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

[greensheep]

What a complete shit show that was yesterday, and that on my b-day, fuck you FTX scam exchange and paper hands.

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[ivomm]

So, BTCitcoin fell to 20K as some were hoping for. But what was the reason for that. From what I've read in https://www.zerohedge.com/markets/great-celsius-implosion-what-went-wrong-and-how-much-more-will-bitcoin-drop it is another imploding "blockchain" company.

tl;dr. Celsius may have started as an arbitrage platform giving yield for those fools lending their BTC and shitcoins. But as the arbitrage dissapeared 6 months ago, they simply became a ponzi risking their client assets by making enourmous shorts. They had more than enough BTCitcoins to stop any increase in the price, liquidating practically 100% of the longs. But their problem is that what they do is perfectly visible by everyone. People started to realize slowly they've been scammed just like bitconnect.

 Now their margin call is at 16.8k (used to be 18.3K yesterday) as seen in https://oasis.app/25977#Overview. How much collateral BTC they will be able to add is unknown. Now we have a proof that all this downard pressure in the last 6 months was caused partially by this ponzi, who could give yields in BTC only if the price was falling. So, we need to cut off the cancer ASAP. People have to withdraw their funds and invest properly in BTCitcoin. After that I'm quite confident BTCitcoin will start recovering.

[BitcoinBunny]

So, BTCitcoin fell to 20K as some were hoping for. But what was the reason for that. From what I've read in https://www.zerohedge.com/markets/great-celsius-implosion-what-went-wrong-and-how-much-more-will-bitcoin-drop it is another imploding "blockchain" company.

tl;dr. Celsius may have started as an arbitrage platform giving yield for those fools lending their BTC and shitcoins. But as the arbitrage dissapeared 6 months ago, they simply became a ponzi risking their client assets by making enourmous shorts. They had more than enough BTCitcoins to stop any increase in the price, liquidating practically 100% of the longs. But their problem is that what they do is perfectly visible by everyone. People started to realize slowly they've been scammed just like bitconnect.

 Now their margin call is at 16.8k (used to be 18.3K yesterday) as seen in https://oasis.app/25977#Overview. How much collateral BTC they will be able to add is unknown. Now we have a proof that all this downard pressure in the last 6 months was caused partially by this ponzi, who could give yields in BTC only if the price was falling. So, we need to cut off the cancer ASAP. People have to withdraw their funds and invest properly in BTCitcoin. After that I'm quite confident BTCitcoin will start recovering.

That whole company sounded dodgy from day one.

Whoever was promoting it here was probably part of it. I remember he spoke as if it was perfectly normal to give up your Bitcoin keys in exchange for small annual returns, as if he had been doing it for years.
And someone else supposedly asking "oh really, tell me more, how do I do that?". Probably the same person.

What a crock.

[ChartBuddy]

Explanation

[death_wish]

So, BTCitcoin fell to 20K as some were hoping for. But what was the reason for that. From what I've read in https://www.zerohedge.com/markets/great-celsius-implosion-what-went-wrong-and-how-much-more-will-bitcoin-drop it is another imploding "blockchain" company.

Link is showing 404 for me.  For archives, too:  web.archive.org gets 404.

Evidently, the data a quick web search found for my previous post on this were way off:  Is this actually the same order of magnitude size meltdown as Terra?

As of May 17, Celsius had $11.8 billion in assets, its website said, down by more than half from October, and had processed a total of $8.2 billion worth of loans.

Mashinsky, the CEO, was quoted in October last year saying Celsius had more than $25 billion in assets.

[Rizzrack]

Now their margin call is at 16.8k (used to be 18.3K yesterday) as seen in https://oasis.app/25977#Overview. How much collateral BTC they will be able to add is unknown. Now we have a proof that all this downard pressure in the last 6 months was caused partially by this ponzi, who could give yields in BTC only if the price was falling. So, we need to cut off the cancer ASAP. People have to withdraw their funds and invest properly in BTCitcoin. After that I'm quite confident BTCitcoin will start recovering.

I did not see a platform like this have this much of an impact on the whole market. But TBF I did not pay too much attention to them. But seems if you advertise big APYs people flock to give you their crypto

So, we need to cut off the cancer ASAP. People have to withdraw their funds and invest properly in BTCitcoin. After that I'm quite confident BTCitcoin will start recovering.

You can say that again !

