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

[Volgastallion]

Tomorrow its the date to know what its gonna happen really, lets see how the markets open and how its developing the news and the intraday trading.

We can expect a lot of movements and a lot of inside info in some operators.

JUST IN: 🇺🇸 US government to make announcement on Silicon Valley Bank to prevent further fallout.

https://twitter.com/WatcherGuru/status/1634938060004802561?t=mg4lyfOzhxvdmG_0hDP4RA&s=19

They're going to take your wealth and give it to a bunch of rich guys in California.

not your keys not your wealth

Hahahah really good one.

JUST IN: 🇺🇸 US government to make announcement on Silicon Valley Bank to prevent further fallout.

https://twitter.com/WatcherGuru/status/1634938060004802561?t=mg4lyfOzhxvdmG_0hDP4RA&s=19

They're going to take your wealth and give it to a bunch of rich guys in California.

You have plenty of reason, but...... if they dont make that move the expading collapse its or can be far worse for the whole society, its sad? yes, but it works that way, all the system is based on this pillars.

The government is always the last insurance in this kind of case.

[ChartBuddy]

Explanation

[philipma1957]

Explanation

buddy is waking up ⬆️

[dragonvslinux]

Sidenote: they closed Silicon Valley bank and ALSO the Signature bank, apparently (Silvergate closed last week).
Is there any bank left for Coinbase and Kraken to bank with?
I am not sure.

Coinbase have 5 other banks I read, SVB was just one of six. Probably why USDC is back to $0.99 before their banks open tomorrow despite you expecting much less than that. Not sure about Kraken, but doubt they'd be dumb enough to only be working with one bank, but time will tell. Generally speaking, major exchanges don't partner with only one bank for this exact reason... At least this isn't 2017 anymore.

Regional banks might bounce up tomorrow, but then it might be like Lehman after it bounced up after Bear went under....same problems.

I think we're yet to learn about the contagion regarding SVB, given it was near the size of Lehman, but the involvement in financial sector was considerably different it seems - mainly tech start ups, rather than general purpose (unless I'm mistaken here). The interesting dynamic will be to see if this situation will end up being "good" for Bitcoin or not, the idea that centralised banks aren't a reliable place to store wealth, hint hint...

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

If Bitcoin continues to rebound strong, it'll be predicatable to look back in the near future and claim the reason why, based on the one of the reasons for Bitcoin's existence.
Likewise if Bitcoin drops further, many will point figures to the SVB situation as reasonining, for example if USDC fails to return to parity.

It's almost as if Bitcoin has a mind and sentiment of it's own and external financial situations doesn't affect it

At least so far from the SVB fall-out, Bitcoin has bounced from support and up 6%... just food for thought.

[Biodom]

Sidenote: they closed Silicon Valley bank and ALSO the Signature bank, apparently (Silvergate closed last week).
Is there any bank left for Coinbase and Kraken to bank with?
I am not sure.

Coinbase have 5 other banks I read, SVB was just one of six. Probably why USDC is back to $0.99 before their banks open tomorrow despite you expecting much less than that. Not sure about Kraken, but doubt they'd be dumb enough to only be working with one bank, but time will tell. Generally speaking, major exchanges don't partner with only one bank for this exact reason... At least this isn't 2017 anymore.

well, I expected 0.97 IF there would be no bailout (based on simple calculations), it is now 0.99 with a bailout, but it WAS almost exactly 0.97 before the bailout announcement: https://www.washingtonpost.com/us-policy/2023/03/12/silicon-valley-bank-deposits/
It is somewhat strange that USDT still has a 1% premium.
I cannot predict gov actions, sure, but I will look with interest at reg banks tomorrow.

[JimboToronto]

Good day Bitcoinland.
A pretty good day indeed.
Lovely Bart back up.

SVB bank run
Reminding us that Bitcoin
Is the only way.

Money in the bank?
What a silly expression!
Hodlers laugh out loud.

Twenty-two thousand
Is barely a start.
Onward and upward!

[dragonvslinux]

Sidenote: they closed Silicon Valley bank and ALSO the Signature bank, apparently (Silvergate closed last week).
Is there any bank left for Coinbase and Kraken to bank with?
I am not sure.

