Courtesy of Cointelegraph
I wonder why they call crypto ... volatile? Bitcoin is making some wicked swings lately with upwards of a grand at a time is common once again ... that could be the reason. I'm being sarcastic about the 'volatile' thing but keen Traders are making some nice gains watching that game of buy low, sell high. Where's it's a 24/7 Market place, one can easily miss the opportunity to sell at the price they were seeking before it fell once again, taking a partial gain.
Good to see two outfits I joined awhile back making it big. Coinbase, valued over a 100 billion, is going public soon on the Nasdaq exchange.
Kraken, where I do my crypto 'pair trading' is valued around 10 billion and climbing.
Overall, starting this week, both the stock and crypto markets are tanking going into March. See how they will react over the next few days.
With hits to my wallet, there are a couple things I don't want to see ... as oil prices have recovered some, gas prices are climbing steady here and there's talk of inflation climbing, as if prices aren't high enough ... eh.
Fixed Mortgage rates are now inching up by the Big Banks and steady Rent increases are a big problem in this east coast city. As always, absorb and carry on while stretching that dollar only goes so far.
I see some provinces are now getting gearing up with time frames to vaccine the age groups starting with the elderly and down. No news about that here yet in the Atlantic Provinces.
The last couple days have seen 'spring like' midday weather... mild but cooling down towards evening. Makes you think of travel but ain't happening for awhile yet. More than likely inter-provincial holidays again this year unless things with the virus improve rapidly
Bitcoin and Ether have been bouncing around but moving up again today so far. Getting more influenced by day to day moves according to the news at the time ... some don't even make sense but that's the Markets.
I Traded for Ether at about it's bottom level after a fall earlier in the week... It's up about $200 from there and suspect it will climb further later. Lots of articles about that now ... 'buying the dip'.
The Bitcoin bubble continues to inflate after roaring by 50 grand, approaching 60 grand. The 'Crypto Bulls' are definitely in charge for now but where I'm in the 'buy low, sell high' mindset, I just watch as my Bitcoin Wallet increases.
Ether follows in tandem breaking record highs as well.
Overall, the underlying issue I find is transaction fees, which are out there like Pluto. Way too high for my liking and with Ether in the De-Fi sector ... the Ether 'Gas' fees are like a 747 jumbo jet taking off, burning jet fuel at the rate of tossing 45 gallon drums of fuel out as fast as a couple guys can toss them. Again, too high for me to play in those that have the Ether Gas fee.
I continue to watch the crypto scene with no predictions although there are a lot tossed out in the media daily about Bitcoin ... either going a lot higher yet or the bubble popping and coming back for the next run up.
The big news in crypto land yesterday was the breaching of the 50 grand USD level with Bitcoin. Big money, or Whales as they call them ... are in and out with Trades of millions of dollars. BTC did fall back after that record breaking high with profit taking yesterday but surging again so far today.
Where there's huge amounts of money being passed around, some large financial outfits take notice and there was news of that yesterday ... setting aside funds to setting up a crypto wing of their operations.
Depending on what crypto exchange used ... fees have gone through the roof which usually happens with more than usual blockchain activity. During these times, I wait for things to calm down and fees to settle back while Miners, who control these fees fatten their crypto Wallets.
Eventually, when these Miners sell their crypto for what ever reason like paying for expenses, profit taking, etc., it brings down the price of Bitcoin some. (record setting rewards for them lately ... in the millions recently).
Meanwhile, I'll sit back and watch my Bitcoin and Ether Wallets build for now. I remember back in 2017 with the last big bull run to 20 grand, I was anxious to sell some of my Bitcoin and weighing the outrageous fees, at one point ... 50% of what I wanted to move. These days I wait until fees are somewhat normal.
Happy Valentines Day
Looks like a further slowdown in getting the general population the vaccine to combat the covid-19 and variants, which Is hitting Newfoundland with the UK variant causing a sudden surge in cases this past week. The Feds are taking about half our supply to route it up to northern Canada. Currently here, the retirement homes and staff are receiving the vaccine. Then it will be given in age groups outside of that.
I can only think this will push back our initial 'things getting better' target to the fall or later of this year. An initial time frame was 2 years from the onset.
Stock and Crypto Markets are upbeat in February so far depending on the sector.
Oil prices have climbed to around $60 a barrel, which is good for the economy. Not so good for me and the hurting airlines ... paying more at the pumps.
As I mentioned on my 'crypto ventures' page ... the first crypto related ETF has been approved and that's from Canada's Purpose Investments called Purpose Bitcoin ETF. Since funding will be coming to the ETF via CAD or it's USD version ... these monies will be buying Bitcoin within. It will be interesting to see how it performs where buyers want growth.
