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11-24-2020, 01:57 PM
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Join Date: Jun 2007
Posts: 967
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Quote:
Originally Posted by KinAlberta
I can’t predict the future but think that the future is probably but not necessarily going to be a lot like the past. So theoretically one should just keep pumping savings in using a buy and hold strategy. Once in a generation or two though, that hasn’t worked out very well. Most market stats we see here in Canada look at the US equity markets histories.
So I’d say that you know you won’t need the money for say 10-15 years (mid-to-long term horizon) then there should be little worry that returns will be positive. If you are at risk of having to significantly dip into savings in the short-term (3-7-10 years), beyond spending say interest or dividends, then you need to reassess any market exposure you’ve taken.
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So anyone that is retired or plans to in the next year or two should not be in the market ?
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11-24-2020, 02:17 PM
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Join Date: Apr 2010
Posts: 1,615
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Quote:
Originally Posted by Dean2
Never!!!!! For all you fans of crypto currency, u are aware that it has absolutely no intrinsic value. It isn't even as good as Fiat currencies. There is no national economy or anything else that backs its value. Have u guys ever read the "Great Tulip Debacle" For a while you could buy a fancy house with just one Tulip bulb. Gp ahead and buy bitcoin if u want but do it with a full understanding that this is a completely artificial and heavily manipulated construct with no physical value.
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Easy there Dean....just like the oil and gas sector was the last thing a guy should invest in. Etc etc. That sectors up 40 percent since I got in. Thank god I didn't sell, they were down about 10 percent and I was getting jittery. This market is a crap shoot for anyone I guess is what it amounts too right deaner?
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11-24-2020, 02:44 PM
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Join Date: Dec 2008
Location: Near Edmonton
Posts: 14,972
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Quote:
Originally Posted by pikeman06
Easy there Dean....just like the oil and gas sector was the last thing a guy should invest in. Etc etc. That sectors up 40 percent since I got in. Thank god I didn't sell, they were down about 10 percent and I was getting jittery. This market is a crap shoot for anyone I guess is what it amounts too right deaner?
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Go back and re read what I posted. I never said bail out of oil and gas if u were holding it. Bailing out at the bottom is never a good idea. Selling it off on this recovery however would seem prudent. What I did say was that even at the bottom it was not a sector I would buy. Yea it is up 40 percent, so are the banks and utilities, so u tell me, which are the safer longterm bet. Amazon Microsoft, Google are up nearly 100%, so if you had new money to put to work which was the better buy?
For guys that actively trade there are lots of sectors to buy, Tesla has been outstanding opportunity over the past 12 months. Most of the stuff I write is aimed at the average guy who is a long term buy and hold type investor. What makes sense for more active and knowledgable investor who puts a lot of time into staying up on the market does not make sense for 90% of the rest of every day investors.
You do whatever works for you and I hope it works great.
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11-24-2020, 03:09 PM
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Join Date: Jun 2011
Posts: 3,713
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The only obvious bubble I see is in bonds, especially long duration. Think tulip bulb bubble. We may see a further drop in rates on further lockdowns but I just don’t see any way that rates can get much lower. They are already at the lowest level ever in the history of interest rates!! Ever is quite a while. Don’t buy long term bonds whatever you do imho. And if you have debt try and lock in for as long as possible I think.
Still lots of cheap stocks out there. Lots of expensive stuff too. Seems like a rotation is happening into value stocks and cyclicals. Oils and pipes have been good, as well as my fertilizer, financials, riets and industrial and infrastructure stocks. Gold and gold stocks are correcting but no changes there. I’m a bull on government and central bank stupidity. Our telcos and utilities have been pretty much just returned a dividend recently. What little tech I have has been good recently too. I still have some ammo left but much less than last February and March. Hoping for a Santa Claus rally and then 2020 can kiss my rear end.
__________________
There are some who can live without wild things, and some who cannot. Aldo Leopold
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11-24-2020, 03:10 PM
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Join Date: Aug 2016
Posts: 1,058
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Quote:
Originally Posted by ward
So anyone that is retired or plans to in the next year or two should not be in the market ?
