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

[Wekkel]

Once people start getting the sickness, the current 'pseudo-lockdown' will effectively become a lockdown.

To save the elderly and sick (no problems  with that).

[mindrust]

Fuck the FED, where the fuck is Bank of Bitfinex? If not going to print tether now, WHEN?

Somebody wake the CEO of Finex because FED is ded baby. FED is ded.

C'mon blorgsteam give us the liquidity or children will die!

[Torque]

Is it time to buy TLRY? Lol

[Wekkel]

TLRY, you mean a cannabis compnay?

[Hueristic]

Strange times to live in and be a part of....

Are we in a Chinese curse?

"May you live in interesting times".

How apropos.

[Torque]

TLRY, you mean a cannabis compnay?

Yes, and I'm being sarcastic. Just look at their chart. Hell look at any public cannabis company's chart. Worst stocks to buy ever.

[bitcoinPsycho]

$7000 BTC in one hour 

[hodl_2015]

Fuck I need a beer after all this shit.

I have nothing stronger than 2% in the house and have to work tomorrow but I'm making an exception.

[mindrust]

Statement Regarding Treasury Reserve Management Purchases and Repurchase Operations

Today, March 12, 2020, the Desk will offer $500 billion in a three-month repo operation at 1:30 pm ET that will settle on March 13, 2020.  Tomorrow, the Desk will further offer $500 billion in a three-month repo operation and $500 billion in a one-month repo operation for same day settlement.  Three-month and one-month repo operations for $500 billion will be offered on a weekly basis for the remainder of the monthly schedule.  The Desk will continue to offer at least $175 billion in daily overnight repo operations and at least $45 billion in two-week term repo operations twice per week over this period.

[sirazimuth]

I picked the wrong day to quit shooting krokodil in my eye

i miss my glue sniffing days about now.

Reminds me of the time back in college when some dude gave me a sealed can of pharmaceutical liquid ether
that came from a dentist office as payment on a debt (don’t ask ).
Back in the day they used it like laughing gas as an anesthetic to put patients under.
You dipped a clean rag in the ether and throw the rag in a paper bag
and take a couple of huffs from the bag...instant buzz! Lol
That night we had an ether party in dorm room. To this day, the only one that’s ever occurred, no doubt.
Next morning I was at the bank (with an ether hangover) and the teller was like
“Hey, you smell that? It smells like a doctors office!”
I was like “yeah I do! I wonder where that’s coming from!...”

Yes folks, my college days were interesting to say the least

Ok, back to observing viruses & tanking markets.

[Stevenirving]

Just woke up. Cant believe there is such an amazng time to invest again... he said crying into his cereal.

To anyone panicking remember all u gotta do is sit tight. Hodl and wait. Unless the human race is about to go extinct this will pass as it always does and bitcoin will rebound.
Like always use this time to accrue more hodlings.

[Torque]

QE4 is official, guys. Because the Fed needed a reason the public would accept.

https://www.cnbc.com/2020/03/12/fed-to-pump-more-than-500-billion-into-short-term-bank-funding-expand-types-of-security-purchases.html

[Lambie Slayer]

I can't believe the Bargain Boyz got their shot.

OTOH, so happy for the discounted extra coins.
Fiat hit exchange so fast, I didn't even blink.

We have our double bottom on the 200 WMA.
THANK YOU WHALES. YOU MAY FUCK OFF NOW.

I dont think Bargain Boyz were expecting this, but I can tell by the volume they scooped up a ton of coins in the Bargain Buy Zone.

[mindrust]

QE4 is official, guys. Because the Fed needed a reason the public would accept.

https://www.cnbc.com/2020/03/12/fed-to-pump-more-than-500-billion-into-short-term-bank-funding-expand-types-of-security-purchases.html

This is all over 2008 again.

Good news, $100k/btc incoming.  Bad news, $100 for a loaf of bread, or a roll of TP

[hodl_2015]

I dont think Bargain Boyz were expecting this, but I can tell by the volume they scooped up a ton of coins in the Bargain Buy Zone.

About 30k volume on stamp during the up/downs, yet only 1k coins on the book before we reach $8k, so not that much to scoop up.

[Lambie Slayer]

not today bitcoin    weeeeeeeee\\\vvv

Just to make myself feel better I looked up Bitcoin Instant. Its not affected by the sell-off because it hasn't been traded in 5 days weeeeeeeeeeeeee  

LOL TrannyBitz and his Bitcoin Instant.  

[ivomm]

Hey guys, cheer up! This storm in a cup of tea will pass out. (I am referring to Coinbase, where thousands of small fish were panic selling like hell all day.) Although I shot my bullets at $9K and $7.8K, I am not frustrated. On the contrary, I am not even bothering to transfer any of my $23K reserve, which is the very last that I can afford. This is kept only if the price falls way below my main entry point. I expect, however, the price to recover in the next 2 weeks, similarly to the 3-4 Feb 2018 roller coaster 11k-6k-11k.

