Thursday, April 23, 2020

[Daily Discussion] Friday, April 24, 2020

Thread topics include, but are not limited to:

  • General discussion related to the day's events
  • Technical analysis, trading ideas & strategies
  • Quick questions that do not warrant a separate post

Thread guidelines:

  • Be excellent to each other.
  • Do not make posts outside of the daily thread for the topics mentioned above.

Other ways to interact:


[Altcoin Discussion] Friday, April 24, 2020

Thread topics include, but are not limited to:

  • Discussion related to recent events
  • Technical analysis, trading ideas & strategies
  • General questions about altcoins

Thread guidelines:

  • Be excellent to each other.
  • All regular rules for this subreddit apply, except for number 2. This, and only this, thread is exempt from the requirement that all discussion must relate to bitcoin trading.
  • This is for high quality discussion of altcoins. All shilling or obvious pumping/dumping behavior will result in an immediate one day ban. This is your only warning.
  • No discussion about specific ICOs. Established coins only.

If you're not sure what kind of discussion belongs in this thread, here are some example posts. News, TA, and sentiment analysis are great, too.

Other ways to interact:


Bitcoin Startup Purse May Have a Lifeline After All (current BTC/USD price is $7,515.02)

Latest Bitcoin News:

Bitcoin Startup Purse May Have a Lifeline After All

Other Related Bitcoin Topics:

Bitcoin Price | Bitcoin Mining | Blockchain


The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.


Questions about Bitcoin reorganization process logic with a rev*.dat file format or byte map.

Hi,
I’m currently learning how bitcoin operates by studying the BitcoinCore code and several other bitcoin projects, most of them parsers,  and came to a topic of blockchain data storage of blk*.dat and rev*.dat.

While blk*.dat format is more or less documented and the process is described really good (https://learnmeabitcoin.com/guide/blkdat) most of the resources are lacking detailed descriptions of rev*.dat file format and how the process of handling blockchain reorganization (block undo) works. Some Parsers (https://github.com/citp/BlockSci) have rules not to parse new blocks before a certain amount of confirmations so they do not need to deal with the issues of reorganization.

Right now I’m very interested in the logic  of blockchain reorganization and found some descriptions:https://en.bitcoin.it/wiki/Bitcoin_Core_0.11_(ch_2):_Data_Storage#Raw_undo_data_.28rev.2A.dat.29:Data_Storage#Raw_undo_data.28rev.2A.dat.29)
And an awesome post reply by Pieter Wuille:
https://bitcoin.stackexchange.com/questions/57978/file-format-rev-dat
I even tried to visualize that answer in a picture:
https://prnt.sc/s4ile4

The problem is that all those explanations are dated because of the update (https://github.com/bitcoin/bitcoin/pull/10195) that replaced CTxInUndo class with Coin class (https://github.com/bitcoin/bitcoin/commit/cb2c7fdac2dc74368ed24ae4717ed72178956b92 )

I know that code is the best documentation, but I still find it hard to read and understand, so I’m asking for help to answer these questions:

  • How does the logic of reorganization work with the rev*.dat and blk*.dat files exactly?
  • Can you walk me through the code, please?
  • What is the format of the rev*.dat files?
  • Can you explain it with a byte map(byte length for each piece) for a block record in it, please?

Apart from learning how everything works, I’m also interested in these topics because they say that it’s possible to get blockstasts faster using rev*.dat files (https://github.com/bitcoin/bitcoin/pull/14802) and I want to properly picture the whole processes with the rev*.dat files.



Questions about Bitcoin reorganization process logic with a rev*.dat file format or byte map.

Hi,
I’m currently learning how bitcoin operates by studying the BitcoinCore code and several other bitcoin projects, most of them parsers,  and came to a topic of blockchain data storage of blk*.dat and rev*.dat.

While blk*.dat format is more or less documented and the process is described really good (https://learnmeabitcoin.com/guide/blkdat) most of the resources are lacking detailed descriptions of rev*.dat file format and how the process of handling blockchain reorganization (block undo) works. Some Parsers (https://github.com/citp/BlockSci) have rules not to parse new blocks before a certain amount of confirmations so they do not need to deal with the issues of reorganization.

