Cryptocurrency trading strategies and updates

[pillionrider]

Pillo, we are discussing a serious topic here. Don't pollute this thread with your pappu jokes.

PUMP and DUMP )

I think it's a bit late to be getting into crypto at this age. I know you'll think I'm trying to offend you but seriously...

Does Pakistan offer VRS (Voluntary Retirement Scheme). Enjoy pension and if you're daring, maybe invest in mutual funds or something. Or FDs and fade into the sunset

 

[Bhaag Viru Bhaag]

[MENTION=139595]Ab Fan[/MENTION] [MENTION=76058]cricketjoshila[/MENTION] [MENTION=146232]jeeteshssaxena[/MENTION] [MENTION=134408]Sidilicious[/MENTION] [MENTION=132715]Varun[/MENTION]

I think this offers some perspective on how seriously his posts need to be taken.

May be you are not aware of these things because you are too busy watching Pappu's videos. Buying averages don't take into account the selling of shares/coins. It is different from stocks which follow FIFO method. For more info, read this :

https://forum.portfolio-performance.info/t/cost-average-per-share-after-selling-shares/9555

He is asking the same question which I am asking here.

 

[Bhaag Viru Bhaag]

PUMP and DUMP )

I think it's a bit late to be getting into crypto at this age. I know you'll think I'm trying to offend you but seriously...

Does Pakistan offer VRS (Voluntary Retirement Scheme). Enjoy pension and if you're daring, maybe invest in mutual funds or something. Or FDs and fade into the sunset

Are you alright lol? Do you even know me personally or have you even seen my portfolio in stocks and cryptos? You are looking like a fool now by assuming lots of things about me. I must have hurt you somewhere. Keep posting. I am still laughing.

 

[Bhaag Viru Bhaag]

Good to see that Uncle has been reading up crypto glossaries

Not sure you are adding any value to this thread other than venting out your frustration after losing some money in Luna maybe?

 

[OldWarHorse]

I too maintain a google spreadsheet. My question is how do you calculate the average when you buy some coins, sell some of them and then buy them again? Suppose you bought 100 Luna coins at 10$ per coin, sold 50 for 15$ per coin and then bought 70 at 8$ again. What would be the average?

Almost all Indian crypto exchanges will show you your actualised P/L based on these transactions with your avg prices

 

[Bhaag Viru Bhaag]

Good to see that Uncle has been reading up crypto glossaries

Kindly provide the solution to my problem. It seems you are a champ in arithmetic. Read my question carefully again and answer it.

 

[Bhaag Viru Bhaag]

Almost all Indian crypto exchanges will show you your actualised P/L based on these transactions with your avg prices

I am not trading on WazirX. I am only using Binance. Have you used Binance?

 

[Bhaag Viru Bhaag]

Almost all Indian crypto exchanges will show you your actualised P/L based on these transactions with your avg prices

I think Indian stock apps are much better though. Averages are calculated on a FIFO basis. And they have all types of reports to download. My personal favorite is Zerodha. Binance's UI is too complicated. You have to actually maintain a sheet for most of the advanced calculations. They have a trade history in spot trading. They sometimes charge BNB as their fee or deduct the amount from the coin itself. I didn't like WazirX and transferred all cryptos back to Binance.

 

[pillionrider]

I think Indian stock apps are much better though. Averages are calculated on a FIFO basis. And they have all types of reports to download. My personal favorite is Zerodha. Binance's UI is too complicated. You have to actually maintain a sheet for most of the advanced calculations. They have a trade history in spot trading. They sometimes charge BNB as their fee or deduct the amount from the coin itself. I didn't like WazirX and transferred all cryptos back to Binance.

I too prefer Binance. Do you add to your crypto portfolio every month?

 

[OldWarHorse]

Almost all Indian crypto exchanges will show you your actualised P/L based on these transactions with your avg prices

I am not trading on WazirX. I am only using Binance. Have you used Binance?

Yes Binance wont aid you with that. Better just do a DCA.

IF you wish to get the avg price of coins after all that, just take the net sum invested/# of coins..in your example it would $810/120 i suppose, avg $6.75 and the $190 is in your pocket

 

[Bhaag Viru Bhaag]

I too prefer Binance. Do you add to your crypto portfolio every month?

Yes. Even made some profit in Luna.

 

[pillionrider]

Yes. Even made some profit in Luna.

What percentage of your monthly income do you on average transfer to your Binance account? Sometimes, I go over 50% which is silly I know

 

[Bhaag Viru Bhaag]

What percentage of your monthly income do you on average transfer to your Binance account? Sometimes, I go over 50% which is silly I know

20-25%, I invest in both indian stocks and cryptos. Will start investing in US stocks too.

 

[pillionrider]

20-25%, I invest in both indian stocks and cryptos. Will start investing in US stocks too.

lol gotcha

You can't transfer your INR to Binance directly.

It's kind of sad that you spend so much time googling and trying to lie that you live in India.

 

[Bhaag Viru Bhaag]

lol gotcha

You can't transfer your INR to Binance directly.

It's kind of sad that you spend so much time googling and trying to lie that you live in India.

What a bimbo. There is a P2P trading option in Binance and it supports both IMPS and UPI.

 

[big_gamer007]

Lol, people in most countries don't even know about many aspects of Crypto yet. Especially in countries like India/Pakistan for people Crypto starts and ends with BTC/Eth/Doge/Shiba/Elon musk.

I invested in a Defi project last year, I made over 2 ml USD already and am earning ~18000USD/day daily, quit my job, bought a new house and enjoying life And this is just from one project.

