Crypto trading/market thread

[searcher]

Interesting read.

Tether's Paolo Ardoino: 'If the U.S. Government Wanted to Kill Us, They Can Press a Button'

• Tether is doing "the best we can" to crack down on illicit crypto use, CEO Paolo Ardoino told CoinDesk. USDT's role in illicit finance is a "drop in the ocean" compared to the U.S. dollar's, he added.
• The company "doesn't expect any political favors by anyone," he said of Howard Lutnick's role in Donald Trump's campaign.
• A WSJ report Friday said Tether is under U.S. criminal investigation, which the company denied.

LUGANO, SWITZERLAND – As crypto colossus Tether comes under renewed scrutiny, CEO Paolo Ardoino told CoinDesk that the company respects international sanctions and works closely with law enforcement, but acknowledged it is ultimately at the mercy of U.S. authorities.

"If the U.S. wanted to kill us, they can press a button and kill us anywhere," Ardoino said. "We are not going to fight the U.S."

More:

Tether's Paolo Ardoino: 'If the U.S. Government Wanted to Kill Us, They Can Press a Button'

But the leading stablecoin issuer is comfortable holding its T-bills at a U.S. institution because it respects international sanctions, CEO Ardoino said in an interview.

www.coindesk.com

 

[searcher]

An Arctic Circle Bitcoin Mine Will Heat a Building in a Fishing Village

• Sazmining is setting up a bitcoin (BTC) mining site in northern Norway that will heat a large building in a fishing village.
• The firm's CEO, Kent Halliburton, told CoinDesk that other local businesses might spin up similar facilities.
• The miner doesn't foresee regulatory scrutiny, despite the country's previous restrictions on bitcoin mining.

A bitcoin (BTC) mine is coming to the Arctic Circle.

The 350-square-meter facility, conceived by retail-oriented bitcoin mining firm Sazmining, will be located in a small fishing village on the coast of Norway. Once it goes live on Dec. 1, it may well become the northernmost mining operation in the world.

The big idea? To remove the old oil boiler used by one of the town's largest buildings, replace it with an in-house bitcoin-centric data center and warm the edifice using the tremendous heat produced by the mining rigs.

More:

An Arctic Circle Bitcoin Mine Will Heat a Building in a Fishing Village

Retail-focused Sazmining is starting a modest-sized bitcoin mining operation, using hydropower, in a small Norwegian fishing town.

www.coindesk.com

 

[pmbug]

It is probably easier to trade ETFs than the actual cryptos. ....

 

[searcher]

Nothing special, just an interview I thought interesting. It's a podcast, nothing to see, can listen in one tab, play around the forum in a different tab.

Arthur Hayes (banker) - Wikipedia

en.wikipedia.org

https://nymag.com/intelligencer/article/arthur-hayes-bitmex-crypto-interview.html

Arthur Hayes and the Lessons of Decentralization​

Premiered 20 hours ago CoinDesk Spotlight

BitMEX co-founder Arthur Hayes, who is now chief investment officer at Maelstrom, joins CoinDesk Spotlight to discuss the journey that led him to the crypto industry from his financial services career. Plus, the lessons of decentralization and "two truths and a lie" with Hayes.
This content should not be construed or relied upon as investment advice. It is for entertainment and general information purposes.


28:51

Timestamps:
00:00 Cold Open
00:44 Intro
01:26 From Gold to Crypto
04:23 The Birth of BitMEX
08:25 The Perpetual Swap
16:28 Lessons From BitMEX
18:03 The Significance of Decentralization
22:39 What Pushes Arthur Hayes to Create Content
26:30 Two Truths and One Lie

Edit to add an interesting read:

加油比特币 Let's Go Bitcoin

The Wharton business school celebrates capitalism and American exceptionalism. Wide-eyed and bushy-tailed students from across the globe drink the Kool-Aid as professors extol the benefits of free-market capitalism...

cryptohayes.substack.com

 

[searcher]

Trump doubles down on crypto, proposes no capital gains tax for Bitcoin and U.S.-made tokens

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

 

[pmbug]

Self-described Bitcoin development company MicroStrategy (MSTR) didn't add to its bitcoin (BTC) holdings since mid-September, but the firm announced an audacious plan to raise $42 billion of capital over the next three years in order to purchase more of the world's largest crypto.

