Is it possible to secure your BTC to a fiat currency/stablecoin as a day trader/scalper on BitMEX?
So, this is an "issue" i've had run through my mind. Let's say you have some BTC deposited on BitMEX and you want to scalp/day trade with it on their platform. So on a daily basis you may make or lose x%. Since BTC can have major price swings (such as now where it's doubled it's price within 6 weeks from 4-8k USD), It would affect greatly what your equity is worth when pairing it to a stablecoin or a fiat currency. Is it possible to somehow secure the value? I know in a long term trade/investment/commitment you can just hedge a future, but that, for one, just freezes price, per say, and two, isn't dynamic like your equity will be. I want to imitate what trading FOREX is like, where, even though the underlying currency you have deposited may fluctuate over time, you don't "feel it". Fluctuations in FOREX aren't as intense as with BTC, and thus your BitMEX equity literally doubling or halving within weeks. If anyone has any advice, even remotely regarding this subject, I would be very grateful if you'd share.
Elaborating on Datadash's 50k BTC Prediction: Why We Endorse the Call
As originally published via CoinLive I am the Co-Founder at CoinLive. Prior to founding Coinlive.io, my area of expertise was inter-market analysis. I came across Datadash 50k BTC prediction this week, and I must take my hats off to what I believe is an excellent interpretation of the inter-connectivity of various markets. At your own convenience, you can find a sample of Intermarket analysis I've written in the past before immersing myself into cryptos full-time. Gold inter-market: 'Out of sync' with VIX, takes lead from USD/JPY USD/JPY inter-market: Watch divergence US-Japan yield spread EUUSD intermarket: US yields collapse amid supply environment Inter-market analysis: Risk back in vogue, but for how long? USD/JPY intermarket: Bulls need higher adj in 10-y US-JP spread The purpose of this article is to dive deeper into the factors Datadash presents in his video and how they can help us draw certain conclusions about the potential flows of capital into crypto markets and the need that will exist for a BTC ETF. Before I do so, as a brief explainer, let's touch on what exactly Intermarket analysis refers to: Intermarket analysis is the global interconnectivity between equities, bonds, currencies, commodities, and any other asset class; Global markets are an ever-evolving discounting and constant valuation mechanism and by studying their interconnectivity, we are much better positioned to explain and elaborate on why certain moves occur, future directions and gain insights on potential misalignments that the market may not have picked up on yet or might be ignoring/manipulating. While such interconnectivity has proven to be quite limiting when it comes to the value one can extract from analyzing traditional financial assets and the crypto market, Datadash has eloquently been able to build a hypothesis, which as an Intermarket analyst, I consider very valid, and that matches up my own views. Nicolas Merten constructs a scenario which leads him to believe that a Bitcoin ETF is coming. Let's explore this hypothesis. I will attempt to summarize and provide further clarity on why the current events in traditional asset classes, as described by Datadash, will inevitably result in a Bitcoin ETF. Make no mistake, Datadash's call for Bitcoin at 50k by the end of 2018 will be well justified once a BTC ETF is approved. While the timing is the most challenging part t get right, the end result won't vary. If one wishes to learn more about my personal views on why a BTC ETF is such a big deal, I encourage you to read my article from late March this year. Don't Be Misled by Low Liquidity/Volume - Fundamentals Never Stronger The first point Nicholas Merten makes is that despite depressed volume levels, the fundamentals are very sound. That, I must say, is a point I couldn't agree more. In fact, I recently wrote an article titled TheParadox: Bitcoin Keeps Selling as Intrinsic Value Set to Explode where I state "the latest developments in Bitcoin's technology makes it paradoxically an ever increasingly interesting investment proposition the cheaper it gets." However, no article better defines where we stand in terms of fundamentals than the one I wrote back on May 15th titled Find Out Why Institutions Will Flood the Bitcoin Market, where I look at the ever-growing list of evidence that shows why a new type of investors, the institutional ones, looks set to enter the market in mass. Nicholas believes that based on the supply of Bitcoin, the market capitalization can reach about $800b. He makes a case that with the fundamentals in bitcoin much stronger, it wouldn't be that hard to envision the market cap more than double from its most recent all-time high of more than $300b. Interest