped nearly 20%.

Bitcoin (BTC) extended its slump during Asian trading hours on Monday, plunging below $50,000 before recovering to nearly $53,000, still the lowest level since mid-February, as rising tensions in the Middle East and concerns about the strength of the global economy ate into investor confidence.

The world's largest cryptocurrency fell for a fourth straight day, dropping to as low as $49,112, data from TradingView show. Ether (ETH), the native token of the Ethereum blockchain, sank to as little as $2,060, the least since Jan. 3. The CoinDesk 20 index, which tracks some of the most liquid non-stablecoin tokens, dropped nearly 20%.

More:

www.coindesk.com

Bitcoin Dips Below $50K as Investors Flee Risk Assets

Ether slumped by the most since May 2021.
www.coindesk.com www.coindesk.com
 
Seems like a potentially good buying opportunity if you think the markets (risk assets) will rise in November should Trump win. OTOH, if the economy poops it's pants, there may be further weakness before the bottom is found.
 

Trump family reportedly working on DeFi platform to address banking access inequality​

(Kitco News) – Presidential candidate Donald Trump continues to woo the crypto crowd, and now his efforts have become a family matter as Donald Trump Jr. has announced plans to launch a new decentralized finance (DeFi) cryptocurrency platform intended to address inequality in banking access.

Details on the platform are scant as it is still in the early stages of development, with Trump Jr. telling listeners during a Thursday Q&A session on the subscription-based platform Locals that he wasn’t launching a memecoin but working on a crypto platform to take on the banks.

“What we’re talking about is a larger type of platform,” that’s very different and not a memecoin, he said. However, he added that it would be a “long time before we can do anything,” and didn’t provide a time frame.

While the finer details have yet to be revealed, one thing is clear: the purpose of the platform will be to challenge the established banking order.

More:

www.kitco.com

Trump family reportedly working on DeFi platform to address banking access inequality

The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
www.kitco.com www.kitco.com
 

Bitcoin bounces back above $60,000 as cryptocurrency’s rise continues to end week: CNBC Crypto World​

Aug 9, 2024 #CNBC #CNBCTV

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Ben McMillan, chief investment officer of IDX Digital Assets, weighs in on this week’s volatility and Resy co-founder Ben Leventhal explains how his new web3 project would allow for diners to pay for meals in crypto.


14:53
 
This thread is a bit technical, but interesting look at the evolving technology for blockchain systems:

 
searcher said:
Bitcoin Dips Below $50K as Investors Flee Risk Assets
Click to expand...
If BTC is considered as a risk asset, how can it work as a store of value?
Shouldn't a Store of Value hold its value in a turbulent environment?
 
Peter89 said:
If BTC is considered as a risk asset, how can it work as a store of value?
Click to expand...

Can't speak for anyone else but the only reason I got involved with BTC was for profit.

To that end I owe a big thank you to our host. He posted stuff explaining how to get involved with crypto in a way that made it easy to understand and made me want to look into it. My only regret is that I didn't get involved in when BTC was in it's infancy. Back on #2 there were people who did get involved but no one posted a "how to do."

Read another post here that has made me think about branching out.

www.pmbug.com

My Crypto Experience

I am a gold bug, a silver bug, a precious metals bug. I am also interested in the development of cryptocurrencies. I have dabbled with them mostly as an exercise in curiosity. There is still a lot that I do not know about crypto. However, I have sufficient experience to share a bit of what...
www.pmbug.com www.pmbug.com

Peter89 said:
Shouldn't a Store of Value hold its value in a turbulent environment?
Click to expand...
Most definitely.
 
Bitcoin Drops to $58K After U.S. CPI Print, BTC ETFs Record $81M Outflow

  • Bitcoin fell over 4% to around $58,000, leading to a broader market drop where other major cryptocurrencies like Ether, Solana, Cardano, BNB Chain, and XRP fared slightly better, with losses ranging from 2.5% to 3.8%.
  • The decline came after by the release of U.S. CPI data, despite positive stock market reactions. U.S.-listed spot Bitcoin ETFs saw net outflows, with Grayscale's GBTC being the most affected, while Ether ETFs saw continued inflows, with BlackRock's ETHA notably gaining.

www.coindesk.com

Bitcoin Drops to $58K After U.S. CPI Print, BTC ETFs Record $81M Outflow

Traders say bitcoin could drop to $55,000 in the near-term, but favorable Fed policies could set the stage for its next leg up.
www.coindesk.com www.coindesk.com
 

Eric Trump previews major Trump Org move into crypto as he charts the family company’s future​

The Trump Organization will be announcing a major new initiative in the coming weeks concerning crypto currency, with company president Eric Trump telling the Post he sees immense promise in the burgeoning technologies — and he’s ready to make use of them in his company’s portfolio.

