#BreakingNews #Altcoingazette #Offers #Perspective on #Recent #News in #Cryptocurrency #Market #Bitcoin #BTCUSD
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- Published: 13 November 2022 13 November 2022
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Dateline: 11/12/2022:
Hey Readers, John T., Editor In Chief of
the Altcoingazette.com here. How are you this
fine day?, I hope all is well with you this
Great Day!
Ok, so the cryptocurrency market is digesting the FTX
blowup, sorry for all of those that got wiped out on FTX,
it wasn't your fault, ever! FTX, is not the first crypto exchange
to bankrupt and it won't be the last! It seems that retail,
always gets spanked.
This is the same behavior that transpired on MF Global, just
a few years ago, and also on the crypto exchange, Celsius Network,
then the regulators step in.
Our perspective, even though this hurts to say, these "Blow Ups"
are good for cryptocurrency, in that, don't put your faith in: Individuals,
exchanges, or regulators for that matter. Jessie Livermore quoted: History will always repeat, over and over again. Mark Twain, History doesn't always repeat, however does often rhyme.
Several other exchanges have bankrupted, FTX won't be the last. Warren Buffett quoted: Stock Market crashes lets everyone see, when the tide goes out, who is swimming without a bathing suit"! Who ever is now is skinny dipping, in the cryptocurrency market, the "Tide has gone out", for now...it won't last!
Bitcoin BTCUSD has had 4 times in it's trading history, that it pulled a -85%
price dip, only to recover again, to "New" record All Time High prices! In November of 2021, Bitcoin BTCUSD pumped to a record approx. $70,000,
now the dippy dip to $16.8K. So, again, I know that my math sucks, Bitcoin BTCUSD $70K -85% = approx. Bitcoin BTCUSD $10K! This has transpired 4
times in Bitcoin BTCUSD history, no Mark Twain is not a financial advisor, either is the Altcoingazette.com! We are rather close to the next -85% Bitcoin BTCUSD dippy dip? Time will tell. Privately, I would like to see Bitcoin BTCUSD, plunge to the Q1 2020 dippy dip of Bitcoin BTCUSD $3,500ish, only in my dreams, Readers!
So here is the price action that I see in the future for Bitcoin BTCUSD: -100% Sell Trend in Bitcoin BTCUSD, as it is as of this post. Old saying in the stock\stonk market: "Cheap stocks get cheaper and the Trend is your Friend"!
Let Bitcoin BTCUSD tell you what "it" wants to do, because the Trend is your friend. As I listen to Bitcoin BTCUSD, it is telling me that it wants to go lower, because of it's Trend indicator link listed here on Barchart for your review:
https://www.barchart.com
/crypto/quotes/%5EBTCUSD/opinion
Suckers Rally, Dead Cat Bounce or the Bear Market Rally: All of these recent pumps in Bitcoin BTCUSD are "Counter Trend" Suckers Rally, Dead Cat Bounce or the Bear Market Rally etc. You always here people say, "The way you get Rich is by Buying the Dip"! This is Bullshit from my perspective.
So what is the plan Stan: Grasshopper, "The way that you get rich is "Not" trying to "Time" a market, stock, bonds, forex or now crypto. The way to get rich in Bitcoin BTCUSD, is if you are currently out of the Bitcoin BTCUSD market, is to stay out, "Until" the Trend Reversal! Here is the suckers trade in Bitcoin BTCUSD, you Buy the dip, and then you Buy the dip...and then you become a dip! Currently, the Bears are in control of the Bitcoin BTCUSD market.
Survey question: "When does the Bitcoin BTCUSD market Trend change from Bearish to Bullish"? Answer, I have now idea and don't care.
Next Survey question: "At what price will the Bitcoin BTCUSD market change from Bearish to Bullish"? Same answer, I have now idea and don't care!
So again, this is what I do know, 1.the bears are in control of the Bitcoin BTCUSD market, (For Now), 2. Jessie Livermore quoted: "The Trend is my friend and always trade in the direction of the Trend", whenever I had the patients to wait for the Pivot Point, I always made money in my operations".
Ok, so this is my trading plan: I currently own a very small position in Bitcoin BTCUSD and will slowly begin to purchase a very small amount of additional Bitcoin BTCUSD as a "probe" of the Bitcoin BTCUSD market. Jessie Livermore quoted" "You won't know a market, until you are in it". I am in the Bitcoin BTCUSD market and have been so, since December of 2019. My lowest purchase of Bitcoin BTCUSD was $5,500ish during the 2020 Q1 covid dip and then I purchased \ chased Bitcoin BTCUSD all the way up, with purchases all the way up to approx. $70K BTCUSD, I may hold the world record in the Greatest number of swing points in Bitcoin BTCUSD. In November of 2021, I was up a conservative +500K to +750K swing trading points in Bitcoin BTCUSD only to give all of those points back, whew! No margin either! Full swing in Bitcoin BTCUSD = a conservative 1 to 1.5 million points, full turn!
Bottom line: I purchase a small amount of Bitcoin BTCUSD on Coinbase, now every week, until this Trend indicator Pivot Point "Green" Buy! https://www.barchart.com/
crypto/quotes/%5EBTCUSD/opinion
Grasshopper: "When it tells you that it (Bitcoin BTCUSD) wants to be purchased and goes Green Buy, then you Buy the dip in the "direction" of the new Bullish Trend, thus you are trading \ speculating in the "Direction" of the Trend"! Readers, just sit tight and watch what happens when this Barchart goes Green\ Buy Trend, pay up for your Bitcoin BTCUSD and then continue to add to your winning trade position\s!