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Retirement just reverses cash flows from contributions to withdrawals. There’s unlikely expensive home purchases, no risk of job loss, children needing help, etc.
Last edited by KinAlberta; 11-24-2020 at 03:28 PM.
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11-24-2020, 08:02 PM
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Join Date: Jan 2014
Location: Edmonton
Posts: 5,509
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Quote:
Originally Posted by Justfishin73
Sitting in cash---just cant talk myself into getting back into the market other than Costco, insanity out there
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Like - all cash? No stocks at all? Just sitting and waiting for another correction?
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11-24-2020, 08:12 PM
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Banned
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Join Date: May 2008
Location: Calgary-Kootenay Lake
Posts: 350
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Cashed out plus 57% since March. Left 25% in pipelines and MJ.
Happy NY!
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11-24-2020, 09:09 PM
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Join Date: Oct 2016
Location: Edmonton area
Posts: 1,467
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Quote:
Originally Posted by KGB
Like - all cash? No stocks at all? Just sitting and waiting for another correction?
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Only holding Costco, mostly cash otherwise.
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Wherever you go, there you are
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11-24-2020, 09:30 PM
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Join Date: May 2010
Location: edmonton
Posts: 3,835
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Dow hits 30000 . Probably Take some profit off the table
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11-24-2020, 10:13 PM
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Join Date: Dec 2013
Location: In your personal space.
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Ugh, I almost want to go back to cash again as I fear there will be another drop on the horizon. Either that or ride it out and burn some more powder.
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When in doubt, use full throttle. It may not improve the situation, but it will end the suspense.
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11-25-2020, 12:50 AM
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Join Date: Jul 2017
Posts: 3,658
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Quote:
Originally Posted by Bergerboy
Ugh, I almost want to go back to cash again as I fear there will be another drop on the horizon.
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This and other comments on the “overheated” market can be put into perspective by something like this, for example:
All happening at the same time earlier today. Crazy stuff, really.
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11-25-2020, 07:23 AM
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Join Date: Aug 2016
Posts: 1,058
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Quote:
Originally Posted by Bergerboy
Ugh, I almost want to go back to cash again as I fear there will be another drop on the horizon. Either that or ride it out and burn some more powder.
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I’d say it’s better to feel fear when the market is rising than when it is falling. Plus its nice to have some uncommitted, uninvested cash available when people go from manic to depressive. Just need to keep in mind that in our lifetimes, truly manic depressive markets warranting the holding of significant cash positions will likely be very, very rare. (Eg the 1929 / 30s style drops didn't really occur again until 2008/09. Then look what would have happened to those right out of the market. )
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11-26-2020, 08:47 AM
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Join Date: Dec 2008
Location: Near Edmonton
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Thought You guys might be interested in this BNN article on Bitcoin from this morning.
Crypto boom shaken as Bitcoin plunges with other coins
Eric Lam and Todd White, Bloomberg News
Bitcoin (XBTUSD:CUR)
17,139.04 1,741.84 (9.23%)
As of: 11/26/20 10:42:26 am
(delayed at least 15 minutes)
Jul '20Sep '20Nov '205k10k15k20k Tuesday, Jun 2, 12:00
● Close: XBTUSD:CUR: 10 120.06
Chart Type - 6month
See Full Stock Page »
Bitcoin plunged on Thursday in a sell-off that saw other digital assets fall as much as 27 per cent, a slide likely to stoke speculation about the durability of the latest boom in cryptocurrencies.
The largest token fell more than eight per cent in Thursday trading after slumping as much as 13 per cent, heading for one of its worst days since the pandemic-spurred liquidation in March.
The rout began just hours after Bitcoin rose to within US$7 of its record high of US$19,511, the culmination of a more than 250 per cent surge in past nine months. Fears over tighter crypto regulation and profit-taking after a frenetic rally were among the reasons cited for the sudden drop.