[JL0]

So, BTCitcoin fell to 20K as some were hoping for. But what was the reason for that. From what I've read in https://www.zerohedge.com/markets/great-celsius-implosion-what-went-wrong-and-how-much-more-will-bitcoin-drop it is another imploding "blockchain" company.

tl;dr. Celsius may have started as an arbitrage platform giving yield for those fools lending their BTC and shitcoins. But as the arbitrage dissapeared 6 months ago, they simply became a ponzi risking their client assets by making enourmous shorts. They had more than enough BTCitcoins to stop any increase in the price, liquidating practically 100% of the longs. But their problem is that what they do is perfectly visible by everyone. People started to realize slowly they've been scammed just like bitconnect.

 Now their margin call is at 16.8k (used to be 18.3K yesterday) as seen in https://oasis.app/25977#Overview. How much collateral BTC they will be able to add is unknown. Now we have a proof that all this downard pressure in the last 6 months was caused partially by this ponzi, who could give yields in BTC only if the price was falling. So, we need to cut off the cancer ASAP. People have to withdraw their funds and invest properly in BTCitcoin. After that I'm quite confident BTCitcoin will start recovering.

Massive liquidation if Bitcoin prices fall below $16,852.58?

[LogitechMouse]

So, BTCitcoin fell to 20K as some were hoping for. But what was the reason for that. From what I've read in https://www.zerohedge.com/markets/great-celsius-implosion-what-went-wrong-and-how-much-more-will-bitcoin-drop it is another imploding "blockchain" company.

It went down as low as $20,800 and right now it bounced back to the $22,300 price range.
I've heard the crypto lending company and thought of investing into it, but fortunately I dodged again another bullet just like with Terra . That's one reason only and there are many reasons as well why Bitcoin dropped as of today.

So, we need to cut off the cancer ASAP. People have to withdraw their funds and invest properly in BTCitcoin. After that I'm quite confident BTCitcoin will start recovering.

It's easy to say, but people will not invest into Bitcoin because they have a mindset of "Ohhhh it will go down even further. I will wait until it will reach the bottom, then I will invest" or a mindset of "I don't want to lose money and I believe it is still going down therefore, I will wait".

[ChartBuddy]

Explanation

[fillippone]

Maybe this is a good sign for the price begins its recovery, I would like it to reach $ 35k, if possible ...

Today's longs are tomorrow's liquidations.

Beware of market imbalances, because sooner or later some bad guy is going to use them in a non-trivial way.

Damn, that was an easy one.

In the meantime: Microstrategy seems to be underwater.

No chance Micheal Saylor being fired, but it must be a bad day form him.

[cAPSLOCK]

What's your LN node routing stats looking like today? I was hoping for a significant increase in traffic, but not seeing that.. seems rather stable, if anything, less busy the last 24 hours...

Kinda poopy day for fees today.

Will barely scrape through with 300sats in fees on the daily, so far over 31 routings.

I should really be more greedy...

Right before my hard drive wend south I was experimenting with higher fees...  As I have said a few times I kind of want to just break even.  Though now that is laughable considering it means making a couple hundred million sats...  

But as I was saying, I had jacked the fees up a little.  and oddly, my routing was going up.  I have not yet been able to figure out how it works. Lol.  Not sure I will at this point.  On the other hand, I DO think I will know how both LND and CL can be recovered from backups... we will see.

[somac.]

Time for another leg down maybe? I really wish this shit was over at least for a little while.

[becoin]

So, BTCitcoin fell to 20K as some were hoping for. But what was the reason for that. From what I've read in https://www.zerohedge.com/markets/great-celsius-implosion-what-went-wrong-and-how-much-more-will-bitcoin-drop it is another imploding "blockchain" company.

tl;dr. Celsius may have started as an arbitrage platform giving yield for those fools lending their BTC and shitcoins. But as the arbitrage dissapeared 6 months ago, they simply became a ponzi risking their client assets by making enourmous shorts. They had more than enough BTCitcoins to stop any increase in the price, liquidating practically 100% of the longs. But their problem is that what they do is perfectly visible by everyone. People started to realize slowly they've been scammed just like bitconnect.

 Now their margin call is at 16.8k (used to be 18.3K yesterday) as seen in https://oasis.app/25977#Overview. How much collateral BTC they will be able to add is unknown. Now we have a proof that all this downard pressure in the last 6 months was caused partially by this ponzi, who could give yields in BTC only if the price was falling. So, we need to cut off the cancer ASAP. People have to withdraw their funds and invest properly in BTCitcoin. After that I'm quite confident BTCitcoin will start recovering.

Massive liquidation if Bitcoin prices fall below $16,852.58?

Yes, sell all your bitcoins while still >20k and buy them back at 10k.

