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Elon Musk, Bitcoin and the Reddit Raiders: 6 Things to Watch for BTC Price This Week

Bitcoin (BTC) starts a new week with $32,000 intact and a message of support from the world’s richest man — what can we expect next?

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This article was originally published by the Coin Telegraph.

A casual vote of confidence from the world's richest man excites pundits but fails to produce a BTC price pump — could that be about to change? Bitcoin (BTC) starts a new week with $30,000 intact and a message of support from the world’s richest man — what can we expect next? As trading resumes around the world, the largest cryptocurrency is still lacking decisive momentum up or down. Cointelegraph takes a look at five factors which could play a part in shaping Bitcoin price trajectory in the coming days.  

Stocks wary of "Reddit raiders"

Equities began Monday with volatile behavior after seeing their worst performance since October last week. In what is likely to become a continued narrative, markets are still feeling the impact of a retail investor revolt which turned sour after regulators and trading platforms stepped in to stop them from participating. While involving United States companies, the knock-on effects have been felt around the global economy, with Asia likewise seeing pressure before a Monday rebound. Nonetheless, a repeat of last week’s mayhem could weaken an already shaky stocks environment, analysts warn. “We think that the vulnerabilities are there, and while we do not know precisely which catalysts might emerge or their exact timing (including some of the recent retail-oriented pushes against heavily shorted stocks), we suspect that they would derail the current rally and provide entry points that may be 10% lower,” Tobias Levkovich, chief U.S. equity strategist at Citigroup, wrote in a note to clients quoted by CNBC on Sunday.
BTC rolling 90-day returns correlation vs. USD, VIX, Gold, S&P500. Source: Digital Assets Data
The timing of the retail move could hardly have been more apt, coming as many stocks indexes see all-time highs despite restrictions on daily life and economic activity increasingly across the U.S. and the western world due to coronavirus. A separate thorn in the side of U.S. policy comes in the form of continued disagreement over the size of a fresh economic stimulus package. New President Joe Biden’s $1.9 trillion plans have been challenged, and Republicans are instead offering a package worth $600 billion — almost 70% less.

Ammous warns over "shitcoin" silver

With global consciousness waking up to the disparities between how those restrictions affect the rich and the poor, investors’ appetite for a wake-up call seems little dented despite warnings from authorities. This time, however, it seems not more stocks are on their radar, but precious metal silver. In Monday trading, silver hit its highest levels since 2012 at nearly $29 per ounce. Gains have been brisk, with 15% added in the past four days alone — since the retail stocks frenzy took a turn for the worse. Unsurprisingly, the phenomenon has been accompanied by a slew of calls for those investors to abandon relatively lackluster silver and instead pile into Bitcoin. “REMINDER… SILVER IS A SHITCOIN,” Saifedean Ammous, author of the popular book, “The Bitcoin Standard,” summarized to Twitter followers at the weekend. “Its stock to flow ratio is around 3. Whatever happens in the paper market doesn't matter because it's very easy to mine and recycle tons and tons of silver and bring it on the market, crashing the price. Pumping silver is a losing game.” Ammous was referencing the widely-acclaimed stock-to-flow method of analyzing the scarcity of an asset based on how much is added to its existing supply in a given period. The same model delivers the verdict that Bitcoin is the “hardest” of all monies to ever exist thanks to its fixed diminishing emission. Nonetheless, some saw the potential if the same group of retail investors were to buy up silver en masse. For veteran trader Peter Brandt, a possible target is $102 or 250% from current levels.
Silver/USD 1-week candle chart. Source: TradingView

Musk: I'm "late to the party" with Bitcoin

Just when Bitcoin supporters were feeling left out, however, did the richest man in the world step in with rare words of encouragement. In an interview with Clubhouse aired late Sunday, Elon Musk openly confirmed that he was a “supporter” of Bitcoin. “I’ve gotta watch what I say here; some of these things can really move the market,” he began. Musk revealed that even his friends had tried to onboard him over the years, even feeding him a slice of a Bitcoin cake in 2013. Nonetheless, having held off on closer involvement, he now admits that he is “late to the party.” “So I was a little slow on the uptake there, my apologies,” he continued.
“I had to think about it for a bit, but I do at this point think that Bitcoin is a good thing and so I am a supporter of Bitcoin, like I said — late to the party but I am a supporter of Bitcoin.”
As Cointelegraph reported, last week, the Tesla and SpaceX CEO added Bitcoin as the only content on his Twitter biography. Amid suspicions that it was a hoax, Musk nonetheless sent BTC/USD skyrocketing for a brief period, the pair adding $5,000 in minutes as users caught on. The latest interview, however, has seemingly had little impact, with Bitcoin remaining at the lower end of its broad trading corridor which stretches between $30,000 and $40,000.

