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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: bull_dozer who wrote (170751)

4/20/2021 3:35:19 AM

From: TobagoJack

Read Replies (1) | Respond to of 218788

Re <<Team China-China-China asleep?>>

Buy Buy Buy

Doge shall hit $1.00

bloomberg.com

Plumber Buying Doge Shows Retail Investors’ Power in Crypto
Katherine Greifeld
20 April 2021, 04:03 GMT+8
Follow us @crypto for our full coverage.

A rocky weekend for the legions that poured into all things crypto after Coinbase Global Inc.’s direct listing did little to undermine its grip on retail traders.

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Dogecoin rallied another 20% or so Monday, even after most of the biggest tokens, including Bitcoin slumped further. To Mike McGlone, a Bloomberg Intelligence commodity strategist, the recent run-up in the joke token is exemplary of retail’s involvement in crypto markets. His plumber told him recently that he’d bought in.

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To McGlone, it’s a result of the “perfect storm” of pandemic lock-ups, lots of cash in the system, and investors’ ability to speculate around the clock. “Markets will never change -- this one is just 24/7 and the easiest to access in history,” he said. It’s “a prime example of just plain gambling for fun -- unless participants lose too much money, notably because they took too much risk at the casino.”

While Coinbase’s market debut was undeniably a watershed moment for crypto’s move into the mainstream, the weekend rout delivered a harsh refresher on one of the market’s basic tenets: violent price swings are common.

A false report from an anonymous Twitter account that the U.S. Treasury was cracking down on crypto money laundering was enough to help send Bitcoin plunging by as much as 15% on Sunday, days after clocking in at a record of $64,870. While low weekend liquidity likely exacerbated the nose dive, the world’s largest cryptocurrency dropped another 3.5% on Monday.

Has Bitcoin's Bull Run Hit a Snag?

Has Bitcoin's Bull Run Hit a Snag?

The Bitcoin rollercoaster is back.

That an erroneous tweet can torpedo prices is a reminder that even for all the talk of Wall Street’s growing embrace of crypto, individual investors have a lot of heft to throw around. That dynamic is especially prevalent on weekends, when traditional trading desks go dark while Bitcoin and other cryptocurrencies continue to change hands. Even as Coinbase’s direct listing marks an important milestone for crypto, for institutions and traders venturing into crypto, learning to live with that volatility is a key first step.

“It’s more an introduction to all the people who had gotten into Bitcoin or crypto over the last week because of Coinbase that crypto markets can be very volatile,” Philip Gradwell, chief economist at crypto data tracker Chainalysis, said by phone. “This is in some sense, nothing new if you’ve been in the industry for a few years.”

Even by crypto standards, sentiment was looking stretched at the end of last week. Bitcoin soared in the lead up to Coinbase’s much-anticipated listing, bringing year-to-date gains to over 118% at one point. That enthusiasm spilled into so-called altcoins such as Dogecoin, which has soared more than 13,000% over the past year.

The moves can be jarring. Roughly $9.3 billion in so-called long Bitcoin future positions were liquidated on Saturday, followed by another $700 million on Sunday, according to data from Bybt.com.

Such a pullback in Bitcoin was “ inevitable” given the degree of froth, Galaxy Digital founder Michael Novogratz tweeted over the weekend, adding that “we will be fine in the medium term” as institutions enter the space.

Read more:

Crypto Stock Mania Tested by Sliding Prices, Bitcoin Slump

Why Is Bitcoin Tumbling and What Is the Outlook for Prices?

Shifting the power dynamic in favor of the institutions will be the “Holy Grail” for Coinbase, BI analyst Julie Chariell said last week, given that corporations are less likely to dump their holdings as quickly as retail traders. Though individual investors made up just 36% of the exchange’s volume during the quarter ending Dec. 31, more than 90% of Coinbase’s revenue came from retail trades.

Whether the cryptocurrency exchange is successful remains to be seen. But even should Bitcoin carve out a place in portfolios and on corporate balance sheets beyond the likes of MicroStrategy Inc. and Tesla Inc., the weekend will likely still belong to the individual investor.

“The retail investor still dominates the crypto market,” Steven McClurg, CIO at Valkyrie Investments, said in a phone interview. “When you see action like that over the weekend, that’s just when all the institutional traders are asleep or not working.”

