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

[empowering]

[1713910639]

1713910639

[1713910639]

1713910639

[1713910639]

1713910639

[Wilhelm]

has anyone the liquidation prices and the amount of coins of the lenders under water?

You mean this?

https://www.coinglass.com/LiquidationData

[aesma]

The Fed's role (and the ECB) is first and foremost to control inflation, and after a decade of not having to do anything about it as it was low, now is the time to do something for them.

The Fed actually CREATED the insane inflation that we are seeing by printing 30+% of all U.S. fiat in existence in less that a year and shoving that out into the world.

And now they supposedly want to tame the inflation they themselves created? They can fuck off.

All they are going to do by raising rates is finally get the massive global layoffs they didn't get with Covid and pushing mandatory vaccines.

All by design.

Why would the Fed, a bunch of bankers, care about vaccines, or want layoffs ? What's in it for them ?

1. Fed's friends are the world's billionaires who own all the mega corporations around the world.

2. Mass layoffs = lower overhead costs for corporations, layoffs = demand destruction, demand destruction reduces input costs for goods, reduces number of goods created, stabilizes consumer goods price inflation (supposedly, haven't seen that yet) and increases corporate net profits.

3. Mass layoffs also = reduction in rising salary pressures for corporations due to inflation.

Making mega corporations more profitable, and thus making their wealthy elite buddies happy. THAT is what is in it for them. They could give a shit about low unemployment.

If you think that full citizen employment is the Fed's mandate, then this ongoing chart would like to have a word with you:
https://www.bls.gov/charts/employment-situation/civilian-labor-force-participation-rate.htm

A few months ago when BTC was high, inflation was already rising, yet the big corporations you're talking about where making gigantic profits. Since then their value has dropped, and if there is less demand, there will be less money to be made, regardless of if they layoff or not. And in the US, laying off people isn't exactly difficult, unlike in some other countries.

If you take Google or Apple, despite paying thousands of people very well, they manage to make billions every month, why would they want to upset the situation ?

[Paashaas]

[Gachapin]

has anyone the liquidation prices and the amount of coins of the lenders under water?

You mean this?

https://www.coinglass.com/LiquidationData

Sorry, I mean the lenders like Celsuis, Blockfi/Three Arrows and others if there are.

[aesma]

On the bright side of the economy.... that guy at the office who will never stop talking about crypto...has stopped talking about crypto...

I stopped talking about it 2 crashes ago. A couple colleagues still remember and mention it from time to time, either when it's high "Lambo yet ?" or when it's low "painful ?". Annoying but my fault I guess.

[serveria.com]

If you feel depressed now, just imagine: some guy somewhere has bought BTC at $69000 (or $68xxx). Imagine what it feels like to be him now? That's what I call PAIN! 

[aesma]

Good morning Bitcoinland.

Another day, another leg down... currently $18862USD/$24572CAD (Bitcoinaverage).

Still waiting to see how this goes. What a week.
___

It looks like I may have to pass on the house I was planning on buying. I'd rather forfeit my $70k deposit than sell another $1.3m+ at these prices.

When I signed the purchase-sale agreement, Bitcoin was worth over $40kUSD. I started to DCA my BTC liquidation and was about a third of the way there after selling another 5BTC last week (June 6-10). I planned to sell another 3 coins on Monday and more again on Friday (yesterday) but backed off when I saw the dip. I consulted my main OTC connections who said they were also suspending business until things stabilized a bit. Now it's almost a week later and there's no rebound in sight.

The house is what I'd been looking for... ideal downtown location, income potential (AAA tenants in place), fully renovated, rooftop garden, etc...
but I'm not going to gut my BTC nest egg to buy it. I don't want to ever have a mortgage again. I learned that lesson over 30 years ago when my cheap 6.5% mortgages jumped to almost 20%. I laugh at kids who bellyache about single-digit inflation. I swore I'd only ever pay cash. Credit is a scam.

My BTC stash is still enough to live happily ever after. I want to keep it that way.

If you forfeit the deposit but buy back coins at the current price/lower, you should be able to recover when BTC recovers.

I'm much younger than you and here mortgages are at a fixed rate so I planned to buy a house (for me) with the biggest mortgage possible considering my salary, now that amount is going down rapidly, I might have to reconsider. And maybe just wait for the real estate market to crash, too.

