Bitcoin Forum

It's going to be a long winter, but Elon is bullish on BTC.
However, that was not the reason for the recent pump from $15796 to $16700. Below was the reason, some extra confidence was spread in the community by CZ:

https://i.ibb.co/QKFmk02/Screenshot-2022-11-14-12-22-38-81-948cd9899890cbd5c2798760b2b95377.jpg

This surely does not mean that the markets will revive so fast the way we saw during previous bull runs. Firstly Luna and then FTX have worsened everything, else we were going to see some great moves during November and December.

And let's hope that it happens in November and December this year. It was a brave move from CZ to make such a tweet, especially since there were already two huge bad cases. But I'm still curious about what CZ meant and have questions about the tweet.

But right now, the bitcoin price has returned to the $16k mark, which seems to be strengthening for a while. Hopefully, the price will continue to strengthen to return to a higher price.

While this can indeed give some confidence to the investors, I think that this can easily become a poisoned gift, in the same way CZ took SBF's FTT to "use" as "emergency break" when the things become shitty (FTX too inflated, too dangerous for Binance).

However, let's not cheer for CZ and the current price level. The current price level doesn't deserve that and CZ clearly does all this for his cold calculations.

It's incredible how people think and what they see as the reasons why the price changed by 1% and they still define it as a pump ::)

If CZ and Mr. Mars published some apocalyptic statement today, would that mean that Bitcoin would die (again) and panic would reign? Saving projects that are otherwise strong is one of the biggest stupid things I've read, but if it makes sense to someone, be happy because the great savior has spoken to you with words of comfort.

That, and most probably as well as this:

https://i.imgur.com/A867gjV.png

https://twitter.com/elonmusk/status/1592043719645356034

Crazy how just a Tweet from specific people can move the markets so much.

I'm not seeing a pump though, although we might consider the price going like $15,9xx-$16,7xx again. Because it went low as that price in the last 8 hours and then suddenly get a good bounce.

Nevertheless, we will have see about this so called "industry recovery fund". If that is the case then maybe we will be like as centralized as the banking system and then CZ has so much control more than ever.

Will it do good for the market in the long run?

I hope people will not be taking what these celebrities like CZ are saying, their moves now could be what would later caused some panic in the bull runs to come. CZ was not there during Mt. Gox exchange hack, he was not there during many hacks, scam altcoins and manipulations in the past. There is nothing he is doing than to just dominate the crypto market. Without him doing anything, bitcoin price would pump when the right time comes. Stop listening to these people to avoid manipulation and control.

So that's like an insurance policy term for those failed projects but based on their measurement, is a good one? I'd like to believe Elon this time if he says that bitcoin is going to make it because there's no other meaning to it and that's straight to the point that we all know.
Long bear market? Well, that's easy, we've been into it once, twice or many times for the others. It's no longer going to be hard way of dealing with this current long bear market.

Elon knew that him coming up when the market conditions are too shaky will embrace his ability to clown people and make them believe that he still holds his influence on the markets. However, all I see here is, these people are doing all this for their own business to profit.

This is like both wanting to assert that they are dominating the market, their influence over the market is too great. I still don't know if this is good news for the market, when power is concentrated in one person. One who owns the world's largest exchange and one who owns the world's most popular social network, the two combined can control the market however they want. It is also possible that the demise of FTX was due to other reasons as well ::) ::).

Mr. Mars did an interview a few days ago and I sincerely can't find any line where not to agree with him, especially the last line:
https://www.coindesk.com/business/2022/11/12/elon-musk-reveals-talks-with-sam-bankman-fried-my-bullshit-meter-was-redlining/


Apart from stating the obvious and not the SAFU things CZ is promoting, I liked how he characterized SBF, pretty much nailed it.

Too bad too many felt for his bullshit, but at least we don't have any contagion to bigger and more important companies so that the whole world would point fingers at crypto again like bitcoin would be to blame for!


