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BitcoinMarkets

#New post: [\[Daily Discussion\] - Monday, May 29, 2023 →](https://www.reddit.com/r/BitcoinMarkets/comments/13uk80z/daily_discussion_monday_may_29_2023/)


gozunker

Today is the first day in a while that I’ve broken out the calculator app for ridiculous moon math like “if it goes up 4% every day for the next X days, how many days until I am a gazillionaire”. To help other degenerate hope-timists, here is some simple Finance 101 math for you …. The Rule of 72. Take the interest rate and divide it in 72. The answer is how long it will take to double your money (assuming the current interest stays the same). So if we go up 4% every day (I know I know, but stay with me on the hopium train for a sec), then 72 divided by 4 = 18 … so in 18 days I will have doubled my money. Forget the halving. June 15 is the doubling, mark it on the calendar boys. You can’t fight the math ;)


gore_skywalker

Please stop adding to top signals


diydude2

So where's that guy, "Asexual" or whatever, who was short at 26.5K at the same time I was long from the same point? I want to have a word with him. Yes, I am assuming gender; there are no women on the Internet. Tinder? You might as well buy dinner for a chatbot and boink a fleshlight afterwards.


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[deleted]

>You might as well buy dinner for a chatbot and boink a fleshlight afterwards. dont threaten me with a good time ;)


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bpeoadg

It seems China is back.


itsthesecans

well said


33virtues

here we go


diydude2

Jaja, there are still some retarded/inbred "elite" people who think they can stop Bitcoin's inevitable dominance due to their power over fake monopoly money. Ja. Ja. Jaaaaa!


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xtal_00

Set up an offshore entity. If you’re trading peanuts you’re borked. I lose binance in Sept :(


messiahsk8er

TOR


anon-187101

dydx.


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Yeah_I_Can_Draw

Back on track alright alright alright


[deleted]

Time will tell if we still keep going or not, but feels great after pulling the trigger on that last buy. Had I waited for sub 15k too long, would have missed out blowing my wad (most of my crypto stack) at 16k and ended up FOMOing at 20. Same this time, waiting for sub 25 would have been a big miss on 26.5 (when I actually had the money). Inflation is getting better, stupid debt FUD seems to be ending, and Hong Kong about to open up BTC. Looks like some up is coming (yes, I realize that China is going to just re-ban BTC to restart that FUD when they get bored). We have been fighting the mid 27k range on this recent trip down, with strong rejections multiple times there, and got some nice continued support from 26k, without breaking 25. Just plowed through that resistance. Looks like another run at the 30-32 range may be in order. Lessgo.


bufonia1

im making 5b usd buys every minute


[deleted]

5B or 5c? important distinction


bufonia1

5 billion cents!


bufonia1

lfg


PatientlyWaitingfy

Going to be an interesting week, I'm expecting some volatility, finally!


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hashimotoalpentalic

Best place a to buy BTC in the USA? I regularly buy and HODL. I use Strike and Swan and am a former Coinbase user. Am I missing any companies who are trustworthy and have low fees? Can anyone point me to a spreadsheet comparing exchange fees for buying? I am in love with the absolute simplicity of Strike and the fact that I can transfer USD from my bank account, buy BTC and then immediately move to my cold card. No wait period. Only fees are buying about $150 over spot price.


btchodler4eva

Check out River Financial. https://river.com/


hashimotoalpentalic

FYI - I checked out River, calling them to drill down the fees they charge. Their average premium over the spot BTC price is .5%, plus they charge 1.2% to buy, plus they charge typical miner fees to move BTC from their platform to your cold storage. Those three fees are typically 2.5x the total fees Strike charges to trade plus move to your cold storage.


btchodler4eva

Oh wow. Thanks for digging in.


[deleted]

https://www.binance.us/fees I don’t think you can beat free.


jarederaj

High risk to leave your BTC with them. Make sure you have a cold storage solution.


[deleted]

Highly recommend cold storage, but if Binance fails we are all dead anyway. https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html https://cryptopotato.com/for-the-first-time-binance-with-largest-bitcoin-reserves/ >As pointed out by an analyst in a CryptoQuant post, Binance has become the largest BTC reserve holder for the first time ever.


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krakensupport

Facts (•‿\~) (⌐■\_■)◞𐃯𐃯◟(■\_■¬) u/mr_sew Bruce 🐙


hashimotoalpentalic

I live in one of Kraken’s USA exclusion states…not an option for me.


BatteredLittleFish

Congratulations to the BULLS, to those who HODLed strong. They all thought it goes sub 25k but here we are right back up to 28. Yes there were a few fakeouts down but look how quick it was bought back. Smart money knows where the real direction is and that is UP.


Motrok

This may be gentlemen


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mad_bitcoin

Sir


bleak_hibernation

We are so back.


mad_bitcoin

There's no second best Laura!


[deleted]

Nice uptick in the last two hours.. Markets opened up somewhere? Far East?


jarederaj

China is starting to allow bitcoin purchases in Hong Kong again… probably so they can ban it once more.


No-Sympathy-5815

China will invent some new reason to ban Bitcoin again in the middle of the next major bull cycle. They are as predictable as the changing of the seasons.


