$BTC

Hit resistance....now let's break it..
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HerculesOraculus
Sideways for a lil bit now I bet. Unless you got some whales on the line ready to buy in again.
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HODLTON
16.10.2021
G'day $BTC
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MinerASIC
16.10.2021
$BTC.D Maybe topping out here? Looking for a lower high to start the trend change and let $alts run.
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HerculesOraculus
16.10.2021
You can’t win a battle unless you believe in what you are fighting for
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FibbonacioBitcoins
*creates a new crypto regulations team*
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DonaldMcBlockface
Celebrate good times come on
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MinerASIC
The FED owns the Titanic
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sirCryptodorfer
Clowns
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HODLTON
16.10.2021
Pump to ATHs leave those sidelined in disbelief, when they want to enter for price discovery, nuke it

Seems about right!
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RichardKing
Yep seems about right. Then after the ATH nuke people will say it was a bull trap, funding negative then we mega pump. The final bera slaughter.
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BabyYoda
@RichardKing , Yeah they'll probably blame elon or something
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ElliottLostmykeys
@BabyYoda , He's a great scapegoat
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LordSatoshi
It won't repeat like that and 68k isn't a sufficient ATH to warrant a larger pullback. Come on, we hit 64k earlier this year. Expect a pullback between 75k - 80k.
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NiFTonWaves
16.10.2021
Bitcoin
Inflation hedge.
Uncorrelated asset.
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HODLTON
BTC beats inflation. It’s not a hedge, it’s an actual leveraged play
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Tether Hit With $41 Million Fine for Lying About Dollar Reserves: CFTC.
Its sister company, crypto exchange Bitfinex, was also hit with a $1.5 million fine by the CFTC.

Tether, the company behind the world’s biggest stablecoin, was today hit with a $41 million fine by the Commodity Futures Trading Commission.

The regulatory body claimed in a release that Tether made “untrue or misleading statements and omissions of material fact in connection with the U.S. dollar tether token (USDT) stablecoin.”

Tether’s sister company, Bitfinex, a cryptocurrency exchange, was also today hit with a $1.5 million fine for “illegal, off-exchange retail commodity transactions in digital assets.”

Tether Limited is the company behind Tether, the third biggest cryptocurrency by market cap. The digital asset is by far the most-traded cryptocurrency in terms of volume traded on exchanges.

It is a stablecoin, meaning it is pegged 1:1 with the U.S. dollar. This is supposed to make its value stable, as opposed to the value of cryptocurrencies like Bitcoin or Ethereum which regularly experience dramatic price swings.

But Tether is a controversial asset: Tether claims its coins are backed by real U.S. dollars held in reserves—though its critics say this isn’t true. The company has previously been slow to release its audits.

And today, the CFTC alleges that Tether made false claims about the backing of the asset. Between June 1, 2016 to February 25, 2019, Tether’s coins were not fully-backed by U.S. dollars for most of the time, the CFTC claims.

“The order further finds that Tether failed to disclose that it included unsecured receivables and non-fiat assets in its reserves, and that Tether falsely represented that it would undergo routine, professional audits to demonstrate that it maintained ‘100% reserves at all times’ even though Tether reserves were not audited,” the release said.

Tether only held sufficient fiat reserves in its accounts to back the tokens in circulation for only 27.6% of the days in a 26-month time period from 2016 through 2018, the CTFC alleged. Tether also used “unregulated entities and certain third-parties” to hold funds, the body added.

Bitfinex, the CTFC said, undertook unlawful commodity transactions from March 1, 2016 through at least December 31, 2018. The exchange allegedly let Americans buy and sell Bitcoin and Tether without having registered with the CTFC.