Of course I got rugged in some projects as well, that's the risk you take. But if you can find one good project to invest in you are set for life.
So don't dismiss Crypto like a pump and dump. There are many pump and dump Crypto no doubt but there are many gems which are amazing investment opportunities.

Keep an open mind and if you are interested then start researching about the entire Crypto market and not stay limited to shitcoins/memecoins like Doge/Shiba and other crap.

[MENTION=139758]pillionrider[/MENTION]

 

[Bhaag Viru Bhaag]

Lol, people in most countries don't even know about many aspects of Crypto yet. Especially in countries like India/Pakistan for people Crypto starts and ends with BTC/Eth/Doge/Shiba/Elon musk.

I invested in a Defi project last year, I made over 2 ml USD already and am earning ~18000USD/day daily, quit my job, bought a new house and enjoying life And this is just from one project.

Of course I got rugged in some projects as well, that's the risk you take. But if you can find one good project to invest in you are set for life.
So don't dismiss Crypto like a pump and dump. There are many pump and dump Crypto no doubt but there are many gems which are amazing investment opportunities.

Keep an open mind and if you are interested then start researching about the entire Crypto market and not stay limited to shitcoins/memecoins like Doge/Shiba and other crap.

[MENTION=139758]pillionrider[/MENTION]

Long time, no see. Good to see a fellow dilliwala making huge profits in cryptos.

 

[pillionrider]

What a bimbo. There is a P2P trading option in Binance and it supports both IMPS and UPI.

Google is your friend again

Yeah sure. You pay 10-25% to some to build your "portfolio."

 

[Bhaag Viru Bhaag]

Lol, people in most countries don't even know about many aspects of Crypto yet. Especially in countries like India/Pakistan for people Crypto starts and ends with BTC/Eth/Doge/Shiba/Elon musk.

I invested in a Defi project last year, I made over 2 ml USD already and am earning ~18000USD/day daily, quit my job, bought a new house and enjoying life And this is just from one project.

Of course I got rugged in some projects as well, that's the risk you take. But if you can find one good project to invest in you are set for life.
So don't dismiss Crypto like a pump and dump. There are many pump and dump Crypto no doubt but there are many gems which are amazing investment opportunities.

Keep an open mind and if you are interested then start researching about the entire Crypto market and not stay limited to shitcoins/memecoins like Doge/Shiba and other crap.

[MENTION=139758]pillionrider[/MENTION]

He will say you are telling a lie and making this much profit in cryptos is impossible. Will you pay 30% tax and 1% TDS on the profits you made?

 

[Bhaag Viru Bhaag]

Google is your friend again

Yeah sure. You pay 10-25% to some to build your "portfolio."

I am looking at my portfolio and laughting at you.

 

[big_gamer007]

Thanks brother, I have been busy so haven't got time to post on the forums much. Also lost interest in PP since in most threads it was same people from both sides of border spewing same crap and fighting.
But I do check it time to time.
Hope you have been good as well.

I pay tax on money I take out in my bank account, for the money I keep in stable coins and yield farming and don't convert to FIAT I won't pay taxes till I convert them to FIAT.

Currently I reinvest the money back in different yield farms and only take a percentage to fiat for which I will pay taxes as my binance/wazirx is KYCd.

Hope you are doing good on your investments too buddy The LUNA crash did shake things up in entire market, I hope you didn't invest in LUNA/UST?


You should check Defi projects they are pretty good for money if you get in early, mostly all of them have ponzinomics but if you get in a good project early on you can make tons of money.

 

[pillionrider]

I invested in a Defi project last year, I made over 2 ml USD already and am earning ~18000USD/day daily, quit my job, bought a new house and enjoying life And this is just from one project.

2M USD is fair enough in crypto, given the right project.

You sure about that other number you typed out? That's like 6.5M a year. That sounds like something would say

 

[pillionrider]

I am looking at my portfolio and laughting at you.

Enjoy early retirement

protip: look into VRS in Pakistan.

 

[Hermoine Green]

PUMP and DUMP )

I think it's a bit late to be getting into crypto at this age. I know you'll think I'm trying to offend you but seriously...

Does Pakistan offer VRS (Voluntary Retirement Scheme). Enjoy pension and if you're daring, maybe invest in mutual funds or something. Or FDs and fade into the sunset

Abby yar obviously Pakistan give pension to the retired budhay )

But i am daring, even before retirement and doing crypto since 4 years i believe

 

[Hermoine Green]

2M USD is fair enough in crypto, given the right project.

You sure about that other number you typed out? That's like 6.5M a year. That sounds like something would say

He is taking advantage of staking and farming i guess.

 

[Bhaag Viru Bhaag]

Thanks brother, I have been busy so haven't got time to post on the forums much. Also lost interest in PP since in most threads it was same people from both sides of border spewing same crap and fighting.
But I do check it time to time.
Hope you have been good as well.

I pay tax on money I take out in my bank account, for the money I keep in stable coins and yield farming and don't convert to FIAT I won't pay taxes till I convert them to FIAT.

Currently I reinvest the money back in different yield farms and only take a percentage to fiat for which I will pay taxes as my binance/wazirx is KYCd.

Hope you are doing good on your investments too buddy The LUNA crash did shake things up in entire market, I hope you didn't invest in LUNA/UST?


You should check Defi projects they are pretty good for money if you get in early, mostly all of them have ponzinomics but if you get in a good project early on you can make tons of money.