Led by Executive Chairman Michael Saylor, the company's so-called "21/21 Plan" calls for $21 billion of equity raises and $21 billion of debt offerings over the next three years.

"As a Bitcoin Treasury Company, we plan to use the additional capital to buy more bitcoin as a treasury reserve asset in a manner that will allow us to achieve higher BTC Yield,” said Phong Le, president and CEO in the third quarter earnings press release.
...

Michael Saylor's MicroStrategy Plans to Raise $42B to Buy More Bitcoin Over Next 3 Years

The company reported its third quarter earnings results after the close of trading on Wednesday afternoon.

www.coindesk.com

Bitcoin's current market cap is $1.428T. $42B sounds like a lot, but it's just ~3% of the current market cap and equivalent to about two months of the current BTC ETF inflows:

...
Institutional investors are sparking hundreds of millions of dollars in net inflows to the US spot Bitcoin ETFs daily.

The latest data from sources, including UK-based investment firm Farside Investors, puts the tally for Oct. 30 alone at nearly $900 million — its second-largest ever.
...

https://www.msn.com/en-us/money/oth...bitcoin-etf-inflows-near-1b-daily/ar-AA1tfQEL

 

[searcher]

Bitcoin slips below $70,000 after notching 12% gain in October: CNBC Crypto World​

Nov 1, 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, Kevin Lehtiniitty of Borderless.xyz shares his outlook for the crypto market and the broader industry in 2025.


11.18

Chapters
00:00 - CNBC Crypto World, Nov 1, 2024
0:21 - Bitcoin slips below $70K
1:30 - Kevin Lehtiniitty of Borderless Labs

 

[nickndfl]

I am waiting for a pullback to the upper $50s before I go long. I won't short it at this level that's for sure.

 

[pmbug]

 

[pmbug]

I thought this was funny...

 

[pmbug]

The first UK pension fund is allocating 3% of its total assets – which are valued at around £50m (€59.5m) – following the advice of Cartwright, the pension specialist for defined benefit and hybrid schemes.

The first of its kind in the UK, the allocation took place in October after a rigorous training and due diligence process, Cartwright stated, without disclosing the name of the pension fund.
...

First UK pension fund allocates to bitcoin

The first UK pension fund is allocating 3% of its total assets - which are valued at around £50m (€59.5m) - following the advice of Cartwright, the pension specialist for defined benefit and hybrid schemes. The first of its kind in the UK, the allocation took place in October after ...

www.ipe.com

 

[pmbug]

...
Mt. Gox transferred over 32,000 BTC, worth $2.2 billion at current prices, to unmarked wallet addresses data from Arkham shows. A majority of that stash, or nearly 30,400 BTC, was sent to “1FG2C…Rveoy” and 2,000 BTC was moved to “15gNR…a8Aok” after first being sent to a Mt. Gox cold wallet.

Such wallet transfers are usually a consolidation of holdings to new addresses before they are sent to crypto exchanges, where the bitcoin is sold on the open market.

Mt. Gox’s repayments are largely considered to add selling pressure to bitcoin (BTC) markets as early investors will receive assets at a much higher value than their entries before 2013, making them inclined to sell at least a part of holding, traders said.
...

BTC Drops Under $68K as Mt.Gox Sends $2.2B Bitcoin to Two Wallets

A majority of that stash, or nearly 30,400 BTC, was sent to “1FG2C…Rveoy” and 2,000 BTC was moved to “15gNR…a8Aok” after first being sent to a Mt. Gox cold wallet.

www.coindesk.com

 

[pmbug]

This is just for the humor (not market news):

 

[pmbug]

Crypto markets are all green right now. Looks like crypto bros are expecting a Trump win...

 

[nickndfl]

I am buying BTC in upper $50s and not chasing here.