The sell-off gathered pace late Wednesday after Coinbase Inc. Chief Executive Officer Brian Armstrong tweeted about speculation the U.S. is considering new rules that would undermine anonymity in digital transactions.
“News that the Trump administration may clamp down on crypto might have been a trigger for the drop,” said Antoni Trenchev, managing partner of Nexo in London, which bills itself as the world’s biggest digital-coin lender. “But any asset that rallies 75 per cent in 2 months and 260 per cent from the March lows is allowed to undergo a correction.”
Other coins including XRP tumbled as much as 27 per cent, according to prices compiled by Bloomberg.
After garnering more support from Wall Street money managers and fund providers, the rally in cryptocurrencies had looked over-heated. The fierce retreat could stir yet another debate over the their value in diversifying portfolios.
“Conditions are very massively overbought and bound for a correction,” said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore. “So I don’t think it’s unusual.”
Crypto believers tout purchases by retail investors, institutions and even billionaires, as well as the search for a hedge against dollar weakness amid the pandemic, as reasons why the boom can last.
Skeptics argue the cryptocurrency’s famed volatility portends a repeat of what happened three years ago, when a bubble burst spectacularly. Some see signs of retail investors piling in to chase momentum for fast gains, storing up an inevitable reckoning.
Concern about potential U.S. crypto rules help explain Thursday’s price drop across most major digital assets, said Ryan Rabaglia, global head of trading at OSL brokerage in Hong Kong.
“It’s also not unusual to see a short-term pullback following periods of significant, accelerated gains as traders look to take profits before resetting once volatility subsides,” he said. “Once the dust settles, we’re back to business as usual with all medium to long-term bullish indicators still in play.” Last week we heard rumors that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I'm concerned that this would have unintended side effects, and wanted to share those concerns.
— Brian Armstrong (@brian_armstrong) November 25, 2020 Proponents of digital assets say the current focus on cryptocurrencies compared with three years ago is different because of growing institutional interest, for instance from the likes of Fidelity Investments and JPMorgan Chase & Co.
Just this week, Van Eck Associates Corp. launched a Bitcoin exchange-traded note on the Deutsche Boerse Xetra exchange. In October, PayPal Holdings Inc. said it would allow its customers access to cryptocurrencies.
There is also a buzz around Ethereum, the most-actively used blockchain in the world, which is set for a network upgrade that would allow it to process a similar number of transactions as Mastercard Inc. and Visa Inc. The shift to the new system could curb the total supply of Ether, whose price has quadrupled so far this year.
Luno’s Ayyar said he expects Bitcoin to stabilize and achieve all-time highs. But that would be followed by a larger drop in the cryptocurrency, he said.
Soravis Srinawakoon, chief executive of Bangkok-based Band Protocol, said the plunge in crypto was healthy.
“This is just a normal pull back after seven weeks straight of Bitcoin in the green, due to many people over-leveraging.”
--With assistance from Adam Haigh and Sam Potter.
WEIGH IN
Do you invest in Bitcoin or other cryptocurrencies?
Total Results: 874
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11-26-2020, 09:13 AM
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Join Date: May 2010
Location: edmonton
Posts: 3,835
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Personal opinion... I have cash out of tech stocks , I feel there will be a correction coming once the covid situation come to ends the numbers the looking great but it’s unsustainable . Will look into another unloved sector
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11-26-2020, 12:53 PM
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Join Date: Aug 2016
Posts: 1,058
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Quote:
Originally Posted by fishtank
Personal opinion... I have cash out of tech stocks , I feel there will be a correction coming once the covid situation come to ends the numbers the looking great but it’s unsustainable . Will look into another unloved sector
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TSLA vs BRK
Quote:
Tesla has surged past $525 billion in market value and could soon overtake Warren Buffett's Berkshire Hathaway. Here's why that's astounding | Markets Insider
[ BRK ] boasts a roughly $230 billion equity portfolio... earned $255 billion in revenue ... $81 billion in net income. Moreover, it held $137 billion in cash and short-term investments at the end of March - enough to buy Tesla in its entirety at the time, as its market value had tumbled below $100 billion during the coronavirus crash.
