Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Norway]

Don't cry, fellow bulls. Just 8 days to Nasdaq Sweden start trading bitcoin-paper (backed by real BTC).
This time, with unlimited volume on both bids and asks. (The GBTC has less than 150.000 bitcoins in matured shares.)

I don't think its backed by real BTC. When you buy oil shares, you don't back up your shares with buying more actual oil.

Yes it is. From Coindesk: "XTB Provider AB will hedge all sales of the bitcoin traded note by buying an equal value in the bitcoin market."

[Alley]

Anybody know how that process works?  If somebody buys 100 shares will a xbt bot buy 100 shares off a exchange in real time?  Or is it a deal where if more and more shares get bought then will buy in like 1000 coin baskets off a exchange whenever they want?

[Kupsi]

Don't cry, fellow bulls. Just 8 days to Nasdaq Sweden start trading bitcoin-paper (backed by real BTC).
This time, with unlimited volume on both bids and asks. (The GBTC has less than 150.000 bitcoins in matured shares.)

I don't think its backed by real BTC. When you buy oil shares, you don't back up your shares with buying more actual oil.

Yes it is. From Coindesk: "XTB Provider AB will hedge all sales of the bitcoin traded note by buying an equal value in the bitcoin market."

I believe people underestimate the potential of Bitcoin Tracker One since it's trading on Nasdaq Stockholm, but the bears should be scared...

[Kupsi]

Anybody know how that process works?  If somebody buys 100 shares will a xbt bot buy 100 shares off a exchange in real time?  Or is it a deal where if more and more shares get bought then will buy in like 1000 coin baskets off a exchange whenever they want?

If Bitcoin Tracker One trade above the real bitcoin price, XBT Provider AB (Swedish company) will buy bitcoins and sell new notes on the exchange.

[hyphymikey]

Microbears in action this weekend.

[ssmc2]

Microbears in action this weekend.

They'll be sad tomorrow morning. 

[inca]

Volume is so paltry these movements are meaningless range trading IMO.

Real fun starts US trading tomorrow. It will be interesting to see if price discovery moves over to the US exchanges and US timezone in the coming months, with low volume drift otherwise. One can forsee the upcoming ETF's to suck quite a lot of btc onto their books and markedly reduce the available exchange supply. I can also easily see some very large bid ask walls being erected on US exchanges like itbit which will prevent chinese fake volume exchanges going full retard in the future and attempting to run the market up and down with unnecessary price volatility.

[billyjoeallen]

Does anyone seriously think that the people who invested hundreds of millions into the the infrastructure are not going to buy any coin also? there are over 12,000,000 millionaires (USD) in the world. If they decided to buy an average of one bitcoin each, there would barely be enough to go around.  A bitcoin costs about ~ $240,  one four thousandth of a million dollars or 0.00025%.   

Even if they are almost certain bitcoin will fail, that's an extremely cheap insurance policy against them being wrong.

There are seven and a half billion people in the world. If one person in 577,000 bought in average of one bitcoin each, there would barely be enough to go around.

Bitcoins are scarce. They are precious. In a world with capital controls, trade sanctions, negative interest rates and confiscatory government policies, it is the currency with almost zero storage and transfer fees.  It's resistant to theft, forfeiture, clawbacks, seizure, and debasement. It is the future and bears are on the wrong side of history.

[galdur]

I figured a triangle was forming and it is getting clearer now. I'd imagine we'll drop down to 240ish next, do the zigzag for a number of hours. Good luck, g

[Alley]

Lately during the week it seems like the Chinese have been dumping coins in the AM hours and Americans have been buying them back up during the day.

[inca]

Does anyone seriously think that the people who invested hundreds of millions into the the infrastructure are not going to buy any coin also?
<snip>
It is the future and bears are on the wrong side of history.

Excellent points billyjoe. Probably one to book mark for later this year.

To suggest that VC firms (lead by silicon valley billionaires) - who are projected to invest more than a billion in btc infrastructure and companies this year - do not have the foresight to accumulate significant holdings and help engineer the next run up are pretty silly. And if they won't do it then you can bet your bottom dollar Wall street have been doing exactly that for the last year or so.

If the COIN etf is approved then it would only take a couple of hundred million USD investments from hedge funds and average joe to send the price into the stratosphere. Not exactly a hard sell either - look what it did in 2011, look what it did in 2013, look what it could do this year..