Right now I’m very interested in the logic  of blockchain reorganization and found some descriptions:https://en.bitcoin.it/wiki/Bitcoin_Core_0.11_(ch_2):_Data_Storage#Raw_undo_data_.28rev.2A.dat.29:Data_Storage#Raw_undo_data.28rev.2A.dat.29)
And an awesome post reply by Pieter Wuille:
https://bitcoin.stackexchange.com/questions/57978/file-format-rev-dat
I even tried to visualize that answer in a picture:
https://prnt.sc/s4ile4

The problem is that all those explanations are dated because of the update (https://github.com/bitcoin/bitcoin/pull/10195) that replaced CTxInUndo class with Coin class (https://github.com/bitcoin/bitcoin/commit/cb2c7fdac2dc74368ed24ae4717ed72178956b92 )

I know that code is the best documentation, but I still find it hard to read and understand, so I’m asking for help to answer these questions:

  • How does the logic of reorganization work with the rev*.dat and blk*.dat files exactly?
  • Can you walk me through the code, please?
  • What is the format of the rev*.dat files?
  • Can you explain it with a byte map(byte length for each piece) for a block record in it, please?

Apart from learning how everything works, I’m also interested in these topics because they say that it’s possible to get blockstasts faster using rev*.dat files (https://github.com/bitcoin/bitcoin/pull/14802) and I want to properly picture the whole processes with the rev*.dat files.



For Trading April 24th

OIL Rebound Continues!

Stock Rally Falls Short

INTC Beats, But Poor Guidance

Today’s market looked a little better than I thought it should with the 3rd day out of 5 trying to move over the 50-day MA and failed. While the DJIA was +39.44 (.17%), the only other gainer was the Russell +12.54 (1.04%) with NASDAQ -.63 (.01%) and S&P 500 -1.51 (.05%). The DJ Transports were + 39.44 (.17%), but also near the lows. Market internals were positive at 1:6:1 on NYSE and 5:3 on NASDAQ. Volume was in line with the past several days. Energy, industrials and communication services were strong and consumer staples, real estate and utilities were the weak sisters. The DJIA was 15 down, 14 up and PG unchanged. The big losers were MCD -31 and WMT – 21DPs with UNH +55 and BA +20 DPs. In the news today we had new initial claims for unemployment jumped 810,000 to 4.42 million and new home sales were down 15.4%, and slightly worse than expected.

Our “open forum” on Discord, which allows me to interact with subscribers and others to allow direct questions and chart opinions on just about any stock, continues to grow with more participants every day. It is informative and allows me to share insights as the market is open and moving. The link is: https://discord.gg/ATvC7YZ and I will be there and active from before the open and all day. It’s a great place to share ideas and gain some insights, and we’ve grown to almost 1900 members. I also did this video titled “How to survive being an options trader and not blow up your account,” over the long weekend. I think it’s very informative as a guide to stock selection and option choices. The link is https://youtu.be/Y7H9RpWfLlo Enjoy!!

Tonight’s closing comment video https://youtu.be/mAsxHW461e8

SECTORS: Earnings were a feature again with INTC the big name after today’s close and although there was a beat on both top and bottom lines, guidance was a disappointment and the stock, which has rallied off the lows near $44 to close today $59.04 -1.06 fell further to trade $55.26 and is currently $55.95 -3.35 (5.7%). Edwards Lifesciences beat and after a move from the recent lows at $155 had closed the day $221.04 +4.52 (2.09%) it bolted higher to trade $238.00 and is currently $230 +8.96, an additional 4%. Gilead (GILD) was lower after trading $84.00 earlier in the day, and the World Health Org (WHO) mistakenly published a report that the trial in China was ended and the drug, Remdesivir, was a flop. It immediately fell to -6.2 and was halted at 12:46 for volatility. After hitting 74.40 it moved back to close $77.78 -3.53 (4.34%). ZM had a solid day on the news that it had reached 300MM users. Zoom closed at another new high at $169.09 +18.84 (12.54%). Last, Google reported after hours that they were slashing their marketing budget by 50% in the 2nd half of the year. The stock closed $1217.17 +12.76 (1%) but is now $1240 –29.85 (2.46%).