 

[searcher]

Trump's Triumph Is Also Crypto's: Gensler, Regulatory Clouds Likely to Vanish

Former U.S. President Donald Trump will once again take the White House, needing only three more electoral votes from a state leaning heavily red, defeating Vice President Kamala Harris and auguring a more permissive regulatory environment for crypto in the world's largest economy.

Crypto has not been a major issue through this election cycle, though Trump, the Republican candidate for president for a third election in a row, did a great deal of outreach to the crypto industry, by speaking at a bitcoin conference, handing out burgers at a crypto bar and otherwise making statements appealing to the industry, including promising to fire Securities and Exchange Commission Chair Gary Gensler. Harris, the Democratic candidate, has on a handful of occasions shared some general comments about supporting the industry but did not delve deeply into her views.

More:

Trump's Triumph Is Also Crypto's: Gensler, Regulatory Clouds Likely to Vanish

Buoyed by donations and votes from a digital asset industry he aggressively courted, Trump won a second term to the White House in his third bid for the U.S.'s highest office.

www.coindesk.com

 

[WinkWink]

 

[nickndfl]

I may have missed the best opportunity to buy MSTU and MSTX ETFs.

 

[pmbug]

Crypto is a rollercoaster. I'm sure there will be more opportunities for trading high volatility.

 

[searcher]

Bitcoin Blasts Past $76K for First Time as Violent Crypto Rally Liquidates Nearly $400M Shorts

Crypto exchange Coinbase's shares closed the day 31% higher, leading gains among digital asset-related stocks.

www.coindesk.com

 

[pmbug]

Not sure if serious, but if they actually do this, it will be a significant policy change for Russia and possibly open doors among other nations.

 

[searcher]

Trump and Musk’s Proposed ‘D.O.G.E’ Agency Sends This Meme Coin Soaring – Markets and Prices Bitcoin News

One token today, stands out in the pack—a new digital asset named department of government efficiency (DOGE) token.

news.bitcoin.com

 

[pmbug]

Crystal balls powered by crypto can be downright insane, but I'm seeing a lot of calls like this one post election:

...
“To be specific: I expect Bitcoin to approach $100k this year and $200k in 2025,” he said. “Other crypto assets (which previously faced more regulatory risk) may do even better. I’ve never been more bullish than I am right now.”
...

More:

‘Crypto won the election,’ Bitcoin will hit $200k in 2025 – Bitwise CIO Matt Hougan

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

Barring a global economic implosion, Crypto is going to explode next year.

 

[nickndfl]

Buy the servicing ETFs.

 

[searcher]

Bitcoin gains 10% in a week after Trump victory and rate cuts: CNBC Crypto World​

Nov 8, 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, Johann Kerbrat of Robinhood Crypto discusses crypto trading activity on the platform after the election, and his expectations for regulation under a Trump administration.


11:20

Chapters
00:00 - CNBC Crypto World, Nov 8, 2024
0:25 - Bitcoin flat
1:18 - The headlines
2:59 - Johann Kerbrat of Robinhood Crypto

 

[pmbug]

Bitcoin seems to be consolidating a bit under the 77k line, but many alts (Ethereum, Solana, Avalanche, etc.) are still pushing higher. Once Trump is inaugurated and throws the wrecking ball at the war on crypto, serious money is going to flow into the sector. If Sen. Lummis gets her Bitcoin reserve plan passed, bitcoin could go 10x and reach a market cap on par with the global gold market as other nations follow along. I really don't see how anyone can be aware of all the news today and not be thinking about ensuring their portfolio has some bitcoin/crypto exposure - it's going to be *the* growth industry of the next decade - more so than AI.

 

[pmbug]

Woke up, checked to see how crypto is doing. Everything is green. Everything. Shit is getting crazy.

 

[nickndfl]

What is anybody buying now? BTC is almost $80k this morning.

 

[pmbug]

Alt coins have been outperforming BTC over the last week, but they still have some work to do to get back to all time highs. BTC is likely to keep running and I suspect that as the war on crypto falls apart (Gensler fired/retired, SEC lawsuits get dropped, operation chokepoint 2.0 ends, etc.), the industry is going to really take off. I think right now, even though everything seems expensive relative to past history, we really are at the fish in a barrel stage of a nascent industry. You are likely going to make gains with just about any solid crypto project right now.