CTFC acting chairman Rostin Behna said: “The CFTC will continue to take decisive action to bring to light untrue or misleading statements that impact CFTC jurisdictional markets.”
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NiFTonWaves
Fake it till you can pay the fine.
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BabyYoda
16.10.2021
A $BTC Weekly Close above the psychological level of $60,000 would be a momentous technical step towards securing further upside & breaking to new ATHs

That said, the previous 4 Weekly Closes below/inside the red box preceded rejections

Confirmation is needed
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RogerTheRippler
you wouldn't expect a major resistance like this to crack first try? At least a pullback to 51k or so would be reasonable.
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HODLTON
@RogerTheRippler , Already had a pullback, and possible btc etf is fuel for this rocket, friend.
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RogerTheRippler
@HODLTON , Depends on your definition perhaps, but so far no pullback, just consolidation between the big moves up.
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MinerASIC
Accurate observation but the context is different, in particular on-chain fundamentals. Let's see.
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RogerTheRippler
16.10.2021
Easier said than done
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sirCryptodorfer
Oh look. People making some money off of those shitcoins
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RichardKing
Shitcoins have been profitable, have caught a few before they mooned
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FibbonacioBitcoins
Just keep swimming!
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HerculesOraculus
Profitable shitcoins -> BTC
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DonaldMcBlockface
16.10.2021
$BTC Percent Addresses in Profit (7d MA) just reached a 5-month high of 95.558%
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LordSatoshi
16.10.2021
One of the most intriguing trends in the derivatives market is the decrease of crypto margined futures.

This means less conxevity to the downside and shorts are more likely to be squeezed as they no longer have an inadvertent hedge via their collateral.
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NiFTonWaves
I think that'll recover somewhat when BTC trends past ATH Inverse futes usually just get omegawiped on big BTC corrections (non-linearity of the contract works against longs) and takes a while to build back up OI When BTC up only, degens wanna long BTC w/ BTC & get paid BTC
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SonnyNakafomo
Translation: When you leverage a position long with $btc as the collateral for your bitcoin future, you are exposing yourself to price movement affect both your collateral & your contract price. If price drops, collateral diminished w/contract price and you are liquidated faster. Using stablecoin as collateral - which we can see happening from will's chart - protects your collateral position. Shorts benefit from "naked" longs inherently. We're seeing less naked positions.
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sirCryptodorfer
Where’s the big short!!?? Oh.. we’re all blocked)
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ElliottLostmykeys
There will be a lot of forced buying at higher levels.
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DonaldMcBlockface
Ser this is the last piece of information I needed to confirm a long entry despite recent PA. Thank u
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SonnyNakafomo
16.10.2021
NBA’s Sacramento Kings Partners with Ankr to Support The Growth of Blockchain Industry.

The professional NBA team – the Sacramento Kings – and the blockchain company that offers cloud computing services – Ankr – shook hands on a multi-year collaboration. Throughout the engagement, the two entities will produce educational content about the cryptocurrency space and blockchain technology.

The Kings’ New Crypto Endeavor
The National Basketball Association announced the news on its website. Apart from educating sports fans about the merits of the digital asset industry by hosting events and creating various projects, the Sacramento Kings and Ankr will also make an annual event at Golden 1 Center (the home of the sports club). There it will invite students and developers to learn about the developments in the crypto space.

Vivek Ranadivé – Chairman and Owner of the Sacramento Kings – aired his thoughts on the collaboration: “Sports can be a powerful platform to educate and embrace innovation. We are proud to partner with Ankr to further align our synergies around forward-thinking initiatives and provide fans educational opportunities about the crypto economy.”

In his turn, Chandler Song praised the desire of the NBA team to look forward to new technologies raising hopes that the initiative would “open a lot of new doors for both sports fans and the crypto community: “We have visited the Kings data center for crypto mining inside their facilities many times, and I admire the openness of the owner, Vivek, to embrace new technologies. We are aligned in this mission to promote applications of Web 3 technologies.”

Speaking of Ankr, it is a software platform and decentralized infrastructure provider. Founded in 2017, it focuses on the growth of Web3 – the third generation of internet services for websites and applications. Ankr’s protocol also supports over 50 proof-of-work chains.

Salaries in Crypto for The Players
The Sacramento Kings – one of the basketball teams that has won the NBA – has shown a pro-crypto stance for years. In 2014, it allowed fans to purchase tickets and merchandise products with bitcoin.

In April this year, Chairman Ranadivé announced another step towards further digital asset adoption. He said that all employees in the organization could choose whether they would like to receive their salaries in the form of bitcoin instead of the dollar: “I’m going to offer everyone in the Kings organization; they can get paid as much of their salary in bitcoin as they want, including the players.”

The Dallas Mavericks is another NBA team that accepts digital asset payments. In addition to Bitcoin, though, Mark Cuban’s club also allows settlements with Bitcoin Cash, Ethereum, Dogecoin, and more.
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