Bitcoin

[Bullitt]

The bitcoin stories really do get laughable at times.

The latest is Riot Blockhain (RIOT) CFO calling it quits, retiring last week after holding the position for a year and half. RIOT has had four different CFO's and five different CEO's in the last five years. The stock is down 90% from it's peak in February 2021.

To make matters funnier, they announced their mining factory in Texas (the largest mining center in North America) has been shutting down due to temperatures in the 100's.

"This week alone, each week, each day we turned off between 3:00 and 7:00 P.M."

https://www.foxbusiness.com/energy/crypto-mining-texas-power-problems-nanoseconds-blockchain-exec

[bleeck]

Yep, Texas welcomes them and they already have a shaky power grid.

[tsptalk]

Are we at puking levels yet on bitcoin?
50% haircut since April.

[Bullitt]

Massive forced selling out of leveraged positions. I wonder what Michael Saylor thinks about this? A month ago he had this to say:

“We took out the loan at 25% LTV. The margin call occurs at 50% LTV. So essentially, bitcoin needs to cut in half, or around $21,000, before we’d have a margin call,”

Hedge fund troubles elsewhere. Everything is linked. Forced selling in one sector bleeds over to other sectors. So much fraud in crypto and NFT world it's like the comic section to watch. The excitement has just begun. Pretty soon we'll be hearing about about all the celebrities that pumped NFT's and other outright frauds getting sued.

Beleaguered cryptocurrency fund Three Arrows Capital (3AC) confirmed Friday it had suffered heavy losses in the recent market downturn and said it had hired legal and financial advisors to figure a way out.

https://www.coindesk.com/business/20...ptions-report/

[Bullitt]

A few months old, but gives an idea of bitcoin sentiment in a survey among Goldman Sachs clients. Since March bitcoin is down over 50%, but anyone holding bitcoin will be biased to the bull side.

The survey showed that 40% of the respondents have exposure to cryptocurrencies and 54% predict the price of bitcoin will be between $40,000 and $100,000.

61% of respondents expect their digital assets to increase in the next 12 to 24 months.

22% of respondents predict the price of bitcoin will be over $100,000 in 12 months.

https://www.coindesk.com/markets/202...crypto-survey/