[empowering]

Wen shit the bed capitulation wick? (rhetorical)


heh heh

[salad daging]

If you feel depressed now, just imagine: some guy somewhere has bought BTC at $69000 (or $68xxx). Imagine what it feels like to be him now? That's what I call PAIN!  

They may not be comfortable living seeing the current situation let alone buying over $69k oh it's really annoying if they still survive.

The only thing is waiting for to the moon to come.


Image source from twitter

[podyx]

[aesma]

I have 3 steps left to my ladder down to 16K. No more fiat money until the end of the month, unfortunately.

I think it is EXTREMELY interesting and possibly important that this is what the mempool looks like:



Seems both good and bad.

Just like the rise to 60k+ the fall back to here (and further?) is NOT because of retail.  So why IS it happening?  Who is doing the selling, and where?  I think Torques post above is relevant.  Some ideas:

-This is absolute proof of rehypothication.  Coins are not even being traded on chain in significant amounts.
-Retail may or may not be buying or selling.  But they are NOT taking custody.
-The businesses BUILT on paper bitcoin are dying in SPITE of the above.

Thing is those people are using the tried and true fiat system tricks to churn value out of the system.  But bitcoin is different than the fiat system so they are getting ruined by it one by one.  This hurts the entire ecosystem, really.  But it is 100% necessary.

This is what I hope we end up seeing:

1.  People trusting scammers with their bitcoin will lose it.
2.  Then More and more people will begin to take custody of their bitcoin, or at least trust a custodian that is not lying.  
3.  The scammy paper trading services will get liquidated.
4.  GOTO 1

This is a vicious cycle with a virtuous end effect.

I'm trading and not taking custody. My main stash I hodl. Trading is to increase the stash, I make a transfer to a wallet once in a while, but since I'm not earning that much, I can leave that on the exchange. Said exchange has considerably lowered its fees to get BTC so I might do more, smaller transfers, though.

I suspect retail selling the dip are mostly people who don't own a wallet at all and only use websites/apps.

The whales doing the majority of the trading might or might not hold coins, they could be playing with fiat only. That's clearly a problem with crypto's lack of rules, there is nothing preventing someone with big bucks to manipulate them. Short sell 5000 coins at 20K, the sell crashes it to 18K, buy back slowly at an average of 19K => 5 million profit. Rinse, and repeat.

[Biodom]

has anyone the liquidation prices and the amount of coins of the lenders under water?

You mean this?

https://www.coinglass.com/LiquidationData

Sorry, I mean the lenders like Celsuis, Blockfi/Three Arrows and others if there are.

It's all dynamic and proprietary.
I have seen one post that says that a large Celsius loan collateralized by WBTC (wrapped btc) has $13.6K liq value.
However, taken by itself it is meaningless because they might have many other sources AND additional loans.

[Biodom]

Interesting, but it would be more meaningful if measured in current GDP levels (or adjusted by inflation).
I would be also very interested in seeing fin losses plotted over decades that include the 30ies and the 70ies.
For stocks only this is informative:
https://www.investopedia.com/a-history-of-bear-markets-4582652

However, i get the point that this time it is BOTH (stocks+bonds).
I am not sure how the fin system can handle it.
2008 was 'only' 56% (1929-1932 was 89%). Stocks only.

[savetherainforest]

F^ck man! Those ETH fees on my USDT are crazy!.. ))))))))))

I'm not crying but they went from like 2-3$ to 12-15$ in like every minute or so. I had to wait to time it to be lower, because I'm a cheap bastardino!    

I had to go to sleep, so I bought some multiple stuff. Yes... I have BTCiTcoin too, stfu!    


*edit(): I'l see tomorrow if price still keeps low, so I can buy some more.      


*edit(2):  I had to get rid of my USDT. I'm not rly a fan of these 'make belief coins'. But as long as they work with DEXes, I'l allow it once in a while.      

[ChartBuddy]

Explanation

[aesma]

18K now broken

[ImThour]

18k broken. My portfolio is officially 20% down now.

[empowering]

[savetherainforest]

18K now broken

Good! Let it drip! WITH THICK DARK BLOOD!   


Oh Gawd! ... ETH fees went from 2$ to 20$. ROFL! LOOOOL!