Rates Set to Rise Further First of all, one of the most immediate implications of higher rates is the increased difficulty to bear the costs by borrowers, which leads Nicholas to believe that banks the likes of Deutsche Bank will face a tough environment going forward. The CEO of the giant German lender has actually warned that second-quarter results would reflect a “revenue environment [that] remains challenging." Nicholas refers to the historical chart of Eurodollar LIBOR rates as illustrated below to strengthen the case that interest rates are set to follow an upward trajectory in the years to come as Central Banks continue to normalize monetary policies after a decade since the global financial crisis. I'd say, that is a correct assumption, although one must take into account the Italian crisis to be aware that a delay in higher European rates is a real possibility now. !(https://coinlive.io/ckeditor_assets/pictures/947/content_2018-05-30_1100.png) Let's look at the following combinations: Fed Fund Rate Contract (green), German 2-year bond yields (black) and Italy's 10-year bond yield (blue) to help us clarify what's the outlook for interest rates both in Europe and the United States in the foreseeable future. The chart suggests that while the Federal Reserve remains on track to keep increasing interest rates at a gradual pace, there has been a sudden change in the outlook for European rates in the short-end of the curve. While the European Central Bank is no longer endorsing proactive policies as part of its long-standing QE narrative, President Mario Draghi is still not ready to communicate an exit strategy to its unconventional stimulus program due to protectionism threats in the euro-area, with Italy the latest nightmare episode. Until such major step is taken in the form of a formal QE conclusion, interest rates in the European Union will remain depressed; the latest drastic spike in Italy's benchmark bond yield to default levels is pre-emptive of lower rates for longer, an environment that on one hand may benefit the likes of Deutsche Bank on lower borrowing costs, but on the other hand, sets in motion a bigger headache as risk aversion is set to dominate financial markets, which leads to worse financial consequences such as loss of confidence and hence in equity valuations. !(https://coinlive.io/ckeditor_assets/pictures/948/content_2018-05-30_1113.png) Deutsche Bank - End of the Road? Nicholas argues that as part of the re-restructuring process in Deutsche Bank, they will be facing a much more challenging environment as lending becomes more difficult on higher interest rates. At CoinLive, we still believe this to be a logical scenario to expect, even if a delay happens as the ECB tries to deal with the Italian political crisis which once again raises the question of whether or not Italy should be part of the EU. Reference to an article by Zerohedge is given, where it states: "One day after the WSJ reported that the biggest German bank is set to "decimate" its workforce, firing 10,000 workers or one in ten, this morning Deutsche Bank confirmed plans to cut thousands of jobs as part of new CEO Christian Sewing's restructuring and cost-cutting effort. The German bank said its headcount would fall “well below” 90,000, from just over 97,000. But the biggest gut punch to employee morale is that the bank would reduce headcount in its equities sales and trading business by about 25%." There is an undeniably ongoing phenomenon of a migration in job positions from traditional financial markets into blockchain, which as we have reported in the past, it appears to be a logical and rational step to be taken, especially in light of the new revenue streams the blockchain sector has to offer. Proof of that is the fact that Binance, a crypto exchange with around 200 employees and less than 1 year of operations has overcome Deutsche Bank, in total profits. What this communicates is that the opportunities to grow an institution’s revenue stream are formidable once they decide to integrate cryptocurrencies into their business models. One can find an illustration of Deutsche Bank's free-fall in prices below: !(https://coinlive.io/ckeditor_assets/pictures/946/content_2018-05-30_1052.png) Nicholas takes notes of a chart in which one can clearly notice a worrying trend for Italian debt. "Just about every other major investor type has become a net seller (to the ECB) or a non-buyer of BTPs over the last couple of years. Said differently, for well over a year, the only marginal buyer of Italian bonds has been the ECB!", the team of Economists at Citi explained. One can find the article via ZeroHedge here. !