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

[Torque]

People new to the Bitcoin market often wonder during bear times, "Who's doing all the fkn selling?!?!?"

The secret: It's literally a small group of colluding whales, that control all the float rn. Most likely exchange whales.

That's it, that's the secret.

And right now, they are determined to push the price sub $30K. Because they believe that price level is a psyche threshold that paper-handed n00bs care about.

It's all about inducing panic.

[1714310321]

1714310321

[1714310321]

1714310321

[1714310321]

1714310321

[PoolMinor]

Lol

Yeah, pretty much me RN. Kinda wanna take a nap for a month or so. Barn should hopefully be up by then... Zzz...

Who even sells in this market? Good grief...

The same people that were buying in March-April of 2021

[LFC_Bitcoin]

$30,1xx

Asia is awake, the next round of dumping looks ready to commence  

Can $30,000 hold?

[Gachapin]

People new to the Bitcoin market often wonder during bear times, "Who's doing all the fkn selling?!?!?"

The secret: It's literally a small group of colluding whales, that control all the float rn. Most likely exchange whales.

That's it, that's the secret.

And right now, they are determined to push the price sub $30K. Because they believe that price level is a psyche threshold that paper-handed n00bs care about.

It's all about inducing panic.

seen that movie before

[Torque]

Can $30,000 hold?

[Biodom]

I hope btc can hold, but something "funny" is going on with Terra/Luna and UST (stable $1 coin which is down to 86c now).
I think that this system (which bought quite a bit of btc) is "blowing up".
Have to mention this because their buying of 1.5 bil btc was considered "good news" and now it (their algorithmic system) seems to be at least under severe stress (if not outright broken).
IMHO, underlying all this is a "power move" of usdt/usdc companies against the algorithmic ones (like Luna).
We shall see how it shakes out.

[CistaCista]

Today is highest volume on Bitstamp this year.

[Gachapin]

Can $30,000 hold?

would be shocking if it held

[ChartBuddy]

Explanation

[Wexlike]

ahhhhh yeah lmao


Once you see it you cant unsee it....


Lmao, my brain obviously stuck in the gutter , even after you said it , it took me a bit lol


'xplains the ratio too lmao

less porn for you empowering

[PoolMinor]

Can $30,000 hold?

The Tether printing machine buy orders go down to $28,600...This will be the local bottom. Until we see new bids placed below this.

My posts in this thread are for data compilation, I see patterns and understand this market is much more than speculative.

The Bitfinex orderbook history data is not available unless you purchase it from them. I have some screenshots of the books prior to them getting filled. Check my post history in this regards.
The premise I stated about scaffold bids was just an interpretation of the results. The buy walls promote selling liquidity, similar to the opposite in regards to sell orders. Bitfinex has been known to allow wash trading, even though they explicitly say that this is not allowed. Cryptsy used this tactic a lot.

Long term still bullish. Short-term not sure....

[Wexlike]

Terra USD "Stablecoin" is exploding and is selling 3 billion $ of BTC on the market to "defend" the peg

https://coinmarketcap.com/currencies/terrausd/

[fr4nkthetank]

Terra USD "Stablecoin" is exploding and is selling 3 billion $ of BTC on the market to "defend" the peg

https://coinmarketcap.com/currencies/terrausd/

so lemme get this straight.  They make a "stablecoin" pegged 1:1 USD:token.  Then they "raise" money, or sell it and use those funds to "back it".  They make money from all investment income from that like tether investing in commercial paper in china and stuff.  adds up quickly when you have billions outstanding.

but in this case instead of USD they bought BTC, but still pegged 1:1 USD:token.  right ? 

but this makes no logical sense at all. 

[Wexlike]

Who on earth has any idea how an algorithmic stable coin might/can work. This one is apparently not working anymore yet still dumping the treasury on the market.



Just lost another 15% in a couple of minutes, lol.

[Biodom]

Terra USD "Stablecoin" is exploding and is selling 3 billion $ of BTC on the market to "defend" the peg

https://coinmarketcap.com/currencies/terrausd/

so lemme get this straight.  They make a "stablecoin" pegged 1:1 USD:token.  Then they "raise" money, or sell it and use those funds to "back it".  They make money from all investment income from that like tether investing in commercial paper in china and stuff.  adds up quickly when you have billions outstanding.

but in this case instead of USD they bought BTC, but still pegged 1:1 USD:token.  right ?  

but this makes no logical sense at all.  

they rely on arbitrageurs
https://decrypt.co/resources/what-is-terra-algorithmic-stablecoin-protocol-explained

...but what if arbs pull out...then you have a crash like today.
they might be finished (or not), but we shall see.
if not, some deep pockets might make up to $ ten billions today.

[PoolMinor]

Terra USD "Stablecoin" is exploding and is selling 3 billion $ of BTC on the market to "defend" the peg

https://coinmarketcap.com/currencies/terrausd/

so lemme get this straight.  They make a "stablecoin" pegged 1:1 USD:token.  Then they "raise" money, or sell it and use those funds to "back it".  They make money from all investment income from that like tether investing in commercial paper in china and stuff.  adds up quickly when you have billions outstanding.

but in this case instead of USD they bought BTC, but still pegged 1:1 USD:token.  right ? 

but this makes no logical sense at all. 

Here is a deeper dive.
Say one wants to buy Tether.
Tether issues their token based on conversion of fiat/papergold/crypto/etc....  $100k in gold give $100k in Tether....Tether mints $100k out of thin air....
What happens when the value of the converted asset loses value, does Tether make the party that converted their assets to Tether cover the difference? I doubt it... Therefore Tether's reserves are currently only backed by ~5% actual USD deposits, the other 95% is other slightly volatile asset classes.

[Torque]

Terrawhat?

Seriously, if it hadn't been mentioned, I never would have known it existed.

Who cranks out all these garbage "stablecoins" anyway? And why would anyone trust them?

[Wexlike]

https://twitter.com/jonwu_/status/1523793482850050048

Just found a long thread that partly explains the UST de-pegging situation, still reading it. Parts of the DeFi Eco system are a true joke.

[Gachapin]

Welcome to the 20s  


Funny how the dips always occur almost exactly one year after every cycle peak

[Biodom]

Terrawhat?

Seriously, if it hadn't been mentioned, I never would have known it existed.

Who cranks out all these garbage "stablecoins" anyway? And why would anyone trust them?

well, bitcoin peeps were applauding them buying $3 bil in btc to support their scheme.
nobody (or almost nobody) was complaining.