Yeah, the guy that triggered all this now spreads confidence, we got rid of all our competitors through shady deals and made a lot of people lose money, but now you're safe as I'm the only one in charge of everything.  Love how he has found all the ways to protect everyone AFTER the things he knew for months screwed eveyone.

It looks like he is trying to find a way to cement his reputation and maybe he will wait for the right moment to manipulate the market again as he did with the 2021 bull season.

He is just like us, whether a believer in bitcoin or a strong believer in bitcoin, our goal is not too different, which is profit. That's why I never blamed him for his past manipulation or what he is doing with dogecoin. If we were in his position, I believe we would do so as long as it was profitable for us. But anyway since this tweet has given the market green, we should thank him.

I wouldn't say the bitcoin price increased because of CZ's tweet. Without his tweet or not, bitcoin will increase. This is just a mere tweet though but I do like the fact that CZ is always on the verge of building confidence back in crypto when there is a crisis. We saw how he restore hope in people's investment in luna, and now he's doing the same thing. 

I don’t think it’s good news. Binance is likely starting this because their peers are all failing and asking for help. CZ says he was contacted by 4 or 5 firms to get help. If that many exchanges are running to Binance to save them, you know the entire industry is in trouble. That’s why CZ is doing this. It might be good that he’s trying to find help to keep things afloat, but the fact it’s needed is definitely not a good thing.

I know Elon Musk can play both villain and good guy at times but on this one this is a confidence booster that the markets needed with all setbacks going on and this should be a "W" for us. Hope he shills BTC more to get the markets green again  :P

As much as we try to give praise to CZ, sadly he did play a part in the recent happening and this could be him feeling guilty for it... This is the ugly side of holding too much power in the crypto markets (monopoly) and nobody can do anything about it.

@2double0. We do not have a choice because we have no more money in our wallets hehe. Su Zhu, Do Kwon and Sam Bankrupt-Fried have scammed everything already hehehehe.

@Woodie. People like him have no guilty feelings over what they do in business because it was only business. He is only helping the cryptospace to only help himself. He will buy everything cheaply and it will also protect Binance because more dump from here will begin to have negative effects on them.

In any case, according to this article Binance has $70 billion in their reserve.



As per the details from Nansen, CZ’s exchange now holds $70,675,000,000 in its reserve, showing its commitment to transparency. The data shows that 32.99% of the assets are in BUSD, 22.92% in USDT, 10.22% in ETH, 8.97% in BTC, 8.60% in BNB, and 16.29% in other tokens.

Source https://watcher.guru/news/binance-holds-70675000000-in-its-reserve

Is the market now in CZ's hands? If CZ declares the market is about to experience some turbulences, it will happen, and when he says he will form some kind of a fund to help projects in liquidity crisis, the market will also recover?

This is the most BS thing in the market. We couldn't get more centralized than this. I don't think we deserve any mercy if we all believe in this. We're now becoming members of the Doge cult army with Elon as our god.

Bitcoin has its fundamentals. The fundamentals of Bitcoin is far stronger than CZ, Elon, and everyone else combined. Even if all of these centralized exchanges including Binance will perish, Bitcoin's features remain convincing.

It was defiantly CZ tweet that caused that massive pump yesterday. I saw the huge move and then checked Twitter and in that exact moment he tweeted.

This is proof that these markets are very thin. Very little liquidity on both ends hence you need to use stops or else you will have a long bag to hold.

I don't know what kind of massive pump you are talking about, so the price changed only 1% or maybe slightly above that - and someone calls it a pump ???

Who is then responsible for the pump that happened on November 10 when we had a price increase from $15.7k to $18k? Did CZ burp after a hearty breakfast, or did Mr. Mars fart, was it some kind of el efecto mariposa?

https://i.imgur.com/rSQfxT8.png

I'm a bit surprised, at first there was a lot of talk about Binance and CZ's role in the FTX exchange crisis, CZ's backtracking on the FTX deal was a merciful shot at FTX's death, now these statements by CZ come as a surprise to me, I hope His intentions are really good because there is some talk about CZ's dream of becoming an unrivaled Crypto Emperor.
November is the month of violent turmoil so hopefully things will end well and stability and prosperity will return to the crypto market.