Thanks for the advice and motivation. Will keep in mind.

And I only invested in Luna after it crashed and made some profit. Good to see you here.

 

[pillionrider]

Abby yar obviously Pakistan give pension to the retired budhay )

But i am daring, even before retirement and doing crypto since 4 years i believe

I'm just having some fun with my old friend.

 

[big_gamer007]

Yes brother that was a typo it's 1800$/day not 18000$, the project I invested in is a Defi project it gives 1% of the tokens you own as reward daily.
Currently I have around 15,000 tokens and price of 1 token is 19$. However, there are taxes, so if I claim then I get whale taxed and get around 1800$.

There is a max limit for every wallet in that project so I will reach out my max limit soon. That's why I started another account

 

[Bhaag Viru Bhaag]

He is taking advantage of staking and farming i guess.

Get ready he will comeback with a cowdung joke now.

 

[pillionrider]

He is taking advantage of staking and farming i guess.

Well, insane claimed returns on yield and/or staking considering his initial investment

 

[big_gamer007]

Sweet brother, good to see you doing well.

Ya LUNA was a bummer, but after crash people had great opportunity to make quick profits, glad you made

Happy to be here again mate, good to see you all doing well.

 

[big_gamer007]

He is taking advantage of staking and farming i guess.

Yes right bro.

 

[pillionrider]

Yes brother that was a typo it's 1800$/day not 18000$, the project I invested in is a Defi project it gives 1% of the tokens you own as reward daily.
Currently I have around 15,000 tokens and price of 1 token is 19$. However, there are taxes, so if I claim then I get whale taxed and get around 1800$.

There is a max limit for every wallet in that project so I will reach out my max limit soon. That's why I started another account

Ah ok. That makes sense.

Wonder if Nirmalaji will add GST

 

[Hermoine Green]

I too maintain a google spreadsheet. My question is how do you calculate the average when you buy some coins, sell some of them and then buy them again? Suppose you bought 100 Luna coins at 10$ per coin, sold 50 for 15$ per coin and then bought 70 at 8$ again. What would be the average?

Paa je, its simple. Total amount invested / number of tokens

It will give you your average profit point.

10 x 100 = 1000$ you spent initially.

You sold 50 coins @ 15$, and now you have left with 50 coins.

8 x 70 = 560$

Now you have total coins. 70 + 50 = 120 coins.

Total investment = 500 (because you sold 50 coins out of 100, their original worth was 500$ out of 1000$) + 560 = 1060$

Average : 1060/120 = 8.83 is your point of profit.

 

[Bhaag Viru Bhaag]

Ah ok. That makes sense.

Wonder if Nirmalaji will add GST

30% tax, 1% TDS(most probably thrice) and 28% GST. They don't consider it legal but want a huge share from our profits. Mera Bharat Mahaan.

 

[Hermoine Green]

Sweet brother, good to see you doing well.

Ya LUNA was a bummer, but after crash people had great opportunity to make quick profits, glad you made

Happy to be here again mate, good to see you all doing well.

Yup, tried it and got approximately 11x just in hours, but i bought it at PCS I jeeted at 11x otherwise it could have been more than 50x

 

[Hermoine Green]

Thanks for the advice and motivation. Will keep in mind.

And I only invested in Luna after it crashed and made some profit. Good to see you here.

Mr. Tai Kwn Do is going to destroy Luna now completely and he dont give a damn to investors at all. His new proposal is ridiculous

 

[Hermoine Green]

In current market, i am playing with degens and am liking such kind of trades

From 100 to 653, and i end up at almost 1100$ and sold.

 

[Bhaag Viru Bhaag]

Yes Binance wont aid you with that. Better just do a DCA.

IF you wish to get the avg price of coins after all that, just take the net sum invested/# of coins..in your example it would $810/120 i suppose, avg $6.75 and the $190 is in your pocket

Paa je, its simple. Total amount invested / number of tokens

It will give you your average profit point.

10 x 100 = 1000$ you spent initially.

You sold 50 coins @ 15$, and now you have left with 50 coins.

8 x 70 = 560$

Now you have total coins. 70 + 50 = 120 coins.

Total investment = 500 (because you sold 50 coins out of 100, their original worth was 500$ out of 1000$) + 560 = 1060$

Average : 1060/120 = 8.83 is your point of profit.

6.75 is the correct answer. See its simple but you still got it wrong.

 

[Bhaag Viru Bhaag]

In current market, i am playing with degens and am liking such kind of trades

From 100 to 653, and i end up at almost 1100$ and sold.

View attachment 115897

[MENTION=139758]pillionrider[/MENTION] be like

 

[Hermoine Green]

6.75 is the correct answer. See its simple but you still got it wrong.

Noooo, 6.75 is completely wrong. Prices were 10$ and $8 lol

So how 6.75 can be the average? Thora akkal ko hath maaro

It is 8.83$

 

[Bhaag Viru Bhaag]

Noooo, 6.75 is completely wrong. Prices were 10$ and $8 lol

So how 6.75 can be the average? Thora akkal ko hath maaro

It is 8.83$

You should say this to [MENTION=152007]OldWarHorse[/MENTION] not me lol. According to [MENTION=139758]pillionrider[/MENTION] both answers are correct.

 

[pillionrider]

You should say this to [MENTION=152007]OldWarHorse[/MENTION] not me lol. According to [MENTION=139758]pillionrider[/MENTION] both answers are correct.

So you're not sure what the answer is? And still claimed he was wrong? Go to sleep.