BIOPHARMA: was MIXED with BIIB -5,76, ABBV +.41, REGN +7.44, ISRG +1.09, GILD (see above), MYL +.39, TEVA +.34, VRTX -1.49, BHC -.04, INCY +.93, ICPT -.14, LABU -.44 and IBB 123.00 -.58 (.47%).

CANNABIS: This group was MIXED with TLRY +.02, CGC -.20, CRON +.05, GWPH +.44, ACB -.001, PYX -.14, NBEV -.01, CURLF +.01, KERN +.49, and MJ $11.50 +.06 (.52%).

DEFENSE: was MIXED with LMT -4.40, RTX -.44, GD -3.37, TXT +1.21, NOC -7.26, BWXT +.62, TDY +3.38 and ITA $149.53 +.50 (.34%).

RETAIL: was HIGHER with the exception of the discounters. M +.06, JWN +1.13, KSS +.53, DDS +3.14 (13.96%), JCP +.01, WMT -3.38, TGT -3.09, TJX -.65, RL +1.92, UAA +.19, LULU -1.13, TPR +.36, CPRI +.62 and XRT $33.18 -.12 (.36%).

FAANG and Big Cap: were LOWER with GOOGL -18.40 (see above), AMZN +25.02, AAPL -2.96, FB -.78, NFLX +2.58, NVDA -5.57, TSLA -31.56 (4.31%), BABA -5.26, BIDU -2.54, CMG -20.26, BA +1.21, CAT +1.61, DIS -.48 and XLK $86.10 -1.29 (1.48%).

FINANCIALS were LOWER with GS -2.48, JPM -.36, BAC -.02, MS -.58, C +.04, PNC +.53, AIG +.04, TRV -1.79, AXP -.04, V -1.09, and XLF $21.28 -.24 (1.12%).

OIL, $16.50 +2.72. Oil was the BIGGEST STORY of the day again with the June contract taking over and recovering from what was surely forced liquidation in May. Remember, that this will happen again unless the market improves before May 19th. Oil stocks were higher with CVX +1.94, XOM +1.35, OXY +.78, OAS + .56 (197%), NBL +.64, MRO +.33, MPC +.93, RIG +.04, APA +1.23 (13%), BP -.03, HES +2.40 (6.09%) and XLE $34.47 +1.01 (3.02%).

METALS, GOLD: $1,745.40 +7.10 After the recent gains, Gold broke solidly above $1,700 and traded as high as $1788 last Wednesday. Tuesday night it fell and hit $1,666 before coming back up $20. Today it rallied again and I still expect much higher prices. We are long NEM.

BITCOIN: closed $7540 +425. After we traded in the uptrend, I mentioned this weekend that I felt we’d have to test 6750 and yesterday we hit 6465 before turning back up. Today’s action was impressive. While I want to add the 350, I still want to wait and see some stabilization. We still own 400 GBTC with an average of $8.06. GBTC closed $8.63 + .93 today.

Tomorrow is another day.

CAM



For Trading April 24th

OIL Rebound Continues!

Stock Rally Falls Short

INTC Beats, But Poor Guidance

Today’s market looked a little better than I thought it should with the 3rd day out of 5 trying to move over the 50-day MA and failed. While the DJIA was +39.44 (.17%), the only other gainer was the Russell +12.54 (1.04%) with NASDAQ -.63 (.01%) and S&P 500 -1.51 (.05%). The DJ Transports were + 39.44 (.17%), but also near the lows. Market internals were positive at 1:6:1 on NYSE and 5:3 on NASDAQ. Volume was in line with the past several days. Energy, industrials and communication services were strong and consumer staples, real estate and utilities were the weak sisters. The DJIA was 15 down, 14 up and PG unchanged. The big losers were MCD -31 and WMT – 21DPs with UNH +55 and BA +20 DPs. In the news today we had new initial claims for unemployment jumped 810,000 to 4.42 million and new home sales were down 15.4%, and slightly worse than expected.