That will be good for a while, but they would need to invest with projects that are very very legit and not just some guy at his home making a project level. Which means it already drops it down to very low amounts, do you know how many projects that actually has an office and hires people who would work in that office?

Or at last 50%+ of the workers let’s say, a few freelancers wouldn't be a problem. Not that many, 99.99% of the projects are just bunch of people around the world coming together to make something up to get rich. So Binance needs to find legit projects AND need to get paid back when market is bull so they can do it again later on. Sort of like IMF basically.

Others say that it's a play that CZ design and then backing up in the last minute to really pus the price to another bottom at around $15k.

But there are pro CZ says that he doesn't want to inherit the big issues that FTX will have to face in the future so he didn't push with the plans.

In any case, for us the damage has been done, we survived, although the market is very volatile as of the moment that any bad news will trigger another huge withdrawal again. Hopefully, the market will settle down and bounce to at least $18k levels.

The market is still unsure and there are still tendencies that with another bad news to come, it will surely trigger those who are fearing for their money to lose.

We should be more observant and needed to assess well if we are aiming to compensate
with how the market is behaving, do your DYOR and keep your eyes on how the news will
take effect inside the market.

I mean it’s clear that he was asked to save FTX and he just didn't want to, it wasn't a profitable deal so he backed out, which is understandable and ok. Why would he try to somehow get all of that trouble onto his plate? Makes no sense to me, he shouldn't even have looked into a possibility of it but I guess he just wanted to make sure it was as bad as it looked and turns out it was and he just didn't want to risk anything.

I assume that CZ is not responsible party for what happened, he is just not the hero that saved it, but at the first place the reason why they needed saving wasn't him and it was the CEO and he is the responsible one for all of this.

Yes, you are correct, for sure CZ is not responsible for what happened to the FTX exchange, the main responsibility should be on the CEO of FTX for sure, his mismanagement is what caused this disaster, but for CZ I think he had a role in accelerating this end, I also think that he has a dream to control as much of the crypto market, this is evident from the large number of crypto services that Binance has acquired. That's too bad because that's going to lead us towards foul centralism.

Maybe it's time to move to a decentralized exchange that allows traders to still have good privacy. But the problem may be in trading liquidity which is not high in volume. Till date many people believe Binance is the best exchange ever in the crypto world, maybe that is true but people will also complain about other things.

I still use Binance to trade, but for now I'm starting to feel some againt towards them from crypto users especially after the FTX cases started increasing. Withdraw your funds from the exchange so far it has been spread and voiced in many places, this has also made the panic increase.

Cz and binance certainly have no relationship that requires them to be responsible for the incident that happened to ftx, but as actors in the same business they only provide support in words for everyone who has suffered a loss from this incident. more than that I think nothing should be done by cz. But he is a very influential person in the crypto space and this incident was unexpected. therefore every victim of the ftx incident must hold accountable the ftx leaders. but for now there are several crypto projects out there that provide compensation to their coin holders who are stuck on the ftx exchange like chz and others.

I think it’s quite clear that not wanting any part of something that is bankrupting and trying to save it could be a clear sign that it wasn't really a bad decision. I understand maybe it was all because of him and all that talk, but I really do not think so, it’s basically just something FTX did their own, all of that "our funds were stolen" is a lie as old as time, and even if we assume that it wasn't a lie, it’s the same result.

Either FTX took the funds into their own pockets, or they were hacked, both of that means they did not do what they should have done and that’s why they are the criminals. Which means there is no turning back from there.

Nice that we see and attribute a 'pump' to words of the biggest guy in the exchange business, like Lucius says, stirring to see the effect it still has.

Don't forget that SBF was the saviour in the Terra debacle too.

Let's just get over this. Brace, but wait for the system to clear out. Not if but when, and all that.

