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

[savetherainforest]

It's been nearly 6 months, since we have entered the bear market. It looks like in the last 4 months we are scratching the bottom with some ant pumps quickly erased by the bears. Is this a sign that a new bull market is emerging, it is hard to tell for now. What I've noticed is that at the end of each month the longs in Binance increase by 50-100%. Everytime they got liquidated in a matter of 1 week. It looks like a bunch of asians who take their paychecks at the end of the month, then pay the bills and the rest they put on 10-100x leverage/margin longs. These morons are simply cancer for BTCitcoin and Binance is definitely to blame 99% for the bear market. In the last day the volume there has been above 75K BTCitcoins. The average volume there is around 45K. Why is this? Is the price at ATH to sell so frantically? It is 39K, ffs! And what is so fun to lose your income each month btw? Is this a new kind of S&M porn? We used to be visited by some n00b traders boasting with like 10% profit and thinking they are some kind of geniuses. In the last 6 months, I haven't seen even a single post boasting with such a profit. The market somehow screwed up everyone of them... multiple times... with a rusty pipe   All this is quite irrational. The balance on exchanges is decreasing by 30%+ each year. Only on the cancer exchange Binance it remains relatively constant. Thus it creates an artificial bear market which will be destroyed unexpectedly by the supply shock on the remaining exchanges. Until then I can't see an improvement. If an asset is dominated by players who like to lose all, the price can't go up. Only if they become a minority, the price will go up again.

$400K BTCiTcoin confirmed!  

[1713419338]

1713419338

[ChartBuddy]

Explanation

[ImThour]

Central African Republic adopts bitcoin as legal currency.

The Central African Republic has adopted bitcoin as legal tender, the president's office said Wednesday, becoming the second country in the world to do so behind El Salvador.

Lawmakers unanimously adopted a bill that made bitcoin legal tender alongside the CFA franc and legalised the use of cryptocurrencies, and President Faustin Archange Touadera signed the measure into law, his chief of staff Obed Namsio said in a statement.

The CAR "is the first country in Africa to adopt bitcoin as legal tender," Namsio said.

"This move places the Central African Republic on the map of the world's boldest and most visionary countries," he declared.

One of the poorest country in the world. I mean, their GDP is 5% of what Elon paid to buy Twitter.

[El duderino_]

[HI-TEC99]

$39000!

[ChartBuddy]

Explanation

[JayJuanGee]

Now that I have said that the fed will announce negative interest rates and the rocket will keep going.

If you are referring to nominal interest rates rather than real interest rates, you seem to be contradicting actual fact, no?  In regard to real interest rates, we have been far exceeding a negative territory for well over a year - perhaps two years, no?  In other words, if prices are going up higher than any interest that you can earn on your money, then the real interest rate is negative, there is no need for the fed to announce shit in the negative direction in that regard.

On the other hand, the non-likelihood of the Fed to announce negative interest rates is further bolstered by their actual conduct, no?  From mid-to-late last year, the Fed has been announcing several interest rate hikes that they say that they are going to carry out through 2022.  Yes, they would like to get interest rates into the 3% to 5% arena over a couple of years, in order that they have something to work with when they are wanting to stimulate the economy.. but even their projections hardly get them to 3%, and many of us even question if they are going to be able to carry out their proposed increases (that is why you are suggesting negative, but I just don't think that they are going to go that far in terms of undermining their credibility - even more than it has been undermined in recent times). 

https://www.marketplace.org/2022/03/16/fed-announces-interest-rate-hike-to-combat-inflation/

Yeah, they actually implemented a BIG ASS 0.25% increase in recent weeks, so surely they are whimpy.. but going negative seems a road too far in my own speculation on the topic - even if some other govts - in Europe... have gone into the negative...

To repeat.. we are already effectively at negative, and they are already admitting something like 7.5% inflation when many of us know it is higher than that..  The other day I bought a pack of Ends and pieces bacon, and a couple of years ago, I had been buying 3 lbs for $8 and $7 or less when on sale, so when I went to buy it, and I saw that it was "only" $11, I thought that's not so bad, it's less than a 30% increase.. fair enough... but when I got it home, I noticed that it was only 2.5 pounds rather than 3 pounds.. those fucks.  that's another 17% reduction in quantity..

[shahzadafzal]

Watch this short clip https://twitter.com/themikestilluk/status/1519344232544321538?s=21

Question: ‘What is bitcoin?’
Him: ‘I’ve no idea. And actually I don’t want to know.’