Meanwhile, Tesla had about 48,000 full-time workers last year, less than an eighth of Berkshire's workforce. It also generated about $25 billion in sales - a tenth of Berkshire's revenue - and posted a $900 million net loss. Musk's company also had only $6.6 billion in net assets last year, less than 1/60th of Berkshire's $425 billion.
https://www.businessinsider.com/elon...thaway-2020-11
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11-26-2020, 01:31 PM
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Join Date: Dec 2008
Location: Near Edmonton
Posts: 14,972
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Quote:
Originally Posted by bdub
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Just further illustrates the regulatory risk attached to crypto. Also demonstrates how market manipulation affects it, as in the China bond deal.
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11-26-2020, 01:41 PM
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Join Date: Jun 2011
Posts: 3,713
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Quote:
Originally Posted by Dean2
Just further illustrates the regulatory risk attached to crypto. Also demonstrates how market manipulation affects it, as in the China bond deal.
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Yeah it sure does. Chinas big bank offering bonds for bitcoin is a shot at the USD. They’re going to do something I think.
__________________
There are some who can live without wild things, and some who cannot. Aldo Leopold
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11-26-2020, 03:21 PM
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Join Date: Aug 2016
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Quite a few posts on bitcoin in this thread. That’s interesting because it’s a currency. Not a commodity, not a business. From day one buying bitcoin has always seemed closer to gambling than investing to me. (Like buying gold. Not that peolle haven’t got rich from either gold or gambling)
Found this:
Quote:
Bitcoin is a gamble not an investment, warns Warren Buffett | The Independent | The Independent
“ “If you buy something like a farm, an apartment house, or an interest in a business… you can do that on a private basis… and it’s a perfectly satisfactory investment… Now, if you buy something like bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more.”
https://www.independent.co.uk/life-s...-a8329206.html
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Last edited by KinAlberta; 11-26-2020 at 03:28 PM.
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11-26-2020, 04:50 PM
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Join Date: Aug 2016
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Begging for another debt funded bailout it seems. Calling it “relief” of course sounds better.
Moreover $50 billion these days is nothing unless you’re one of the ones affected. In covid terms, a 1% contraction of GDP means a 99% survival rate.
Quote:
Economists fear a "double dip" recession is coming soon - CBS News
The U.S. economy is losing steam as COVID-19 cases continue to spread across the country and Congress delays passing another coronavirus relief package to help millions of American workers and small business owners weather the storm. That is raising concerns about a potential contraction in economic growth early next year, which would mark the first "double dip" recession in the U.S. since the early 1980s.
JPMorgan Chase's top economist, Michael Feroli, told clients last week the recent coronavirus surge and renewed restrictions to stop the spread would drive up layoffs and shrink economic activity in the first three months of 2021 by some $50 billion. That translates into an annualized drop in gross domestic product — the total value of products and services in the U.S. — of about 1%. ...”
https://www.cbsnews.com/news/recessi...onomist-fears/
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11-27-2020, 10:00 PM
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Join Date: Sep 2011
Location: Edmonton
Posts: 311
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Quote:
Originally Posted by Dean2
You assume a great deal about someone u know very little about. I sat on the Bank of Canada Curreny committee when it first started looking into how to regulate Bitcoin, among many other things, in 2006 and I was on that group until 2012 but I am sure you have a far deeper understanding of the ins and outs of Bitcoin. Feel free to carry on putting your cash into play with your perfect understanding of this market.
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Sorry got super hectic at work and just haven't had time to spend on these boards. Firstly, of course I'm assuming a great deal about a person I know very little about, this an internet messaging board. Secondly, Bitcoin didn't exist in '06.
If you look at my past posts I have always been and am still very positive on bitcoin. In fact I would still say that when I buy bitcoin I am more optimistic of it's future benefit than any stock I currently hold. That said, bitcoin may fail too, nothing is for sure.
