im the best

wonder what causes this, had just been dabbling in the last 24 hours and with etherum and bitcoin, prices moving fairly slow watching the balances and then such fast movements?

BOGGED

Blabla. Very easy to call those things if you holding most of the coins and can make moves via OTC

Sell the perp, dump the spot on the noobs

It’s really just following SLV and it does this **** all the time

Probably grinds out of here, don’t get bearish

Always worried about what seems like the coordinated selloffs during some of the pumps. I mainly don't hold but I often cash out in btc through trades and one pokersite i play on only allows crypto withdrawals.

Yesterday I had reasonable size cashout from that site and sold it almost immediately at the btc $11,400 fearing the incoming dump.

As holders you guys probably don't care as much as you way the risk with long term possible reward but it's a terrible method to be cashing out through during these times of volatility. I could have just as easily have withdrawn today at the top and had it tanked before I was able to sell it off.

The tops just tanked so hard and so fast and those people that actually are intentionally buying into it at those prices must be devastated when it takes a giant dump on their heads.

Your cashout was worth ~20% less a couple weeks ago and you're complaining about volatility.

Not over yet but looks like the number was ~12K

You could have also just as easily cashed it out the two months prior when it was range bound and volatility reached an all-time low.

Well, didn't think it'd happen ~15 mins after posting this.

Too bad I didn't open a max leverage short.

Strong bounce off 10.5k and holding 11k still bullish for further continuation upwards in the weeks and months to come in my opinion.

So just to be clear, you think it will go under $6,000 before it potentially goes over $12,000 again?

10500 is major resistance - if it breaks that - that would be a problem

According to my trusted source:

"...some margin traders on BitMEX were liquidated to the tune of $1 billion, and(BTC) price quickly dropped from $12,100 down to $10,559 in less than an hour."

It's nothing new. We've seen it before, we'll see it again.

You have 0 idea what you are talking about. OI on Bitmex is <1b.

According to CoinMarketCap they had 2.4 billion volume in 24 hours yesterday.

https://cointelegraph.com/news/1-bil...4k-in-minutes/

< 1B after everyone got rekt?

Who cares, its a fact that plenty of ******s got destroyed.

I'm curious what roll bitmex plays in these huge dumps. They rich AF and could stop hunt pretty easily.

they have products that track the underlying asset-- btc/usd price based on spot exchanges.

their volume (depending on whether or not you include fake Chinese volume) is often 2-5x+ that of spot exchanges in aggregate. (fyi- this is not a unique occurance. gold futures contracts,gld,xau >>>> spot volume) There was a time when bitmex's index price had only 2 constituents which allowed their trading arm to rip people off. I personally believed this has probably occurred 5-10x since they admitted to the existence of their trading prop firm & only had 2 constituents in their price index. Recently they changed their index to include 5 exchanges.

if the index is composed of 50/50 coinbase/stamp, as it was for quite a few years, its pretty easy to dislocate the price by just sending in a big market sell on 1 of the exchanges.


truthfully I never understood why people traded the PERP contract. Yes, it was the most liquid, but the fees associated with it were absurdly high. It's so prohibitive to sit in a large position long term because of the funding fees. I think it made a lot more sense to trade the 3,6,12 month futures contract. Or today you can just go to deribit and trade options which is now where most degens are punting.

I thought the top of this most recent run up was going to be 12.6K it ended up being ~12K.

I think BTC = 6K or less ever happening is unlikely but not for some big global negative news.

Ok, I thought maybe you were the first one to take up case3 on his freeroll contest:

Putting in the >50% retrace condition to define the end conditions is good, otherwise you can just shift the goal post indefinitely to fit your narrative. However, I don't buy the premise that this is a "summer pump", where the top that is reached this summer will result in a >50% drop before a new top is hit. Aside from that, I like this contest.

50% retracement... it got rejected HARD at 10.5

technicals are always slightly funny because all they do is tell you what has ALREADY happened. Like the history board at a Roulette tables.

Indicators are good though... IF, you are getting in and out of the market on a consistent basis.

How I see this thread right now:

lol, no way 12k was the top, we will see higher within a week and much higher within a 1 month.

Who cares, end of the day it balances out, only an idiot doesn't take profits!