Investors ditch the euro and pound for Bitcoin in record numbers as their value plummets

johnarb

johnarb

Prolly nothing...


https://finbold.com/investors-ditch...in-in-record-numbers-as-their-value-plummets/


Investors ditch the euro and pound for Bitcoin in record numbers as their value plummets

Ana
Nicenko1 day ago
3 mins read

In the midst of the collapse of multiple fiat currencies worldwide, the cryptocurrency market seems to be going strong, leading investors to turn their gaze to digital assets like Bitcoin (BTC) and Ethereum (ETH) instead.

As it happens, investors in the United Kingdom and the European Union are selling their pounds (GBP) and euros (EUR) to purchase Bitcoin in record numbers, according to the data and charts published by crypto market intelligence platform Messari on September 29.

The platform explained that:

“As these individuals from the UK and EU see the value of their currency collapsing, they effectively selling the pound and euro for Bitcoin. If this were just a trade to capture the volatility, we would have seen similar spikes in May 2021 and certainly in March 2020.”

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Investors selling EUR and GBP for Bitcoin. Source: Messari
As per the chart that spans until September 27, the daily volume of Bitcoin purchased by EUR has reached 50,000 in the week between September 22 and 27, and the same figure is reported for BTC purchases made in Pound Sterling.

Trading fiat for Ethereum as well
 
If you trade futures, you would know there's a distinct difference between trading volumes and open interest. Higher volume itself doesn't necessarily mean people flocked to Bitcoin. On the contrary, it could be due to a big selloff in Bitcoin along with the equity market.
 
schizo said:
If you trade futures, you would know there's a distinct difference between trading volumes and open interest. Higher volume itself doesn't necessarily mean people flocked to Bitcoin. On the contrary, it could be due to a big selloff in Bitcoin along with the equity market.
More...
As small posts like these, is where the value of the forum comes from.
 
johnarb said:
I only started actively trading perp futures on btc and eth so I'm a noob

It's prolly nothing...

https://twitter.com/x/status/1576294229726285824
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Sad story is that I was a big silver bug back in 2013 when I started to make some nice extra cash. I didn't think things were better since the 2008 crisis, and figured lets put money into a hard asset. Of course I heard about bitcoin, but figured it was too risky.

Here we are today with my silver investment still down, and well, we know what happened to bitcoin.

I can see why these people want to own something other than cash, but the asymmetrical bet with bitcoin is simply too great to pass up. Even if a person did a 50/50 allocation between bitcoin and precious metals, they would be covered nicely. But going all in on gold or silver is, based on my experience of course, the wrong bet to make. The move up to 2k for gold for example would be met with so much applause, and that is only a 25% move. What will bitcoin do if gold moves to 2k? I'd say much, much more.
 
johnarb said:
Why do you think that? Bitcoin has been stuck at this level for over 2 months

Are you shorting btc?

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I shorted btc 20 minutes ago for the very first time.... just fucking around, not a long term short position. I'm long term btc hodler

View attachment 296517
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What broker did you use to short? Do they offer leverage?
 
Good1 said:
What broker did you use to short? Do they offer leverage?
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Perpetual futures, no time or date settlement. They are not available to US people, sorry... unless you setup offshore company or other stuff

Lots of youtubers recommend Bybit that works with Vi Pee ehN, but I have no experience with them

Perp futures you can do 100x leverage. My screenshot shows 70x but I have it set for 20x, not sure why it shows like that but I have more than enough collateral for 20x leverage

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Update on the short btc positioon:

That short trade btc has been closed for a little over $100 profit which pays for a Chipotle dinner tonight, inflation is tough (j/k)

Target price to cover was 19,277 (based on the chart attached) ,but btc bounced off 19,282 so I started covering 19,288, last exit price was 19,303

Scale in, scale out. Still learning this sh*t. Been throwing $$ not properly paying attention to small details
 
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