 

[Bhaag Viru Bhaag]

So you're not sure what the answer is? And still claimed he was wrong? Go to sleep.

It is about time you add something relevant to this thread. You are trolling here Mr Peonrider.

 

[Asif khan]

You are right. Most of them are PUMP and DUMP coins.

Yes and most are headed to zero, some just take the long route to get there.

 

[Hermoine Green]

Yes and most are headed to zero, some just take the long route to get there.

Do you buy new projects at BSC or ERC?

 

[Technics 1210]

No one in their right mind will post their portfolio holdings on a public forum, it’s a ridiculous request, and one who requests this in the first place should practice what they preach and post their portfolio first.

In my experience, though, the only sort who request to see the portfolio of others are the ones hurting with deep losses.

On to Crypto, it’s not the safe haven that it was hyped up to be.

 

[Hermoine Green]

No one in their right mind will post their portfolio holdings on a public forum, it’s a ridiculous request, and one who requests this in the first place should practice what they preach and post their portfolio first.

In my experience, though, the only sort who request to see the portfolio of others are the ones hurting with deep losses.

On to Crypto, it’s not the safe haven that it was hyped up to be.

It wasnt a safe haven from the beginning. Market crashes, market getting up is part of the cycle. It happens.

 

[Asif khan]

Do you buy new projects at BSC or ERC?

I don't touch BSC projects but I used to enjoy a little dabble on Uniswap trading ERC20 tokens. I've had a nibble in other ecosystems too...Solana, Cosmos, Avax. Overall, no, I'm mainly a BTC and ETH guy.... sold most of my ETH.

 

[Asif khan]

No one in their right mind will post their portfolio holdings on a public forum, it’s a ridiculous request, and one who requests this in the first place should practice what they preach and post their portfolio first.

In my experience, though, the only sort who request to see the portfolio of others are the ones hurting with deep losses.

On to Crypto, it’s not the safe haven that it was hyped up to be.

It's heavily correlated to stocks and the true essence was lost in Crypto years ago when Tradfi moved over and are only in it to see "numbers go up". Crypto is now perceived primarily as a money making machine. We're yet to see it's practical use as currency outside of DNMs so the safest haven in crypto might well be holding Monero (outside of metals) if we go into a true global recession.

 

[Asif khan]

Everyone enjoying crypto?

Going to be a tough 6-12 months especially if you are holding alts. I don't expect most to ever hit ATH ever again.

 

[Kaddy]

Everyone enjoying crypto?

Going to be a tough 6-12 months especially if you are holding alts. I don't expect most to ever hit ATH ever again.

So as per your analysis, 2022 will remain bearish.

Do you think bull run will start once Russia Ukraine war ends.

You told me btc can actually go to 21K but I think it has very strong support around 25-27K.
And last question. Your thoughts on GMT and Audius.

 

[Bhaag Viru Bhaag]

So as per your analysis, 2022 will remain bearish.

Do you think bull run will start once Russia Ukraine war ends.

You told me btc can actually go to 21K but I think it has very strong support around 25-27K.
And last question. Your thoughts on GMT and Audius.

GMT is a strong project and have a very good team behind it. Keep holding it.

 

[Asif khan]

So as per your analysis, 2022 will remain bearish.

Do you think bull run will start once Russia Ukraine war ends.

You told me btc can actually go to 21K but I think it has very strong support around 25-27K.
And last question. Your thoughts on GMT and Audius.

Yes I do but it's going to take while to play out, we may even bounce from here for all I know but HTF 25-27k is no real support imo. I'm more a HTF trader and all my data suggests a monthly close below 35-37k is very bearish. BTC has 3 days to save the monthly.

I've never heard of Audius... GMT is 100% a ponzi that will probably trade towards 0 at some point..the concept is stupid and unsustainable and the tokenomics are shocking. Can it pump first? Sure...most ponzis clean out eager shorters before they tend to bleed to death but I never touch these kinds of tokens nor would I recommend them to others.

The problem we have now is the ETH/BTC chart..to me it is showing a major sign of weakness almost like 2018-2019 where it slowly started bleeding against BTC for 6 months or so. I expect another 50-65% drop on it. Most alts tend to follow ETH so it's hard to trust any of them right now.

 

[Asif khan]

GMT is a strong project and have a very good team behind it. Keep holding it.

Please no.

High FDV coins are the new ICO’s of 2017 (which caused the bubble pop)

Retail will get rekt so badly as most tokens have yet to be released, crypto will need an entire new narrative to gain retail traction again...GMT's tokenomics suck!

 

[MenInG]

Only those with anything useful to add to this thread can do so, else keep personal stuff off this

 

[MenInG]

A man from Mumbai has been duped of ₹ 1.57 crore in a cryptocurrency investment scam. The 36-year-old, a resident of a resident of Napean Sea in Mumbai's upscale Malabar Hill area, has now accused a website of trapping him into investing in cryptocurrency mining schemes. The accused said that a fake website trapped him in the investment scheme. The case has been registered at the Malabar Hill police station.

According to a report in the Hindustan Times, the complainant befriended the accused online in October 2021. The accused began contacting him about cryptocurrency mining after a few days. The accused told the complainant that by investing in cryptocurrency mining hardware through the website ‘USD Miner' he could make a lot of money.

The accused also told him about a number of strategies he might utilise to make money. The complainant was interested in the idea and chose to invest. The complainant continued to invest more and more money on the accused person's instructions as profit was credited to his virtual wallet. According to a police officer, the complainant has invested 2.83 lakh Australian dollars (about ₹ 1.53 crore) since October 2021.

