This is the last chance to exchange stablecoins for Bitcoin

[Popkon6]

The price of Bitcoin often stayed between 22k and 25k for a long time.  But since then the price has been much lower.  Nowadays many people are afraid to invest.  Bitcoin market is down now so now is the right time to convert stubble Stable coins to bitcoins.  Bitcoin price is now at $20,404 and Bitcoin price is likely to move lower.

Reasons for the current cryptocurrency market downturn: The closure of the US Silicon Valley Bank (SVB) caused Bitcoin prices to fall overnight.  SVB, the US lender to startups, announced on Wednesday that it will sell shares worth $225 million to strengthen its balance sheet.  One of their announcements spread among the bank's victimized customers and created panic among customers and investors.  Then as the share price drops by more than half, customers are more likely to withdraw their money.  Due to this, the Silicon Valley Bank (SVB) bank was closed.



I had a small amount of stubble Stable coins that I turned into bitcoins.  This is the last chance that Bitcoin price will continue to improve in the future.  If everyone takes advantage of this opportunity, the chances of Bitcoin price going up are very high.

[d3nz]

If everyone takes advantage of this opportunity, the chances of Bitcoin price going up are very high.

Definitely, it will happen the chart doesn't lie. That's why hoarding BTC is really a good strategy since the value will surely hit more than the ATH in the future.

And as I analyze it with my personal technical analysis, BTC might go down more than $17k if the support level area will be broken. 

I highly suggest not exchanging stablecoins right away but waiting for the right time when the market will are recovering from the bear trend.

[slaman29]

Last chance? I doubt it. But one of the last few chances yeah, I'm totally in agreement.

But just because I think so doesn't mean I'm going to tell people to do so.

I know from forums and reading on reddit people are staking their stablecoins for 4% a year, and earning additional CAKE on BSB. or what ever other Defi chain there is.

They will think they are happier to do that while waiting for BTC to go to 10k.

I think they will be wrong, but again, who can tell?

If everyone takes advantage of this opportunity, the chances of Bitcoin price going up are very high.

Lols everyone takes "advantage" of thousands of altcoins opportunities, guess what happens to those?

[mumang siat]

Of course it's good to do in the current term, and I think it's also very good for those who invest in the long term, it's more profitable but if holding it in the near term we hesitate to say, the current movement is very erratic in the sense that it could go down lower or will rise, for those who want to survive reaching $ 20k and above it might be good to invest.

Now Bitcoin is undergoing a price correction, and providing an opportunity for those who want to invest, some people can use their stablecoin to exchange Bitcoin, this is a good move I think, Bitcoin's situation will improve when the demand for offers increases and follows with trading, although there will be a correction later.

[KaliLinux]

They will think they are happier to do that while waiting for BTC to go to 10k.
I think they will be wrong, but again, who can tell?

I kinda agree with you there too. Bitcoin already tested the $15k+ price and seriously I don't think Bitcoin might be falling to that point again even though as you said, this is just my thinking too looking at it from this chat except for something unusual happens.

I do think this is the mistake people will usually make while missing out on getting Bitcoin at a better price hoping it will continue to go down.

[Zilon]

The price of Bitcoin often stayed between 22k and 25k for a long time.  But since then the price has been much lower.  Nowadays many people are afraid to invest.  Bitcoin market is down now so now is the right time to convert stubble coins to bitcoins.  Bitcoin price is now at $20,404 and Bitcoin price is likely to move lower.

It just two months since Bitcoin stayed between 22k and 25k so it is not long yet. March seems to have a different market structure but yet not enough to conclude it will be the last chance to swap from stable coin to Bitcoin. As far as the market keeps having engagements opportunities will always surface at various stages. Even if this might be the last time we will see Bitcoin at $20k this year if it ever happens there will always be newer opportunities.

[pooya87]

You should never bag hold stable coins in first place considering how risky they are since they are all more or less centralized with shady companies behind the project controlling everything there is about the coins in and out of circulation. If you want to go out of the market then convert to fiat instead while only using stable coins when you have no other choice.

As for bitcoin price, what we saw was actually very common when a resistance is not broken (ie. $25k) and it is not a big drop as some people may think. It was retesting the support once again and so far it has not resulted in any actual downtrend (price is still at $20k that is the support).
Of course we have the negative news and the FUD to contribute to that fall trying to make it bigger and failing, so far...

[Mpamaegbu]

Bitcoin market is down now so now is the right time to convert stubble coins to bitcoins.  Bitcoin price is now at $20,404 and Bitcoin price is likely to move lower.

