Posts about $BTC
A bear market for now nearly a year is nothing small and once again showed that even at the highest point euphoria we are still pretty much vincible and can fall off just as quickly. And then obviously the extraordinarily bad macro economy made it one of the worst bear markets ever.
After all this we actually had many people that bought Bitcoin at $69k and sold it at $17.6k at the worst in just under a year. Once again showing the volatility of Crypto and how things can turn very quickly in this space.
This is something we should not forget for the next bull run, no matter how high we fly in the bull market we will still fall into a bear market, we wont ever be Invincible.
BTC drops to $18k, with $40M long liquidations in just 30 minutes. As we just had our lowest daily close since 2020!
After swinging around the $20k mark for over week now, with some support at $19.3k, Bitcoin has finally broken that support and even dropped below $19k now. And all this even happened just near the daily close, so after a close of thr daily candle at $18.75k we saw the lowest daily close of Bitcoin since 2020!
We are undoubtedly challenging our low of $17.6k just a few months back and it will be interesting how it turns out to be. It was obvious that people were getting way too euphoric over BTC pumping a few thousands up to $25k. Now all those longs are getting destroyed with over $40M just long liquidations in the last 30 minutes. And $100M in the last 24 hours.
Upcoming big news events this month will obviously be new Inflation data on Sep 13th and FED meeting on Sep 20th, have an eye on those.
HOLY SHIT maybe this is real, maybe someone messed up big time.
My hands are still shaking typing this sentence, I don't know what to make out of this. Maybe this is just a cruel dream and I am gonna wake up with such a big stupid look on my face and continue my ever so boring life.
I placed a stupid order a couple of months ago on this shady looking exchange website which I had totally forgotten about this. I just checked my phone and this notification read
"Your order has been fulfilled and delivered, click here to know more."
I seriously can't believe that this is happening to me.
Completely a hypothetical thought experiment here, but...
When BTC was first created, there were no exchanges. They were all in self-custody. Once exchanges popped up, BTC migrated to them until they reached enough BTC that they could serve their purpose: allowing for billions of dollars of trading volume per day. Ever since 2020, the balance of BTC has slowly been leaving exchanges.https://i.redd.it/19vy5bke6ir91.png
This is a good trend, the less BTC on exchanges, the better, and the more the supply shock will be able to cause the price to go up, and the less the exchanges are able to artificially inflate the supply with fractional reserves.
There is currently 2.4 million BTC left in exchange balances. There are 5.5 million people in this sub. If every one of us in just this subreddit withdrew 0.43 BTC (on avg) from an exchange, they would run out of Bitcoin. If you deposit your BTC onto exchanges, you are literally giving it to them. Instead, hold onto it and make them BUY it from you in the future at a premium. The supply is limited and no one can make more.
Taking the BTC you own off of an exchange and into cold storage/self-custody is one of the best things you can do to strengthen the network and add value to it.
If you haven't done it yet, I strongly urge you. It's much easier than you think, it takes a few minutes, and it can be very rewarding. Self-custody can give a sense of peace knowing that no matter what happens in the world you will be able to have complete control of your BTC.