Also, there is nothing interesting about blockchain and most other crypto currency. Bitcoin's intrinsic value is in decentralization. Everything else I own is subject to the Crown. If I've committed my hierarchical seed keys to memory Bitcoin may be the only wealth in existence that is truly mine and untouchable by any person, Government or Court.
As with anything time will tell, but I also don't deceive myself with an arbitrary distinction between investing and gambling. It's all gambling, but in a world of 0% interest rates what can do but play the games.
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11-28-2020, 08:29 AM
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Join Date: Dec 2013
Location: In your personal space.
Posts: 4,787
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Quote:
Originally Posted by ehrgeiz
Sorry got super hectic at work and just haven't had time to spend on these boards. Firstly, of course I'm assuming a great deal about a person I know very little about, this an internet messaging board. Secondly, Bitcoin didn't exist in '06.
If you look at my past posts I have always been and am still very positive on bitcoin. In fact I would still say that when I buy bitcoin I am more optimistic of it's future benefit than any stock I currently hold. That said, bitcoin may fail too, nothing is for sure.
Also, there is nothing interesting about blockchain and most other crypto currency. Bitcoin's intrinsic value is in decentralization. Everything else I own is subject to the Crown. If I've committed my hierarchical seed keys to memory Bitcoin may be the only wealth in existence that is truly mine and untouchable by any person, Government or Court.
As with anything time will tell, but I also don't deceive myself with an arbitrary distinction between investing and gambling. It's all gambling, but in a world of 0% interest rates what can do but play the games.
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I do not consider myself knowledgeable on cryptocurrencies as all I know is from a couple of documentaries on it and the Winklevoss twins. There are a few things that I cannot get my head around in relation to cryto. If possible fill in the blanks for me.
I have a hard time ever seeing a government allowing commerce with this vehicle as that would erode the financial backbone. If businesses and people start it will become illegal and about as legit as trading white rhino horns.
The value of cryto is only backed by other people who give it value since its not related to any actual commerce. This reminds me of the ostrich business of the 90's. The price was going nuts from speculation between farmers but at the end of the day there was no market to support the business.
What is stopping the operators of a particular cryptocurrency from simply walking away with your money. There doesn't seem to be anyone appointed to the securities committee, I mean if you read up, they cant even determine who initiated some of the blockchain script. Einstein Exchange did this.
Anyways, let me know your thoughts on my comments.
__________________
When in doubt, use full throttle. It may not improve the situation, but it will end the suspense.
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11-28-2020, 09:03 AM
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Join Date: Jun 2011
Posts: 3,713
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The regulatory risk is what could crash bitcoin. More pain ahead.
https://www.google.ca/amp/s/www.coin...-rules%3famp=1
__________________
There are some who can live without wild things, and some who cannot. Aldo Leopold
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11-28-2020, 12:53 PM
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Join Date: Nov 2009
Location: Okotoks
Posts: 3,033
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Quote:
Originally Posted by KinAlberta
Quite a few posts on bitcoin in this thread. That’s interesting because it’s a currency. Not a commodity, not a business. From day one buying bitcoin has always seemed closer to gambling than investing to me. (Like buying gold. Not that peolle haven’t got rich from either gold or gambling)
Found this:
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Agree 100%. In my opinion, there is literally nothing preventing Bitcoin from going to zero. Perceived value does not equate to actual value and I believe that it is inevitable that it will fail.
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11-30-2020, 01:38 PM
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Join Date: Sep 2011
Location: Edmonton
Posts: 311
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Quote:
Originally Posted by Bergerboy
I do not consider myself knowledgeable on cryptocurrencies as all I know is from a couple of documentaries on it and the Winklevoss twins. There are a few things that I cannot get my head around in relation to cryto. If possible fill in the blanks for me.
I have a hard time ever seeing a government allowing commerce with this vehicle as that would erode the financial backbone. If businesses and people start it will become illegal and about as legit as trading white rhino horns.