However, whenever the complainant attempted to withdraw the money, the accused would discourage him, according to the officer, in order to prolong the deception. This made the complainant suspicious earlier this month after the accused repeatedly tried to persuade him not to withdraw money.

NDTV

 

[Asif khan]

Been looking at the market to see if we get any clues what is happening. I think the longer this takes to break to the downside the higher the risk the weekly 200MA gets smashed through. I think with how the macro is shaping up we may see BTC lose it's ATH for the first time ever later this year.

With the above in mind I think any price below 20k all the way down to 10kish could technically happen. With this in mind and looking at it as a multi year investment thesis I believe we see BTC peak between 95-135k next cycle...this offers a tremendous long term opportunity should we get it.

 

[Bhaag Viru Bhaag]

Bitcoin below 25000 and Eth below 1300.

 

[Kaddy]

Been looking at the market to see if we get any clues what is happening. I think the longer this takes to break to the downside the higher the risk the weekly 200MA gets smashed through. I think with how the macro is shaping up we may see BTC lose it's ATH for the first time ever later this year.

With the above in mind I think any price below 20k all the way down to 10kish could technically happen. With this in mind and looking at it as a multi year investment thesis I believe we see BTC peak between 95-135k next cycle...this offers a tremendous long term opportunity should we get it.

What do you say now?

 

[MenInG]

Bitcoin tumbled on Monday to an 18-month low of under $25,000 as investors shunned risky assets in the face of a vicious global markets selloff, months after the cryptocurrency hit a record high.

The unit took a heavy knock also from the news that cryptocurrency lending platform Celsius Network paused withdrawals, citing volatile conditions.

World stock markets have plunged since Friday when data showed US inflation at a fresh four-decade high, increasing recession fears and sending investors running for safer assets like the dollar.

“It is not very surprising to see such a strong downturn as we have noticed an increased correlation over the last few years between traditional stocks, which have also tanked recently, and the cryptocurrency market,” noted XTB chief market analyst Walid Koudmani.

DAWN

 

[Asif khan]

I think we clip $19500 or so (this will be a very volatile area) with many stop losses and margin calls below so could easily drop lower followed by a strong bounce, gut feeling tells me we don't get past 28-32k and then make our way much lower.

I am firmly of the opinion we do not bottom before Q4 or worst case early next year. Gradually accumulate BTC at reasonable levels, buying the botttom isn't necessary but my feeling somewhere between 10-14k although this could change.

You do not want to be in alts too early, if BTC does hit those levels you will see many alts trading close to 0 and BTC dominance will skyrocket to 58%+. I have Eth bottoming initially under 1k but if BTC does hit the lower levels then I think we will see around $400 or lower.. Accumulate alts with strong fundamentals at the bottom, not now!

Be careful and take your time no matter what anyone tells you. Only the patient will be rewarded.

I think BTC tops between 95-135k next cycle but we won't see much growth for a few years or so.

 

[Asif khan]

What do you say now?

Replied above.

 

[Asif khan]

In 1968 we had the most serious economic crisis after the Great Depression - this lasted until 1972.

I believe in macro terms we are in a cycle similar to 1968-1972 and I believe we're at the same point as 1969.

3 more years to see real recovery worldwide.

Nothing is safe, best bet is probably holding metals but they will get smoked too...not even the housing market!

If the Fed throw in a .75bps hike the markets there could be a catastrophic demand destruction across all markets.

 

[Firebat]

Bitcoin drops below $20,000 to lowest since December 2020

Bitcoin dropped below $20,000 on Saturday to its lowest level in 18 months, extending its slide as investors pull back from riskier assets amid rising interest rates.

The biggest cryptocurrency was down 7.1 per cent to $18,993 at 0906 GMT, having earlier touched $18,732, its lowest since December 2020.

It is down about 59pc this year, while rival cryptocurrency Ethereum-backed ether is down 73pc.

The digital currency sector has been pummelled this week after cryptocurrency lending company Celsius froze withdrawals and transfers between accounts.

The sector has also suffered losses after companies such as Coinbase Global Inc, Gemini and Blockfi said they would lay off thousands of employees as investors ditch risky assets.

https://www.dawn.com/news/1695460/bitcoin-drops-below-20000-to-lowest-since-december-2020

 

[Asif khan]

I think we clip $19500 or so (this will be a very volatile area) with many stop losses and margin calls below so could easily drop lower followed by a strong bounce, gut feeling tells me we don't get past 28-32k and then make our way much lower.

I am firmly of the opinion we do not bottom before Q4 or worst case early next year. Gradually accumulate BTC at reasonable levels, buying the botttom isn't necessary but my feeling somewhere between 10-14k although this could change.

You do not want to be in alts too early, if BTC does hit those levels you will see many alts trading close to 0 and BTC dominance will skyrocket to 58%+. I have Eth bottoming initially under 1k but if BTC does hit the lower levels then I think we will see around $400 or lower.. Accumulate alts with strong fundamentals at the bottom, not now!

Be careful and take your time no matter what anyone tells you. Only the patient will be rewarded.

I think BTC tops between 95-135k next cycle but we won't see much growth for a few years or so.

This is playing out quite well I must say, I don't think we have the momentum to touch 28-32k but should be an interesting few months coming up.

All in all - Peak liquidity drain approaching end of Q3 / Q4.

Imo that’s when the best opportunities arise on crypto for longer term position scaling.