Our “open forum” on Discord, which allows me to interact with subscribers and others to allow direct questions and chart opinions on just about any stock, continues to grow with more participants every day. It is informative and allows me to share insights as the market is open and moving. The link is: https://discord.gg/ATvC7YZ and I will be there and active from before the open and all day. It’s a great place to share ideas and gain some insights, and we’ve grown to almost 1900 members. I also did this video titled “How to survive being an options trader and not blow up your account,” over the long weekend. I think it’s very informative as a guide to stock selection and option choices. The link is https://youtu.be/Y7H9RpWfLlo Enjoy!!

Tonight’s closing comment video https://youtu.be/mAsxHW461e8

SECTORS: Earnings were a feature again with INTC the big name after today’s close and although there was a beat on both top and bottom lines, guidance was a disappointment and the stock, which has rallied off the lows near $44 to close today $59.04 -1.06 fell further to trade $55.26 and is currently $55.95 -3.35 (5.7%). Edwards Lifesciences beat and after a move from the recent lows at $155 had closed the day $221.04 +4.52 (2.09%) it bolted higher to trade $238.00 and is currently $230 +8.96, an additional 4%. Gilead (GILD) was lower after trading $84.00 earlier in the day, and the World Health Org (WHO) mistakenly published a report that the trial in China was ended and the drug, Remdesivir, was a flop. It immediately fell to -6.2 and was halted at 12:46 for volatility. After hitting 74.40 it moved back to close $77.78 -3.53 (4.34%). ZM had a solid day on the news that it had reached 300MM users. Zoom closed at another new high at $169.09 +18.84 (12.54%). Last, Google reported after hours that they were slashing their marketing budget by 50% in the 2nd half of the year. The stock closed $1217.17 +12.76 (1%) but is now $1240 –29.85 (2.46%).

BIOPHARMA: was MIXED with BIIB -5,76, ABBV +.41, REGN +7.44, ISRG +1.09, GILD (see above), MYL +.39, TEVA +.34, VRTX -1.49, BHC -.04, INCY +.93, ICPT -.14, LABU -.44 and IBB 123.00 -.58 (.47%).

CANNABIS: This group was MIXED with TLRY +.02, CGC -.20, CRON +.05, GWPH +.44, ACB -.001, PYX -.14, NBEV -.01, CURLF +.01, KERN +.49, and MJ $11.50 +.06 (.52%).

DEFENSE: was MIXED with LMT -4.40, RTX -.44, GD -3.37, TXT +1.21, NOC -7.26, BWXT +.62, TDY +3.38 and ITA $149.53 +.50 (.34%).

RETAIL: was HIGHER with the exception of the discounters. M +.06, JWN +1.13, KSS +.53, DDS +3.14 (13.96%), JCP +.01, WMT -3.38, TGT -3.09, TJX -.65, RL +1.92, UAA +.19, LULU -1.13, TPR +.36, CPRI +.62 and XRT $33.18 -.12 (.36%).

FAANG and Big Cap: were LOWER with GOOGL -18.40 (see above), AMZN +25.02, AAPL -2.96, FB -.78, NFLX +2.58, NVDA -5.57, TSLA -31.56 (4.31%), BABA -5.26, BIDU -2.54, CMG -20.26, BA +1.21, CAT +1.61, DIS -.48 and XLK $86.10 -1.29 (1.48%).

FINANCIALS were LOWER with GS -2.48, JPM -.36, BAC -.02, MS -.58, C +.04, PNC +.53, AIG +.04, TRV -1.79, AXP -.04, V -1.09, and XLF $21.28 -.24 (1.12%).

OIL, $16.50 +2.72. Oil was the BIGGEST STORY of the day again with the June contract taking over and recovering from what was surely forced liquidation in May. Remember, that this will happen again unless the market improves before May 19th. Oil stocks were higher with CVX +1.94, XOM +1.35, OXY +.78, OAS + .56 (197%), NBL +.64, MRO +.33, MPC +.93, RIG +.04, APA +1.23 (13%), BP -.03, HES +2.40 (6.09%) and XLE $34.47 +1.01 (3.02%).

