Author Topic: Bitcoin and Altcoins  (Read 5560 times)

Caesar

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Re: Bitcoin and Altcoins
« Reply #60 on: January 03, 2021, 01:42:51 PM »
The FCA are banning all retail clients fron trading Cryptocurrency CFD's from Jan 1st, 2021
This from the FCA website seems to explain it
https://www.fca.org.uk/news/press-releases/fca-bans-sale-crypto-derivatives-retail-consumers
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eddieb

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Re: Bitcoin and Altcoins
« Reply #61 on: January 04, 2021, 10:22:43 AM »
After tripling in value over the past 3 months to over $34k, Bitcoin has taken back a chunk this morning and now sits at 29k.
How much is just profit-taking we'll have to wait and see.
The last time it shot up like this it reversed and wiped out all its past gains.
Must be a nervous time for anyone who jumped in late and paid top dollar.
Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading

BWS

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Re: Bitcoin and Altcoins
« Reply #62 on: January 08, 2021, 11:32:10 AM »
Has anyone seen Bitcoin and other Cryptocurrencies today? Prices ripping up as uncertainties persist in the US and the dollar lacks direction.
Over $41k for Bitcoin, which was around the $4k mark a in early 2020. Totally unjustifiable IMHO, anyone buying in now is taking on helluva risk. The old FOMO syndrome.
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BWS

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Re: Bitcoin and Altcoins
« Reply #63 on: January 08, 2021, 11:46:16 AM »
Don't forget the taxman!

With the surge in Bitcoin price, some may be thinking about cashing in. If you do, remember to check the tax rules in your country and make sure you declare if required. You don't want the taxman looking into your finances.
For example, here are the rough rules in the US:

First, the IRS will most likely know about your activities, or at least it can check and confirm them. All Bitcoin transactions are permanently stored in the Bitcoin network, and the network is public.
You'll no doubt receive a notice from the IRS if you neglect to pay taxes on this income. You'll be charged interest at the rate of 0.5% on the amount of tax you owe, up to a cap of 25% of the unpaid balance. You'll also be penalized at the rate of 5% a month as of 2020.
The IRS additionally has numerous enforcement options for collection, from liens against your property to levies on your income and bank accounts.
"I wouldn't say I'm the best manager in the business, but I'm probably in the top 1" - Brian Clough

PipMeHappy

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Re: Bitcoin and Altcoins
« Reply #64 on: January 09, 2021, 04:19:03 PM »
Bitcoin from a technical point of view has gone hyperbolic,which in my view makes it difficult to trade...As a currency trader I find it easier to work with historic levels,and in our time most Majors operate within historic levels. This makes it easier from a TA point of view both in trend trading and range trading; trading endlessly into higher highs like with Bitcoin/USD means you have only Fib extensions or similar tools, but no previously tested resistance to wotk. with. I find that it does not fit my trading style... which is why I am dropping Turkish Lira or the S&P500 off my radar, as their endless one-directionality makes me very nervous.

Good luck to all you Bitcoin buyers and sellers out there, I take my hat off. to. you!!

Caesar

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Re: Bitcoin and Altcoins
« Reply #65 on: January 09, 2021, 08:12:14 PM »
in my view makes it difficult to trade
I think you have to treat it as a punt. Only put into it spare money that you are prepared to lose or wait for however long it takes to fall back to levels you are comfortable with before buying.
I think its been said on here before that only 3 or 4 percent of Bitcoins are actually in circulation, the rest are being held by a tiny number of owners. This means little liquidity and huge fluctuations in price.
With little fundamental reason to buy and, as you say, noTA point if view, anyone buying now is taking a massive risk.
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BigJtradeslikeaPro

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Re: Bitcoin and Altcoins
« Reply #66 on: January 11, 2021, 11:39:48 AM »
The FCA are banning all retail clients fron trading Cryptocurrency CFD's from Jan 1st, 2021
This from the FCA website seems to explain it
https://www.fca.org.uk/news/press-releases/fca-bans-sale-crypto-derivatives-retail-consumers

Yes but you can still trade them with an offshore broker. Which is where most people will trade them anyway? Better leverage and 24/7etc.

BigJtradeslikeaPro

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Re: Bitcoin and Altcoins
« Reply #67 on: January 11, 2021, 11:41:00 AM »
Big fall on Bitcoin in the past few days, was to be expected though.

BigJtradeslikeaPro

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Re: Bitcoin and Altcoins
« Reply #68 on: January 11, 2021, 11:42:40 AM »
Personally I have enjoyed trading XRP the most in the past 12 months.

I bought in at 0.2 and sold at 0.55.

Bought in again last month at 0.22 and sold at 0.35

Caesar

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Re: Bitcoin and Altcoins
« Reply #69 on: January 11, 2021, 01:17:20 PM »
Big fall on Bitcoin in the past few days, was to be expected though.

Hello BigJ and welcome to the forum.
With you on Bitcoin dropping, there was always going to be a pullback and Bitcoin doesn't do them by half.
How do you see it moving over the coming month? Rising to new highs again, fluctuating depending on dollar strength, or a full blown drop?
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PipMeHappy

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Kaitsu

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Re: Bitcoin and Altcoins
« Reply #71 on: January 12, 2021, 07:53:27 AM »
That is a severe warning to all new investment in such instruments. As always, one should only part with one's money if one is aware of the full extent of the risks involved.

Potentially large gains are usually shadowed by equally potentially large losses. Too often, it seems, the glitter of the former blinds people to the latter.....

The sad thing is that whenever ordinary folk start to lose big and important money (life savings, pensions, etc) due to ignorance of the risk potential, the authorities step in and make the markets even more rigid, limited and narrow - which affects all participants.
Ships are safe in harbour - but that is not what ships are for......

Caesar

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Re: Bitcoin and Altcoins
« Reply #72 on: January 12, 2021, 08:23:20 AM »
It doesn't help when experienced traders on other forums are coming out with statements saying it could hit $400k and encouraging newer members to get in while they can.
Totally irresponsible
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Caesar

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eddieb

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Re: Bitcoin and Altcoins
« Reply #74 on: January 13, 2021, 05:35:41 PM »
Currently, about $140bn worth of Bitcoin is lost or left in wallets that cannot be accessed, according to cryptocurrency-data company Chainanalysis.

And businesses helping retrieve digital currency receive multiple requests each week, there are many documented takes of unfortunate owners.

An entrepreneur lost about 800 bitcoins when a colleague reformatted a laptop containing the private keys to his wallet.

And in 2013, a Welsh man desperately searched a landfill site after throwing away a computer hard drive containing 7,500 bitcoins.

At the time worth more than 4m, this would now be valued at more than 250m.
Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading