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There are miners out there that will capitulate.
It doesn’t make sense but the issue is that many miners bought most of their gear on credit. Typically with a credit card with some 20% APY rate.
It will reach the point where they will need to sell everything ASAP because the interest alone will be more than the profits from mining.
Sad story but I’ve seen it happen.
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So far they are minting crazy amounts of Luna and people are taking advantage by buying UST and getting $1 worth of Luna and then selling that to repeat the process.
The supply is growing like crazy however and this will see single digit in the cents pretty soon. When Luna value is Very low then buying UST won’t make sense anymore since they only mint like 1,000,000 per minute.
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Yeah many people got liquidated. Especially those who were holding Luna. You go to their Reddit you can see sad talks of losing everything and Suicide messages. And even those who held the stable coin UST.
The peg is getting closer to closing however many probably panicked and sold earlier at 50% loss because they were worried. This month will be a very volatile month for crypto and stocks .
Nobody knows when it will bottom out and make a new ATH.
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I wouldn’t be buying at $28K unless we get some type of confirmation. Remember back in 2018, it broke $6000 support and went to $5000 stayed there for a day and went lower and everybody assumed it was the low. Many got liquidated when it went into the $3.5K area.
Getting ugly out there. Stay safe and don’t use leverage. Who knows how long this bear market will last. The global markets are all messy these days including all the nasdaq stocks.
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Today was a nasty day for the peg. It’s down to 0.60 and no signs of recovering. The dev already started to move the BTC into the exchanges and people are panic selling Bitcoin because they fear of the $1.5B sell order he can make. This was so massive that Bitcoin went below $30k even.
Wonder if the peg will go back to $1. Makes me feel uneasy holding any type of stablecoins honestly. Feel bad for the people who held their savings in the UST stable coin. Only to wake up and have half of it disappear.
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No this is not the reason for the sell off.
And this was discussed for years. When quantum computers come out then Bitcoin will most likely upgrade its code to be more secure. And so will banks and most companies to secure their systems.
This is years and years away however. Today’s sell off was due to the UST unpegged from 1:1 causing panic.
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Today bitcoin had a bad day for 2 reasons
1) Stock sell off especially the tech nasdaq index
2) UST Luna peg started to drop all the way from $1 to $0.60 and spooked investors because it’s backed by BTC reserves and those reserves started to move.
So the BTC would be sold to keep the peg at 1:1. No idea if they were sold yet. However someone is dumping large amounts of UST on all exchanges.
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I don’t think you drew the fibs correctly. A better way would be to use the covid bottom because it’s the main impulse move.
Also the 0.236 rarely plays out, it’s mostly the 0.382 and 0.618 and sometimes the 0.50
Where we are now is a good area because it’s the 30000 psychological number.
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There are a lot of people that are calling it quits. This past few months have been brutal and the final nail on the coffin was what happened in the last couple of weeks.
Bitcoin had a nasty day today and a few days prior and so did the stock market. Many have lost all their 20-21 earnings and are down bad and quit.
I think the bottom must be near… at least temporarily.
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I remember back in the 2018-2019 ETH bear market days. I think my old RX 470 4GB made like $0.20 profit using $0.20 electricity. So basically broke even. It was 30mhs or close to it. So that’s equivalent to like $0.70/100mhs.
Yeah mining sucked and it was cheaper to buy. ETH kept going lower and lower and I was waiting for those with expensive power to shut off their rigs, they never did. Difficulty was always high, even in bear market.
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The GPU in the bios has safeguards in place if the temperature goes too high it sends a special signal to the motherboard to do an emergency shut down.
So if it’s not shutting down you are most likely fine. They design GPUs to run extremely hot. I had many old GPUs and they ran at like 80-90 degrees on GPU chips for years because AMD design them to be quiet. So it had high temps to not be crazy loud and it lasted like 5 years before I sold it. So I wouldn’t worry about damaging anything.
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The issue I am seeing regarding inflation is this. Everybody is talking about the coming recession. However when you go out in public people are still spending money like crazy.
Gucci store is full, lululemon is packed, so is Apple store. Everyone is spending money, adding debt with rising interest even though they know there is going to be a recession sooner or later. Why is everybody being careless.
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When unemployment is too high it’s not good but when it’s extremely low it’s not good either. Right now we are experiencing very low unemployment levels. It’s hard for employees to find workers.
Next time you go out in Public, look how many times you will find notes saying that they are short staffed or they are hiring. It’s going on everywhere.
This is not good because it decreases productivity. The report came out last week of low productivity levels for workers. And it increases inflation because they need to pay a higher wage which is passed on to the customer.
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There were a lot of indicator that pointed bearish that year, it wasn’t only the MACD. What was brutal about 2018 is that most people were bullish. Many were expecting November 2018 to be the month where crypto will take off since it was usually a bullish month and the complete opposite happened.
Right now I don’t think anyone is bullish at $33K, so most likely it won’t break like everybody expects. However i the real battle will be when we get to the $28k area in a few months. If that breaks most likely the previous ATH will get tested.
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We had basically 6 weekly bearish candles in a row, this only happened twice in bitcoins history. Most likely this week will end bullish. However anything is possible.
We are approaching the yearly low, most likely we will get some bounce out of this level, perhaps close the week bull however the global sentiment is very bad right now and who knows what will actually take place.
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Generally it’s not wise to use Bitcoin as collateral for anything. Remember when Bitmex was the largest futures exchange? Remember that nasty crash we had back in late 2018.
Most of it was due to the positions being held in Bitcoin as collateral. Problem was when Bitcoin lost its value the position needed more BTC to keep open. However since value of Bitcoin dropped it worked as a domino affect pretty much and why we had a huge cascading liquidating event that month.
For mortgages it’s not a good idea either and that 14% interest rate is just crazy.
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It’s hard to say.
Generally with stagflation it follows a recession. A recession is not good for stock market. Bitcoin follows the stock market now.
So it might go down however when the fed goes in and starts printing money, people will buy stocks and crypto again due to inflation fears.
So far it’s trading sideways and drifting slowly down. Much healthier than most other assets out there except commodities.
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One issue I am worried about is that during the last Microstrategy conference call, they said they got a liquidation price of $21K for their Bitcoin position. This is worrying because when the bears hear those targets they will usually try and run them.
Especially since it’s still above the $20K old ATH and most likely if last years $28K breaks then it can get down to $21K pretty fast.
Depending on the state of the global markets then, they will need to liquidate a large portion of their BTC and it’ll be nasty. Hopefully it never comes to that.
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Wondering if this is possible.
Say you got a limit order set, and before this limit order fills, you want to a take profit order. Is this possible?
Say you want to buy bitcoin at $35000, so you set a limit order for $35000 and you want to take profit at $40000. With a stop at $30000.
You would set a buy order at $35000, and a stop market sell order at $30000. However when I try and make a limit sell for $40000 using the reduce only option, I get an error because the long position is not opened yet. I need to open the position first and then I can add the reduce only option for the sell order.
Anyway to add all 3, a limit order, stop order and take profit order before I get my fill ? I am pretty sure its not possible with FTX.
Maybe it possible with the Quant Zone?
It Isn't possible in spot, but it is possible in future BITMEX and I have even done it in Binance as well, basically, first you put a buy limit order on whatever price that you want to buy on let's say 40000, then you put a short position stop-Limit on 42000 but keep its trigger at around 41900, which means if the price goes to around 41900, it will then put a reduce only order at 42000 to sell this position that you might enter, similarly for selling it on a stop loss create a stop limit at around 38000 with a trigger price of 38001, which means this order will get trigger only if prices goes below 38001.You shouldn't find any erorrs in placing these and your purpose is fullfiled too. Yes I know you can do it on some exchanges. And on some exchanges you can put a reduce only order and if price hits that area and you don’t have a position open then it just cancels it. The issue with FTX is that if you make a reduce only order it will give you an error if you don’t have a position open. Even if you have an order for that position which is unfilled, it gives an error. |
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Wondering if this is possible.
Say you got a limit order set, and before this limit order fills, you want to a take profit order. Is this possible?
Say you want to buy bitcoin at $35000, so you set a limit order for $35000 and you want to take profit at $40000. With a stop at $30000.
You would set a buy order at $35000, and a stop market sell order at $30000. However when I try and make a limit sell for $40000 using the reduce only option, I get an error because the long position is not opened yet. I need to open the position first and then I can add the reduce only option for the sell order.
Anyway to add all 3, a limit order, stop order and take profit order before I get my fill ? I am pretty sure its not possible with FTX.
Maybe it possible with the Quant Zone?
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