METALS, GOLD: $1,745.40 +7.10 After the recent gains, Gold broke solidly above $1,700 and traded as high as $1788 last Wednesday. Tuesday night it fell and hit $1,666 before coming back up $20. Today it rallied again and I still expect much higher prices. We are long NEM.

BITCOIN: closed $7540 +425. After we traded in the uptrend, I mentioned this weekend that I felt we’d have to test 6750 and yesterday we hit 6465 before turning back up. Today’s action was impressive. While I want to add the 350, I still want to wait and see some stabilization. We still own 400 GBTC with an average of $8.06. GBTC closed $8.63 + .93 today.

Tomorrow is another day.

CAM



[Hire Me] Crypto News Writer

I am a freelance news reporter with a wealth of experience, having written for several news publications such as BlockchainReporter.net, BTCManager.com, and BitcoinExchangeGuide and have written hundreds of news articles in the process. I'm interested in long-term working relationships and offer in-depth research on more complex pieces as well as fast turnaround time for breaking stories. I charge $0.05 per word and accept a wide range of cryptos. My work can be found below and feel free to message for more information.

https://blockchainreporter.net/author/tokoni/ https://btcmanager.com/author/tokoni-uti/ https://bitcoinexchangeguide.com/author/tokoniu/



DataDash – The Bitcoin Halving Event | Here's What You Need To Know

https://www.youtube.com/watch?v=-o5TvOAvPfQ&feature=youtu.be

Weekly /r/Iowa Events Thread for the week of April 23, 2020

This thread is for any events going on in Iowa this week! What events will you be attending? What events do you want to attend? What events do you want to promote? Whats new around that state this week? Add a comment below. Anything from music to politics to a house party.

If you have any recurring events, specials, or other suggestions for this weekly thread, please send us a modmail or post it here and ping /u/annarchist - else it will likely be focused on shit Im interested in.

Please provide the following when posting new events: Time, Date, Location, Cost and some sort of description of the event.

New threads start every week, and will be stickied at the top of the subreddit. I am still working on the formatting, so if it sucks or you want changes, please provide feedback.

Here are some places to find things to do - if you see something that looks cool feel free to discuss it here because I'm sure some of us will miss it: Cityviews Calendar - Juice Calendar - Des Moines Register Event Page - Catch Des Moines Calendar - Travel Iowa Event Search

Outdoors: Trout Stocking Schedule | Iowa Biking Maps | Outdoors Things to Do | Hunting Regulations | Fishing Regulations Note -Annual Iowa hunting and fishing licenses expire on Jan. 10.

Sports: Iowa Cubs Schedule | Cedar Rapids Kernal Schedule | Hawkeye Football Schedule | Hawkeye Basketball Schedule | Iowa State Football Schedule | Iowa State Basketball Schedule | Drake Basketball | UNI Football | UNI Basketball | Barnstormer Schedule | Waterloo Blackhawks

Music: Bands in Town - Des Moines | Bands in Town - Cedar Falls | Bands in Town - Iowa City | Nitefall on the River

Local Message Boards: UrbanDSM|IowaOutdoors515Crew Election|Dates :--|:-- General Election|November 6, 2018. City Primary|October 8, 2019 Regular City & Regular School|November 5, 2019 City Runoff|December 3, 2019 Primary|June 2, 2020 General|November 3, 2020

Des Moines Reoccurring Events:
*Third Friday of Every Month is Mixology at the Science Center in Des Moines * Blues Jam Band every Tuesday at Carl's Place, $3 tallboys * Area515 1731 Grand Avenue, Des Moines - Electronics Club 2nd Wednesdays at 7pm - 3D Printing Club 3rd Mondays at 7pm - Ham Radio Night 4th Mondays at 7pm * Young Professionals Connection Calendar * Des Moines Bitcoin and Blockchain MeetUp at Gravitate in West Des Moines - 4th Thursday of the month - 7:00pm * D&D at Mistress Brewery in Ankeny Sundays 3:30pm-7:30pm.