I find this part of your comment contradictory. Perhaps you didn't get in the right grammatic usage. You called for stablecoins to be exchanged for Bitcoin but on the other hand you're saying "Bitcoin price is likely to move lower." I don't know why that ambivalence is.

However don't think now is a last chance to get in. I know you're saying it in the light that now affords us a better lower entry point but we can't be sure it's. Price can still go down but what is certain is that price will still soar more than what it's now. Anyone interested in Bitcoin should buy whenever they can and not think much of their entry levels, especially if they're going to hodl.

[hd49728]

This is the last chance that Bitcoin price will continue to improve in the future.

Please don't say it. The world won't end tomorrow and Bitcoin won't skyrocket to $1M tomorrow or won't die tomorrow. You always have chances to get Bitcoin at many different prices.

If everyone takes advantage of this opportunity, the chances of Bitcoin price going up are very high.

Chances including higher and lower prices. Nothing to be sure that Bitcoin won't fall back to $16k again in future. Remember the market is in bearish phase and likely in accumulation phase. Before a new bull run, we can see another Long squeeze to kill leveraged guys and wash out the market for a healthier bull run.

If you believe in callings like "Last chance" you will fall into FOMO traps that are not good for your portfolio surely.

[GeorgeJohn]

The price of Bitcoin often stayed between 22k and 25k for a long time.  But since then the price has been much lower.  Nowadays many people are afraid to invest.  Bitcoin market is down now so now is the right time to convert stubble coins to bitcoins.  Bitcoin price is now at $20,404 and Bitcoin price is likely to move lower.

What's your take concerning this concept of converting stable coins to Bitcoin, because Bitcoin is getting  low in price,  and you sense that bitcoin will decrease more often. what will be the benefits of someone who converts its stable coins to Bitcoin since Bitcoin  is having deficiency in the market, the explanation of yours is contradictory, I think you need to throw more light on this your scenario. From my perspective its now someone needs to buy Bitcoin as its decreasing in value,  because its acceptable to purchase Bitcoin when the price is getting low so that when it appreciate you will make a little profit, but not in a situation whereby Bitcoin have no life and you advice people to convert their stables that has live to bitcoin that's downgrading.

[Popkon6]

Currently it is impossible to know the exact signs of Bitcoin.  No benefit can be gained by holding stable coins. I converted to Bitcoin from Stable Coin and got $0.00196440 Bitcoin. So am I wrong or am I on the right track.
I Want advice?

[B_T_C]

USDC is currently loosing it's peg and is around 8% down at the time of writing... 

[franky1]

Reasons for the current cryptocurrency market downturn: The closure of the US Silicon Valley Bank (SVB) caused Bitcoin prices to fall overnight.  SVB, the US lender to startups, announced on Wednesday that it will sell shares worth $225 million to strengthen its balance sheet.  One of their announcements spread among the bank's victimized customers and created panic among customers and investors.  Then as the share price drops by more than half, customers are more likely to withdraw their money.  Due to this, the Silicon Valley Bank (SVB) bank was closed.

to be more specific to the explanation

SVB privately invested customer balance into treasury bonds at 1%

when the bank run occured/started. SVB had to sell the treasury bonds to liquidate the bonds back into fiat to then honour withdrawals of SVB customer fiat balance

the big problem is that the bonds market have ample bonds at higher % to trade. so no one wants the 1% bonds. thus SVB had to sell them at a loss to liquidate them
meaning SVB did not get 1:1 value of bonds. thus made a loss meaning their SVB customer balance is no longer 1:1 of available fiat

[DaveF]

Reasons for the current cryptocurrency market downturn: The closure of the US Silicon Valley Bank (SVB) caused Bitcoin prices to fall overnight.  SVB, the US lender to startups, announced on Wednesday that it will sell shares worth $225 million to strengthen its balance sheet.  One of their announcements spread among the bank's victimized customers and created panic among customers and investors.  Then as the share price drops by more than half, customers are more likely to withdraw their money.  Due to this, the Silicon Valley Bank (SVB) bank was closed.

to be more specific to the explanation

SVB privately invested customer balance into treasury bonds at 1%

when the bank run occured started. SVB had to sell the treasury bonds to liquidate the bonds back into fiat to then honour withdrawals of SVB customer fiat balance

the big problem is that the bonds market have ample bonds at higher % to trade. so no one wants the 1% bonds. thus SVB had to sell them at a loss to liquidate them
meaning SVB did not get 1:1 value of bonds. thus made a loss meaning their SVB customer balance is no longer 1:1 of available fiat

A bit oversimplified but yes. There are a lot of other issues, but that is the one that caused the implosion so to speak.

If you are driving fast, on a wet road, with bald tires and bad suspension, did that pothole really cause the crash?