With regards to Celsius, I don't see the logic here. If they trade against their customers and sell customers' bitcoins to suppress price, they must hold gigantic short possition which is not possible to close on the market without causing dramatic rise in price. So, they want to confiscate customer bitcoins by liquidating customer long positions at 16k. Is that the case?

[ChartBuddy]

Explanation

[cAPSLOCK]

Also.. as much as I wanted this to be the bottom... I sure don't think it is acting like it is.  I want it to be V shaped.  It wants to be a dead cat.

The situation we are in is interesting.

1.  The world financial system is being demolished.  On purpose.  The boomers are either locking in their gains or giving them back, depending on their IQ.  What we are currently seeing is the USD is being made the safest place to hold value.  But it is also being massively inflated.  There are no other exit doors in the plan.  Eventually as the noose tightens value will be safe nowhere, and we will have to all fall into the loving arms of the state.  But... Bitcoin.

2.  And yet the world has, for the most part, NOT realized what bitcoin is.  That it is the only exit door out of the system as it crashes.  Some have realized, albeit early enough (too early, sort of) that we are having to go through this.  As people DO realize they will be buying for sure.  But right now BTC is just a tech stock.  And it is still risk.  It's going down with all the other risk ships.

3.  Price will equalize SOMEWHERE.  Because there ARE enough people realizing that Bitcoin is a possible safe haven that as the price drops, the very most enlightened of the herd are going to come trickling in.

We are currently sitting at what I thought was the worse case scenario, and not bouncing...  oh well. 

Thing is, we will...  that old saying about darkest before the dawn?  Seems pretty dark to me.

[xhomerx10]

* death_wish strokes Bitcoin’s hair gently, gently, whilst speaking in soothing tones.

Don’t worry, Bitcoin.  We still love you.  We will always love you.  Please don’t be so sad.

I want my bitcoins back.  To have and to hold.  Forever.

Can you just stfu now? Spammed the whole thread with your stupid posts about you getting fucked for using leverages and not going the safe route with just holding BTC when you don't know shit about Trading? I am done with you and your shit.

So irritating.

 No this is good!  It's much better for people to learn from the misfortune of others than to experience it themselves.  If newbies see the pain and anguish we're going through as a result of death_wish's margin trading debacle, it might prevent us from having to live through it again.  We'll all come out of this for the better.

[ivomm]

* death_wish strokes Bitcoin’s hair gently, gently, whilst speaking in soothing tones.

Don’t worry, Bitcoin.  We still love you.  We will always love you.  Please don’t be so sad.

I want my bitcoins back.  To have and to hold.  Forever.

Can you just stfu now? Spammed the whole thread with your stupid posts about you getting fucked for using leverages and not going the safe route with just holding BTC when you don't know shit about Trading? I am done with you and your shit.

So irritating.

 No this is good!  It's much better for people to learn from the misfortune of others than to experience it themselves.  If newbies see the pain and anguish we're going through as a result of death_wish's margin trading debacle, it might prevent us from having to live through it again.  We'll all come out of this for the better.

My thoughts exactly! I've been thinking for the last several years what is in the mind of leverage/margin traders. We know that they can't win this game, but they don't. So probably they are quite nervous, easily irritated, harboring suicidal thoughts which exacerbate each bull run, seeing how much they would have got by just hodling instead of trading. And here it is - a perfect example for that. Even his nickname shows the devastating effect of the leverage trading on the human mind. So, let him rant and spam, this is a good lesson to the newbies.

[bitserve]

Capitulating markets keep capitulating until enough people who swore they would never sell, no matter how low it goes, finally declare they have had enough and sell out just to stop the pain. I call this a "porcelain sell-off"

I've seen it many times over the years in many mkts





Source: https://twitter.com/PeterLBrandt/status/1536351886948933635

[ChartBuddy]

Explanation

[cAPSLOCK]

Capitulating markets keep capitulating until enough people who swore they would never sell, no matter how low it goes, finally declare they have had enough and sell out just to stop the pain. I call this a "porcelain sell-off"

I've seen it many times over the years in many mkts





Source: https://twitter.com/PeterLBrandt/status/1536351886948933635

Peter is super wise and insightful.  Particularly when he is not taking jabs at bitcoin maxis.  I get why he is annoyed by them... they are arrogant little pricks most of them.  And his understanding of markets would do them a lot of good.  But they are usually too busy "ok boomering" him to hear him. lol.

I expect this level of the 2017 peak is going to cause a LOT of capitulation, particularly for the class of 2017.  I am surprised we came this low, and I would also be surprised if we go lower... sort of.  It kind of seems like that is in the cards for sure.  I wish i had some cash.  We MAY have seen the main puking... but it does not look like it. :/