It wouldn't surprise me a jot if by some stroke of coincidence the stars of technically breaking the down trend and the announcement of COIN miraculously align at the same time either.

Edit: big scary 140, 633 and 242 ask walls trying to push bitcoin lower..we know they are fake!

[Fatman3001]

Does anyone seriously think that the people who invested hundreds of millions into the the infrastructure are not going to buy any coin also? there are over 12,000,000 millionaires (USD) in the world. If they decided to buy an average of one bitcoin each, there would barely be enough to go around.  A bitcoin costs about ~ $240,  one four thousandth of a million dollars or 0.00025%.  

Even if they are almost certain bitcoin will fail, that's an extremely cheap insurance policy against them being wrong.

There are seven and a half billion people in the world. If one person in 577,000 bought in average of one bitcoin each, there would barely be enough to go around.  

Bitcoins are scarce. They are precious. In a world with capital controls, trade sanctions, negative interest rates and confiscatory government policies, it is the currency with almost zero storage and transfer fees.  It's resistant to theft, forfeiture, clawbacks, seizure, and debasement. It is the future and bears are on the wrong side of history.

And if flies were monkeys we would all be covered in monkey poo.

[BlindMayorBitcorn]

Does anyone seriously think that the people who invested hundreds of millions into the the infrastructure are not going to buy any coin also? there are over 12,000,000 millionaires (USD) in the world. If they decided to buy an average of one bitcoin each, there would barely be enough to go around.  A bitcoin costs about ~ $240,  one four thousandth of a million dollars or 0.00025%.  

Even if they are almost certain bitcoin will fail, that's an extremely cheap insurance policy against them being wrong.

There are seven and a half billion people in the world. If one person in 577,000 bought in average of one bitcoin each, there would barely be enough to go around.  

Bitcoins are scarce. They are precious. In a world with capital controls, trade sanctions, negative interest rates and confiscatory government policies, it is the currency with almost zero storage and transfer fees.  It's resistant to theft, forfeiture, clawbacks, seizure, and debasement. It is the future and bears are on the wrong side of history.

And if flies were monkeys we would all be covered in monkey poo.

[ChartBuddy]

Coin
Explanation

[Kupsi]

The market cap of all shares on Nasdaq Stockholm was 6,045 billion SEK (733 billion USD) at the end of april. 19,537 million SEK (2,370 million USD) was traded daily.

Source: https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=658483&lang=en

Don't underestimate the potential of Bitcoin Tracker One.


Time: T minus 7 days and 7 hours.

[nanobrain]

The market cap of all shares on Nasdaq Stockholm was 6,045 billion SEK (733 billion USD) at the end of april. 19,537 million SEK (2,370 million USD) was traded daily.

Source: https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=658483&lang=en

Don't underestimate the potential of Bitcoin Tracker One.


Time: T minus 7 days and 7 hours.

Oh goody....its been ages since we had a meaningless countdown to get all worked up about...maybe someone could do a clock.

[chriswen]

Currently price just seems to be chopping around.  Bands are tightening.

[billyjoeallen]

Bitcoin has a much much lower chance of failure now than it did when I bought in for $10 in 2011. This isn't even my first 18 month bear market. This is normal, but hodling is hard. At the next ATH when we find ourselves regretting not buying MOAR NOW, don't let anybody tell you you didn't earn every bit of it.

[Norway]

I believe people underestimate the potential of Bitcoin Tracker One since it's trading on Nasdaq Stockholm, but the bears should be scared...

I agree. There is also launched a new exchange in Sweden, Cryex, funded with $10M by scandinavian investors. Now, Bitcoin Tracker One can refill coins from both them and Safello without sending money abroad.  

[coinableS]

The market cap of all shares on Nasdaq Stockholm was 6,045 billion SEK (733 billion USD) at the end of april. 19,537 million SEK (2,370 million USD) was traded daily.

Source: https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=658483&lang=en

Don't underestimate the potential of Bitcoin Tracker One.


Time: T minus 7 days and 7 hours.

Even as a permabull I'm kinda doubting the Stockholm launch. I don't know why, but I am. It's great for the validity of bitcoin, and it helps move bitcoin out of the fringe anarchic nerd circle, but for some reason I'm not expecting much volume from KNCs Bitcoin Tracker.  Lets hope I'm proven wrong.