Coinbase have 5 other banks I read, SVB was just one of six. Probably why USDC is back to $0.99 before their banks open tomorrow despite you expecting much less than that. Not sure about Kraken, but doubt they'd be dumb enough to only be working with one bank, but time will tell. Generally speaking, major exchanges don't partner with only one bank for this exact reason... At least this isn't 2017 anymore.

well, I expected 0.97 IF there would be no bailout (based on simple calculations), it is now 0.99 with a bailout, but it WAS almost exactly 0.97 before the bailout announcement.
I cannot predict gov actions, sure, but I will look with interest at reg banks tomorrow.

Not sure you can call it a "bailout". It's Circle's own corporate funds that are being put forward as liquidity for USDC. Pretty sure a bailout is when it comes from an external party. Unless you mean Circle are bailing themselves out? As I said before it's all very unsurprising given the situation. Circle have had to use 2 years worth of revenue in order to keep USDC afloat, because ultimately they only lost 8% with SVB.

But sure, we'll see how it all pans out tomorrow. If 1:1 dollar redemptions aren't available, it's all going to go very wrong very quickly, I have no doubt about that.

Meanwhile Bitcoin gives the impression of smashing through resistance levels like there is no tomorrow. $23K is the one to watch imo.

[aesma]

Sidenote: they closed Silicon Valley bank and ALSO the Signature bank, apparently (Silvergate closed last week).
Is there any bank left for Coinbase and Kraken to bank with?
I am not sure.

Regional banks might bounce up tomorrow, but then it might be like Lehman after it bounced up after Bear went under....same problems.

I use a German or a UK bank but with euros of course.

[Biodom]

Sidenote: they closed Silicon Valley bank and ALSO the Signature bank, apparently (Silvergate closed last week).
Is there any bank left for Coinbase and Kraken to bank with?
I am not sure.

Coinbase have 5 other banks I read, SVB was just one of six. Probably why USDC is back to $0.99 before their banks open tomorrow despite you expecting much less than that. Not sure about Kraken, but doubt they'd be dumb enough to only be working with one bank, but time will tell. Generally speaking, major exchanges don't partner with only one bank for this exact reason... At least this isn't 2017 anymore.

well, I expected 0.97 IF there would be no bailout (based on simple calculations), it is now 0.99 with a bailout, but it WAS almost exactly 0.97 before the bailout announcement.
I cannot predict gov actions, sure, but I will look with interest at reg banks tomorrow.

Not sure you can call it a "bailout". It's Circle's own corporate funds that are being put forward as liquidity for USDC. Pretty sure a bailout is when it comes from an external party. Unless you mean Circle are bailing themselves out? As I said before it's all very unsurprising given the situation. Circle have had to use 2 years worth of revenue in order to keep USDC afloat, because ultimately they only lost 8% with SVB.

But sure, we'll see how it all pans out tomorrow. If 1:1 dollar redemptions aren't available, it's all going to go very wrong very quickly, I have no doubt about that.

Meanwhile Bitcoin gives the impression of smashing through resistance levels like there is no tomorrow. $23K is the one to watch imo.

Maybe i misread it, but washpo article reads like ALL deposits will be available, including unsecured one's like Circle $$ at SVB.
Yes, Circle made noises about covering the shortfall if needed, but market did not believe it, hence the USDC price vacillating between 96 and 97c today; following that, fed made a non-secured deposit coverage announcement and it is then the USDC vertically jumped from around 97s to 99c and above.

One thing is for sure...Bitcoin is looking good in this debacle.

[BobLawblaw]

https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm

Washington, DC -- The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:

Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.

After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.

We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.

Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.

Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.

The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today's actions demonstrate our commitment to take the necessary steps to ensure that depositors' savings remain safe.

[Torque]

The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today's actions demonstrate our commitment to take the necessary steps to ensure that depositors' savings remain safe.

"aLL SaVIngS DepOSiTs ArE SaFU"

Only one way to find out: pull yer money out, folks.