In this shortened season in the NHL, The Canadian teams only play amongst themselves in the North division and the Toronto Maple Leafs are on top currently, beating Montreal last night. Certainly not the same where the fans in the building make the game but entertaining none the less.
Reddit is steady in the news these days, the online forum and chat site. Pretty well doubled it's worth as folks join more than ever with the recent 'Pump' goings on. The word is, the popular WallStreetBets forum focused on Pot stocks early in the week and a couple weed companies saw increases in price. This came as Pot ETF's climbed recently with the US slowly "possibly' moving toward Canada's legalizing of marijuana, More on a State by State thing.
I don't see anything wrong with that as they are following the trends but still investors should be aware of the risks because Pot stocks have a history of glory one day and falling into a mine shaft the next, Seen all that as the pot companies opened here in Canada when the Feds were gearing up to legalize it.
Bitcoin and several Altcoins plus Ether have and will continue to test new highs and new lows, or bottoms as the big money focuses on the crypto scene. Folks just holding Bitcoin and Ether in their crypto Wallets make money these days watching the action when they feel like it, while some crypto Traders go without enough sleep 24/7 following their trades.
Sailors know all about Nor' Easters and the punch they can bring with high winds and big seas. This is the second one that hit the East Coast within a week. The first, last Tuesday brought more rain in one day than all of February since stats have been taken in Nova Scotia.
Last night's was all snow so hopefully that's the last Nor' Easter for awhile although weather patterns tend to repeat for a few weeks at a time.
Elon Musk is in the news again where his operation bought over a billion dollars worth of Bitcoin and will probably accept Bitcoin for his electric car business in the future, called Tesla. Didn't take long for Bitcoin to move up over 40 grand with that news.
Lots of new stories about how volatile the BTC is but that's what it makes it interesting ... far from boring for sure. Then, with some there's the decision to keep the Bitcoin on hand for further growth or syphon some off to a Bank account or another coin/venture during these upswings.
Over the past months, there is a trend where Bitcoin begins to move up in price heading into the weekend unless there's some price action issue like last weekend with the 'Pump impact' news I mentioned and apart from that ... Bitcoin 'Bulls' continue this weekend. Weekend crypto traders on the job during the week or a habitual pattern? Who knows.
Meanwhile, Ether continues to break new records as it climbs in price between the highs and lows of normal trading. Not to miss out, I've been converting some coin to Ether for the gains.
With Nexo, a pleasant surprise with the Nexo Coin I own... moved up over a dollar to $1.54 USD each yesterday ... from the last time I seen it at half that price.
Also in Nexo news, beside their 'interest paying' feature I use, they have added an Exchange service with no fees involving 75 pairs. I'll check that out and I'll update about this new option where less fees results in more gains when trading or swapping.
In the battle against the covid-19 and now it's variants taking hold in Canada, an equal amount of focus is on the vaccine and it's supply. Certainly the 'big squeeze' is on Canada as the UK, China and the US, among other countries horde the vaccine distributions. Meanwhile, Canada is working on setting up a distribution plant in Montreal but that will take a while, like months.
In Nova Scotia, for example there is more vaccine coming at the end of the week as the current supply is low.
It looks like the crypto scene is getting back to normal but ever evolving after the crazy pump and dump spurred by chat groups from last week. Some made some money and others lost big, a reason to bypass these 'pump' sites. The price of what ever is pumped ... will eventually fall back to it's normal trading price or lower at times, as fear sets in.
The same goes for the stock market as retail investors went up against Wall Street to prove a point more than anything but reality eventually sets in ... for now. Wall Street have billions behind them while retail investors (DIY Investors, etc) are at home on their computers risking big money at times with the 'pumps' in a concentrated effort to boost prices.
But, that's just me while many like the community feel and the excitement of the risk play.
Every year brings something new and in the stock world, there are a lot of angles and approaches to try and gain from the Markets while multiple factors 'weigh' and influence on a daily basis.
What's gaining strength in manipulation and what I call 'the pump' are social media sites where a person or group create a following to either pour money into a stock or crypto-coin to a point of over-valued or what I call a bubble that usually pops at some point. All I can say is buyer beware of the consequences if involved in these.
It all comes down to the age old scenario where I person hears about a great 'winner' stock from family, friend or coworker and sinks funds into it only to lose a bundle most of the time. However, these 'pump the stock' sites have a sell point so one needs to stay tuned in or either trade for less or lose money. For example, the popular US 'no fee' Trading site, Robinhood recently stopped 'selling' of a pumped stock but allowed more buying. I can imagine what that feels like ... want to sell to regain my principal and gains but blocked for now, which bring on stress plus.
Now the US SEC is involved watching all this and investigating ... trouble for some is coming I'm sure. It's all about bucking the normal system of doing things and that 'fear of missing out' thing with those involved but the ' law' eventually clamps down on it.
