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

[Hueristic]

***CRYPTO FIRM GENESIS IS SAID TO PLAN BANKRUPTCY FILING***

News from Bloomberg:

Crypto Firm Genesis Said to Prepare Bankruptcy Filing This Week
The crypto lending unit of DCG could file as soon as this week
Turmoil left Barry Silbert in a public battle with Winklevoss
By Rachel Butt and Olga Kharif
(Bloomberg) --
Genesis Global Capital is laying the groundwork for a bankruptcy filing as soon as this week, according to people with knowledge of the situation.
The cryptocurrency lending unit of Digital Currency Group has been in confidential negotiations with various creditor groups amid a liquidity crunch. It has warned that it may need to file for bankruptcy if it fails to raise cash, Bloomberg previously reported.
Representatives at Genesis Global Capital didn’t immediately respond to requests for comment. A representative for DCG declined to comment. Talks are ongoing and plans could change, the people added.
Financial pressure at Barry Silbert’s DCG began to emerge after the collapse of hedge fund Three Arrows Capital. Genesis suspended withdrawals in November, soon after crypto exchange FTX — where Genesis held some of its funds — filed for bankruptcy. The failures have had ripple effects on crypto exchange Gemini Trust, run by Cameron and Tyler Winklevoss. Gemini Earn — a service that let Gemini’s users get yield for lending out their coins through Genesis — stopped redemptions as well.
Creditors, Genesis and DCG exchanged several proposals, but have so far failed to come to an agreement, the people said. Kirkland & Ellis and Proskauer Rose have been advising groups of creditors.
DCG told shareholders that it’s suspending quarterly dividends in an effort to conserve cash, according to a Jan. 17 letter to shareholders seen by Bloomberg

Well of course, all of Barry's wealthy friends all got out during the run up. Left the plebs holding the bag.

Hopefully no WO peops got caught here, we have always warned NYK in these here parts and I specifically remember the gemini lending questions in here.

[ChartBuddy]

Explanation

[AlcoHoDL]

Hopefully no WO peops got caught here, we have always warned NYK in these here parts and I specifically remember the gemini lending questions in here.

I hope so too, although, over the years I've found myself becoming more desensitized and cynical when it comes to the handling of BTC. I see the loss of coins due to FTX, Celsius, Luna, now Gemini, as a kind of filtering mechanism, a "survival of the fittest" type thing. Maybe even a "good" thing. In the end, it's impossible to stop it from happening. There will always be shitcoiners and those who are greedy enough to lend their BTC to companies for profit. And there will always be SBFs and FTXs, that take advantage of coiners' ignorance and greed. Cruel and insensitive as I may sound, I won't feel sorry for those who lose their coins that way.

[ChartBuddy]

Explanation

[philipma1957]

Looking good above $21,000 right now. Yesterday was the 14th consecutive daily green candle which was apparently the second best daily green candle streak in bitcoin’s history. Quite incredible really, would have been better if it was in late 2021 instead though

Where we go next is anybodies guess, you would expect a pullback & retest of $20,000 or maybe slightly low. A higher low than we have seen perhaps, then pump to higher than $22,0000 hopefully.

As always (well since I sold some any way) no emotion.  

Sold a piece myself. we did a mining distribution which I sold a piece of it.

Sideways with a slight up trend is okay for me.

from google search : fed rate adjustment schedule

2023 FOMC Meetings
Jan/Feb. 31-1.
March. 21-22*
May. 2-3.
June. 13-14*
July. 25-26.
September. 19-20*
Oct/Nov. 31-1.
December. 12-13*

So the Jan 31-Feb 1 number is coming up.

and the Debt ceiling will be hit this week. 31.4 trillion

https://www.nytimes.com/article/debt-ceiling-us-economy.html



fucking number is unreal.

32 trillion/8 billion = 4000 thousand for every human on earth.


I think these events may help this smallish pump some more.

Don't be shifting the debt over to us! We have our own $900 Billion problem here!

32T / 334M = $95,808.00 for every one person in the USA

It is crazy numbers, especially when you look back a realise USA debt was only 5.6B in 2000 or $19.85USD for one person in the USA (282M)

I read somewhere world  debt is about 226 trillion

source
https://www.imf.org/en/Blogs/Articles/2021/12/15/blog-global-debt-reaches-a-record-226-trillion

but that is private companies and government and people combined

that is 226 trillion/8 billion = 28,250 a piece

[ChartBuddy]

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[ChartBuddy]

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[ChartBuddy]

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[eXPHorizon]

EVERYTHING IS TEMPORARY AND EVERYTHING WILL SLIDE BUUUUUTT LOVE, LOVE IS FOREVER. Love never dies

FUCKING IDIOT
THE NOW IS ETERNAL, YES
LOVE IS NOT, SORRY
#infinityhaiku

What an Imbecile... what is required that Humanity reaches new hights ? 😉 i bet you will say Beetkojn.. but its not its something else .