 

[pillionrider]

Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trading are coming true, with volumes evaporating since the levy took effect.
Three exchanges -- ZebPay, WazirX and CoinDCX -- suffered declines of between 60% and 87% in the value of daily trading immediately after the 1% tax deductible at source became effective on July 1, data from CoinGecko show. A fourth, Giottus, saw trading sink 70%, its chief executive said.

Binance-backed WazirX, for example, did $3.8 million worth of trading on July 2, the day after the tax known by the acronym TDS took effect, CoinGecko data show. In early July last year, it would have taken less than two hours of trading to reach that mark.

The 1% TDS rule is another example of how clueless and ignorant this government are at pretty much everything

 

[Asif khan]

As bad as everything is I have no doubt BTC will like a Phoenix rise from the ashes BUT time and place! Let the DXY have it's day for now.

 

[finalfantasy7]

So which crypto / Bitcoins - companies are doing well?

 

[Asif khan]

None at the moment!

 

[daytrader]

Crypto trading: Gulf exchange seeks entry into Pakistan

KARACHI: Bahrain-based Rain Financial, a trading platform for cryptocurrencies, is persuading local regulators to issue a legal framework for the formalisation of crypto trading in Pakistan.

Speaking to Dawn in a recent interview, Rain Financial Country General Manager Zeeshan Ahmed said the trading in crypto assets — digital currencies in which transactions are verified and recorded by a decentralised system — currently exists in a regulatory “no man’s land”.

“There’s no law that declares crypto illegal. Have the authorities frowned upon crypto? Yes. But issuing a statement is one thing and translating it into a law is another,” he said.

Former central bank governor Dr Reza Baqir said in March the risks of using cryptocurrencies outstripped benefits. Earlier, the central bank issued a formal notice advising the general public to be cautious of, and refrain from, trading cryptocurrencies.

“Negotiations are taking place. These are large-impact decisions involving lots of ideas and proposals,” Mr Ahmed said, expressing hope that the authorities will realise the benefits of formalising an activity that’s already going on outside of the regulatory ambit.

According to data platform website Chainalysis, Pakistanis booked profits of more than $604 million in crypto trading during 2021. Pakistan is also among the top-ranking countries on the Global Crypto Adoption Index. This is despite the fact that the central bank doesn’t recognise cryptocurrencies as legal tender and, as such, hasn’t licensed any exchange to facilitate their trading.

Yet Pakistanis trade digital coins on crypto exchanges like Binance in peer-to-peer transactions. In simple words, buyers and sellers agree to trade coins on the exchange’s app, which leads to the same assets going into an escrow/frozen account. The buyer then transfers money to the seller within a short time window and produces the proof of payment to the trading platform to gain possession. Alternatively, one can use a hundi/hawala channel to buy or sell coins on a crypto exchange. The unregulated structure of trading means the government gets zero tax on any capital gains booked by investors.

“We believe in regularised, licensed platforms. When we want to move into a market, we first engage the regulator and show it the value-add and benefits (of cryptocurrencies). Unregulated markets like Pakistan face capital flight and risks to individuals and institutions,” said Mr Ahmed.

Rain Financial was incorporated in the sandbox of the central bank of Bahrain in 2017 as a crypto asset company. The federal monetary authority issued a crypto policy framework in 2018 and the company received its licence in 2019.

Mr Ahmed said the exchange is a major crypto trading platform in the markets it already operates in. The estimated volume of crypto trading in 2021 was close to $100 billion. “Our share was $2bn. A regional player currently, we’re poised to become a global one,” he said.

Crypto enthusiasts present digital currencies as a reliable medium of exchange, store of value, hedge against inflation, and a safe investment in the event of a catastrophe — attributes that have conspicuously been missing from the 10,000-plus cryptocurrencies that currently exist.

Rain Financial’s bid to enter the Pakistani market couldn’t have come at a less opportune time. As much as $2 trillion has been wiped out of the combined market capitalisation of cryptocurrencies over the last six months. The crash is so big that China’s Blockchain-based Service Network, a government-linked initiative to promote the commercial adoption of blockchain technology, has called cryptocurrencies the biggest Ponzi scheme in the history of humankind.

Mr Ahmed said momentary setbacks shouldn’t be construed as the final verdict of history. The ongoing evolution of cryptocurrencies, in his view, is as consequential an event as the industrial revolution.

“This volatility looks excessive in the short term, but it isn’t. The global (crypto) adoption (rate) is only seven per cent,” he said, noting that volatility will come down in the long run.

Mr Ahmed expects Pakistan’s will be a high-volume, low-transaction market for Rain Financial once the regulators allow formal trading of cryptocurrencies. Around 2m Pakistanis have so far downloaded the apps of crypto exchanges. The number will likely go up four times once the authorities grant legal cover to cryptocurrencies, he said.

“Within one year (of trade formalisation), I expect that 70-80m Pakistanis will be trading $7-10 worth of crypto assets a month each,” he said.

Dawn

 

[pillionrider]

Crypto token GARI has plunged by more than 80 per cent, leaving investors in a panic. GARI is offered by Chingari — a popular short video platform — backed by actor Salman Khan. This crash comes as the overall crypto market suffered with exchanges witnessing intensive sell-off amid black swan events such as the Luna-Terra crash, and high inflation coupled with regulatory uncertainty.

GARI is a social token which allows creators, influencers, and brands to monetise experiences or services. On July 4, 2022, at around 9:37 pm, the social token was steady at the value of $0.72 (Rs 57). However, exactly after an hour, the GARI token was trading at $0.13 (Rs 10). Shortly before midnight, the token touched an all-time low of $0.09 (Rs 7).

