What's so insane to me is that $71,000 even is some type of barrier considering that Bitcoin is global and $71,000 means literally nothing in every other currency. So wild.
Yeah your missing the point, instead of getting angry you'd be better off picking up a book.
When people say commodities are priced in USD, it doesn't mean you can't buy those commodities with Euro or Yen, it means the active market us Gold/USD or Oil/USD and BTC/USD.
When you buy Euro/BTC what your actually buying is Euro/USD * USD/BTC + arbitrage inequities. Those arbitrage inequities are basically negligible (ext fees) for any decently large economy but it doesn't change the fact that BTC is almost entirely priced in USD.
>instead of getting angry
I'm not.
>When you buy Euro/BTC what your actually buying is Euro/USD * USD/BTC + arbitrage inequities. Those arbitrage inequities are basically negligible (ext fees) for any decently large economy but it doesn't change the fact that BTC is almost entirely priced in USD.
Err no it's not. Commodities has nothing to do with Bitcoin.
When you buy Euro/BTC, you are exchanging Euro for BTC without any USD involvement.
Even in the US itself. The price of Bitcoin is slightly different among all US exchanges. (Coinbase 71429.75 has a different price to Gemini 71462.24). There is no "USD price of Bitcoin" that's a false notion. Bitcoin is priced differently across world currencies *and* across exchanges even in the same country.
Eye roll,
The different prices of different exchanges are the price of arbitrage.
The fact that you buy/sell in any currency is irrelevant, the dominant price action sets the price globally and then arbitrage down and thats in USD. Just because that's neatly all in a wrapper that you don't see doesn't make it any different.
There's a reason Forex markets are extremely liquid, because these pricing actions literally occur every fraction of a second. It doesn't matter if your buying EURO/BTC on exchanges, that price is already default arbitraged to settle in USD at the macro level. That's what economists mean by USD dominance.
It doesn't mean that some shop keeper in Mexico only accepts peso and uses peso to buy BTC and never touches USD his whole life. That's a very juvenile way of understanding global financial markets.
>Talking about a digital asset created in the US
Nobody knows that.
>on a planet where USD is the world reserve currency
You realise your making that statement in a Bitcoin group where we don't give a shit about the US dollar, at least I don't. And I'm not from the US.
The only reason it's the world reserve is because the US stole most of the world's gold (which were no longer on a wold standard), and forces it through war (or proxy wars).
>The other commenter was talking about commodities being priced in USD, which is a fact. We get it, America bad. Still facts.
It's still the most American comment I've read today.
*Let me remind everyone that commodities are priced in USD on a Bitcoin subreddit.*
*We get it, look at me, America important.*
>Stating basic facts
You mean irrelevant facts.
Also you brought up some points in your first comment, then you complete ignored my response, you just brought up what this other dude said. Lmao
>At least I donāt care
Thatās all itās ever been brother, your irrelevant opinion. Iām not about to argue how or why the U.S became the world reserve and that all commodities are priced in USD. Itās just the facts dude. Get over it. š
Thatās not a US comment.
BTC is literally priced in usd.
If you see a EUR price for btc, itās always based on the current exchange rate for EUR to USD.
So if BTC is $1200, and EUR is $1.2, then the btc EUR price is 1000ā¬.
>BTC is literally priced in usd.
Wrong.
>If you see a EUR price for btc, itās always based on the current exchange rate for EUR to USD.
>So if BTC is $1200, and EUR is $1.2, then the btc EUR price is 1000ā¬.
Someone could easily say BTC is always priced in Euro, you just convert USD and bam, you have the price in Euro.
Also wrong.
No.
You canāt make that same observation for EUR.
And itās easy to test, and confirm, as it happens every time the exchange rate for EUR/USD changes ā the price for BTC in USD stays the same, but the price for BTC in EUR gets adjusted to the new USD value.
No.
USDBTC price always stays the same.
And if USDTEUR price changes during the day, then EURBTC price adjusts, for example.
If EURUSD price changes, USDBTC doesnāt move.
Of course price changes. Usually by 0.2-0.8% over a course of hours.
But if EURUSD moves by 1-2% it will have a noticeable impact on the EURBTC price. While there wonāt be any impact on the USDBTC price.
Many exchanges have direct trading pairs for BTC/XBT and EUR, complete with their own liquidity pools. So prima facie, you're incorrect. If your suggestion is there's something far more complex going on behind the scenes, now's your chance to trot out some evidence.
>trading pairs for BTC/XBT and EUR
So?
Those prices still follow the USD/BTC pair.
>evidence
I use one of such exchanges, and itās literally always priced based on the USDBTC pair. And always varies on the price of either USD or USDT.
I mean, you can easily check yourself on your exchange.