This is different with the news yesterday ... CHARLOTTETOWN -- A lozenge plant in Prince Edward Island has laid off 30 workers, citing an "almost non-existent" cold and cough season amid COVID-19 restrictions.
I always a pack of cough and cold stuff on hand plus pills but so far, knock on wood, still in the drawer where I guess wearing the mask constantly and cuts down on sucking in the bitter cold air at times.
Meanwhile more vaccines are due to arrive next month for Canada after a slowdown in shipments. We'll probably be seeing covid-19 in the news until years end at this pace.
I've been reading about crypto transactions that don't show up. One has to be careful of what they are getting into like different exchangers than their 'home' exchanger/wallet provider. This usually happens when crypto gain seekers look for certain coins/altcoins in other exchangers/smart contracts that are on the move up in price or seeking an interest rate but not available in their 'home' exchanger.
Double check any rules and warnings about sending crypto to and from sites and if not comfortable ... just don't do it. Better to keep the crypto/fiat 'home' than the funds ending up floating around in some blockchain forever like spacejunk when seeking gains elsewhere.
There should be assistance and a method to recoup when this happens but unfortunately, in the majority of cases, there is not.
Years back, Bitcoin and Altcoins in general ... rarely or didn't react to stock market indexes, gold price, politics or government influence.
These days, pretty well all the above have at times and will probably increase as 'influencers' with more to come. The latest 'here say' is about new President Biden 'perhaps' introducing new laws on Bitcoin that could limit it's price and other government departments reigning the crypto market even more.
However, none of that is concrete but floating around to make crypto enthusiasts aware I assume. One should never bet the farm on crypto or stocks unless you have additional funds you can put in these risky markets.
Looks like Canada has to slow up for now on the Vaccine rollout where supply due to the latest news ...
"Canada is scaling back its COVID-19 vaccination efforts because of a looming shortage of shots, with some provinces ordering a halt to nearly all first-dose appointments outside of the country’s hard-hit seniors’ facilities.
Provincial governments, hospital executives and local public-health officials spent the weekend scrambling to ration doses after vaccine-maker Pfizer-BioNTech announced on Friday that it would halve shipments to Canada in late January and the first three weeks of February while the company expands a manufacturing plant in Belgium.
The news threw a wrench into vaccination plans across the country."
In the Stock Market, there are always daily shifts with the news of the day and portray a general snapshot of the fear (sell) or 'more buying' mood with investors. Long term investors should ignore all that if they want to stay on course with their DIY (Do It Yourself) plans for the future.
However, short term traders generally keep on top of the daily scuttlebutt, however crazy and 'makes no sense' stuff at times but ... it generally moves the market place on a daily basis.
Bitcoin is slowly moving off it's holding pattern the last couple of days and Altcoins are reacting to BTC where Bitcoin is the main .. how do you call it ... 'mover and shaker' in that world.
De-Fi coins are moving up in price I see, as interest in that sector has suddenly flared up again. For example; COMP or Compound: within a week from $178 to a high of $234 USD.
On a personal level, I've been watching Litecoin lately (LTC) and been trading the LTC/USD pair. It's making that roller coaster pattern I prefer.
Cash is King they say and where I've been watching the extra volatile crypto market from the fence these days, I keep my Trading funds in USD with zero risk until I trade into a pair other than Stablecoin related.
However, Altcoins have been going up in price recently to start 2021... with a trend more bullish than before.
Where I enjoy and anxious to get in on Trades, I'm not sure when this activity will calm down so I wait rather than buy and an Altcoin like Tezos suddenly crashes in price and comes back down to earth or 'normal' ... whatever that is these days.
Ideal for short term Trading in crypto and stocks, is a decent 'roller coaster' pattern in the charts and that's what I seek.
Meanwhile, down south, attention had shifted to President Biden to end the week with a 1.9 trillion stimulus plan and pushing to get more Americans the vaccine quicker. Next week, Biden gets sworn in as President with an army of National Guards ready to protect the proceedings.
Here in Nova Scotia, a slow and orderly roll out of the vaccine continues. By spring, high age groups of seniors will be next to get the 'needle' and then descending age groups are next. Probably be early summer before I'll be in line to get a vaccine shot perhaps. Latest news is that Nova Scotia has the one of the lowest virus stats in Canada and around the World. I recently read that Qatar is practically virus free. Not sure how they managed that but they are doing something right.
January - Wednesday
While Ontario is grappling with the virus explosion in that province and (once again) impeach proceedings are under way for Mr. Trump in the US ... major airlines in Canada continue to scale back ... cutting routes and more layoffs. That alone has an impact on the economy where business people are their bread and butter along with seasonal holidays.
The Feds continue to work on some kind of stimulus package for the airlines while Air Canada continues to streamline and configure more of their larger aircraft for cargo duty to bring in revenue from that side of the business.