Several othersonly invested in GARI, after Khan had endorsed the app multiple times. “Initially, even when the crypto market was down, the prices of GARI were soaring, but one fine day all hell broke loose and I’ve lost most of my savings. The only reason I had invested in GARI was because Salman Khan had several times promoted it,” said Priya Nardele, 23, Pune-based crypto trader.

“For most of us, Salman Khan was a big factor. I personally invested in the token because he had promoted the app several times. We believe in him, and thought this could make us rich,” Aneesh Matthew, 29, a Mumbai-based IT professional told indianexpress.com.

[MENTION=134981]Bhaag Viru Bhaag[/MENTION] Hope you didn't invest in this (like Luna) just because Sallu bhai told you to

 

[daytrader]

Tesla has dumped 75% of its bitcoin holdings a year after touting ‘long-term potential’

• Tesla said in its second-quarter earnings statement that it has “converted approximately 75% of our Bitcoin purchases into fiat currency.”
• The company invested $1.5 billion in bitcoin early last year.
• After a huge rally in 2021, the digital currency has plunged in value this year.

Early last year, Tesla invested $1.5 billion in bitcoin, banking on what the electric car maker called the digital currency’s “long-term potential.” The company has already sold three-quarters of its holdings.

“As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency,” Tesla said in its second-quarter earnings statement on Wednesday. The company said those sales added $936 million in cash to its balance sheet.

It’s a rapid retreat for Tesla and CEO Elon Musk, who was a heavy crypto booster during last year’s runup, frequently tweeting about various digital currencies. The price of bitcoin has lost half its value in the past four months during what’s been dubbed a “crypto winter.”

For Tesla, the fair market value of its bitcoin holdings reached $2.48 billion in the first quarter of 2021 and ended the year at about $2 billion. The company didn’t say at what price it sold or provide the size of its impairment, but bitcoin started the second quarter at close to $46,000 and ended below $19,000.

Analyst Brian Johnson at Barclays estimated earlier this week that Tesla would see a $460 million bitcoin-related impairment given the selloff.

“The reason we sold a bunch of our bitcoin holdings was that we were uncertain as to when the Covid lockdowns in China would alleviate so it was important for us to maximize our cash position,” Musk said in an earnings call on Wednesday. “This should be not taken as some verdict on bitcoin,” he said, adding that Tesla is open to increasing its crypto holdings in the future

However, when asked about bitcoin’s potential as an inflationary hedge on the earnings call, Musk said that Tesla’s main goal is to accelerate the transition to sustainable energy, and called bitcoin “a sideshow to a sideshow.”

In the first quarter of 2021, when Tesla went big on bitcoin, the company said the decision was a matter of becoming more flexible, diversifying and picking up returns from its cash holdings. The company quickly sold 10% as the currency ran up, contributing $101 million of profit in the period.

Kirkhorn said at the time that the company’s intent was “to hold what we have long term and continue to accumulate Bitcoin from transactions from our customers as they purchase vehicles.”

In May of last year, Musk said Tesla would stop accepting bitcoin for car purchases because of the environmental impact of mining, but he added that the company “will not be selling any bitcoin.” A week later, he tweeted emojis indicating the company has “diamond hands” when it comes to bitcoin investing, and he credited “our master of coin.”

A lot can change in a year.

CNBC

 

[Asif khan]

Are we all enjoying the bear market...

 

[Colorblind Genius]

Are we all enjoying the bear market...

what bear market dude?
Portfolio bottom line is 70% reduced. And don't have the cash and/or himmat to buy more.

 

[Asif khan]

what bear market dude?
Portfolio bottom line is 70% reduced. And don't have the cash and/or himmat to buy more.

How? I did warn numberous times on this thread alone to be careful.

 

[daytrader]

Ex-FTX boss Bankman-Fried: 'I didn't try to commit fraud'

Sam Bankman-Fried, the former boss of collapsed cryptocurrency exchange FTX, has denied committing fraud.

Making his first public appearance since the collapse, the man once hailed as the 'King of Crypto' told The New York Times he had had a "bad month" and had almost no money left.

FTX fell apart last month, having once been valued at $32bn (£26.5bn).

Many investors have not been able to withdraw their funds from the now bankrupt global exchange.

Mr Bankman-Fried, 30, also said his lawyers had advised him not to speak publicly, but he had ignored them.

He denied having moved any personal money out of FTX himself - saying he now has "close to nothing."

Speaking from The Bahamas, he said he had one credit card left which had around $100,000 of debt on it.

In the interview he said he had not deliberately misled investors, adding: "I didn't ever try to commit fraud."

However, asked several times about details of money movements between FTX and other entities, including the trading firm he owned, Alameda Research, he at times seemed sketchy in detail.

He also said the company had indulged in "greenwashing" where firms engage in environmental projects for publicity.

Mr Bankman-Fried was once viewed as a young version of legendary US investor Warren Buffet, and as recently as late October had a net worth estimated at more than $15bn.

However, he says, he underestimated the sheer amount of cash needed to cover FTX customers' withdrawals - leading to a run on the exchange.

Many crypto firms have struggled with the downturn in the broader economy and amid concerns about the viability of crypto currencies more generally.

FTX declared bankruptcy soon after. Mr Bankman-Fried stepped down as CEO on 11 November.

According to a court filing earlier this month, FTX currently owes its 50 largest creditors almost $3.1bn.

Mr Bankman-Fried had become well known in Washington DC as a political donor, supposedly supporting pandemic prevention and improved crypto regulation.