You honestly ask me "so?" when I provide you with a basic counterexample you must explain if you're to be taken seriously? I'm out, since you don't want to have an actual, serious conversation.
You provided me with nothing. All you said is what I said already ā that there are exchanges with EURBTC pair.
So it doesnāt seem like you want to have an actual conversation.
A good rebuttal from you would be showing me an example where the EURBTC price is disconnected from USDBTC based on the current USDEUR rate.
Or showing me an example where the USDBTC price moves when EURUSD moves. Instead of the expected movement of EURBTC, while USDBTC stays the same.
To your ask in the second half, that happens all the time on exchanges with low volume & liquidity. Just pull up CMC or Coingecko and start looking at the smaller exchanges.
It happens there because arbitrage opportunities aren't as prevalent there. This all happens because, as I led with, arbitrage is what *explains* and *causes* the phenomenon you're seeing between different trading pairs (btcusd and btceur). Like I also started with, you're putting the cart before the horse.
Iām sorry, but arbitrage doesnāt explain why USDBTC stays the same, while only EURBTC moves in the event of EURUSD moving.
Low volume and liquidity exchanges donāt seem like great places to gauge whatās happening on the markets, as price might not have a chance to move there, when itās moving in other places. Or sometimes it moves much more drastically in either direction (Iāve recently seen 2 BTC sold at $1900 and $2000ā¦).
Heh yeah I wasnāt trying to be a mad cunt, it was simply a point that Saylor brought up in his most recent interview on the iced coffee hour; he made the distinction that itās unfair to label BTC and compare it to other ācurrenciesā because currencies can be spent without any tax implications..
Itās not about 71, but about the patterns drawn on the charts.
71k marks a bunch of different resistance levels, giving a lot of confluence for the price to stop there.
Anyways, no other currencies matter for the btc price for now.
As for every other currency itās always calculated by translating the foreign price to dollar, then btc.
Let me ChatGPT you out of this:
Bitcoin prices in USD can act as resistance for several reasons, despite Bitcoin being traded in various currencies globally:
1. **Global Benchmark**: The USD is the world's primary reserve currency and serves as a global benchmark for many commodities and assets, including Bitcoin. Many traders and investors worldwide track Bitcoin prices in USD, making USD-based resistance levels particularly influential.
2. **High Trading Volume**: A significant portion of Bitcoin trading volume occurs on exchanges that primarily use USD, such as Coinbase, Kraken, and Binance (for their USD pairs). This high volume means that price levels in USD are more likely to be psychologically and technically significant.
3. **Market Psychology**: Traders often use round numbers or significant historical price points in USD as psychological barriers. These levels can create self-fulfilling prophecies where the price struggles to break through due to increased sell orders or profit-taking at these points.
4. **Algorithmic Trading**: Many trading algorithms and bots are programmed to recognize and respond to USD price levels, which can reinforce resistance at certain price points.
5. **Arbitrage Opportunities**: Arbitrage traders who exploit price differences across various exchanges typically consider the USD price of Bitcoin. When significant resistance is encountered in USD, it can impact prices on other exchanges and in other currencies due to arbitrage activity.
While Bitcoin is indeed traded in many currencies, the dominance of the USD in global finance and trading ensures that USD price levels remain crucial in determining resistance and support levels in the market.
lol, thanks. So it's man vs machine, ironic that the legacy system of the past is the machine, and Bitcoin, the future must be spread by word of mouth. Have to overpower traders and algorithms with adoption and greater levels of conviction. Interesting.
Looked, up 5% in a week and 12% in a month. If you got a perspective limited to the last 4 hours then yes it is sideways. Zoom out, itās going upwards.
This mission was done at 316km altitude so if this is $71,000 the moon would be over $86 million
r/theydidthemath
Excellent
NICE!!!
Too bearish.
Sell at 1 billion then all in on black
Im going back to sleep. Wake me up when we hit 71,000,000k
71 million thousand?
71 million centš¶ļø
lol
85k coming
I'm ready for $100000
lol It will be
What's so insane to me is that $71,000 even is some type of barrier considering that Bitcoin is global and $71,000 means literally nothing in every other currency. So wild.
Other currencies don't matter, everyone basically prices in USD for commodity trading.
I price in euros and USD, depends who I'm talking to
Are you from the US? Because that's the most US comment I've read today.
Be wrong after the dollar dies aswell
No I'm not, have you never traded commodities before?
Well my country doesn't give a shit about USD. Nothing is in USD. Neither is Bitcoin ever quoted in USD.
Yeah your missing the point, instead of getting angry you'd be better off picking up a book. When people say commodities are priced in USD, it doesn't mean you can't buy those commodities with Euro or Yen, it means the active market us Gold/USD or Oil/USD and BTC/USD. When you buy Euro/BTC what your actually buying is Euro/USD * USD/BTC + arbitrage inequities. Those arbitrage inequities are basically negligible (ext fees) for any decently large economy but it doesn't change the fact that BTC is almost entirely priced in USD.
