they were losing money duh...nothing shuts up a trader faster than gaps in the wrong direction lol...speaking from painful experience.
I wish I was more trustworthy of centralized exchanges, I'm planning to deposit 3 bitcoins to Celsius, 2 at BlockFi (1 already there) 2 at Nexo and the rest on local wallets. Maybe over time, will deposit more cryptos on the platforms. When putting cryptos on these platforms, have to be prepared for delays, for example, BlockFi takes 1-2 business days for withdrawals. It's very difficult to adjust to normal traditional time, when you're very much used to Cryptos time. Celsius is a unique situation as it's my biggest pfolio holding so it makes sense that I would put more trust and crypto value there and perform the exchange there, however, exchanging for USD there is not as straightforward as Coinbase where I have an account with ACH and Tax setup. In my view, Coinbase is the most straightforward path to real world fiat/banking system. I'm still uneasy about the self-hosted wallet fincen rules, and still trying to study it a bit more. Naturally, interacting with these centralized platforms from local wallets is a point of no return, so I'm making sure I understand all the risks.
You know with this latest bitcoin price dip, the bears are spreading fud. I'm worried that some folks new to the cryptos space may get shaken out. I cannot offer financial advice but people should realize that bitcoin is open source and the bitcoin blockchain is a public, transparent ledger, which means, you do not have to trust anyone's word or opinions, you can perform as much and as deep a research as you wish to and come to your own conclusion(s). The truth is in the blockchain which you can have your own copy, write your own API tools, or if you want, you can use the ready-made tools built by others and you can compare other public tools to validate each other. Google "bitcoin block explorer" What is my point? The whales (i.e. Institutional Investors) are growing their bitcoin wallet holdings at the expense of the weak hands. I'm not asking anyone to believe me or believe what has been said in many news and others performing analysis for free and putting them out there, you can do the research on your own to verify. https://app.intotheblock.com/coin/btc?pid=blockchain&utm_source=blockchain_widget https://pbs.twimg.com/media/EpX0e96XcAILt8N?format=jpg&name=medium
Very interesting, thanks for posting this. Having this info I think makes technical analysis fundamentally different than trading anything else. But if the large players get all they need, who is left to push price up? In fact, is there any way to figure out if price is moving because of large orders or just small purchases from retail investors?
Sometimes price moves up not just because large players are continuing to buy ... but because they are sometimes continuing to hold - supply out of reach.
Oh boy, oh boy, your question is very exciting!!! I don't even know where to start, lol. There are 18.6M bitcoins, currently, and there will only be 21M bitcoins, a hundred years from now. It is estimated ~4M bitcoins (private keys) are lost forever There's not enough for every millionaire in the world to own 1 single bitcoin. Adult population in the world? How about the whole world, what allocation for each country can have their own fair share of bitcoins. Microstrategy really screwed every US corporation out there by owning as many bitcoins as they can. When you say all the Institutional Investors have owned as much as they want, what price of bitcoin would we be looking at? Woohooooo! Now you understand why there is so much fomo among this investor class right now! They are panicking as they don't want to be left behind. A lot of really big investor funds have to wait for bitcoin to hit $50K price as the marketcap is too low for them to invest in, basically when bitcoin hits $1T market cap. You can front run those investors now. Retail is PayPal, Square, Coinbase, Gemini, Robin Hood, and lately, you can get your salary paid to you in bitcoin like NFL star Russel Okung through Zap Strike, or you can use Bitwage I just cannot fathom what price of bitcoin would be if as you say, all the big investors have bought all they need? Hint: there's not enough bitcoins for that to happen
Why is this relevant in ANY kind of discussion? Not to mention Bitcoin should split 1 to 1000. Then even half millionaires could own one. And again, with infinite divisibility maximum number of coins is IRRELEVANT. A coin system works with 1 coin just as well as 21 MM or 84MM.
You know bitcoin btc is a scarce asset Are you saying like splitting a gold bar into atoms and distributing to all the people in the world? There are 100M satoshis in 1 bitcoin, so maybe you're on to something if we price each satoshi at 1 US cent or maybe 1 USD You cannot change the maximum limit number of bitcoins, if you do, you will fork the bitcoin network and create a new coin, like bitcoin cash or bitcoin aircoin or something. For now, bitcoin limit stands. I'm explaining it for others, you already know this stuff, my friend This is the reason ~150M Trillion Hashes per second of computing power are vying to solve the next bitcoin block so they can be rewarded 6.25 bitcoins (plus transaction fees). Bitcoin is extremely rare, you know. https://www.blockchain.com/charts/hash-rate
I was here the entire time from 20k to 40k ....it will probably break new highs but you'll be able to buy the magical unicorn coin all day under 20k sooner than later.