A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
/btc was created to foster and support free and open Bitcoin discussion about cryptocurrency, Bitcoin news, and exclusive AMA (Ask Me Anything) interviews from top Bitcoin and cryptocurrency leaders. Bitcoin is the currency of the Internet. A distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. Learn more about Bitcoin, Bitcoin Cash, cryptocurrency, and more.
It's a specialized sub for hardcore Bitcoin enthusiasts who are avoiding to own/use fiat money. In our everyday life we are using the real money - Bitcoin. For a more general sub about Bitcoin, see /Bitcoin/ and /BitcoinBeginners/
Being the filthy nocoiner that I am, I have little knowledge of bitcoins, tethers, altcoins, the Blockchain, paradigms, moon landings on Lambos, so I have a big question regarding this topic. From what I've heard, the first bitcoin price surge was a bubble that deflated. However, beanie babies and tulips never recovered. Bitcoin is going towards a new bull run, why? And I'm asking here and not on pro crypto or bitcoin subs because I want the opinion of cool-headed people or even pessimists, not wishful thinkers who have money in the game.
Some thoughts on current bitcoin pricing: retail selling & institutional accumulation?
Thought #1: GBTC is massively accumulating bitcoin, I believe that this is reflective of the broader institutional sentiment not just in US, but also in other parts of the world. Thought #2: GBTC alone is buying more bitcoins a day than the number of bitcoin is put into circulation by mining. It is likely that this is a general trend,and that others institutions might be also accumulating, it is curious that the price of bitcoin is not rising. Someone has to be selling, but who? Well, it is probably the retail investors who are selling. Thought #3: It makes sense that retail investors are selling, and more specifically, retail traders. 10k is a crucial resistant level for bitcoin historically. Traders are likely to sell into this key resistance level and seek to buy back later at a lower price. Moreover, there is historical antidote for selling post-halving. It makes sense that traders are selling at price levels close to the 10k level. Thought #3.1: The increased number of posts in this reddit hoping that the price of bitcoin will drop has increased quite a bit recently, this offers more support to point #3. Thought #4: However, bitcoin pricing did not drop by much, because despite heavy selling from retail traders, institutional investors are buying everything they sold. Thought #4.1: Low trade volume may also support this, as retail traders are only selling at current price levels into institutional buying (this creates only 1 transaction, leading to low volume). Thought #5: If institutional accumulation continues, this could lead to an enormous surge in bitcoin price, because supply is becoming inelastic without retail trader ownership. Institutions and longer term investors do not sell as easily as retail traders. Thought #6: Rise in ethereum price in recent days seems to indicate that interest in crypto ownership is rising. Bitcoin price have not risen much in comparison, possibly being held down by traders selling at the key 10k level. This divergence cannot last forever, if this continues, bitcoin will likely rip massively at some point in the future. Thought #6.1: Take note that the rise in ethereum price can just be a regression to the mean. As bitcoin dominance was at a high point at halving, traders may just be flocking back to the other cryptocurrencies after halving is over. That say, bitcoin should not continue to lag behind as this correction in bitcoin/altcoin ownership should be mostly over. Any further divergence should also be indicative of artificial price suppression from traders hoping to capitalize on a drop in bitcoin price. Welcoming all thoughts and comments.
If you are bummed about the current bitcoin price fall just look at these bitcoin transactions, which hold the spot for the top transactions ever made on the blockchain, the value of each transaction only increasing over time....
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