Since we all love to make predictions, I will make some bizzare prediction for the Summer of 2020. In early 2019 when the price fell to 3K, I was giving <10% chance for the price to recover at $6.4 by the Summer. Above that I wasn't even considering the chances. For example, the Deribit exchange probability chart looks exactly what I was thinking:



And still Bitcoin exploded 4.5x from the bottom. Now, I would give <0.1% chance to repeat that run starting with today's Bitstamp bottom $5714. This would lead to a local top at $25 713 sometime in the Summer. And to make the chances smaller, let's asume a 5x bull run, i.e. $28 750. After that, another 2-6 month correction between 35% and 45%. I know, this is strong hopium.   I would give >50% chances for the price to be around 10K this Summer. There are obviously strong resistances above 10K and of course the ATH 20K. I am just saying that Bitcoin did this several times in 2017 and 2019. In the Spring of 2017 a run from $700 to $2800 and in the Fall of 2017 a run from $1800 (local bottom in the Summer) to $20K. I am just saying that for some reason king Bitcoin turns such odds into reality way too often. So, we shouldn't consider it as impossible. Even 10x in 6 months...

Of course, we should prepare mentally for a long wait in case this corona shit is getting worse. This is just another time extension to buy moar cheap coins. And with such strong shakeouts of the weak hands, it is always better that the coins land into more responsible and strong hands.

[Lambie Slayer]

Galaxy Digital CEO Mike Novogratz has attempted to explain what exactly happened to Bitcoin's safe haven status. In his new tweet, he writes that investors tend to 'take leverage down' and book profits during such black swan events.

via Imgflip Meme Generator

Not a hedge asset

From the U.S. stock market suffering from its quickest correction since the Great Depression to oil prices plummeting 16 percent — this week will surely go down in history.

When global markets got gripped by a ruthless sell-off, Bitcoin failed to serve as a store of value, which many believe should be its main use case. In fact, BTC performed worse than any traditional asset, shedding 15 percent of its value in less than a week. At press time, it is just trading just below its key support level of $8,500.

Bonds, not Bitcoin

While gold bugs were quick to dismiss Bitcoin's as a hedge against economic uncertainty, Novogtatz's claim about investors booking profit definitely holds water.

One of the biggest surprises of this tumultuous week was the gold price recording a five percent drop on Friday. The yellow metal is considered to be the most robust store of value.

Just like during the 2008 crisis, investors started liquidating both stocks and gold for covering their margin calls. Bonds and cash turned out to be the real safe haven. 
https://u.today/mike-novogratz-explains-why-bitcoin-btc-is-failing-as-safe-haven

During his recent interview with TD Ameritrade Network, Ari Paul, the CTO of BlockTowerCapital, agreed with Galaxy Digital CEO Mike Novogratz that more money printing initiated by central banks around the globe could be the most bullish case for Bitcoin (BTC).

Is #bitcoin’s store of value use-case broken after its big break from bonds and gold? $btc@AriDavidPaul weighs in:

However, he predicts that Bitcoin could mirror gold in 2008 with a delayed reaction to the looming economic crash.

More aggressive rate cuts

As reported by U.Today, the U.S. Federal Reserve did a 50 bps emergency rate cut on March 3 to cushion the devastating blow from the coronavirus pandemic. However, it provided only a temporal relief for the equities market that had its worst day since the previous recession on March 9.

Now that President Donald Trump calls the Fed 'pathetic' and pressures it to cut rates in a more aggressive manner, things could get really bullish for Bitcoin as Novogratz predicted earlier.

"I totally agree with Novogratz that the strongest bull case for Bitcoin is what we are seeing right now, which is the entire U.S. Treasury curve below one percent," Paul said.   

https://u.today/mike-novogratz-thinks-its-strongest-bull-case-for-bitcoin-btc-ari-paul-agrees

Yeah big picture this is very bullish for King Bitcoin.

[nutildah]

Yes folks, my college days were interesting to say the least

https://www.youtube.com/watch?v=c431Cxat4fk

[eddie13]

This is just straight up bullshit..
Bitcoin was supposed to be protection from shit like this, not just dump right off right along with the mainstream economy..
I'm pissed..

I'm sure you guys have 20 excuses for why "China Virus is Bullish" was so totally wrong..
All I can think of is TYVM regulation shills and mainstream market adoption shills..
Now BTC is tied right to the funny money markets, WTF is it good for now?

No, I didn't lose any trades on this or sell anything, but this is totally shaking by belief of what Bitcoin is supposed to be..
This is the exact opposite of what Bitcoin is supposed to do.. Great global markets crashing and there goes Bitcoin plunging right along with it..

Feds announce massive market bailouts.. Bitcoin doesn't even move..