Quad Cities Reoccuring events: * Every other Wednesday (July 25th): Eat the Streets (downtown Davenport) * relevant sub thread

Cedar Falls Reoccurring Events: * Every Tuesday night there are rides that leave at singlespeed in CF. 5:30 is the 22mph average ride. 6:00 is the 18mph average ride and women's ride. * Every Wednesday is the the CvC WOW ride that meets at 6 pm at 4th and Main St in CF. Several types of rides for all types of riders.

Council Bluffs Reoccurring Events: * Every Thursday night in council bluffs is the Taco Ride from CB to mineola Iowa

Central Iowa Bar Map - If you know who created this or want to download the XML and expand on it, please do so! If you create an updated one including your regions bar, Ill replace this one.

Note this is going to start likely central Iowa Centric as I am using that as the baseline the creation of this.

Tag/ping /u/AnnArchist if you post in here with like something added on a weekly basis. I also included the tag here so I remember to check this.

Iowa Discord Server


With less than three weeks to go until the Bitcoin Halving, our Head of Trading takes a closer look at the implications of the upcoming event:

https://www.bitwala.com/bitcoin-halving-a-trading-perspective/

What is Bitcoin? A Beginner’s Guide.

Bitcoin is one of those things that in the past several years has created a lot of buzz around the globe. Be it Brexit, or Donald Trump as the new US president, or India demonetizing their currency, dramatic economic events can be viewed in terms of Bitcoin.

In this beginner’s guide to Bitcoin, you will learn all of the basic, yet essential stuff related to Bitcoin.

There are many ways by which you can understand what Bitcoin is. Let me explain it to you with the help of an example.

Today, let’s say you need to send money from India to the U.S.A. You use your bank wire transfer service or services like PayPal or Payoneer to send money.

For such money transfers (remittances), you end up paying a lot of fees:

  • Currency conversion fees.
  • Service fee to the bank for keeping a record of your money & ensuring safety.
  • - If you’re using a payment gateway such as Stripe, 2Checkout, PayPal, or any other, you will pay transaction fees. Some of them also deduct conversion charges

Technically, you are paying money to the bank for securing & transferring the money on your behalf. In reality, everything is monitored on a ledger (bank records) & money is just transferred digitally from one account to another.

This is not like the physical delivery of goods; money is not moved physically. However, even though it’s digital, we pay a large chunk of the transfer amount (2% to 10%) as “service” fees. Let’s say you transfer $100 from one country to another, anything between $2-$10 is given up because of these fees.

Even though everything is done digitally, why are you losing so much money? Well, this is how banks & remittance services like PayPal and Payoneer have been mining hard earned money from users like us.

But there’s a solution to this problem of cross-border transactions (aka remittances):



Celsius CEO on Why Bitcoin Didnt Explode During COVID-19 Pandemic (current BTC/USD price is $7,104.63)

Latest Bitcoin News:

Celsius CEO on Why Bitcoin Didnt Explode During COVID-19 Pandemic

Other Related Bitcoin Topics:

Bitcoin Price | Bitcoin Mining | Blockchain


The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.


What is Bitcoin? A Beginner’s Guide.

Bitcoin is one of those things that in the past several years has created a lot of buzz around the globe. Be it Brexit, or Donald Trump as the new US president, or India demonetizing their currency, dramatic economic events can be viewed in terms of Bitcoin.

In this beginner’s guide to Bitcoin, you will learn all of the basic, yet essential stuff related to Bitcoin.

There are many ways by which you can understand what Bitcoin is. Let me explain it to you with the help of an example.

Today, let’s say you need to send money from India to the U.S.A. You use your bank wire transfer service or services like PayPal or Payoneer to send money.

For such money transfers (remittances), you end up paying a lot of fees:

  • Currency conversion fees.
  • Service fee to the bank for keeping a record of your money & ensuring safety.
  • - If you’re using a payment gateway such as Stripe, 2Checkout, PayPal, or any other, you will pay transaction fees. Some of them also deduct conversion charges

Technically, you are paying money to the bank for securing & transferring the money on your behalf. In reality, everything is monitored on a ledger (bank records) & money is just transferred digitally from one account to another.