Him: “Bitcoin stresses me and knowing more is gonna make me more stressful”.

So the question is, Is bitcoin scary?
Short answer to it may be “yes”.
I guess this is an average perception of a common man, this is the exact answer you will hear. They have so called “big questions” like who will manage it? And how? Although the answers are very simple, the whole idea of YOU makes them stressful.

For example:
YOU are responsible for your own “bitcoins”.
YOU should save your public/private keys “very securely”.
If YOU lose your keys, you lose everything.
There’s no support if you do anything wrong by mistake, there’s no Ctrl + Z.
Securing your keys, passwords, and passphrases is stressful.

In short these are some valid questions, and yes answers to each question are there, but people don’t want to take responsibility. These banks and governments had made us so lazy.

I still believe it’s just a matter of time, change has already begun.

You are not late, you are still early to bitcoin.


https://twitter.com/themikestilluk/status/1519344232544321538?s=21

[HI-TEC99]

[JayJuanGee]

Watch this short clip https://twitter.com/themikestilluk/status/1519344232544321538?s=21

Question: ‘What is bitcoin?’
Him: ‘I’ve no idea. And actually I don’t want to know.’

Him: “Bitcoin stresses me and knowing more is gonna make me more stressful”.

So the question is, Is bitcoin scary?
Short answer to it may be “yes”.
I guess this is an average perception of a common man, this is the exact answer you will hear. They have so called “big questions” like who will manage it? And how? Although the answers are very simple, the whole idea of YOU makes them stressful.

For example:
YOU are responsible for your own “bitcoins”.
YOU should save your public/private keys “very securely”.
If YOU lose your keys, you lose everything.
There’s no support if you do anything wrong by mistake, there’s no Ctrl + Z.
Securing your keys, passwords, and passphrases is stressful.

In short these are some valid questions, and yes answers to each question are there, but people don’t want to take responsibility. These banks and governments had made us so lazy.

I still believe it’s just a matter of time, change has already begun.

You are not late, you are still early to bitcoin.


https://twitter.com/themikestilluk/status/1519344232544321538?s=21

It is a kind of weird interview because it represents people and it does not... In some sense the guy is saying that he is afraid of all things that he does not know including the world of finance and bitcoin seems to be part of the world of finance and the guy finds all of that to be scary because he does not really know about it and he is also skeptical of the world of the rich, too.

In some sense, bitcoin would be perfect for a guy like that to get involved with bitcoin, but he does not know bitcoin would be good for him, and it scares him. 

Also, consider that bitcoin has a bit of a learning curve, and even learning about bitcoin could cause some folks to get scared even more because in one way, there might be getting started by creating an account with a third party and then in some other developments there are needs to figure out how to hold one's own keys.. which is also an even BIGGER leap of possible confusion and investment into learning about various ways to hold your own keys and backing them up.. even backing up systems are not consistent - and even those of us who have been in bitcoin for a while have concerns about our own backing up systems - whether it is adequate for security purposes and even passing down to someone else if we were to die or maybe we might make a system that is too complicated so either we lock ourselves out of our coins(value) or lock our successors out of our coins.

For sure, part of the solution would be for any of us to get started and to try to bite off at least a little bit at a time, and sure another negative or scary potential is to end up getting too sucked into having to spend a decent amount of time to gain in comfort, too.

[ChartBuddy]

Explanation

[AlcoHoDL]

Bitcoin gives us choice, a choice we did not have before.

1. Want to be your own bank? With Bitcoin, you can, if you've got what it takes.
2. Too scared to be your own bank? A 3rd party can take care of your* BTC for you.

I believe (2) will be offered by banks, which will serve as the Bitcoin custodians for the non-tech-savvy, scared crowd. The vast majority of people want someone to take care of the technicalities. They want a customer service number. Bitcoin is raw fire -- (still) too hot to handle by most.

* "Not your keys..."

[JayJuanGee]

Bitcoin gives us choice, a choice we did not have before.

1. Want to be your own bank? With Bitcoin, you can, if you've got what it takes.
2. Too scared to be your own bank? A 3rd party can take care of your* BTC for you.

I believe (2) will be offered by banks, which will serve as the Bitcoin custodians for the non-tech-savvy, scared crowd. The vast majority of people want someone to take care of the technicalities. They want a customer service number. Bitcoin is raw fire -- (still) too hot to handle by most.

* "Not your keys..."

