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Bitcoin [BTC] is a non-correlated asset; Long Bitcoin and short the bankers, says Anthony Pompliano

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Bitcoin [BTC] is a non-correlated asset; Long Bitcoin and short the bankers says Anthony Pompliano
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Anthony Pompliano aka Pomp justified Bitcoin being a non-correlated asset and that it is not falling in relation with the FAANG [Facebook, Apple, Amazon, Netflix and Google] stocks or the S&P500, in an interview on CNBC on December 27.

Bitcoin has mostly has suffered more downs in 2018 than ups and it is still trying to get on the bull run that everyone expects it to. Speaking about the fall of S&P500 and other traditional stocks and Bitcoin, Pomp said that Bitcoin is not related to any of these.

Pomp continued:

“Bitcoin is definitely a non-correlated asset. If you look at the correlation between the digital assets and the S&P500 over the last 108 days, it’s at zero. If you look at it compared to dial index, it’s zero. So it’s proven that it is not correlated and we expect that to continue.”

Furthermore, Pomp said that if the people who have invested in Bitcoin are smart, they would have invested about 1% of their portfolio in Bitcoin and other cryptocurrencies. He added:

“Equities is going to be a major portion of their portfolio and so they’re going to get hit much harder on the equity side, even though Bitcoin itself has drowned down more, it’s just the size of the portfolio. But I definitely agree there is some psychological components at play here as the stock market pulls down.”

Moreover, Pomp said that Bitcoin still has room to go lower than $3,000 before Bitcoin actually begins going up on a bull run.

Pomp went on to say his famous quote:



“Long Bitcoin and short the bankers”

Addressing the Bitcoin non-believers, Pomp said that Bitcoin or cryptocurrencies were math based, incredibly transparent and driven by software. Traditional banking and financial systems are completely non-transparent and are involved in many nefarious activities. He said cryptocurrencies are still small and have a lot of room to improve.

Mati Greenspan commented:

“Great segment Pomp!!
You’re correct about it being uncorrelated, especially on a day to day basis. However, I believe that the macroeconomic backdrop does tie them together.
For example, look at a graph of BTC Vs the Dow over the last two years and the trend becomes clear.”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

Bitcoin’s [BTC] dump may have triggered migration of BTCs worth hundreds of millions

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Bitcoin's [BTC] dump may have triggered migration of BTCs worth hundreds of millions
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Bitcoin dropped by 3.55% over 3 hours, an approximate drop of $200, causing many altcoins to dip by more than 8%. Although it might be a coincidence, thousands of Bitcoins started to migrate from wallets to exchanges, wallets to wallets, and exchanges to wallets.

Whale Alert, a Twitter user, pointed out the same in his tweets. A total of  25,000 BTC were sent in under 20 minutes, in multiples of 5000 BTC each, in a wallet to wallet transaction. Two of these transfers were initiated from an unknown wallet [3BYv2L9zCFYpvRQXakqkVWa7JyRw6Q9ZAm] to two other unknown wallets [3PWNGS2357TnjRX7FpewqR3e3qsWwpFrJH, 3CAF6ZjtJKaHiJixViXncTRwG3N5ss9vn4].

These 5 transfers were worth approximately $140 million. The third transfer took place from multiple wallets to a single wallet [3HuUiXmKN3beQSoM97kWjK1fesWWJvKvaZ].

Additionally, there were two massive transactions that took place two hours after the drop; the first transaction involved 14,999 BTC, while the second involved 11,000 BTC.

The former transaction was sent from two wallets to a single wallet [3GaB3nRWA1PLc3XQkkbpVtFwYYZEuMxD4i], which is the balance of the wallet. The latter transaction was similar to the one mentioned above, as the transaction originated from two wallets.

Another transaction containing 9,000 BTC was transferred from 357R3FeNmySYeHuRfyhFd6nMwzoLDdjfwV to 3NmHmQte2rP8pS54U3B8LPYQKkpG1pFF69. The sender has approximately 9,412 BTC after the transfer, while the recipient has 9,000 BTC.

All of the above transactions were worth approximately $332 million. The massive BTCs transferred could be due to the recent fall in the price. It can also be speculated that BTC whales were securing their profits earned from the shorts.

A Twitter user @Emperor_YZ commented,



“and who say the fee is high, just 30,360 sat ($1.67)🤔 for a $82.37 million transfer …”

Another user, @Omarin0, commented,

“It would have also been 1.67$ for a 1.67$ transfer. 100% fee. How nice”

@Emperor_YZ replied,

“wrong, you can use LN or other layer 2 apps to do small amount payments 😎 for BTC base layer, network security is always top priority, L2 is super cheap and can settle at base layer later”





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