 

[pmbug]

I own positions with a number of coins and I keep tabs on them pretty much daily. This is my current thinking on them (FWIW - DYODD):

• Bitcoin (BTC) - First mover advantage has reached sovereign state actor level. It's market cap is about 10% of gold's market cap. It's likely going to close that gap.
• Ethereum (ETH) - Second mover is first mover in the Proof of Stake (POS) evolution powering smart contracts, DeFi and other developments. ETFs helped secure 400lb gorilla status, but the network has limitations that will be difficult to fix natively (which is why there are a plethora of L2 networks piggybacking on Ethereum). I suspect in time, Ethereum is going to be surpassed by a technically superior network. That's probably a few years away though and Ethereum is likely going to do well until then.
• Solana (SOL) - First major challenger to Ethereum's POS crown. Technically superior to ETH, but it also has some issues as evidenced by a few periods of network failures. Rumors of SOL ETFs are in the works and Solana should do very well for many years.
• Ripple (XRP) - Ripple is hard to pin down. It's been tainted/marred by years of legal battles with the SEC. Once that legal war is over, XRP could see a big boost. Ripple used to the best in class technology around, but it's been surpassed with modern developments and it's current tokenomics are not very attractive (IMO). I'm not a big fan of this one, but it could surprise.
• Cardano (ADA) - Recently transitioned the governance structure for the network to a pure decentralized, democratic system. It has a very loyal base of developers and supporters. Has outperformed most of the alt coins over the last week though it still has a long ways to go to reclaim it's ATH.
• Avalanche (AVAX) - Seems to have a good bit of development ongoing. It also seems to be trying to carve out market dominance in a few niche areas (RWA tokenization, gaming)
• SUI (SUI) - A strong challenger for Solana (SOL) and Ethereum (ETH), SUI is technically superior to both of them (faster, cheaper, more efficient, scales better). SUI has been outperforming most alts and is currently trading just under it's ATH.
• Polkadot (DOT) - I'm not sure what's happening with Polkadot these days. I like the network and occasionally hear some news about developments, but I'm wondering if they are losing steam compared to competitors.
• Cosmos (ATOM) - Same comments as Polkadot
• Theta/TFUEL - This one seems undervalued right now IMO. They have so much happening with technical developments, customer growth and such. These tokens are not listed on Coinbase and I think that is really limiting their upside at the moment. This is a crypto that is building real world value though.
• MultiversX (EGLD) - The most technically superior network that I'm aware of at the moment. It's my sleeper pick to eventually end up challenging SUI, SOL and ETH for the top dog status as the foundation layer for DeFi, smart contracts, etc.
• Peaq (PEAQ) - This one goes live (ie. public trading) in two days. Peaq has been in development for some time and already has 50+ DePIN industries utilizing their network. I think PEAQ is well positioned to be the foundation layer top dog for DePIN industries. I think DePIN industries are going to be the major force for disruptive innovation over the next decade. I'm looking forward to acquiring some Peaq when it launches.

 

[nickndfl]

I was looking at ETF miners and servicers:

BITB
BITO
CLSK
CORZ
FDIG
MSTX
MSTU
RIOT
WULF

 

[searcher]

Protocol Village: Blockstream Opens R&D Center in Lugano, Switzerland

The latest in blockchain tech upgrades, funding announcements and deals. For the period of Nov. 7-13.

In today's issue: Pharos, Lisk, Rainbow, Huddle01, FanTV, StakeStone, Polkadot Blockchain Academy.

https://www.coindesk.com/tech/2024/11/07/protocol-village/

 

[pmbug]

Bitcoin (BTC) - ... It's market cap is about 10% of gold's market cap. It's likely going to close that gap.
...

A Republican sweep would allow the new government to push through positive policies for the digital assets sector, which could lead to total crypto market cap swelling to $10 trillion by the end of 2026, investment bank Standard Chartered (STAN) said in a research report on Friday.

Standard Chartered said it sees a number of tailwinds for crypto markets early in the new administration including regulatory changes and a shuffle of positions at the Securities and Exchange Commission (SEC) that could lead to a more benign stance on digital assets.