[ChartBuddy]

Explanation

[TrustedBitcoiner]

so thats bad news for Gemini as well.

hopefully this is the last of this shit show from 2022

[Tipeform$]

Bitcoin Running price 20,7k dollar.
Slightly down market.....

[Tipeform$]

Road Signal 🔻🛣️ Red light

If the Bitcoin poles are green, feel very happy to yourself.  For example, there is no problem if the road signal or traffic signal is green while driving on the road.  But if there is a red light signal, all the vehicles are stopped, and in the case of Bitcoin, if the red spot is seen more, people's will to invest is broken.  But we came in 2022 and got some green signal in January and this moment is very happy in itself.

[ChartBuddy]

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[ChartBuddy]

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[ChartBuddy]

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[ChartBuddy]

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[ChartBuddy]

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[montaga]

Road Signal 🔻🛣️ Red light

If the Bitcoin poles are green, feel very happy to yourself.  For example, there is no problem if the road signal or traffic signal is green while driving on the road.  But if there is a red light signal, all the vehicles are stopped, and in the case of Bitcoin, if the red spot is seen more, people's will to invest is broken.  But we came in 2022 and got some green signal in January and this moment is very happy in itself.

You will end up burning your tail.

[JayJuanGee]

Hopefully no WO peops got caught here, we have always warned NYK in these here parts and I specifically remember the gemini lending questions in here.

I hope so too, although, over the years I've found myself becoming more desensitized and cynical when it comes to the handling of BTC. I see the loss of coins due to FTX, Celsius, Luna, now Gemini, as a kind of filtering mechanism, a "survival of the fittest" type thing. Maybe even a "good" thing. In the end, it's impossible to stop it from happening. There will always be shitcoiners and those who are greedy enough to lend their BTC to companies for profit. And there will always be SBFs and FTXs, that take advantage of coiners' ignorance and greed. Cruel and insensitive as I may sound, I won't feel sorry for those who lose their coins that way.

I can have sympathy for various kinds of normies who may well have been lured into these kinds of products, and perhaps even considering that some of them might have been somewhat safe way to earn yields on your bitcoin.

Let me try to describe a normie who may well be in his mid-30s currently (so maybe born mid 80s), and feeling as if s/he is not making enough progress towards getting to entry level fuck you status and/or beyond...

So prior to his early 20s he might not have invested very much, and maybe started to dabble in investments in his early 20s, and by the time, he heard about bitcoin in his late 20s or early 30s in 2016 or so, he was not exactly lured directly to bitcoin, so maybe he dabbled in ICOs and shitcoins too.. and maybe by the time that we are getting close to 2018/2019, s/he has an income of about $48k per year, and maybe he can invest about $250 per week, yet his 2019 investment portfolio that is a combination of bitcoin and shitcoins and maybe s/he is ONLY coming around to learning about sticking with bitcoin ONLY, but the reality of the matter is that s/he is ONLY at about 20 bitcoins with all the time that s/he spent investing, so s/he believes that s/he has to earn yield because s/he heard that current entry-level fuck you status would be about 80 to 100 BTC, and s/he thinks that s/he might not be able to get there.. in terms of the BTC price going up or that his/her BTC stash might have to go up.  So largely s/he becomes impatient with how fast s/he is making progress.

Don't get me wrong, I am not completely feeling sorry for this guy/gal that does not seem to be able to get his/her financial and/or mental shit together and to be more methodical and not to get lured into yield products, and maybe someone in their mid-30s with the equivalent of 20 BTC is in a pretty damned good place in terms of getting to entry level fuck you status, yet I can see how and why such hypothetical person might both get anxious and also consider that it is better to put his/her money to work by earning yield.. and maybe slowly these kinds of people are coming over to bitcoin and getting away from those kinds of yield products, because they realize that it is better to have control over their value (not getting rug-pulled) and it still might not be a bad thing to get to entry-level fuck you status in your mid-40s or even early 50s if you can be methodical, prudent, practical and patient about it, but it can be really tempting for normies to want to rush these kinds of matters to try to earn yield and not even realize the level of risks that they are taking by handing their money over to degenerate gamblers merely so they can earn 4% or 8% APY or whatever on their bitcoin.