But in his talk with Times reporter Andrew Ross Sorkin, Mr Bankman-Fried confessed much of his Washington DC work had been PR "masquerading as do-gooderism."

Mr Bankman-Fried said for now he was not concerned about potential criminal or civil liability.

"There's a time and a place for me to think about myself and my own future," he said after starting and stopping several times. "I don't think this is it."

When asked if he had been truthful in his responses, Mr Bankman-Fried said he was as truthful as he knowledgeably could be. "I don't know of times when I lied," he said.

Though he did not provide evidence to support it, SBF said he believed FTX US was solvent and could in fact pay back American investors.

BBC

 

[daytrader]

Sam Bankman-Fried: FTX founder arrested in Bahamas

Sam Bankman-Fried, founder of the collapsed cryptocurrency exchange FTX, has been arrested in The Bahamas, the country's attorney general has said.

He is scheduled to appear on Tuesday in a magistrates court in the Caribbean country's capital, Nassau.

Police said Mr Bankman-Fried was arrested for "financial offences" against laws in the US and The Bahamas.

Last month FTX filed for bankruptcy in the US, leaving many users unable to withdraw their funds.

According to a court filing last month, FTX owed its 50 largest creditors almost $3.1bn (£2.5bn).

It is unclear how much people who have funds in the exchange will get back at the end of bankruptcy proceedings - though many experts have warned it may be a small fraction of what they deposited.

The FTX exchange allowed customers to trade normal money for cryptocurrencies like Bitcoin.

Mr Bankman-Fried was once viewed as a young version of legendary US investor Warren Buffett, and as recently as late October had a net worth estimated at more than $15bn.

He had become well known in Washington DC as a political donor, mostly to Democrat politicians or groups, supposedly supporting pandemic prevention and improved crypto regulation.

Mr Bankman-Fried will be held in custody "pursuant of our nation's Extradition Act," the Attorney General of the Bahamas said in a statement.

"Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the US Government, based on a sealed indictment filed by the SDNY [Southern District of New York]. We expect to move to unseal the indictment in the morning and will have more to say at that time," the US Attorney's office in Manhattan said in a tweet.

Wall Street regulators also said that they would be taking action against Mr Bankman-Fried.

"We commend our law enforcement partners for working to secure the arrest of Mr Sam Bankman-Fried in the Bahamas on federal criminal charges," US Securities and Exchange Commission (SEC) official Gurbir Grewal said in a statement.

"The Securities and Exchange Commission has separately authorised charges relating to Mr. Bankman-Fried's violations of our securities laws, which will be filed publicly tomorrow in the Southern District of New York," he added.

Mr Bankman-Fried had been due to testify about the collapse of FTX before the US Congress on Tuesday.

However, he will now be unable to testify, according to Congresswoman Maxine Waters, who said in a statement that she was surprised to hear that he had been arrested.

Mr Bankman-Fried's lawyer did not immediately reply to a BBC request for comment.

FTX, the owner and operator of the FTX.COM cryptocurrency exchange, was founded in 2019 by Mr Bankman-Fried, a former Wall Street trader and ex-Google employee Gary Wang.

It became the second largest crypto exchange in the world, trading about $10bn of cryptocurrencies a day.

But on 11 November FTX filed for bankruptcy protection after users pulled $6bn from the platform in three days and rival exchange Binance abandoned a rescue deal. At the same time, Mr Bankman-Fried resigned as FTX's chief executive.

In a series of interviews and public appearances in recent weeks, Mr Bankman-Fried has acknowledged that mistakes were made at the firm, but sought to distance himself from accusations of illegal activity.

"I didn't ever try to commit fraud," he said at the New York Times' DealBook Summit at the end of last month.

The collapse of FTX came during a tumultuous year for the cryptocurrency industry. This year Bitcoin has lost more than 60% of its value, while other cryptocurrencies have also slumped.

BBC

 

[daytrader]

Two associates of Sam Bankman-Fried plead guilty to fraud charges in FTX fall
Carolyn Ellison, former CEO of Alameda Research, and Gary Wang, co-founder of FTX, pleaded guilty to criminal fraud charges

A federal prosecutor says two associates of Sam Bankman-Fried have pleaded guilty to criminal charges related to the collapse of the cryptocurrency exchange FTX.

Carolyn Ellison, the former CEO of Alameda Research, a trading firm started by Bankman-Fried, and Gary Wang, who co-founded FTX along with Bankman-Fried, pleaded guilty to charges “related to their roles in the fraud that contributed to FTX’s collapse”, US attorney Damian Williams said Wednesday night.

According to the SEC’s complaint, between 2019 and 2022, Ellison, at the direction of Bankman-Fried, furthered the scheme by manipulating the price of FTT, an FTX-issued exchange crypto security token, by purchasing large quantities on the open market to prop up its price. FTT served as collateral for undisclosed loans by FTX of its customers’ assets to Alameda, a cryptocurrency hedge fund owned by Wang and Bankman-Fried and run by Ellison.

The complaint also alleges that Wang created FTX’s software code that allowed Alameda to divert FTX customer funds, and Ellison used misappropriated FTX customer funds for Alameda’s trading activity.

The guilty pleas were announced as Bankman-Fried was being flown to the US from the Bahamas by US law enforcement to answer to charges tied to his role in FTX’s failure.

The Guardian

 

[DonJee]

Are we all enjoying the bear market...

Loving it. DCA'ing into ETH, limit orders all the way down to $300!