Huge withrawals leave exchanges

While it remains unknown whether Musk has bought BTC or whether he plans to do so in a personal or corporate capacity, outflows from exchanges continue to signal big players are buying for the long term. As noted by Danny Scott, CEO of United Kingdom based exchange CoinCorner, and others, a single recent movement out of major exchange Coinbase alone was worth $500 million. “Are we about to kick off February with another institute buying,” he quizzed on Monday. Data additionally shows large amounts of BTC leaving exchanges for private wallets, a classic indicator of the desire to hodl rather than trade or sell. According to on-chain analytics resource CryptoQuant, meanwhile, the total BTC balance across exchanges is now back at its lowest in at least one year after a brief period of increases.
Bitcoin exchange outflows chart. Source: CryptoQuant

Altcoins overshadowed by XRP, DOGE

Bitcoin may have to fight for prevalence not with non-crypto investment options but with altcoins in the coming days. As rumors spread that Reddit investors plan to target XRP this week, the fourth-largest cryptocurrency began outperforming the major market cap tokens on Monday. 24-hour gains have hit almost 40%, marking a comeback for the embattled coin which previously dipped as low as $0.16 from highs above $0.60. “Today is the day we should be seeing a massive pump on $XRP. My guess: we'll see 95% of the people lose money on it,” Cointelegraph Markets analyst Michaël van de Poppe forecast on Twitter.
XRP/USD 1-hour candle chart (Bitstamp). Source: TradingView
Last week saw a concerted effort to pump the price of meme-based altcoin Dogecoin (DOGE), a trend which continues as DOGE/USD increased 37% on Monday. The pair is now almost at $0.04, a transformation versus even days ago and an easy new all-time high. In his interview, Musk, who is responsible for previous lesser DOGE pumps, chose his words carefully about altcoins in general. “I don’t have a strong opinion on other cryptocurrencies, I mean, I occasionally make jokes about Dogecoin but that was really just meant to be jokes,” he said.
“Dogecoin is made as a joke to make fun of cryptocurrencies, obviously, but fate loves irony.”
DOGE/USD 1-day candle chart (Bittrex). Source: TradingView

Eyes on $34,000 support flip

Finally, technical analysis of Bitcoin produces clear levels which need to be either reclaimed or avoided to determine market direction. As Bitcoin has been ranging for several weeks since hitting $42,000 all-time highs last month, commentators are still waiting to see if lower levels need a retest before the overall bull market can continue.
BTC/USD 1-day candle chart (Bitstamp). Source: TradingView
For fellow Cointelegraph Markets analyst filbfilb and others, $34,000 now forms an essential barrier to flip to support in order to secure further upside. “Overall Supply weighing down market, until this subsides sellers in control as seen by lower highs and lower lows. LTFs show some attempt to break this but first 34k must be reclaimed,” he summarized on Saturday. Above $36,700, there is “aggressive selling,” he added, while demand outpaces supply at $30,000 and below.
BTC/USD orderbook support and resistance. Source: Material Indicators/ Twitter
Data from Binance’s orderbook at the time of writing shows incremental sell pressure from $34,000 all the way to the record highs.

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Mike Pompeo Doesn’t Rule Out Serving In 2nd Trump Administration

Mike Pompeo Doesn’t Rule Out Serving In 2nd Trump Administration

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Former Secretary…

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Mike Pompeo Doesn't Rule Out Serving In 2nd Trump Administration

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Former Secretary of State Mike Pompeo said in a new interview that he’s not ruling out accepting a White House position if former President Donald Trump is reelected in November.

“If I get a chance to serve and think that I can make a difference ... I’m almost certainly going to say yes to that opportunity to try and deliver on behalf of the American people,” he told Fox News, when asked during a interview if he would work for President Trump again.

I’m confident President Trump will be looking for people who will faithfully execute what it is he asked them to do,” Mr. Pompeo said during the interview, which aired on March 8. “I think as a president, you should always want that from everyone.”