>instead of getting angry I'm not. >When you buy Euro/BTC what your actually buying is Euro/USD * USD/BTC + arbitrage inequities. Those arbitrage inequities are basically negligible (ext fees) for any decently large economy but it doesn't change the fact that BTC is almost entirely priced in USD. Err no it's not. Commodities has nothing to do with Bitcoin. When you buy Euro/BTC, you are exchanging Euro for BTC without any USD involvement. Even in the US itself. The price of Bitcoin is slightly different among all US exchanges. (Coinbase 71429.75 has a different price to Gemini 71462.24). There is no "USD price of Bitcoin" that's a false notion. Bitcoin is priced differently across world currencies *and* across exchanges even in the same country.
Eye roll, The different prices of different exchanges are the price of arbitrage. The fact that you buy/sell in any currency is irrelevant, the dominant price action sets the price globally and then arbitrage down and thats in USD. Just because that's neatly all in a wrapper that you don't see doesn't make it any different. There's a reason Forex markets are extremely liquid, because these pricing actions literally occur every fraction of a second. It doesn't matter if your buying EURO/BTC on exchanges, that price is already default arbitraged to settle in USD at the macro level. That's what economists mean by USD dominance. It doesn't mean that some shop keeper in Mexico only accepts peso and uses peso to buy BTC and never touches USD his whole life. That's a very juvenile way of understanding global financial markets.
You are wrong. We have seen other nations move the price of Bitcoin on non-US Bitcoin exchanges. Don't be so stuck up.
Talking about a digital asset created in the US on a forum based in the US, on a planet where USD is the world reserve currency, thatās wild!
>Talking about a digital asset created in the US Nobody knows that. >on a planet where USD is the world reserve currency You realise your making that statement in a Bitcoin group where we don't give a shit about the US dollar, at least I don't. And I'm not from the US. The only reason it's the world reserve is because the US stole most of the world's gold (which were no longer on a wold standard), and forces it through war (or proxy wars).
The other commenter was talking about commodities being priced in USD, which is a fact. We get it, America bad. Still facts.
>The other commenter was talking about commodities being priced in USD, which is a fact. We get it, America bad. Still facts. It's still the most American comment I've read today. *Let me remind everyone that commodities are priced in USD on a Bitcoin subreddit.* *We get it, look at me, America important.*
Stating basic facts is saying oh look at me iām American and important..? Damn bro the USA must have done some damage to your psyche.
>Stating basic facts You mean irrelevant facts. Also you brought up some points in your first comment, then you complete ignored my response, you just brought up what this other dude said. Lmao
>At least I donāt care Thatās all itās ever been brother, your irrelevant opinion. Iām not about to argue how or why the U.S became the world reserve and that all commodities are priced in USD. Itās just the facts dude. Get over it. š
Thatās not a US comment. BTC is literally priced in usd. If you see a EUR price for btc, itās always based on the current exchange rate for EUR to USD. So if BTC is $1200, and EUR is $1.2, then the btc EUR price is 1000ā¬.
>BTC is literally priced in usd. Wrong. >If you see a EUR price for btc, itās always based on the current exchange rate for EUR to USD. >So if BTC is $1200, and EUR is $1.2, then the btc EUR price is 1000ā¬. Someone could easily say BTC is always priced in Euro, you just convert USD and bam, you have the price in Euro. Also wrong.
No. You canāt make that same observation for EUR. And itās easy to test, and confirm, as it happens every time the exchange rate for EUR/USD changes ā the price for BTC in USD stays the same, but the price for BTC in EUR gets adjusted to the new USD value.
You're just watching arbitrage in action. You're putting the cart before the horse.
No. USDBTC price always stays the same. And if USDTEUR price changes during the day, then EURBTC price adjusts, for example. If EURUSD price changes, USDBTC doesnāt move.
USDBTC price changes by the second on any exchange with volume. You clearly don't know how liquidity works.
Of course price changes. Usually by 0.2-0.8% over a course of hours. But if EURUSD moves by 1-2% it will have a noticeable impact on the EURBTC price. While there wonāt be any impact on the USDBTC price.
Many exchanges have direct trading pairs for BTC/XBT and EUR, complete with their own liquidity pools. So prima facie, you're incorrect. If your suggestion is there's something far more complex going on behind the scenes, now's your chance to trot out some evidence.
>trading pairs for BTC/XBT and EUR So? Those prices still follow the USD/BTC pair. >evidence I use one of such exchanges, and itās literally always priced based on the USDBTC pair. And always varies on the price of either USD or USDT. I mean, you can easily check yourself on your exchange.