The value of cryto is only backed by other people who give it value since its not related to any actual commerce. This reminds me of the ostrich business of the 90's. The price was going nuts from speculation between farmers but at the end of the day there was no market to support the business.
What is stopping the operators of a particular cryptocurrency from simply walking away with your money. There doesn't seem to be anyone appointed to the securities committee, I mean if you read up, they cant even determine who initiated some of the blockchain script. Einstein Exchange did this.
Anyways, let me know your thoughts on my comments.
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Government and regulatory are unpredictable, after all there was a time when it was illegal to own Gold Bullion in the US. This could happen in the US or Canada with Bitcoin I suppose. It's not going to happen throughout the world as some Countries have already moved to recognize Bitcoin as legal tender. Unlike gold, bitcoin does not require a physical existence nor can it be confiscated. If the US is targeting wallets for regulatory KYC rules, I say good luck. I can randomly generate an address, key and record it virtually anywhere, even cryptographically. I think for now regulators will need to be content with applying KYC and other regulations to exchanges were fiat is on/off loaded in mass. As always though, who really knows what could happen. Bitcoin is exposed to the full wind of a global free market. I can say this for sure though, here forward the price will go up and it will also go down haha. My bet is the value of CAD hits $0 before XBT.
Quite a few investment savvy folk have suggested Bitcoin is an anomaly or bubble citing tulip mania, dot-com etc. We're now cresting over 10 years since the inception of Bitcoin and it strikes me that these predictive comparisons become less and less likely as the years go by and Bitcoin persists.
There is no Bitcoin operator. It's a decentralized, globally distributed chain of hundreds of thousands if not millions of miners and nodes all contributing to an agreed upon ledger through consensus. It eliminates the need for a trusted 3rd party in transactions. This is bitcoin's true value and unique offering. It's essentially a digital content type that cannot be replicated. Nobody can walk away with your Bitcoin, but make no mistake it's the wild west. If you trust your Bitcoin on an exchange, what you are really doing is trusting the exchange to manage your private key. That's burnt more than a few people.
You are also correct, Satoshi is the anonymous initial creator, however the project quickly became a collaboration and has since grown and developed further based on the principles of consensus within the group or network I mentioned earlier. The concept of consensus is a risk to Bitcoin's continuation as well. It has already faced that community challenge and you can read all about the Bitcoin Cash fork to understand how it has played out.
Anyway, I've probably rambled enough, and I've probably just created more questions than filled in any blanks for you!
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11-30-2020, 08:10 PM
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Join Date: Aug 2016
Posts: 1,058
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What I can’t get my head around is the value of any cryptocurrency when there’s the potential for unlimited issuance of competing cryptocurrencies. Bitcoin is limited and many others are too however over time there could be tens of thousands of such currencies. All could be convertible into country currencies so arbitrage should bring them all to values reflecting a few core factors (maybe: breadth of acceptance, supply limits, growth, etc). Nonetheless like platinum, gold, silver the market participants will substitute one for the other in different market conditions. This I feel caps the potential of any of them to rise or fall too far making them all somewhat range bound. None though are backed by anything and there are few promises on convertibility (into gold, goods, services, country IOUs...)
I guess I have a lot to learn. :-)
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12-01-2020, 10:44 AM
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Join Date: Jun 2007
Location: Edmonton SW
Posts: 1,565
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Quote:
Originally Posted by Dean2
Thought You guys might be interested in this BNN article on Bitcoin from this morning.
Crypto boom shaken as Bitcoin plunges with other coins
Eric Lam and Todd White, Bloomberg News
Bitcoin (XBTUSD:CUR)
17,139.04 1,741.84 (9.23%)
As of: 11/26/20 10:42:26 am
(delayed at least 15 minutes)
Jul '20Sep '20Nov '205k10k15k20k Tuesday, Jun 2, 12:00
● Close: XBTUSD:CUR: 10 120.06
Chart Type - 6month
See Full Stock Page »
Bitcoin plunged on Thursday in a sell-off that saw other digital assets fall as much as 27 per cent, a slide likely to stoke speculation about the durability of the latest boom in cryptocurrencies.