Then-President Donald Trump (C), then- Secretary of State Mike Pompeo (L), and then-Vice President Mike Pence, take a question during the daily briefing on the novel coronavirus at the White House in Washington on April 8, 2020. (Mandel Ngan/AFP via Getty Images)

He said that as a former secretary of state, “I certainly wanted my team to do what I was asking them to do and was enormously frustrated when I found that I couldn’t get them to do that.”

Mr. Pompeo, a former U.S. representative from Kansas, served as Central Intelligence Agency (CIA) director in the Trump administration from 2017 to 2018 before he was secretary of state from 2018 to 2021. After he left office, there was speculation that he could mount a Republican presidential bid in 2024, but announced that he wouldn’t be running.

President Trump hasn’t publicly commented about Mr. Pompeo’s remarks.

In 2023, amid speculation that he would make a run for the White House, Mr. Pompeo took a swipe at his former boss, telling Fox News at the time that “the Trump administration spent $6 trillion more than it took in, adding to the deficit.”

“That’s never the right direction for the country,” he said.

In a public appearance last year, Mr. Pompeo also appeared to take a shot at the 45th president by criticizing “celebrity leaders” when urging GOP voters to choose ahead of the 2024 election.

2024 Race

Mr. Pompeo’s interview comes as the former president was named the “presumptive nominee” by the Republican National Committee (RNC) last week after his last major Republican challenger, former South Carolina Gov. Nikki Haley, dropped out of the 2024 race after failing to secure enough delegates. President Trump won 14 out of 15 states on Super Tuesday, with only Vermont—which notably has an open primary—going for Ms. Haley, who served as President Trump’s U.S. ambassador to the United Nations.

On March 8, the RNC held a meeting in Houston during which committee members voted in favor of President Trump’s nomination.

“Congratulations to President Donald J. Trump on his huge primary victory!” the organization said in a statement last week. “I’d also like to congratulate Nikki Haley for running a hard-fought campaign and becoming the first woman to win a Republican presidential contest.”

Earlier this year, the former president criticized the idea of being named the presumptive nominee after reports suggested that the RNC would do so before the Super Tuesday contests and while Ms. Haley was still in the race.

Also on March 8, the RNC voted to name Trump-endorsed officials to head the organization. Michael Whatley, a North Carolina Republican, was elected the party’s new national chairman in a vote in Houston, and Lara Trump, the former president’s daughter-in-law, was voted in as co-chair.

“The RNC is going to be the vanguard of a movement that will work tirelessly every single day to elect our nominee, Donald J. Trump, as the 47th President of the United States,” Mr. Whatley told RNC members in a speech after being elected, replacing former chair Ronna McDaniel. Ms. Trump is expected to focus largely on fundraising and media appearances.

President Trump hasn’t signaled whom he would appoint to various federal agencies if he’s reelected in November. He also hasn’t said who his pick for a running mate would be, but has offered several suggestions in recent interviews.

In various interviews, the former president has mentioned Sen. Tim Scott (R-S.C.), Texas Gov. Greg Abbott, Rep. Elise Stefanik (R-N.Y.), Vivek Ramaswamy, Florida Gov. Ron DeSantis, and South Dakota Gov. Kristi Noem, among others.

Tyler Durden Wed, 03/13/2024 - 17:00

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International

Riley Gaines Explains How Women’s Sports Are Rigged To Promote The Trans Agenda

Riley Gaines Explains How Women’s Sports Are Rigged To Promote The Trans Agenda

Is there a light forming when it comes to the long, dark and…

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Riley Gaines Explains How Women's Sports Are Rigged To Promote The Trans Agenda

Is there a light forming when it comes to the long, dark and bewildering tunnel of social justice cultism?  Global events have been so frenetic that many people might not remember, but only a couple years ago Big Tech companies and numerous governments were openly aligned in favor of mass censorship.  Not just to prevent the public from investigating the facts surrounding the pandemic farce, but to silence anyone questioning the validity of woke concepts like trans ideology. 

From 2020-2022 was the closest the west has come in a long time to a complete erasure of freedom of speech.  Even today there are still countries and Europe and places like Canada or Australia that are charging forward with draconian speech laws.  The phrase "radical speech" is starting to circulate within pro-censorship circles in reference to any platform where people are allowed to talk critically.  What is radical speech?  Basically, it's any discussion that runs contrary to the beliefs of the political left.

Open hatred of moderate or conservative ideals is perfectly acceptable, but don't ever shine a negative light on woke activism, or you might be a terrorist.