Of course, we know that holding some, if not all of your keys is a kind of better practice, and for sure, we have a lot of current systems that don't really allow holding of your own keys for a variety of assets and even currencies - especially in the institutional and governmental world, we can understand why there might be some skepticisms in terms of allowing individual reps/ or principles to hold keys when they are also the property of more than just the key holder.

For sure, bitcoin provides some options that had not been available previously, but still some inadequate systems to just transition immediately over to everyone holding their bitcoin private keys too.  Even if there were some kinds of user-friendly multi-signature set ups for institutions and government reps, the standards have neither been set nor understood in a kind of way that might need both transparency and privacy at the same time.

Many of us longer term bitcoiners (sounds strange to say that) have come to realize that there are a variety of ways that individuals have been advantaged and empowered by bitcoin both in terms of being able to have options to hold some or all of our own value and that we are able to get into bitcoin way faster than some of the institutions and governments because we do not really have to follow so many check and balance systems, unless maybe our spouse happens to be overly micromanaging and overly complicating matters... hahahaha.. yet in any event, the little guy (aka retail) has had one of the first opportunities to front run both institutions and even the very wealthy who have not recognized/appreciated bitcoin for its investment opportunity paradigm shifting power.

It is still early days boiz.. and it may even well take 5-10 years longer for a variety of the systems to be created and adopted into bitcoin with so many folks (normies and institutions and governments) also allowing themselves to get distracted into shitcoins, various other projects, ESG/SJW narratives and distracted into not even recognizing/appreciating bitcoin for what it is.

Some of us might either just be getting started in bitcoin or ONLY just accumulating small amounts of BTC up until now, but we should be able to recognize and appreciate that we get some systems in place to get started accumulating and/or just continuing to build our stacks of sats... even if we are perceiving $39k to be high prices.. and even if there may well be many more short-term ups and downs along the way (both in terms of price and also in terms of the negative information that is out there about bitcoin).

[cAPSLOCK]

Bitcoin gives us choice, a choice we did not have before.

1. Want to be your own bank? With Bitcoin, you can, if you've got what it takes.
2. Too scared to be your own bank? A 3rd party can take care of your* BTC for you.

I believe (2) will be offered by banks, which will serve as the Bitcoin custodians for the non-tech-savvy, scared crowd. The vast majority of people want someone to take care of the technicalities. They want a customer service number. Bitcoin is raw fire -- (still) too hot to handle by most.

* "Not your keys..."

Underrated nuanced take.  And the truth.

And we are learning it represents a certain kind of risk.  Rehypothication, naked shorts etc.  There seems to be a joint movement with the two projects I care about right now to move coins off exchanges.  I hope it can continue to build momentum.  We will really NEED it when the scared start showing up more and more...  The rest of us need to be the brave ones as much as we can.

I have said for years, and believe it more than ever, that the short squeeze to dwarf all short squeezes is somewhere on the horizon.  I know where my coins will be fore it.  Same place they've always been.

[cAPSLOCK]

I said this was coming.

I hate that I was probably right.

[ChartBuddy]

Explanation

[naim027]

BREAKING: New York passes bill in the assembly to ban #Bitcoin mining. Bill now advances to the Senate.

Let see how long does it take them to realize what they are doing. My guess couple of years.

https://twitter.com/dennis_porter_/status/1519106311836766208?s=21

To be honest, I don't care What Dennis porter said. According to Olsen “The intention of the bill is to prevent new mining operations that would draw power from fossil fuel generation, even if it’s partial,”

Anna Kelles (Bill proposer) Twitted this Monday and said this:

My bill is not a ban on crypto. It’s not even a ban on mining. It would not restrict the ability to buy, sell, invest, or use crypto in New York State. This bill only pertains to large-scale cryptomining in power plants that use fossil-fuel based energy sources behind the meter.

https://twitter.com/annakelles/status/1518666567323631616?s=20&t=f8GfETqoNqeJ1NgxucTEWw

You can read more here: https://blockworks.co/new-york-bill-banning-proof-of-work-crypto-mining-poised-to-advance/

If you taking all those as negatively, Let's see some Positive news too,

The city of Fort Worth, Texas, says it will start mining bitcoin on Tuesday, potentially becoming the first US city to do so, city authorities said.

Source: https://blockworks.co/fort-worth-becomes-first-city-to-mine-bitcoin/

[HI-TEC99]

39000!

[ChartBuddy]

Explanation

[xhomerx10]

39000!

 $38,790