What a big coincidence for encountering a huge controversy then it follow up with hacking for sure this is this last resort to save their assess and to get money on dying platform. For this is planned already that's because they know that they cannot revive back or regain what reputation FTX gain for past years because what happen to them is totally destructive events which is hard to overcome by anyone.

Looks like this is intentionally done by CZ to badly paint the reputation of SBF while also trying to pull the prices down to kick out some bad actors while also exposing them against the community. All in all, he tried to do good but his step of declaring publicly about liquidating their FTT balance made things ugly.

Do you believe that some Chinese out there who has made more money than he can count in his lifetime wants good for you, me or someone else? I am surprised that today was not a new pump again, because the beloved leader made another optimistic announcement for the future. In a few years, 8 billion people will use crypto, which means that even children in cradles will do it, along with all those who still do not have access to the Internet, and today there are about 45% of them.

I'm really surprised that the masses didn't react positively to such a post ???

Most likely measures like this will represent some positive but also some fallout continues to land, hence price sways back and forth.  Even with no news available and no knowledge of events I would still speculate on a wavering price for some time similar to any large shock wave it will take time to stabilize, and I think thats natural process for both BTC and the wider crypto economy to go through.  Its partly because all humans react in similar ways to fear and risk of loss vs opportunity and because we all react in line its herd or crowd wave effect where the energy will take time to work through both on the charts and various other less purely numerical ways.  
  I will guess our time to recovery will be guided by something like the 50 day average becoming far closer to everyday prices before we accumulate enough positive momentum.

Just read the guy's actually Canadian now, or has always been, though it doesn't change where he came from anyway. Not sure why I brought that up, just made me think about how he talks and views himself.

But yes, also surprised his magnificence failed to make the expected impact, honestly thought his disciples were buying on his every word.

Naughty man for trying to sully the cherubic image of SBF!

Really hard to face it on if you do know that you dont have any chances for some counter measures on whats been thrown into you.This is why they do really mind off on having that hacking incident instead.
Im not really believing it on the first place that they've been hacked, but rather i do believe that this is some sort of obvious exit strategy while they still can or those funds arent frozen yet.
Doesnt matter if CZ does play a big role or some sort of showtime on the market about in between FTX but i do agree on some point about dumping FTT
did really make it look bad.

My take...  Great moves, nope.  But yeah I think November or December could've been a bit better for BTC if the whole FTX thing didn't happen.  But then again and I'm not trying to break everybody's bubble, but December historically hasn't really been good for BTC or altcoins.

Now I know I've been saying that the bottom could be in but looking at the chart again now makes me feel like it could go for another leg down.  Dunno...

Definitely, the price has risen to $20k, the biggest support we have and then we are settling down in the last 2 months. Until this FTX thingy that drags bitcoin price down to new all time low, ouch.

But we have to accept that fact for now, we will be happy to see at $18k or going far to $20k.

Still a lot of time to get cheap bitcoin and accumulation at this period before the eventual bull run in 2024.


Possible, we still have a full year to undergo this crypto winter.

Really, did Elon actually say it? But why no one talks about it here. Oh well, I guess people still can't move on on what happened with FTX but Elon is an influential guy and any of his actions or tweets about crypto, will have an impact on its price but we cant also disregard what CZ have said there.

This is the other reason on why the price increased by some percent. Market recovery will still depend on many factors and this includes the confidence of the people to trust crypto again and also if the recession and inflation are now over. Let's only hope that this new plan of CZ won't be an epic fail because if it did then I guess it's game over for crypto.

Bitcoin market though, no need to do DYOR for me, I mean the price is down yes, and we all agree to that because of several factors and we are in the bear market. However, if we are here for the long term or at least see what the next bull run will bring, then definitely we don't have to think twice to invest, just wait after the block halving, the catalyst for a bull run.

But if you are talking about crypto market in general, probably that DYOR adage is no longer applicable. Just look at that classic example of FTX, for sure we did our research for quite some time and find that it's a good market token to invest - FTT their native token, 98% down from it's all time high last September 2021.