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To: bull_dozer who wrote (170751)	4/20/2021 3:41:05 AM
From: TobagoJack	Respond to of 218788

Just think all the Boyz and girls going to be talking crypto at family BBQs and neighbourhood bars, and those w/ crypto shall be better looking, smarter, more with it, than those without The grilled steak and skewered shrimp and chicken drumsticks all tastier w/ crypto Crypto is a food condiment as well as aphrodisiac Read the lies Bloomberg spewing and then we know its agenda bloomberg.com Why Did Bitcoin Tumble and What Is the Outlook for Prices? Emily Cadman 20 April 2021, 05:25 GMT+8 Follow us @crypto for our full coverage. The crypto rollercoaster is back in action. Bitcoin has recovered some losses after falling as much as 15% Sunday. Rival coins like Ether and XRP also plunged. Bitcoin inched up to trade above $56,000 on Monday afternoon in New York, less than a week after hitting a record high of more than $64,000. The highs coincided with the stock-market debut of the U.S.’s largest exchange for the tokens, Coinbase Global Inc., which stoked enthusiasm for all things crypto. While some investors said the coin was overvalued, others saw the dip as an opportunity to steel their nerves and buy. Even Dogecoin — which began as a joke — rose 20%. So what’s sparked the slide?As is often the case — especially with assets as opaque as cryptocurrencies where it’s often unclear who is selling or buying — there isn’t one answer. Analysts point to a grab bag of reasons. Regulation fearsAs digital assets make further inroads with both retail and institutional investors, regulators across the world are taking a closer interest. Wealth For You Help us deliver more relevant content for you by telling us about yourself. Answer 3 questions to tailor your experience. On Friday, the Turkish central bank said it would ban their use as a form of payment from April 30 and would prohibit companies that handle payments and electronic fund transfers from processing transactions involving crypto platforms. There was also online speculation over the weekend that the U.S. Treasury is poised to crack down on money laundering carried out through digital assets. The Treasury declined to comment. Other sources of regulatory pressure include central banks’ plans to create digital currencies such as China’s for the yuan, and the ban of cryptocurrency mining in Inner Mongolia, long an industry favorite because of its cheap power. “We will see more regulation coming,” Eva Ados, chief investment strategist at asset manager ERShares, said on Bloomberg TV, warning investors to be very careful. “We think there is going to be even more volatility going forward.” OverexcitementAny big rally offers potential for the market to get ahead of itself. That’s the view of Galaxy Digital founder and long-time crypto bull Michael Novogratz, who wrote on Twitter he sees the retreat as a healthy correction. Idiosyncratic factorsOther things could be adding to the mix. Industry news site CoinDesk reported Saturday that power outages in parts of China had knocked out a significant amount of Bitcoin mining capacity, which reduced the overall processing power of the cryptocurrency’s network. There’s also the timing. “Bitcoin goes crazy on weekends because it’s one of the few markets open to trade in,” Kyle Rodda, a Melbourne-based market analyst at IG said. “And it’s lost some buying support.” How significant are the drops?Given the frequent warnings from mainstream financial figures of a speculative mania in cryptocurrencies, any substantial drop reawakens memories of the 2017 crash. Back then, Bitcoin fell from more than $19,000 to under $4,000 by the end of 2018. While the current retreat is notable, it’s not on that scale. Bitcoin is still 93% higher than it was in January. Volatility is routine for the asset class: The 15% intraday drop on Sunday was only the biggest since February. Ether, which fell as much as 18% before closing 9.4% lower on Sunday, is up more than 200% this year. What’s the price outlook?The trouble with any sort of price predictions for cryptocurrencies is that there aren’t a lot of fundamental metrics to form the basis of forecasts. Much comes down to best guesses on whether institutional investors will buy in and whether Bitcoin whales will sell. Less than 2% of accounts control 95% of the available supply, according to researcher Flipside Crypto. That means one large holder can have an outsized impact on the still illiquid market. One key difference to the prolonged crash in 2017 is that a wide range of institutional investors now have some stake in the market. Brevan Howard Asset Management last week became the latest money manager said to be investing in digital assets. Read more: Dan Loeb Is Latest Billionaire to Dive Into the World of Crypto In a further sign of growing interest among the wealthy, both Morgan Stanley and Goldman Sachs Group Inc. are now planning to offer clients access to crypto investments. In January, JPMorgan Chase & Co. analysts suggested Bitcoin has the potential to reach $146,000 in the long term, a target they recently pared back to around $130,000. “Passions run deep on social as to the likely near-term path for crypto,” Pepperstone’s Chris Weston wrote in a note to clients. “But dips are clearly supported.” — With assistance by Matthew Burgess, and Haidi Lun (Recasts and updates with latest prices) Before it's here, it's on the Bloomberg Terminal. LEARN MORE