The bank said these positive developments could see total crypto market cap grow fourfold from $2.5 trillion currently to $10 trillion by the end of 2026.
...

Crypto Market Cap Could Balloon to $10T by 2026 Under Trump Administration: Standard Chartered

A Republican sweep is the best result for the digital assets sector and could bring regulatory and other positive changes, the report said.

www.coindesk.com

 

[pmbug]

...
"Spot bitcoin ETF inflows have massively outpaced the growth in CME open interest last week. True directional spot buying has returned. ...
...
Glassnode data shows that bitcoin on exchanges has hit a year-to-date low at 2.95 million BTC. Since the Nov. 5 election, there's been a reduction of some 40,000 BTC, and demand appears to come from multiple exchanges such as Coinbase, Binance, and Bitfinex. Lower balances on exchanges indicate that bitcoin owners are looking to buy more bitcoin.

Where the Demand Comes From as Bitcoin Breaks Through $82K: Van Straten

As bitcoin hits new highs, it's helpful to examine the data to understand where the demand is coming from.

www.coindesk.com

Michael Saylor's MicroStrategy (MSTR), the largest corporate holder of bitcoin, has bought another 27,200 bitcoin (BTC) for almost $2 billion.
...

MicroStrategy Buys Another 27,200 BTC for $2B; Bitcoin Profits Sit at $11B

The company's bitcoin yield thus far this quarter is 7.4% and over 26% year-to-date.

www.coindesk.com

 

[pmbug]

 

[nickndfl]

It has gone up so much so rapidly. When it falls if it does is a good time. Right now it's closing the barn doors after the horse already left.

 

[Cigarlover]

Where the Demand Comes From as Bitcoin Breaks Through $82K: Van Straten

As bitcoin hits new highs, it's helpful to examine the data to understand where the demand is coming from.

www.coindesk.com

MicroStrategy Buys Another 27,200 BTC for $2B; Bitcoin Profits Sit at $11B

The company's bitcoin yield thus far this quarter is 7.4% and over 26% year-to-date.

www.coindesk.com

I remember blasting Taylor for using his companies money to invest in BTC. Taking real profits and putting it into the next tulip fad.
Guess I am eating crow now.

 

[searcher]

Bitcoin Tops $88K, Catapulting MicroStrategy to 24-Year Record Amid Supercharged Crypto Rally

Michael Saylor's company surpassed its lofty dotcom bubble highs, now holding over $24 billion worth of BTC in its treasury.

• Bitcoin clinched another all-time high of $88,448 on Monday, surging 11% over the past 24 hours, while the broad-market CoinDesk 20 Index underperformed, with Ethereum's ETH and Solana's SOL lagging.
• Crypto equities such as Coinbase, MicroStrategy, miners booked 20%-30% gains.
• Crypto's price explosion is justified as the industry went from an "objectively oppressive regulatory regime to an overtly friendly one overnight," Fundstrat's head of digital assets strategy said.

The crypto rally shows no signs of slowing after a week since the U.S. elections.

Bitcoin (BTC) on Monday continued to climb to new all-time highs, blasting through the $88,000 level during U.S. trading hours, adding another 11.3% to its gains in the past 24 hours. The largest and oldest crypto's latest all-time high was $88,448, per CoinDesk Bitcoin Index (XBX) data. Its market capitalization currently stands around $1.73 trillion, surpassing silver's, according to Infinite Market Cap data. The flip happened at least once this year, fueled by continued positive sentiment around the spot exchange-traded funds (ETFs) in March.

More:

Bitcoin Tops $88K, Catapulting MicroStrategy to 24-Year Record Amid Supercharged Crypto Rally

Michael Saylor's company surpassed its lofty dotcom bubble highs, now holding over $24 billion worth of BTC in its treasury.

www.coindesk.com

 

[searcher]

^^^^^^
More: https://www.cnbc.com/2024/11/11/crypto-market-today.html

 

[pmbug]

I wonder if any reporter is asking Elizabeth Warren for her thoughts on the crypto rally on camera today. That would be fun to watch.