Cryptocurrency

[TheGreenBastard]

You best go on tradingview and tell everyone else to stop using that term too then.

World's lamest argument from authority - what you're suggesting is "timing the market" - not a short position or shorting. The definition is well established and not really up for debate.

[scooterscot]

Jeepers, maybe it'll not retrace. But the stats don't lie... nevertheless this is big.


European Banks Could Soon Hold Bitcoin, Admits ECB President

The president of the European Central Bank has publicly stated that European banks could hold positions in bitcoin after developments such as Bitcoin futures contracts listings by US exchanges.

While delivering the opening statement and closing remarks at a European Parliament meeting this week, European Central Bank (ECB) president Mario Draghi weighed in on the topic of cryptocurrencies referencing their discussions by other speakers during the meeting. The ECB chief revealed the authority hadn’t observed any current trend of European banks holding cryptocurrencies. More pointedly, financial institutions in the European Union “are showing a limited appetite for digital currencies like Bitcoin” he said, adding this is currently the case despite a heightened public interest and appetite for cryptocurrencies.

That trend could change with the advent of cryptocurrencies permeating into mainstream finance, the central banker admitted.

Draghi stated:

“However, recent developments, such as the listing of Bitcoin futures contracts by US exchanges, could lead European banks too to hold positions in Bitcoin, and therefore we will certainly look at that.”

It’s a noteworthy statement from Draghi, despite following up the remark by deeming “unregulated” Bitcoin and cryptocurrencies as “very risky assets” where banks should proactively consider risks if they decide to include cryptocurrencies within their portfolio. To the contempt of many Wall Street banks, the world’s largest derivatives exchange – the CME Group, listed bitcoin futures contracts in mid-December after cross-town CBOE led the way with its own listing a week prior.

The EU central banking head also hinted at an upcoming uniform oversight via a ‘Single Supervisory Mechanism’ to oversee digital assets’ risks toward supervised institutions, or banks.

Draghi has previously stated that the ECB does not have the authority to regulate bitcoin but his remarks this week suggest a more supervisory – not regulatory – approach to bitcoin and cryptocurrencies adopted or allowed among EU banks and possibly nations. Somewhat contradictorily, Draghi also suggested – later that month in October 2016 – that cryptocurrencies hadn’t matured enough for the ECB to consider regulation.

In November, Draghi added that bitcoin and the wider cryptocurrency sector’s impact was “pretty limited” and did not pose any risks for central banks as decentralized cryptocurrencies that fundamentally reject the control of money supply through a few institutions.

[Hobosapien]

Trying to time the crypto market is like riding a buckarooing whale. Entertaining for others to watch though.

I did read elsewhere that typical trading analysis approaches seem to be easier to apply to crypto than more mature markets but the volatility makes it require a full time approach to get in and out within hours in some cases.

Got to weigh up what's likely to be more lucrative, crypto trading or contracting. Unless can do both if WFH and client not got loads of work needing doing.

[VirtualMonkey]

World's lamest argument from authority - what you're suggesting is "timing the market" - not a short position or shorting. The definition is well established and not really up for debate.

Can't believe you're still banging on about this. We know what he means, you know what he means and he knows what he means. And the meaning we're all thinking of when we read this forum is the same...the intention to try and profit from a downward movement in price.

[VirtualMonkey]

Jeepers, maybe it'll not retrace. But the stats don't lie... nevertheless this is big.


European Banks Could Soon Hold Bitcoin, Admits ECB President

Just hit 8500!

[Hobosapien]

Jeepers, maybe it'll not retrace. But the stats don't lie... nevertheless this is big.


European Banks Could Soon Hold Bitcoin, Admits ECB President

Wow, seems after recent weeks of non-stop doom and gloom all the major players are giving an altogether more positive outlook.

If institutions start holding positions then the baseline may never go back to recent lows. Only 21 million BTC max, and rumours up to 4 million of those could be lost already. Makes it riskier using BTC to buy alts in the short term if all this happens, better to stay in BTC or whatever favourites cryptos they identify as worth backing. Ideally need to do both if can afford to spread the risk while still being in a position to potentially lose significant amounts in the short term.

[psychocandy]

$8400 or so now - wasn't $8200 one of the restistance levels?

[VirtualMonkey]

$8400 or so now - wasn't $8200 one of the restistance levels?

Depends on how you draw the line and on what timescale. I thought 8200-8400ish (I think...without looking back at posts). I have a line on my current graph at 8388 but that was drawn from a full zoom out on the 1D chart
8560!

[VirtualMonkey]

Wow, seems after recent weeks of non-stop doom and gloom all the major players are giving an altogether more positive outlook.

If institutions start holding positions then the baseline may never go back to recent lows. Only 21 million BTC max, and rumours up to 4 million of those could be lost already. Makes it riskier using BTC to buy alts in the short term if all this happens, better to stay in BTC or whatever favourites cryptos they identify as worth backing. Ideally need to do both if can afford to spread the risk while still being in a position to potentially lose significant amounts in the short term.

Interesting point that I hadn't considered. Typically we've seen ALTs rally with BTC though...but not always. Seem to remember thinking recently that regardless of whether BTC went up or down the ALTs went down in relation to it. I didn't cross ref that against the USD price of the ALTs though...perhaps that was staying the same

[TheGreenBastard]

Can't believe you're still banging on about this. We know what he means, you know what he means and he knows what he means. And the meaning we're all thinking of when we read this forum is the same...the intention to try and profit from a downward movement in price.

Just call it what it is and EVERYONE knows what it means, stop being fecking lazy