This is not like the physical delivery of goods; money is not moved physically. However, even though it’s digital, we pay a large chunk of the transfer amount (2% to 10%) as “service” fees. Let’s say you transfer $100 from one country to another, anything between $2-$10 is given up because of these fees.

Even though everything is done digitally, why are you losing so much money? Well, this is how banks & remittance services like PayPal and Payoneer have been mining hard earned money from users like us.

But there’s a solution to this problem of cross-border transactions (aka remittances):


Oil with surcharge and gasoline at a loss. Why is it good for bitcoin.

Oil with surcharge and gasoline at a loss. Why is it good for bitcoin.

Quotations of supply futures for raw materials of the WTI and Urals brands fell below $0, the price of Brent barrels started to fall too. What is the reason for this, when the situation normalizes and how will it affect the prospects of digital money.

On Monday, April 20, an extraordinary event happened in the oil market: May WTI delivery futures dropped to -$40. This means that the manufacturer will pay the buyer if he can pick up the raw materials and partially unload the storage. This situation happened yesterday with another variety, the Russian Urals. Its price fell to -$2. Brent also suffered, maybe not so much, but over the past day its rate has fallen by 9%, to $23.77.

As a result, wholesale prices for gasoline fell sharply below cost in Russia, and oil companies were forced to sell it at a loss. Now companies are losing about 2.3 thousand rubles per ton of AI-92. This situation was caused by a decrease in demand for fuel due to a drop in car traffic.

The reaction of the ruble and bitcoin

The ruble also reacted to a drop in oil prices. His quotes fell to two-week lows. In the evening of April 20, the dollar exchange rate was 75.27 rubles, the euro — 81.69 rubles, according to the Moscow Exchange. According to EXANTE Managing Partner Alexei Kirienko, a reversal in commodity prices has returned anxiety to financial markets.

“Once again, the sensitivity of the ruble and other financial instruments to the dynamics of markets is growing — all of them risk switching to risk-off mode. This means selling everything, including gold and bitcoin, as well as increasing traction in the dollar. It is likely that the ruble, which now looks abnormally strong with the current negative dynamics of oil, may at some point fall into decline», the expert suggested.

He explained that negative oil prices are associated with an extreme manifestation of its oversupply. It is likely that the Cushing oil storage facility where the supply is going is full. Those who bought oil have no opportunity to accept it. The decrease in value provoked a surge of margin calls, and many traders received losses, the specialist added.

“No one could even imagine such a picture and did not put it into their models. However, there is a positive side to bitcoin in this story: now no one can say that it is worthless, because oil, for example, is already in the red”, concluded the specialist.

Bitcoin crash risks

Yesterday, amid the turmoil in the oil market, Bitcoin fell in price. Its price again fell below $7,000. Now the first cryptocurrency costs $6917, over the past day it has lost 4% of its value. The coin has been trading at these levels in the past few weeks, and its volatility has fallen to a three-month low. This usually speaks in favor of the onset of strong fluctuations.

On Monday, analyst Omkar Godbowl predicted that the main digital coin could soon fall in price to a key support level of $6450. Another trader, Yashu Gola, also spoke about the fast strong movements on April 20. According to him, the asset risks falling to $6,500, and then to $5,000.

The opposite opinion is shared by Nikita Zuborev, senior analyst at Bestchange.ru. He believes that now the first cryptocurrency is in a range convenient for buying, and there are no serious prerequisites for a further fall: while the traditional market is experiencing turbulence, cryptocurrencies are becoming more attractive to investors.

“If we compare the trend with world indices and the price of oil, we will not see any significant matches. Moreover, if there was any dependence of the cryptocurrency market on the hydrocarbon futures market, we would see a sharp rise after the rollback of WTI oil prices this morning”, Zuborev says.

According to him, in a crisis, you can see the trend for the sale of assets, including cryptocurrencies, but this does not mean the connection of digital money with world indices.

The situation with oil will not affect Bitcoin in any way, a much more important factor today is halving, to which only three weeks remain, the analyst added.