You honestly ask me "so?" when I provide you with a basic counterexample you must explain if you're to be taken seriously? I'm out, since you don't want to have an actual, serious conversation.
You provided me with nothing. All you said is what I said already ā that there are exchanges with EURBTC pair. So it doesnāt seem like you want to have an actual conversation. A good rebuttal from you would be showing me an example where the EURBTC price is disconnected from USDBTC based on the current USDEUR rate. Or showing me an example where the USDBTC price moves when EURUSD moves. Instead of the expected movement of EURBTC, while USDBTC stays the same.
To your ask in the second half, that happens all the time on exchanges with low volume & liquidity. Just pull up CMC or Coingecko and start looking at the smaller exchanges. It happens there because arbitrage opportunities aren't as prevalent there. This all happens because, as I led with, arbitrage is what *explains* and *causes* the phenomenon you're seeing between different trading pairs (btcusd and btceur). Like I also started with, you're putting the cart before the horse.
Iām sorry, but arbitrage doesnāt explain why USDBTC stays the same, while only EURBTC moves in the event of EURUSD moving. Low volume and liquidity exchanges donāt seem like great places to gauge whatās happening on the markets, as price might not have a chance to move there, when itās moving in other places. Or sometimes it moves much more drastically in either direction (Iāve recently seen 2 BTC sold at $1900 and $2000ā¦).
To be fair BTC isnāt technically a currency, itās money and a store of value, but carry on!
[ACKCHYUALLY!](https://c.tenor.com/tv3Yr2A2I4kAAAAd/tenor.gif)
Heh yeah I wasnāt trying to be a mad cunt, it was simply a point that Saylor brought up in his most recent interview on the iced coffee hour; he made the distinction that itās unfair to label BTC and compare it to other ācurrenciesā because currencies can be spent without any tax implications..
Yeah people tend to confuse fiat currency with money šš, fuck, central baks and reserves are a huge ponzi.
Itās not about 71, but about the patterns drawn on the charts. 71k marks a bunch of different resistance levels, giving a lot of confluence for the price to stop there. Anyways, no other currencies matter for the btc price for now. As for every other currency itās always calculated by translating the foreign price to dollar, then btc.
Let me ChatGPT you out of this: Bitcoin prices in USD can act as resistance for several reasons, despite Bitcoin being traded in various currencies globally: 1. **Global Benchmark**: The USD is the world's primary reserve currency and serves as a global benchmark for many commodities and assets, including Bitcoin. Many traders and investors worldwide track Bitcoin prices in USD, making USD-based resistance levels particularly influential. 2. **High Trading Volume**: A significant portion of Bitcoin trading volume occurs on exchanges that primarily use USD, such as Coinbase, Kraken, and Binance (for their USD pairs). This high volume means that price levels in USD are more likely to be psychologically and technically significant. 3. **Market Psychology**: Traders often use round numbers or significant historical price points in USD as psychological barriers. These levels can create self-fulfilling prophecies where the price struggles to break through due to increased sell orders or profit-taking at these points. 4. **Algorithmic Trading**: Many trading algorithms and bots are programmed to recognize and respond to USD price levels, which can reinforce resistance at certain price points. 5. **Arbitrage Opportunities**: Arbitrage traders who exploit price differences across various exchanges typically consider the USD price of Bitcoin. When significant resistance is encountered in USD, it can impact prices on other exchanges and in other currencies due to arbitrage activity. While Bitcoin is indeed traded in many currencies, the dominance of the USD in global finance and trading ensures that USD price levels remain crucial in determining resistance and support levels in the market.
lol, thanks. So it's man vs machine, ironic that the legacy system of the past is the machine, and Bitcoin, the future must be spread by word of mouth. Have to overpower traders and algorithms with adoption and greater levels of conviction. Interesting.
You're welcome! Too bad I got downvoted for trying to help you and others. I found the answer quite useful.
It wasnāt
It was for me and for him. Life is not all about you, honey.
Only barrier is my bank account, already 99% in
Feel u brošš¤£
Sned it
Not even near the gold exchange ATH, yawn
Weāre so back
Back to sideways and downward momentum it seems. š
Wym we are going up not sideways, give it a sec
Nope. Sideways. Look again
Looked, up 5% in a week and 12% in a month. If you got a perspective limited to the last 4 hours then yes it is sideways. Zoom out, itās going upwards.
Woo hoo!
Why is 71k impactful?
Breakout after a long time around 69k after a long time 60-70k. It shows that resistance is decreasing and support is increasing.
ggez
All Gas!!
Let's gooooo
The real fun begins when 72K is hit.
Space is fake though. Only Bitcoin is real.
Itās a good buy today around 70200
May see new highs in Oct
Added 1/10th position