If you follow \ read the Altcoingazette.com, you will not miss the Bullish Green Trend reversal in Bitcoin BTCUSD! In stead of saying: "Stay thirsty my friend, more like "Pay Up" my friend and then "Pay Up" again and again...because the Trend is your Friend"! Add to your winners only!
Trend, Trend, Trend = Friend, Friend, Friend!
Not Investment Advice Ever...Opinion Only!
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- Published: 13 November 2022 13 November 2022
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- Published: 13 November 2022 13 November 2022
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#BreakingNews: Crypto Exchange Giant FTX Collapses, Files For Bankruptcy
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- Published: 11 November 2022 11 November 2022
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NEW YORK (AP) — It took less than a week for FTX to go from the third-largest cryptocurrency exchange in the world to bankruptcy court.
The embattled cryptocurrency exchange, short billions of dollars, sought bankruptcy protection after the exchange experienced the crypto equivalent of a bank run. FTX, the hedge fund Alameda Research, and dozens of other affiliated companies filed a bankruptcy petition in Delaware on Friday morning. FTX US, which originally was not expected to be included in any financial rescue, was also part of the company's bankruptcy filing.
CEO and founder Sam Bankman-Fried has resigned, the company said. Bankman-Fried was recently estimated to be worth $23 billion and has been a prominent political donor to Democrats. His net worth has all but evaporated, according to Forbes and Bloomberg, which closely track the net worth of the world's richest people.
“I was shocked to see things unravel the way they did earlier in the week,” Bankman-Fried wrote in a series of posts on Twitter.
FTX's unraveling is causing ripple effects. Already companies that backed FTX are writing down their investments. Politicians and regulators are ramping up calls for stricter oversight of the crypto industry. And this latest crisis has put pressure on the prices of bitcoin and other digital currencies. The total market value of all digital currencies dropped by about $150 billion in the last week, according to CoinMarketCap.com.
FTX's failure goes beyond finance. The company had major sports sponsorships as well, including Formula One racing, a sponsorship deal with Major League Baseball as well as a sports arena in Miami. Mercedes said it would remove FTX from its race cars starting this weekend.
FTX and Bankman-Fried, as well as his brother, were also early investors in Semafor, the high profile news startup run by former BuzzFeed editor-in-chief and New York Times columnist Ben Smith.
Bankman-Fried has other problems as well. On Thursday, a person familiar with the matter said the Department of Justice and the Securities and Exchange Commission were looking into FTX to determine whether any criminal activity or securities offenses were committed. The person could not discuss details of the investigations publicly and spoke to The Associated Press on condition of anonymity.
The investigation is centered on the possibility that FTX may have used customers’ deposits to fund bets at Alameda Research. In traditional markets, brokers are expected to separate client funds from other company assets. Violations can be punished by regulators. Financial company MF Global effectively failed for a similar practice roughly a decade ago when it intermingled client assets with its own bets.
In its bankruptcy filing, FTX listed more than 130 affiliated companies circled around the globe. The company valued its assets between $10 billion to $50 billion, with a similar estimate for its liabilities. The company appointed as its new CEO John Ray III, a long-time bankruptcy litigator who is best known for having to clean up the mess made after the collapse of Enron.
FTX's bankruptcy is certainly to be one of the most complicated bankruptcy cases in years. The company listed more than 100,000 creditors on its filing, and with all of its customers effectively being creditors because they deposited their funds with FTX, it will take months to sort out who is owed what, bankruptcy lawyers said. Cryptocurrencies have no protections under law, and politicians on both sides of the aisle issued statements opposing any Lehman Brothers-like bailout for crypto investors.
“Unlike a case where there's (securities insurance in the failure of a brokerage) or where the FDIC steps in with a bank failure, these customers are totally exposed,” said Daniel Besikof, a partner at Loeb & Loeb LLP who specializes in bankruptcy law.
FTX had agreed earlier this week to sell itself to bigger rival Binance after experiencing the cryptocurrency equivalent of a bank run. Customers fled the exchange after becoming concerned about whether FTX had sufficient capital.
The crypto world had hoped that Binance, the world’s largest crypto exchange, might be able to rescue FTX and its depositors. However, after Binance took a look at FTX's books, it concluded that the smaller exchange’s problems were too big to solve and backed out of the deal.
FTX is the latest in a series of cascading disasters that have shaken the crypto sector, now under intense pressure from collapsing prices and circling financial regulators. Its failure is already being felt throughout the crypto universe.
On Thursday, the venture capital fund Sequoia Capital said Thursday it is writing down its total investment of nearly $215 million in FTX.
The cryptocurrency lender BlockFi announced on Twitter late Thursday that it is “not able to do business as usual” and pausing client withdrawals as a result of FTX's implosion.
In a letter posted to its Twitter profile late Thursday, BlockFi — which was bailed out by Bankman-Fried’s FTX early last summer — said it was “shocked and dismayed by the news regarding FTX and Alameda.”
Read Full Article Here:
https://apnews.com/article/ftx-crypto-bankruptcy-filing-ed0f06c5db468e285f58af2d8766b51a