The largest token fell more than eight per cent in Thursday trading after slumping as much as 13 per cent, heading for one of its worst days since the pandemic-spurred liquidation in March.
The rout began just hours after Bitcoin rose to within US$7 of its record high of US$19,511, the culmination of a more than 250 per cent surge in past nine months. Fears over tighter crypto regulation and profit-taking after a frenetic rally were among the reasons cited for the sudden drop.
The sell-off gathered pace late Wednesday after Coinbase Inc. Chief Executive Officer Brian Armstrong tweeted about speculation the U.S. is considering new rules that would undermine anonymity in digital transactions.
“News that the Trump administration may clamp down on crypto might have been a trigger for the drop,” said Antoni Trenchev, managing partner of Nexo in London, which bills itself as the world’s biggest digital-coin lender. “But any asset that rallies 75 per cent in 2 months and 260 per cent from the March lows is allowed to undergo a correction.”
Other coins including XRP tumbled as much as 27 per cent, according to prices compiled by Bloomberg.
After garnering more support from Wall Street money managers and fund providers, the rally in cryptocurrencies had looked over-heated. The fierce retreat could stir yet another debate over the their value in diversifying portfolios.
“Conditions are very massively overbought and bound for a correction,” said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore. “So I don’t think it’s unusual.”
Crypto believers tout purchases by retail investors, institutions and even billionaires, as well as the search for a hedge against dollar weakness amid the pandemic, as reasons why the boom can last.
Skeptics argue the cryptocurrency’s famed volatility portends a repeat of what happened three years ago, when a bubble burst spectacularly. Some see signs of retail investors piling in to chase momentum for fast gains, storing up an inevitable reckoning.
Concern about potential U.S. crypto rules help explain Thursday’s price drop across most major digital assets, said Ryan Rabaglia, global head of trading at OSL brokerage in Hong Kong.
“It’s also not unusual to see a short-term pullback following periods of significant, accelerated gains as traders look to take profits before resetting once volatility subsides,” he said. “Once the dust settles, we’re back to business as usual with all medium to long-term bullish indicators still in play.” Last week we heard rumors that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I'm concerned that this would have unintended side effects, and wanted to share those concerns.
— Brian Armstrong (@brian_armstrong) November 25, 2020 Proponents of digital assets say the current focus on cryptocurrencies compared with three years ago is different because of growing institutional interest, for instance from the likes of Fidelity Investments and JPMorgan Chase & Co.
Just this week, Van Eck Associates Corp. launched a Bitcoin exchange-traded note on the Deutsche Boerse Xetra exchange. In October, PayPal Holdings Inc. said it would allow its customers access to cryptocurrencies.
There is also a buzz around Ethereum, the most-actively used blockchain in the world, which is set for a network upgrade that would allow it to process a similar number of transactions as Mastercard Inc. and Visa Inc. The shift to the new system could curb the total supply of Ether, whose price has quadrupled so far this year.
Luno’s Ayyar said he expects Bitcoin to stabilize and achieve all-time highs. But that would be followed by a larger drop in the cryptocurrency, he said.
Soravis Srinawakoon, chief executive of Bangkok-based Band Protocol, said the plunge in crypto was healthy.
“This is just a normal pull back after seven weeks straight of Bitcoin in the green, due to many people over-leveraging.”
--With assistance from Adam Haigh and Sam Potter.
WEIGH IN
Do you invest in Bitcoin or other cryptocurrencies?
Total Results: 874
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BTC at all time high yesterday
__________________
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12-01-2020, 11:10 AM
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Join Date: May 2010
Location: edmonton
Posts: 3,835
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Quote:
Originally Posted by Austin
BTC at all time high yesterday
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will just make another new high....
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12-01-2020, 02:55 PM
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Join Date: Jun 2007
Location: Edmonton SW
Posts: 1,565
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Agreed. Watching BTC and EThereum
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