Rumors began swirling earlier this month when Trump’s younger son posted on X that he had “fallen in love” with the new tech and that his followers should “stay tuned” for a special announcement.

I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement…@Trump @realDonaldTrump @DonaldJTrumpJr

— Eric Trump (@EricTrump) August 6, 2024
“It’s digital real estate,” he told The Post in an exclusive interview.

“It’s equitable. It’s collateral anyone can get access to and do so instantly. I don’t know if people realize what a shake up that is for the world of banking and finance. I hope we can help change that.”

More:

 
Opinion piece.

Bitcoin and the Fourth Turning​

Kane McGukin recently wrote an excellent article, "Bitcoin Is Change Management," sharing his reflections on the Bitcoin Conference. From the conclusion:

The message was clear throughout Bitcoin 2024 we are headed for a paradigm shift on the other side of this 4th turning, and the Bitcoin tribe is believed to have the leaders that will shape the culture of our future.

Bitcoin is now mainstream. It's still early in the adoption phase, but the Bitcoin network will be a crucial tool for our future.

How that future is shaped, and Bitcoin's role in our financial system, will depend on which side of the aisle gains control and how they choose to use it. Will it be an asset and means to rebuild our aging energy infrastructure or is it just another monitoring device? Only time will tell.
More:

Bitcoin and the Fourth Turning | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com
 

Trump owns more than $1 million in crypto, financial disclosure shows: CNBC Crypto World​

Aug 16, 2024

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Framework Ventures co-founder Vance Spencer discusses markets, crypto regulation and VC investments in the digital asset space.


13:34

Chapters:
00:00 - CNBC Crypto World, Aug. 16, 2024
0:23 - Bitcoin drops
1:39 - The headlines
4:08 - Framework Ventures’ Vance Spencer
 
I wonder when he acquired it. When was his last financial disclosure (where he presumably had zero crypto)? When he ran 4 years ago?
 
Last edited:
U.S. Elections-Linked Bitcoin Options Draw Nearly $350M in Open Interest

  • Traders have locked in $345 million in bitcoin options expiring four days after the Nov. 4 elections.
  • Distribution of open interest shows bullish sentiment, according to Wintermute.

Crypto traders speculating on how the impending U.S. elections might affect the digital assets industry have locked millions in bitcoin (BTC) options tied to the event.

The so-called election expiry options, due for settlement four days after the Nov. 4 elections, began trading on Deribit a month ago. As of writing, the notional open interest or the dollar value of the number of active options contracts was $345.83 million, according to data source Amberdata.

More:

www.coindesk.com

U.S. Elections-Linked Bitcoin Options Draw Nearly $350M in Open Interest

Distribution of open interest shows bullish sentiment, according to Wintermute.
www.coindesk.com www.coindesk.com
 

Wyoming blockchain summit kicks off ahead of Fed’s Jackson Hole meeting: CNBC Crypto World​

Aug 20, 2024 #CNBC #cnbctv

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Dave Ripley, CEO of Kraken, discusses the launch of the Wyoming Blockchain Symposium and what he expects to hear from experts on the ground.


11:08

Chapters:
00:00 - CNBC Crypto World, Aug. 20, 2024
0:45 - Bitcoin hovers
1:01 - The headlines
2:47 - Dave Ripley of Kraken
 
Opinion piece.

From Chaos to Crypto: The Crecimiento Movement Igniting Argentina

A month-long pop-up in Buenos Aires is showing how crypto can potentially transform an economy from the bottom-up.

Today, Argentina stands on the brink of a technology renaissance. Long a symbol of economic instability, Argentina is now emerging as the world’s testbed for economic transformation, through crypto.

Amid soaring inflation and crippling debt, Argentina is turning to crypto as a tool to stabilize its economy and drive growth. As the U.S. retreats from its leadership role in crypto, Argentina is seizing the opportunity to step into the void.

At the heart of this transformation is the Crecimiento movement uniting crypto believers, entrepreneurs, and innovators working toward sustainable, crypto-driven reform. With a newly-elected President showing interest in crypto’s potential, Crecimiento is harnessing crypto to help reshape the economy, focusing on payments, credit, property, and more.

Crecimiento’s bold vision is coming to life at Aleph, a month-long pop-up city in Buenos Aires where over 2,000 Argentine and global founders, builders, investors, and policy leaders have gathered to launch crypto startups and fuel innovation.

