Ain’t it strange that the price is not falling despite the Genesis news?
Maybe this has something to do with it.
https://www.bbc.com/news/technology-64338010Bankrupt crypto exchange FTX's new chief executive, John Ray, is looking into the possibility of reviving the platform.
He told the Wall Street Journal (WSJ) that he has set up a taskforce to explore restarting FTX.com to "recover more value" for people who lost money.
Mr Ray is exploring the idea of resurrecting the platform instead of simply liquidating assets or selling the platform, according to the WSJ report.
https://finance.yahoo.com/news/lithosphere-litho-blockchain-developer-plans-060000354.htmlSeattle, Washington--(Newsfile Corp. - January 19, 2023) - Lithosphere blockchain core developer KaJ Labs is willing to help Digital Currency Group (DCG) with its insolvency issues by extending a credit facility of $830 million.
The food can become shit but shit can't become food.
hmm..shit literally becomes food in some situations...ask any farmer.
that said, I don't care about future of FTX one bit and so will other people with any residual memory of 2022 happenings.
One additional comment: the field as a whole shot itself in the foot with hypefinancialization.
It seems that almost no lending company left standing apart from small Nexo (so far) and maybe Galaxy Digital, which shriveled, but not died.
It might be good for bitcoin in longer term, though.
I recall a lot of exchanges going down, and when there are liquidity issues or something that might cause concerns about the loss of bitcoin (or other value on the exchange), then generally speaking members of the public (especially people holding value on the exchange) will generally want the exchange to open up, and surely there are likely a lot of WO members who don't want to admit that they lost value by having some "coins" with FTX - yet even if we have not been witnessing too much sympathy for FTX, their level of fraud seems to be heads and shoulders above some of the earlier day shenanigans that had not been so much in your face in regards to either their shenanigans or their attempts to curry favor from regulators and government officials. So there seems to be way more suspicion regarding whether any aspect of FTX's operation might have been legitimate.. and I suppose if they were to reopen, then that would bring back some legitimacy to their reputation - and people will likely use their services, but still practically, it seems quite pie in the sky that they would actually reopen - like they would really need to be careful in terms of running a squeaky clean operation.. and maybe even be limited in terms of the kinds of products offered..
Maybe I should just say, I will believe it when I see it, but it seems quite surprising to be suggesting reopening, at least the FTXUS division as one of the options that they are considering to be possible. They would also have to get court approval, too... and maybe even have quite a bit of court oversight. Not impossible, but still too early to know how they would be planning to balance some of the possible issues involving a reopening, if it were to actually be feasible.
Are we Bulls again?
Short-term I'm not convinced this bounce will create a new high. Closing the day above $21.3K could change my mind though, as this would be above the previous highest close of November. Likewise closing the week above $20.9K would also achieve this same affect as this was previous highest weekly close. At least now after some consolidation there's room for the Daily RSI to return to 90 in the $22K-$23K range it seems.
For the immediate term I'm back to being neutral while price consolidates between $20.5K and $21.5K. I think that's the sensible/conservative approach for the moment. Still only looking for a(nother) short-term short position though while price remains overbought, but clearly not while price is moving back to the upside. Correction to around $19.5K before further upside would be healthiest scenario imo.
Your post did not age too well, so hopefully, you did not put too much on that short. Otherwise you will end up in the gutters with TrustedBitcoiner.. and will any of us HODLers remember who you were, once?
Ain’t it strange that the price is not falling despite the Genesis news?
Not really... The problem is that Genesis doesn't have the BTC to meet their deposit obligations. That means they need more BTC and don't have enough. I don't think this will result in a large amount of BTC hitting the market. Actually, it will probably result in more BTC being taken off the market as those who depended on Genesis to hold their customer deposits will now have to go purchase BTC on the open market to meet their obligations with their depositors. It's like a game of musical chairs and you don't want to be the guy left with no BTC when the music stops. A lot of entities that relied on income from Genesis for their operations are now left scrambling to make their customers whole, which means there will be more failures without the price dropping.
The real question is, do you own any BTC or do you think you do?
You seem to have a good point OgNasty, including that any market is NOT necessarily go in the direction that seems fair, and there are decent odds that the BTC price ends up going into punishment mode and then we personally witness the effects of the supply shock.. and in which direction is the price movement the most painful? Perhaps up is going to be pretty painful. especially when market participants keep saying that it's gotta correct at some point, and it seems that we witnessed that on several occasions in the past in which market participants keep saying that it has gotta correct at some point, and then it keeps NOT correcting, as so many smart people believe would be the most logical thing.. and who proclaimed that king daddy is logical?
It's likely that we have to take this kind of news with a grain of salt in regards to whether it is actually true, and Sam might even want to set up his own drama scenarios... even though I would imagine that there are quite a few people who would like to get a piece of him.
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