Agree there.
Despite the bullish setup in bitcoin over the past month, I can see this IPO causing a breakout that doesn't hold. Insiders have been looking to unload that IPO for years and that could have negative effects.
I've been with Coinbase since 2016, too bad they didn't give members the opportunity to purchase shares at the IPO price.
Tom
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I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
Bitcoin getting hit on crackdown talk. At around 55,000 right now.
https://finance.yahoo.com/news/bitco...094926937.html
Another test of the 50-day EMA?
Tom
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I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
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Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
Tom
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I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
Plain ol manipulation: 'After a bitcoin crackdown, China now calls it an ‘investment alternative’ in a significant shift in tone'
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Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
There were also rumors that a large holder unloaded shares.
https://dailyhodl.com/2021/04/17/wha...ds-are-headed/
One thing about markets is we feel there is always an explanation for moves up or down. Rarely do they make any sense. Most of the time, a move happens first, then a headline is plucked that purportedly explains it. Maybe someone decided the Coinbase IPO marked some psychological top.
Long term, China wants crypto to avoid US sanctions via SWIFT. Take a look at what is happening with semi-conductors. China steals our technology, builds their own with slave labor, then floods the market with it. Recent sanctions on Chinese semi-conductors could be avoided with crypto transactions.
Guggenheim’s Scott Minerd warns bitcoin could plunge 50% near-term — ‘things are very frothy’
https://www.cnbc.com/2021/04/21/bitc...chterm=bitcoinKEY POINTS
Bitcoin is “very frothy” and could see a “major correction” in the near term, Guggenheim Partners’ Scott Minerd told CNBC on Wednesday.
“I think we could pull back to $20,000 to $30,000 on bitcoin, which would be a 50% decline,” he said.
However, Minerd said he remains bullish over the long run, predicting an eventual rise to $400,000 to $600,000.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
Over $200 billion wiped off cryptocurrency market in a day as bitcoin plunges below $50,000
https://www.cnbc.com/2021/04/23/bitc...urrencies.htmlKEY POINTS
Bitcoin and other digital coins plunged on Friday, wiping over $200 billion of the value of the cryptocurrency market.
President Biden is expected to raise long-term capital gains tax for the wealthiest Americans to 43.4%, including a surtax.
That’s led to a wave of selling in crypto markets, which have had a great year with bitcoin climbing more than sixfold in the last 12 months.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
Bear case:
https://www.forbes.com/sites/billyba...h=18714da551afWith a sudden weekend sell-off leaving bitcoin traders and investors reeling, JPMorgan analysts have warned that if the bitcoin price doesn't regain ground above $60,000 soon, bitcoin's momentum signals will collapse.
Bull case:
https://dailyhodl.com/2021/04/09/bit...mberg-analyst/Current models show BTC could reach a staggering $400,000 this cycle. “The technical outlook for Bitcoin in 2021 remains strongly upward, if past patterns repeat. Common companions for strong annual rallies in the first-born crypto – low volatility and halvings – are aligned favorably.
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