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

[HI-TEC99]

...

Wowsie...really?

https://twitter.com/NorthmanTrader

predicts a short term run up like in 2008, post Bear, up to 14% in S&P, duration of about two mo.

[El duderino_]

[Biodom]

Which means in a bank that doesn't have enough cash on hand to cover all depositors, they will have even less now.

I'm just trying to figure out how Charles Schwab, a historical investment savings and loan bank, got shut down trading today.

To the best of my fundamental understanding of Schwab, they are extremely crypto averse, and have questionable if any ties to the larger contagion.

Shit is super fucked up today.

what this has to do with "crypto" in the first place?...that s-t is completely unrelated and is primarily caused by the loan book losses due to the fast increases in interest rates.
As now become apparent, FED told people in Dec 2021 that they would raise 1% in 2022. Instead, they did 4% or more.
Accordingly, it becomes clearer why SVB bought MBSes yielding 1.5% in Dec 2021. Those are the securities they have 10% loss in, which gave them 2bil loss on a 20bil forced sell, which precipitated the whole shebang.

I noted the SChwab, though, but they are trading now off the lows, only 10% down.

[Lucius]

The thing when Sacks realizes that banks sucks, priceless almost like Bitcoin

[ivomm]

JUST IN - IMF warned G-20 that widespread #Bitcoin and crypto use could cause banks to "lose deposits"

https://twitter.com/BitcoinMagazine/status/1635234428380381184?s=20

[cygan]

[HI-TEC99]

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.

[AverageGlabella]

How many more banks are going to get bailed out this year? I see that Bitcoin has been increasing ever since the Silicon Valley bank has been bailed out which might be people coming to Bitcoin because they have lost faith in the bank and could cause a bull run before the 2024 halving. It might be the perfect time for banks to fail because it will push more people to Bitcoin and then the halving being a good time to boost the price it might be a good year or 2 for Bitcoin because of the banks failing.

[BobLawblaw]

what this has to do with "crypto" in the first place?

Jeopardy: "A recent Silicon Valley-based bank that was a major player in providing fiat liquidity for the crypto exchanges"

[hisslyness]

EDIT: Who is Silicon Valley Bank?

Silicon Valley Bank (SVB) was a commercial bank headquartered in Santa Clara, California. The bank launched on October 17, 1983

For a bank that stated in 1983, you think they would have more of their own funds, after 40 years of business!

I guess this is what happens when you run your business based on debt! Loans (ie deposits) get called in and your fucked!

Maybe a new approached to the entire banking system is needed!...

[Biodom]

what this has to do with "crypto" in the first place?

Jeopardy: "A recent Silicon Valley-based bank that was a major player in providing fiat liquidity for the crypto exchanges"

nonsense...SVB and signature had very little exposure to "crypto". The only one that had was Silvergate, which failed quietly.
The rest failed because of the mismatch between withdrawals and declined value of holdings.
You listen to MSM a bit too much, it seems.
They call it this way to place the blame on us, but it does not "stick".

[AverageGlabella]

EDIT: Who is Silicon Valley Bank?

Silicon Valley Bank (SVB) was a commercial bank headquartered in Santa Clara, California. The bank launched on October 17, 1983

For a bank that stated in 1983, you think they would have more of their own funds, after 40 years of business!

I guess this is what happens when you run your business based on debt! Loans (ie deposits) get called in and your fucked!

Maybe a new approached to the entire banking system is needed!...

You mean a new system like not trusting banks and being your own bank? I think this system already exists and has been alive for over 10 years. I know you know this and I know that a lot of people know this on WO but I wonder how long it will take fiat users to realize that a alternative already exists and they are using a system that will always fail eventually. Hopefully for us they find out sooner rather then later.

[LoyceV]

Sidenote: they closed Silicon Valley bank and ALSO the Signature bank, apparently (Silvergate closed last week).

So someone really hates banks starting with an S.

[hisslyness]

EDIT: Who is Silicon Valley Bank?

Silicon Valley Bank (SVB) was a commercial bank headquartered in Santa Clara, California. The bank launched on October 17, 1983

For a bank that stated in 1983, you think they would have more of their own funds, after 40 years of business!

I guess this is what happens when you run your business based on debt! Loans (ie deposits) get called in and your fucked!

Maybe a new approached to the entire banking system is needed!...

You mean a new system like not trusting banks and being your own bank? I think this system already exists and has been alive for over 10 years. I know you know this and I know that a lot of people know this on WO but I wonder how long it will take fiat users to realize that a alternative already exists and they are using a system that will always fail eventually. Hopefully for us they find out sooner rather then later.

Unfortunately, the masses are too entrenched in the status quo, to realise how "the top 1%" and "Big Corporations" are institutionally raping them of their financial freedom.

[Toxic2040]

Homework:

Quantify the liquidity issue experienced by Signature Bank before the NY Regulators swooped in and confiscated all assets and operations.

----------


so...stealth QE rears its ugly head

carry on



stronghands

[ChartBuddy]

Explanation

[Torque]

I think anyone asking how these Silicon Valley-based banks could fail, first needs to ask which banks were involved in all the over-hyped California-based SPACs (that have all crashed and burned) over the last couple of years.

Follow the fraud, follow the money.

Here, I'll start:

https://www.svb.com/blogs/silicon-valley-bank/why-spacs-now

EDIT:

Continental put out a statement today about its hundreds of SPACS, says they are SaFu in JPMC, Citibank, or Morgan Stanley.

https://www.spacinsider.com/news/headline-post/continental-spac-trust-accounts

Of course, they don't say if they indeed once had the account funds with SVB or SB and simply moved them. Could've happened anytime within the last couple weeks/months/year for all we know.

[JimboToronto]

JUST IN...
...twitter...

OMG no. Please don't tell be you've become a Bieber.

[ChartBuddy]

Explanation

[Biodom]

I think anyone asking how these Silicon Valley-based banks could fail, first needs to ask which banks were involved in all the over-hyped California-based SPACs (that have all crashed and burned) over the last couple of years.

Follow the fraud, follow the money.

Here, I'll start:

https://www.svb.com/blogs/silicon-valley-bank/why-spacs-now

EDIT:

Continental put out a statement today about its hundreds of SPACS, says they are SaFu in JPMC, Citibank, or Morgan Stanley.

https://www.spacinsider.com/news/headline-post/continental-spac-trust-accounts

Of course, they don't say if they indeed once had the account funds with SVB or SB and simply moved them. Could've happened anytime within the last couple weeks/months/year for all we know.

SPACs were complete fraud...at the later stages.
I only put a few thou in them...one (from UK, the fooking Cazoo) lost 99% and one from US lost "meager" 40% (so far).