[ChartBuddy]

Explanation

[d_eddie]

Pegs getting unpegged
The corn keeps growing harder
Burning silicon





#haiku

[Biodom]

Honestly, i don't even get the legality of it.
Say, you are a stockholder at the Signature bank.
Your stock is at $70 at the end of trading day on Fri, was trading freely all day, no halts.
Suddenly, this bank is "seized" on Sunday and you read the following:
"Shareholders and certain unsecured debtholders will not be protected", which means that your stock in this bank is suddenly worth ZERO.
No other explanation given. Is there any legal scholars to comment?

At this point, who would hold any other bank stock, apart from top 4 (JPM, C, BAC and WFC)?

all this is bullish for bitcoin, though.

[BobLawblaw]

The Fed guards your wealth,
Easing fears with sound tactics,
Security found.

[aesma]

Honestly, i don't even get the legality of it.
Say, you are a stockholder at the Signature bank.
Your stock is at $70 at the end of trading day on Fri, was trading freely all day, no halts.
Suddenly, this bank is "seized" on Sunday and you read the following:
"Shareholders and certain unsecured debtholders will not be protected", which means that your stock in this bank is suddenly worth ZERO.
No other explanation given. Is there any legal scholars to comment?

At this point, who would hold any other bank stock, apart from top 4 (JPM, C, BAC and WFC)?

all this is bullish for bitcoin, though.

I think there can be legal actions to get more details but I don't really see the issue. The bank got bankrupt and in bankruptcy shareholders are screwed. If it was another kind of company that could continue doing business under bankruptcy protection, shares might hold some value, but apparently there is no bankruptcy protection for banks, which is understandable as we just saw that banks need trust, who is going to trust a bankrupt bank ?

[philipma1957]

Good day Bitcoinland.
A pretty good day indeed.
Lovely Bart back up.

SVB bank run
Reminding us that Bitcoin
Is the only way.

Money in the bank?
What a silly expression!
Hodlers laugh out loud.

Twenty-two thousand
Is barely a start.
Onward and upward!

Well we have a very long climb back up ⬆️ lets see were we are after the cpi this week.

[JayJuanGee]

Honestly, i don't even get the legality of it.
Say, you are a stockholder at the Signature bank.
Your stock is at $70 at the end of trading day on Fri, was trading freely all day, no halts.
Suddenly, this bank is "seized" on Sunday and you read the following:
"Shareholders and certain unsecured debtholders will not be protected", which means that your stock in this bank is suddenly worth ZERO.
No other explanation given. Is there any legal scholars to comment?

At this point, who would hold any other bank stock, apart from top 4 (JPM, C, BAC and WFC)?

all this is bullish for bitcoin, though.

The essence of the matter is likely something like: "rules do not matter... and we will deal with fall out later"..  The main thing is that no one panics (there's nothing to see here), and even if Govt officials are saying that this bail out is not a bail out since it is not going to cost taxpayers anything, if there is any short fall (holes in the books) the money printer will go buurr and such burrening be silently humming in the background so that no one notices that the cost of the burr is borne by whoever uses the USD.. so technically correct, the bill of the "non-bail out, bail out" is not borne directly by the taxpayer, but instead borne through the debasement of the dollar (which is way the fuck more difficult to actually measure in any meaningful way to facilitate that anyone in particular would be held accountable for having engaged in a "non-bail out, bail out").

On a side note, we might want to pay attention to see if any or all of the executives of the bank are held accountable in a meaningful/legal way ... (perhaps SEC insider trader charges?)... for their having had cashed out their $400 million worth of shares (or whatever the amount was?) within two weeks of this "non-run-on the bank, run on the bank" incident.

The main thing.  Don't panic.  Don't panic.  It's all under control. Everyone and their deposits are safe.. so go back to sleep now.. lull-a-bye---  lull-a-bye... everything is just fine... .. especially if you keep your monies in dee dollars.. .. and for sure don't look at that scary bitcornz behind the curtain.. that is nothing.. nothing at all.. .. it's a scam

[philipma1957]

https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm

Washington, DC -- The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:

Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.

After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.

We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.

Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.

Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.

The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today's actions demonstrate our commitment to take the necessary steps to ensure that depositors' savings remain safe.

Maybe this is better not worse.

[ChartBuddy]

Explanation