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Whale Watching: Bitcoin Long Positions Near All-Time High

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The transparency blockchain provides lets fundamental analysts see when whales are loading up on Bitcoin, but it can’t tell when technicals take a turn. However, whale behavior might still be the key to understanding price action.

Right now, whales on the long-standing crypto exchange Bitfinex have amassed one of the largest collective long positions ever. Past data shows these signals are rarely incorrect and that watching for what positions whales take can help to understand when the tide is about to change.

Bitfinex Bitcoin Whales Go Heavily Long, But Are They Usually Right?

In finance, a whale is a market participant that trades with enough size and capital to make a big splash in price action. It is these whales that sold the top of the recent Bitcoin price rally while the rest of the market was still bullish. And it is also these whales that are now going long on the top cryptocurrency.

Related Reading | The Most Profitable Signal In Bitcoin Is Back And About To Trigger

Certain crypto trading platforms offer advanced products such as derivatives, leverage, or long and short positions. Rather than buying and selling, traders can go short to hedge spot holdings, or try to add to long positions with each dip – the strategy is near endless.

Traders on the pioneer trading platform Bitfinex are overwhelmingly long – nearing all-time high levels of long positions on the platform known for whales.

bitcoin bitfinex whales

Bitfinex whales have only been wrong once in years | Source: BTCUSDLONGS on TradingView.com

Bitfinex is home to many whales, most famously Joe007 who gained notoriety for longing BTC at $6,500 in 2019, but shorting the coin in late 2020.

The positions these whales take can have such significance, TradingView has developed charts to watch both long and shorts on the exchange. With the metric back near all-time highs, it is clear that whales expect Bitcoin price to increase. But will they be right?

Looking back, each time long positions hit the green box above, Bitcoin saw a major bounce dating all the way back to the bear market. Each “bottom” was marked by an influx of longs.

Related Reading | SEC Warns Investors Of “Highly Speculative” Bitcoin Risk 

Bitfinex traders once again bet big at the December 2018 and December 2019 bottoms correctly. It was only Black Thursday that these whales were wrong, but the black swan event shocked the world and no one saw it coming.

The last time longs were this heavy, Bitcoin price rallied from $12,000 to $64,000 in less than one year. With these whales back taking such a sizable long position, is in indicative of a bounce and new highs? Only time will tell, but we’ll keep watching whale behavior closely.

Source: Blockchain Whispers

It’s worth noting that the rest of the market isn’t as convinced as Bitfinex. However, the platform itself is where some of the biggest trades are made due to the low leverage the platform provides. While gamblers prefer 100x and high leverage derivatives, whales stick to modest amplification in exchange for capital protection.

At just 3x leverage, these long positions can typically withstand a deep drawdown without having to cover, so chances of another push down are still high despite whales getting ready.

Featured image from iStockPhoto, Charts from TradingView.com

Source: https://bitcoinist.com/whale-watching-bitcoin-long-positions-near-all-time-high/?utm_source=rss&utm_medium=rss&utm_campaign=whale-watching-bitcoin-long-positions-near-all-time-high

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Bitcoin proponent Max Keiser announces the F*ck Elon Tour

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Bitcoin maximalist Max Keiser has announced the F*ck Elon Tour scheduled to take place on July 8 -9 in Austin, Texas.

Earlier this month, Keiser hit the headlines during the Bitcoin Conference in Miami for several reasons. But chief among them was his antics on stage with MicroStrategy CEO Michael Saylor, in which he repeated the words, “we’re not selling,” and “f*ck Elon.”

This was in reaction to the Elon Musk energy-FUD, which many believe was responsible for Bitcoin’s 45% slump from its all-time high of $65,000.

“F*ck Elon” has now become something of a tagline for Bitcoin maximalism. But with tribalism responsible for toxicity in the cryptocurrency space, is the F*ck Elon Tour doing more harm than good?

What’s the F*ck Elon Tour about?

Despite this week’s bloodbath in the markets, as well as continuing uncertainty at the macroeconomic level, in linking tour information, Keiser confidently stated that Bitcoin can reach a new all-time high in the coming weeks.

The F*ck Elon Tour is introduced as a Bitcoin maximalist event that encourages more maximalism for the simple reason that maximalism is what “got us here.”

“We don’t need less toxicity from Bitcoin maximalists. We need MOAR!!! A LOT MOAR!!!! Toxicity and plebs got us here.”

Rather than a discussion of developments and educational content, the Tour is pitched as a party event featuring special guests. But more importantly, for Bitcoiners only with no mention of altcoins allowed, and most of all no Karens.

Ticket prices range from $50, for “Plebs” tier, to $200, for “JIMI” tier. The cheapest tiers, “Plebs,” “Buzzcocks,” and “Casbah” are already sold out.

Bitcoin maximalism accused of cultism

Keiser has always maintained a maximalist approach towards Bitcoin. But his stunts during the Bitcoin Conference have drawn fire on several fronts.

One such incident was an interview with CNBC Africa in which he launched into a tirade on political corruption. Although there is truth in what he said, it was his outburst and overzealous reaction to the questioning that drew condemnation.

“Do you know that with the Bitcoin I have I can buy any frickin senator or congressman I want? I make the laws. He who has the Bitcoin makes the laws Ran. We’re not just going to sit around and let the God damn government tell us what to do…”

However, the f*ck Elon rant is perhaps the most controversial. Social media responses to the video include comments about presenting a poor image, parallels with the cultism of Bitconnect, cringe, and so on.