More:

www.coindesk.com

From Chaos to Crypto: The Crecimiento Movement Igniting Argentina

A month-long pop-up in Buenos Aires is showing how crypto can potentially transform an economy from the bottom-up.
www.coindesk.com www.coindesk.com
 

Bitcoin rises after Fed Chair Powell lays groundwork for interest rate cuts: CNBC Crypto World​

Aug 23, 2024

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Dennis Kelleher of Better Markets discusses his op-ed encouraging Kamala Harris to reject pressure from the crypto industry. Plus, Wyoming Gov. Mark Gordon discusses the state’s stablecoin project.


18:29

Chapters:
00:00 - CNBC Crypto World, Aug. 23, 2024
0:31 - Crypto prices rise
2:31 - Dennis Kelleher of Better Markets
11:37 - WY Gov. Mark Gordon
 
searcher said:
Related.

nypost.com

Trump promotes family crypto platform ‘The DeFiant Ones’ on Truth Social

The former president’s son called the upcoming crypto platform “digital real estate.”
nypost.com nypost.com
Click to expand...


More:

www.benzinga.com

Trump's Crypto Project Gets Renamed To 'World Liberty Financial,' Warns Community Against Fake Tokens And Scams

Former President Donald Trump’s cryptocurrency project has warned against falling prey to scams and fake tokens linked to its upcoming decentralized finance (DeFi)-based banking venture.
www.benzinga.com www.benzinga.com
 
searcher said:
More:

www.benzinga.com

Trump's Crypto Project Gets Renamed To 'World Liberty Financial,' Warns Community Against Fake Tokens And Scams

Former President Donald Trump’s cryptocurrency project has warned against falling prey to scams and fake tokens linked to its upcoming decentralized finance (DeFi)-based banking venture.
www.benzinga.com www.benzinga.com
Click to expand...

The show continues.

How Trump was ‘orange-pilled’ by three bitcoiners in Puerto Rico and the promise of $100 million​

  • Three friends from Puerto Rico have spent months secretly teaching Donald Trump about bitcoin.
  • Trump has adopted an increasingly pro-crypto stance this year, along with a surge in donations and endorsements.
  • The former president’s embrace of bitcoin and crypto culminated in his keynote address in Nashville, Tennessee, at the biggest bitcoin event of the year.
NASHVILLE, Tenn. — A block away from the neon-lit buzz of Lower Broadway, where <redacted - see forum guidelines on epithets>-tonk pours onto the city’s main drag at all hours, stands the Music City Center, a venue that’s hosted everything from craft beer conferences to a performance by the legendary Dolly Parton.

In late July, the complex filled up for something entirely different. It was the biggest bitcoin conference of the year, and the headline act was none other than former President Donald Trump.

For nearly 50 minutes on a Saturday afternoon in the country music capital, the Republican nominee for president extolled the virtues of bitcoin and spelled out what a second Trump administration would mean for the crypto industry to a packed crowd of conferencegoers who’d spent hours getting through the Secret Service’s tight security protocol.

More:

 
Didn't read the article, but it seems to me that Trump's 180 on crypto coincided with Vivek Ramaswamy dropping out of the race and joining his team.
 

Nasdaq seeks SEC approval for bitcoin index options​

August 27, 2024 6:54 PM EDT

Aug 27 (Reuters) - Nasdaq (NDAQ.O), opens new tab is seeking the green light from regulators to launch and trade options on a bitcoin index, the exchange operator said on Tuesday.

The U.S. Securities and Exchange commission has yet to approve options based on any of the individual exchange-traded funds tied to spot bitcoin prices that made their debut in January, including a Nasdaq application to trade options on BlackRock's (BLK.N), opens new tab $21.3-billion iShares Bitcoin Trust ETF (IBIT.O), opens new tab.

More:

 
Russia Is About to Try Using Crypto to Get Around Sanctions

  • Russia will start its trial of cross-border payments using crypto next week.
  • Recent statements from senior Russian leaders suggest the law’s purpose is to use crypto to counter sanctions.
  • The law hands power to Russia’s central bank to oversee an “experimental” regime.
Russia will begin trialing cross-border crypto payments next week in an effort to circumvent international sanctions – but this effort may not work, several policy and legal experts told CoinDesk.

Legislation passed at the end of July and swiftly signed into law by President Vladimir Putin does not lift an existing ban on using cryptocurrencies as legal tender for regular payments within Russia, but instead allows cross-border payments with crypto.

How the law will allow such payments remains unclear because the legislation doesn’t specify rules for such transactions. Instead it hands power to Russia’s central bank to oversee an “experimental” regime, experts said.