“The halving factor may negatively affect the price of bitcoin in the next few months before the shortage in the market becomes noticeable, but this will not be directly related to the trends of the traditional market”, the specialist noted.

The relationship of bitcoin, stocks and oil

Analyst of IAC “Alpari” Vladislav Antonov agreed with Zuborev. He also believes that at the moment the situation with oil does not affect the cryptocurrency market. However, digital money shows a very strong connection with the S&P500 index — the correlation is 0.8, the expert noted.

“Falling oil prices will negatively affect the Russian economy. Brent is now trying to find a foothold after yesterday’s WTI collapse. Sellers know that they are strong, so they will aim at 1998 levels at $9.55”, the analyst suggested.

Experts believe that at the moment there is no direct connection between the fall of oil and the decline in the value of cryptocurrencies. The situation with negative prices for WTI and Urals, on the contrary, could have a positive effect on the attitude of investors towards digital money.

Even if their price drops significantly due to the crisis, as was the case in March, when BTC lost 50% of its value in two days, this will not affect the fundamental characteristics of the new type of asset. So, his future will remain promising, current prices will be profitable to buy.


What is Bitcoin?

Bitcoin has grabbed headlines over the past year for its massive spike in value and the ensuing rush to regulate it, followed by a nasty crash. However, the real story is the degree to which Bitcoin democratizes global financial systems. 

While Bitcoin may often be referred to as anonymous money, its blockchain is also perfectly transparent and may be inspected by anybody at will. That apparent contradiction makes it a revolutionary way for people around the world to realize greater financial freedom: Bitcoin does to money what the internet did to information by providing indiscriminate access to a decentralized financial system.

Bitcoin is not just a cryptocurrency, but also a new financial system comprised of many components. It was invented in 2008 by the mysterious Satoshi Nakamoto and released shortly after to the public. Most importantly, Bitcoin is not controlled or owned by any individual, corporation, or government. It extensively uses cryptography and relies on a peer-to-peer network. 

The Bitcoin protocol lays out the rules of this financial system, including how many Bitcoins can exist, and how they are created and transferred between participants. This protocol is incredibly difficult to change, as any change requires overwhelming consensus from its participants.

Bitcoin software refers to programs that use the Bitcoin protocol to verify its rules and individual transactions. These programs act as nodes in the distributed Bitcoin network. Nodes can also act as miners, meaning they will use cryptographic proofs of burned electricity to secure the network, for which they are rewarded with newly minted Bitcoin.

  • If you just want to buy bitcoin instead, check out our guide here as well as a list of the best bitcoin exchanges.


Thinking About accepting bitcoin on my website

After years of selling board games and dice at events, COVID is causing me to have to focus a lot more on internet sales so I'm finally updating my website a bunch. One of the things I want to do is accept bitcoin - does anyone have a recommendation between bitpay, coinbase commerce or something else? Are there other cryptocurrencies I should be accepting in addition?


Weekly general discussion - April 23, 2020

Welcome to the weekly general discussion thread of /r/btcsv! Thread topics include, but are not limited to: General discussion related to the weeks events, questions that don't deserve their own thread. Please discuss prices in the Weekly Bitcoin markets and price discussion thread.


Crypto.com University Article: What is Bitcoin? A Complete Guide for Cryptocurrency Beginners

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Check out the premier article read to you by Amy and tell us what you think! - https://crypto.com/en/university/article.html?category=crypto101&page=complete-guide-for-bitcoin-beginners



Glaring Downside Risks Make Bitcoin Correction Likely Despite “Buy the Dip” Sentiment (current BTC/USD price is $7,064.34)

Latest Bitcoin News:

Glaring Downside Risks Make Bitcoin Correction Likely Despite “Buy the Dip” Sentiment

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Bitcoin Price | Bitcoin Mining | Blockchain


The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.


[100%] COMPLETE GUIDE TO BITCOIN RIPPLE FUTURES TRADING COUPON

https://couponbro.eu/udemy-course/complete-guide-to-bitcoin-ripple-futures-trading-coupon