Riley Gaines has experienced this double standard first hand.  She was even assaulted and taken hostage at an event in 2023 at San Francisco State University when leftists protester tried to trap her in a room and demanded she "pay them to let her go."  Campus police allegedly witnessed the incident but charges were never filed and surveillance footage from the college was never released.  

It's probably the last thing a champion female swimmer ever expects, but her head-on collision with the trans movement and the institutional conspiracy to push it on the public forced her to become a counter-culture voice of reason rather than just an athlete.

For years the independent media argued that no matter how much we expose the insanity of men posing as women to compete and dominate women's sports, nothing will really change until the real female athletes speak up and fight back.  Riley Gaines and those like her represent that necessary rebellion and a desperately needed return to common sense and reason.

In a recent interview on the Joe Rogan Podcast, Gaines related some interesting information on the inner workings of the NCAA and the subversive schemes surrounding trans athletes.  Not only were women participants essentially strong-armed by colleges and officials into quietly going along with the program, there was also a concerted propaganda effort.  Competition ceremonies were rigged as vehicles for promoting trans athletes over everyone else. 

The bottom line?  The competitions didn't matter.  The real women and their achievements didn't matter.  The only thing that mattered to officials were the photo ops; dudes pretending to be chicks posing with awards for the gushing corporate media.  The agenda took precedence.

Lia Thomas, formerly known as William Thomas, was more than an activist invading female sports, he was also apparently a science project fostered and protected by the athletic establishment.  It's important to understand that the political left does not care about female athletes.  They do not care about women's sports.  They don't care about the integrity of the environments they co-opt.  Their only goal is to identify viable platforms with social impact and take control of them.  Women's sports are seen as a vehicle for public indoctrination, nothing more.

The reasons why they covet women's sports are varied, but a primary motive is the desire to assert the fallacy that men and women are "the same" psychologically as well as physically.  They want the deconstruction of biological sex and identity as nothing more than "social constructs" subject to personal preference.  If they can destroy what it means to be a man or a woman, they can destroy the very foundations of relationships, families and even procreation.  

For now it seems as though the trans agenda is hitting a wall with much of the public aware of it and less afraid to criticize it.  Social media companies might be able to silence some people, but they can't silence everyone.  However, there is still a significant threat as the movement continues to target children through the public education system and women's sports are not out of the woods yet.   

The ultimate solution is for women athletes around the world to organize and widely refuse to participate in any competitions in which biological men are allowed.  The only way to save women's sports is for women to be willing to end them, at least until institutions that put doctrine ahead of logic are made irrelevant.          

Tyler Durden Wed, 03/13/2024 - 17:20

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Part 1: Current State of the Housing Market; Overview for mid-March 2024

Today, in the Calculated Risk Real Estate Newsletter: Part 1: Current State of the Housing Market; Overview for mid-March 2024
A brief excerpt: This 2-part overview for mid-March provides a snapshot of the current housing market.

I always like to star…

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Today, in the Calculated Risk Real Estate Newsletter: Part 1: Current State of the Housing Market; Overview for mid-March 2024

A brief excerpt:
This 2-part overview for mid-March provides a snapshot of the current housing market.

I always like to start with inventory, since inventory usually tells the tale!
...
Here is a graph of new listing from Realtor.com’s February 2024 Monthly Housing Market Trends Report showing new listings were up 11.3% year-over-year in February. This is still well below pre-pandemic levels. From Realtor.com:

However, providing a boost to overall inventory, sellers turned out in higher numbers this February as newly listed homes were 11.3% above last year’s levels. This marked the fourth month of increasing listing activity after a 17-month streak of decline.
Note the seasonality for new listings. December and January are seasonally the weakest months of the year for new listings, followed by February and November. New listings will be up year-over-year in 2024, but we will have to wait for the March and April data to see how close new listings are to normal levels.

There are always people that need to sell due to the so-called 3 D’s: Death, Divorce, and Disease. Also, in certain times, some homeowners will need to sell due to unemployment or excessive debt (neither is much of an issue right now).

And there are homeowners who want to sell for a number of reasons: upsizing (more babies), downsizing, moving for a new job, or moving to a nicer home or location (move-up buyers). It is some of the “want to sell” group that has been locked in with the golden handcuffs over the last couple of years, since it is financially difficult to move when your current mortgage rate is around 3%, and your new mortgage rate will be in the 6 1/2% to 7% range.

But time is a factor for this “want to sell” group, and eventually some of them will take the plunge. That is probably why we are seeing more new listings now.
There is much more in the article.

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