Russia's economy has been hit hard by a suite of sanctions imposed by the U.S. and other nations following its invasion of Ukraine.

More:

www.coindesk.com

Russia Is About to Try Using Crypto to Get Around Sanctions

Experts doubt it will work, given the traceability of blockchains and the risk of even tougher sanctions for Russia.
www.coindesk.com www.coindesk.com
 
Sounds like Monero about to go to the moon...
 

Ether heads for over 20% loss in August, bitcoin faces fourth weekly loss in five: CNBC Crypto World​

Aug 30, 2024

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Alex Thorn, the head of firmwide research at Galaxy Digital, discusses crypto’s weak performance in August and where markets could be headed in September.


12:46
 
searcher said:
Trump says plan to make U.S. ‘crypto capital of the planet’ coming within hours
Click to expand...

More:

Inside the Trump Crypto Project Linked to a $2M DeFi Hack and Former Pick-Up Artist​


Donald Trump and his sons have for weeks teased an upcoming cryptocurrency project, but they've been light on details in public.

Privately, though, the former U.S. president's inner circle has been quietly shopping around a white paper for World Liberty Financial – and CoinDesk has obtained excerpts.

The document and other reporting describe a borrowing and lending service strikingly similar to Dough Finance, a recently hacked blockchain app built by four people listed as World Liberty Financial team members. Other participants include all three of Trump's sons (including 18-year-old Barron, who is identified as the project's "DeFi visionary"), financiers and e-commerce influencers.

According to a person familiar with the plans, the project will also include a new cryptocurrency: WLFI, a non-transferable governance token. A transfer restriction could make the asset difficult for speculators to trade.

More:

 

Robinhood in $3.9 mln settlement with California over crypto withdrawals​

Sept 4 (Reuters) - A cryptocurrency platform run by Robinhood Markets (HOOD.O), opens new tab will pay $3.9 million to settle claims it failed to let customers withdraw cryptocurrency from their accounts from 2018 to 2022, California Attorney General Rob Bonta said on Wednesday.

The civil settlement with Robinhood Crypto is the first public action by Bonta's office against a cryptocurrency company.

Bonta said Robinhood violated California law by failing to deliver cryptocurrencies that its customers had bought, leaving customers unable to withdraw their assets and forcing them to sell the assets to exit the platform.

More:

 
^^^ This is the same issue Fidelity et al are facing by not letting customers transfer crypto they have purchased off of their system. If I were a Fidelity customer that owned crypto in a Fidelty account, I'd contact them and refence that story while asking when Fidelity is going to allow customers full control over crypto assets purportedly owned by customers and held in Fidelity accounts.
 

PayPal pushes into in-person payments with cashback rewards, Apple integration​

Sept 5 (Reuters) - PayPal (PYPL.O), opens new tab is expanding into U.S. point-of-sale payments by integrating its debit card with Apple's mobile wallet and offering 5% cashback rewards, as the global online payments giant seeks direct competition with tech companies and banks.

The bid to grab a slice of in-person purchases at stores, cafes and restaurants is part of an ambitious turnaround strategy by new CEO Alex Chriss who joined the company from Intuit last year.

More:

 

Bitcoin and ether head for second week of losses: CNBC Crypto World​

Sep 6, 2024

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Hong Fang of OKX breaks down crypto’s recent slide and whether institutional investors are sticking to the sidelines.


14:13

Chapters:
00:00 - CNBC Crypto World, Sept 6, 2024
0:25 - Bitcoin plummets
1:13 - The headlines
5:18 - Hong Fang of OKX
 

Bitcoin nears $60,000 as consumer sentiment hits four-month high: CNBC Crypto World​

Sep 13, 2024

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Adam Sullivan, CEO of Core Scientific, discusses the company's embrace of AI compute and what the 2024 election could mean for crypto.


11:57

Chapters:
00:00 - CNBC Crypto World, Sept 13, 2024
0:42 - Bitcoin spikes
1:44 - The headlines
4:27 - Core Scientific's Adam Sullivan
 

Bitcoin posts 5.5% weekly gain after rate cut, MicroStrategy increases holdings: CNBC Crypto World​

Sep 20, 2024

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Greg Benhaim of 3iQ discusses the sentiment for digital assets among investment advisors.


10:10

Chapters:
00:00 - CNBC Crypto World, Sept 20, 2024
0:24 - Bitcoin flat
1:00 - The headlines
3:23 - Greg Benhaim of 3iQ
 
You must log in or register to reply here.
Back
Top Bottom