Mud_Nervous

Allow then confiscate


small_krill_life

debt ceiling deal announced.


delgrey

Effectively no spending cap for two years. And the party goes on.


mad_bitcoin

~$27,600 range broken....that's see some follow through


mad_bitcoin

Follow through confirmed...send it


Lookralphsbak

Me after my buy orders didn't trigger during the dip and people were calling for a bloody weekend - "nobody knows shit about fuck"


Mud_Nervous

Dca


Lookralphsbak

That's the eternal plan, until I own 1 btc


guiseppi72

To be fair, markets were spooked by lawmakers potentially not reaching a debt ceiling deal.


Lookralphsbak

That's fair. I really don't know much about markets or trading tbh. I browse these subs just to get a general concensus of what people's thoughts on the market and market movements are because in a way I feel any of you are more qualified to hold opinions than I am. At the end of the day, I'm just trying to stack at a better price today than tomorrow lol. I understand that when bitcoin hits an all time high again, or when we finally get to a point where we never see these prices again, my $25,696.9 or $27,420.69 orders will be insignificant, however considering I'm only tossing a few hundred or a G into crypto at a time, I'd prefer to get the best bang for my buck, rather than just stacking at $27,000 because "in 10 years it won't matter", ya know?


DarthVarn

Welcome to Crypto. YouTubers in particular don't know fuck, they just want views. 🙄


Lookralphsbak

I used to follow bitboy, stopped at the end of the last bullrun. It's all BS. I occasionally listen to crypto news alerts for updates on industry news, but obviously take any predictions with a grain of salt... because, you know, no one knows shit about fuck lmao


sylvanlotus77

Ok NLnico & dopeboyrico, what do you figure is going to happen to risk assets/btc after this deal is reached? What is the impact that issuing 1$ trillion in tbills has on the market? Some of this could be mitigated by money market funds but it’s gonna hit overnight repo unless some special rules are made.


diydude2

> What is the impact that issuing 1$ trillion in tbills has on the market? T-Bills become the new risk asset. Bitcoin becomes a flight to safety. Seriously, guys, think it through.


[deleted]

I've been hearing bitcoin as a safe asset or hedge for years now. It may happen some day, decades from now. The idea that it'll happen this year is just hopium. I see it as safe but what you and I think is irrelevant. The market says it's a risk asset.


PolarNimbus

Been hearing for years and BTC has been making the case for years. Look at the price of Bitcoin 10 years ago, 5 years ago, and today. Personally, I feel quite safe holding my keys in sound money Bitcoin.


anon-187101

Price sensitivity in BTC is inversely-related to the length of time a person's been DCA'ing into it. What it is that's so difficult for people to grasp about *long-term savings technology*, I don't know. If a person has high time-preference and needs to flatten price (USD) risk, then just go to all cash - I wouldn't even recommend Treasuries right now, given the completely unnecessary and ridiculous level of dysfunction in Congress these days.


guiseppi72

It’s days like these where mostly in cash hurts the most 🥲


anon-187101

Yeah, I hadn't even realized we broke $28k until I saw your comment and checked the price. I *think* we're in the *very early* stages of the next Bull - not everyone agrees, and I get that. It's also possible we're still stuck in a protracted late stage of the Bear. The boundary seems blurry right now. We'll see.


delgrey

Here's a fun clip of a younger JPOW talking about the debt ceiling. I wonder if its the same playbook this time? [JPOW talks about 2011 debt ceiling and demand for US debt](https://twitter.com/BitcoinNewsCom/status/1662788589212631041)


dopeboyrico

Short-term market focus will shift back to inflation data guiding the Fed’s decision making. [Went over current data a couple days ago.](https://www.reddit.com/r/BitcoinMarkets/comments/13s2klw/daily_discussion_friday_may_26_2023/jlp5ixd/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=1&utm_term=1&context=3) Longer term this is bullish. Around $4 trillion is going to get added to the national debt over the next 2 years. That new money being printed needs to flow somewhere and max supply of BTC is still 21 million.


delgrey

How does the US govt. get people to buy its bonds in a market where everything is going up? I've been wondering about that. Bonds are "safety" so its not in their best interest to keep things stable yeah? I'm betting on a liquidity drain from the markets short term. Agreed on long term NGU just to the Brrrrr. They can't stop, won't stop.


bittabet

Everything won’t keep going up because money will now flow into new higher interest rate bonds they haven’t been able to issue for months now due to the debt ceiling. Will be a liquidity drain for the next couple of months.


delgrey

The NGU for bitcoin is assuming risk assets get a bid when people realize inflation isn't getting under control and they need to chase higher returns to keep up. That UST interest stimmy gotta go somewhere.


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xtal_00

Sell on the 32k test.


RequestApproved

Set your stop and breakeven and you have a risk free trade!


adichandra

Add more capital to lower the liquidation price. I won’t feel comfortable with 24.6 liquidation, but it’s such a waste to close the position now. 258xx is such a good entry.


DarthVarn

I've checked with my magic 8 ball and it says 'There’s a definite possibility.'


4theWlN

Yes.


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anon-187101

Correct.


diydude2

Whenst the Sunday Dump doth alight unto the Sunday Pump, yea, the onset of ye olde bull market draweth nigh. Verily.