<shrug> does it really matter? People will keep putting money into the next big thing. From what I read even if USDC does take a hit from this from what I read they do have other insurance but getting accurate info now is kind of difficult.

-Dave

[stompix]

Then as the share price drops by more than half, customers are more likely to withdraw their money.  Due to this, the Silicon Valley Bank (SVB) bank was closed.

So if the shares of BMW drop in half everyone will be selling his car?  
Customers choosing to withdraw money are not doing so looking at the shares, and shares did tumble exactly because the bank failed to secure enough liquidity, so it's the opposite way around.

If everyone takes advantage of this opportunity, the chances of Bitcoin price going up are very high.

The chances are not only high the chances are 100%, because if everyone buys then there is going to be a maximum cash inflow that will for sure make the price go beyond the previous ATH at least. The problem is, if everyone buys, what do they buy since nobody sells?

USDC is currently loosing it's peg and is around 8% down at the time of writing...  

And, you have guys on twitter claiming to buy as it's the easiest 11% you can make!
Saw that while Luna was cashing down also, so not surprised even a bit.

[rat03gopoh]

Bitcoin price is now at $20,404 and Bitcoin price is likely to move lower.

That means it's not the last chance, right?
All in just for the reasons above is not a good decision imo, bitcoin never closes the opportunity to go to a lower level. The news of the release of Bitcoin from Mtgox is still no updates, but I believe that at this time several media are preparing their versions of FUD and as usual the market reaction will be seen immediately.

[Artemis3]

You should never bag hold stable coins in first place considering how risky they are since they are all more or less centralized with shady companies behind the project controlling everything there is about the coins in and out of circulation. If you want to go out of the market then convert to fiat instead while only using stable coins when you have no other choice.

As for bitcoin price, what we saw was actually very common when a resistance is not broken (ie. $25k) and it is not a big drop as some people may think. It was retesting the support once again and so far it has not resulted in any actual downtrend (price is still at $20k that is the support).
Of course we have the negative news and the FUD to contribute to that fall trying to make it bigger and failing, so far...

The whole idea of a "stable" coin is flawed because it depends on external factors which in turns creates a distortion which grows and grows until it breaks. It is the same reason pegging a fiat to another will end up the same way even when enforced by the State (if you check history, behind hyperinflation there is always a pegging). The so called "volatile" price of Bitcoin is a honest market price, as shown in the long term graphs, its a steady climb. The people who don't understand fail to realize fiat is a descent (by design, infinite emission).

So it either breaks because their reserve was too low, because someone played with the reserves, because code failed to react to external events or data came "too late", etc. Pegging always breaks sooner or later, you are simply being blindfolded from the truth, just like a PPS pool...

There are too many elements that can make a peg break, and they all do sooner or later. So its best to not peg in the first place. To add insult to injury, almost none of those "stable" coins are "tokens", meaning they don't even have their own blockchain to begin with. It is hilarious that some even peg against each other so things like Luna occur.

You could argue it was not Circle's fault the bank they choose to put their reserves failed. Of course they can fail, they do fractional reserve. Guess who also does fractional reserve? That's right, Circle. None of the badly called "stable" tokens do 1:1 and even if they did, the other external factors (like in this case, a bank failing) could hit them regardless.

Do you trust your bank? Why trust these? Don't trust, verify: Bitcoin. P2P electronic cash, no banks, no exchanges, no State. Its not a mere asset...

[Little Mouse]

they are all more or less centralized with shady companies behind the project controlling everything there is about the coins in and out of circulation.

More or less? If we exclude algorithm-based stablecoin, then all of them are centralized by all means. What surprises me more is we are trusting a bank through a company. If the company was holding our money, that would be far better but we are not trusting them but the bank lol. USDC's recent chaos is the perfect example of why we shouldn't go for a stablecoin though sometimes we get forced lol.

[dansus021]

Lot of stablecoin now at depeged from one dollar which is bad since their host bank filled chapter 11 or fail to pay all. Like the recent news i think is better to convert to crypto before anything goes bad and you cant exchange your stablecoin.



https://www.coingecko.com/en/categories/usd-stablecoin

Yesteday even worse

[crypticj]

I think the problem with this analysis is that you totally ignore macroeconomic conditions.
Overall, bitcoin is down because the economy is suffering, inflation is still high and FED is still hiking rates. Bitcoin's price is connected with the stock market so when it goes down, bitcoin goes down too.

So I think when you want to analyze bitcoin price and give investment advice, you should also consider macroeconomy.
Personally, I don't see any signals that bitcoin will go above $20-22k range in the close future. We all need to wait for the FED to stop raising rates and the economy getting healthier and for people to get spare money to invest in assets.