The head honchos of our major banks had a meeting recently and figure around mid year or the 4th quarter, things should start to improve with the economy and build from there as long as vaccines continue to come in and give millions more the needle to combat the virus spread.
In the crypto world, Bitcoin's been kind of on hold after millions of dollars worth were sold recently causing a drop. Meanwhile, BTC is on a slow climb at the time of this posting. A mild stirring of the 'Bulls' perhaps. From the past week or so, 30 grand USD seems to be the bottom point ... staying above that for now
Good to see the NHL decide what they are going to do about this shortened season and got that all finalized with Montreal and Toronto starting the season on Wednesday in their new northern or 'all Canada' division because of the covid and to avoid teams travelling back and forth across the border.
Bitcoin is big in the news today as it took a major tumble ... I was expecting that to come sooner or later. Looks like it's holding now in the lower 30 grand range USD. Meanwhile, Altcoins are coming down in price as well. See what happens when the dust settles with the 'coins'. Too early to tell yet about my continuing trading with the Altcoins I like.
There are so many directions a person can take to earn a 'coin' these days in the crypto world that it's mind boggling and a brain drain keeping up with it all. There's 'interest paying' sites, getting easy loans for leverage to try and make that big score (not a route I would take but some know the ins and outs and make a handsome profit), airdrops, futures, crypto related stocks and Trading ... to name a few.
Personally, I look for the decent 'interest paying' sites like Nexo ( no 'onsite' fees) but I always factor in exchanger transaction fees and keep it in long enough to accumulate a nice gross return ... or a waste of time. That's were folks can get burned with other De-Fi sites if not keeping up on Ether 'gas' fee rates, which can skyrocket at times. I avoid all that.
I Trade crypto pairs but I'm on hold for now where the whole scene is too hot and prices inflated until it cools down.
And ... a very easy method to conclude this post ... plain sit back and watch while holding or 'HODL'ing' in crypto terms. Just sitting on Bitcoin and/or Ether and watching the Wallet balances grow during these times.
Volatile ... is the word for today as Bitcoin cools down some for now as the average investor trades back some funds to altcoins or stable coins in Exchanges and those prices rise depending on the 'coin'. On my end, where I do the bulk of my Trading with some of these altcoins ... I wait, where prices are higher than normal ...for now.
On the stock market, crypto and blockchain related stocks/funds have increased in price as well along with the Bitcoin craze and high activity on blockchains that favor 'Miner' outfits likeHut 8 Mining
3iQ, I mentioned in The FinTrek, took off recently with it's Bitcoin and Ether Fund (doubling in price since inception price of $10 on December 10th on the TSX, Toronto Stock Exchange) where Ether is over $1000 in value at this time so that relates. I rate this is as a volatile 'fund'.
Getting in early on all this would generate nice gains but as we know, hindsight is 20/20, while keeping money in cash has no risk of loss.
I'm sure most are looking forward to a better year with regards to 2020's isolation as much as possible, no travel recommended and keep your distance socially while vaccines start to do the job on the virus over the next few months.
Meanwhile, we got a couple months here of the usually worst of the winter in Atlantic Canada with mid March looking more like Spring has come. So far, a fairly mild start with very little snow accumulation with off and on rain days coming next week.
Markets and money ... 2020 ended well in that regard and look for that to continue into 2021. Stock and Crypto markets ended on a high from last March while Bitcoin continues to climb beyond anyone's expectations. No way of predicting anything when it comes to Bitcoin... will it level off in stages or take a dive to a much lower price? Time will tell.
There will be more coins and projects but also more government rules coming in as the US seems to be rolling out more every other day lately as Crypto is now in their sights to regulate.
Happy New Year
This year will end with vaccines coming into Canada while the nation continues to try and get the virus spread minimized first and hopefully under control by the end of 2021.
Despite that, money markets have improved; far beyond expectations I'm sure.
Bitcoin is on a surge once again today after a hiatus since Sunday. Ether, which has a lot more useful applications is expected to grow further in popularity and expand in 2021.
On my end, I'm getting deeper into daily crypto Trading as I get more comfortable, while watching the Markets and the daily news. Gets addictive real quick I find while I keep a reign on going overboard with 'buy' amounts.
De-Fi ... I entered that crypto sector that burst on the scene this year but didn't stay long and moved out of it again after a couple of weeks. There are a few 'original' sites that have good security and continue to grow while several others have been hacked to the tune of millions ... almost like a pattern for awhile with the same amounts ... around 7 million ... knowing the backdoor or how to confuse and fool the systems to send them illegal fortunes. Certainly a buyer beware plus the crazy high Ether fees when withdrawing swallowing a lot or all of gains.
But ... some have made fortunes so like all that is investing ... accept the risk before entering.