There’s no doubt that Keiser is a passionate believer in Bitcoin, which shows through during his public engagements.

But at the same time, his showmanship is rubbing people the wrong way, which in turn does little to convince the undecided on the merits of the leading cryptocurrency.

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Source: https://cryptoslate.com/bitcoin-proponent-max-keiser-sets-up-the-fck-elon-tour/

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Billionaire Mark Cuban Says Bitcoin Is ‘Better Than Gold’

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Billionaire investor and entrepreneur Mark Cuban has revealed on social media he believes bitcoin is better than gold as the flagship cryptocurrency is easier to trade, transfer, and convert. Both bitcoin and gold are seen by many as inflation hedges, with some calling bitcoin “gold 2.0.”

In a tweet, Cuban said that bitcoin requires no intermediaries and can be factionalized. He also referenced “William Devane type commercials” that would sell the cryptocurrency as a hedge against inflation.

Devane, who starred in the popular soap opera Knots Landing, has for the past decade been promoting the precious metal for Rosland Capital, telling potential customers that gold is the only currency he trusts.

When TD Ameritrade’s Oliver Renick replied that bitcoin’s “relationship with real interest rates is as random as it was day 1 ten years ago,” implying the cryptocurrency does not work as an inflation hedge, Cuban said he never defended it as such.

Cuban added:

Gold is useless, pretty much across the board, but particularly as a hedge. BTC is a digital asset that is similar to gold because they both are driven exclusively by supply and demand. BTC does a better job with both.

The billionaire investor noted that right now there is more demand for the precious metal than for the flagship cryptocurrency, although he believes this will change as “BTC is easier to transact,” and will in time be “better understood and marketed.”

The gold market, Cuban predicted, will shrink as a result. Cuban, as CryptoGlobe reported, invested last month in Ethereum layer-two scaling solution Polygon (MATIC) but has not disclosed the size of his position on the cryptocurrency. The investment has been disclosed on one of his websites.

Earlier this year, billionaire  investor Jeffrey Gundlach, CEO of DoubleLine Capital, revealed that while he is still a long-term dollar bear and gold bull, and that he sees bitcoin as a better bet after turning neutral on both the U.S. dollar and gold.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT
Featured image via Unsplash

Source: https://www.cryptoglobe.com/latest/2021/06/billionaire-mark-cuban-defends-bitcoin-is-better-than-gold/

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I’m Putting My Billion In Bitcoin, Billionaire Ricardo Salinas

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Billionaire Ricardo Salinas talked with the director of Blockchain Land about his investment in Bitcoin. Salinas has said that he has 10 percent of his assets in bitcoin. Salinas is a staunch believer in bitcoin. One of the high-profile advocates of the coin with the bitcoin hashtag on his Twitter profile.

He has always been an advocate for bitcoin. He posted on his Twitter profile that paper is worthless. And the best thing to put your money in is Bitcoin. The third richest man in Mexico has revealed that he is not afraid to put his money in bitcoin.

Bitcoin Is As Solid An Investment As Gold

Ricardo Salinas still believes strongly in bitcoin despite the recent price crash.

Enumerating the benefits of bitcoin, the billionaire compares it to gold. Saying that bitcoin with all its benefits qualifies it as a modern form of gold.

Related Reading | Senator Cynthia Lummis: I’m All In On Bitcoin

He made the argument that bitcoin is easy to carry. It enjoys extreme liquidity internationally. And most of all, bitcoin supply is limited. The limited supply of the coin is why Salinas has so much faith in the coin.

Bitcoin supply is hard-capped at 21 million. No one can create more bitcoins. This means that it cannot be manipulated by the government for their gain. The coin supply can also not be manipulated by any developer.

This imposed scarcity means that bitcoin is not subject to inflation. Which is a major concern for the billionaire.

Bitcoin chart

Bitcoin back in the green | Source: BTCUSD on TradingView.com

Salinas continued on to talk about inflation. He mentioned that when he first started working in 1981, a dollar was 20 pesos. Now 40 years later, a dollar is worth 20,000 pesos. Bitcoin’s limited supply is a way to avoid this. If you cannot make new coins, you cannot devalue them.

How About Altcoins?

While Ricardo Salinas is very bullish on bitcoin, he is not so much on altcoins. He attributes his reluctance with altcoins to their inflationary models. He gave Ethereum as an example.

Ethereum has an unlimited supply. This means, unlike bitcoin, an endless number of coins can be produced. Governments can create new coins when they want. An endless supply means that the value depreciates over time instead of appreciating. Due to the fact that there are so many coins in circulation.

Salinas stated that he does not believe that altcoins have the potential to outpace bitcoin. Bitcoin is a finite asset which makes it more valuable.

Related Reading | Is It Too Late To Buy Bitcoin?

Although he does have faith in some altcoins because they provide privacy.

A finite resource does not depreciate. Instead, due to its scarcity, it becomes even more valuable. This is because the number of people that want it increases, while the supply available remains the same. Hence there is a higher demand for it than there is supply.

Ricardo Salinas believes that every investor should have a part of their portfolio in bitcoin.

Featured image from Smart Liquidity Network, chart from TradingView.com

Source: https://bitcoinist.com/im-putting-my-billion-in-bitcoin-billionaire-ricardo-salinas/?utm_source=rss&utm_medium=rss&utm_campaign=im-putting-my-billion-in-bitcoin-billionaire-ricardo-salinas

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