(https://coinlive.io/ckeditor_assets/pictures/953/content_2018-05-30_1451.png) Equities & Housing to Suffer the Consequences Nicholas notes that trillions of dollars need to exit these artificially-inflated equity markets. He even mentions a legendary investor such as George Soros, who has recently warned that the world could be on the brink of another devastating financial crisis, on lingering debt concerns in Europe and a strengthening US dollar, as a destabilizing factor for both the US's emerging- and developed-market rivals. Ray Dalio, another legend in the investing world and Founder of Bridgewater Associates, the world’s largest hedge fund, "has ramped up its short positions in European equities in recent weeks, bringing their total value to an estimated $22 billion", MarketWatch reports. Nicholas extracts a chart by John Del Vecchio at lmtr.com where it illustrates the ratio between stocks and commodities at the lowest in over 50 years. As the author states: "I like to look for extremes in the markets. Extremes often pinpoint areas where returns can be higher and risk lower than in other time periods. Take the relationship between commodities and stocks. The chart below shows that commoditieshavennot been cheaper than stocks in a generation. We often hear this time it is different” to justify what’s going on in the world. But, one thing that never changes is human nature. People push markets to extremes. Then they revert. " !(https://coinlive.io/ckeditor_assets/pictures/954/content_2018-05-30_1459.png) Bitcoin ETF the Holy Grail for a Cyclical Multi-Year Bull Run It is precisely from this last chart above that leads Nicholas to believe we are on the verge of a resurgence in commodity prices. Not only that but amid the need of all this capital to exit stocks and to a certain extent risky bonds (Italian), a new commodity-based digital currency ETF based on Bitcoin will emerge in 2018. The author of Datadash highlights the consideration to launching a Bitcoin ETF by the SEC. At CoinLive, our reporting of the subject can be found below: "Back in April, it was reported that the US Securities and Exchange Commission (SEC) has put back on the table two Bitcoin ETF proposals, according to public documents. The agency is under formal proceedings to approve a rule change that would allow NYSE Arca to list two exchange-traded funds (ETFs) proposed by fund provider ProShares. The introduction of an ETF would make Bitcoin available to a much wider share of market participants, with the ability to directly buy the asset at the click of a button, essentially simplifying the current complexity that involves having to deal with all the cumbersome steps currently in place." Nicholas refers to the support the Bitcoin ETF has been receiving by the Cboe president Chris Concannon, which is a major positive development. CoinLive reported on the story back in late March, noting that "a Bitcoin ETF will without a doubt open the floodgates to an enormous tsunami of fresh capital entering the space, which based on the latest hints by Concannon, the willingness to keep pushing for it remains unabated as the evolution of digital assets keeps its course." It has been for quite some time CoinLive's conviction, now supported by no other than Nicholas Merten from Datadash, that over the next 6 months, markets will start factoring in the event of the year, that is, the approval of a Bitcoin ETF that will serve as a alternative vehicle to accommodate the massive flows of capital leaving some of the traditional asset classes. As Nicholas suggests, the SEC will have little choice but to provide alternative investments. Bitcoin as a Hedge to Lower Portfolios' Volatility Last but not least, crypto assets such as Bitcoin and the likes have an almost non-existent correlation to other traditional assets such as stocks, bonds, and commodities, which makes for a very attractive and broadly-applicable diversification strategy for the professional money as it reduces one’s portfolio volatility. The moment a Bitcoin ETF is confirmed, expect the non-correlation element of Bitcoin as a major driving force to attract further capital. Anyone Can BeWrongDatadash, But You Won't be Wrong Alone Having analyzed the hypothesis by Nicholas Merten, at CoinLive we believe that the conclusion reached, that is, the creation of a Bitcoin ETF that will provide shelter to a tsunami of capital motivated by the diversification and store of value appeal of Bitcoin, is the next logical step. As per the timing of it, we also anticipate, as Nicholas notes, that it will most likely be subject to the price action in traditional assets. Should equities and credit markets hold steady, it may result in a potential delay, whereas disruption in the capital market may see the need for a BTC ETF accelerate. Either scenario, we will conclude with a quote we wrote back in March. "It appears as though an ETF on Bitcoin is moving from a state of "If" to "When." Datadash is certainly not alone on his 50k call. BitMEX CEO Arthur Hayes appears to think along the same line. On behalf of the CoinLive Team, we want to thank Nicholas Merten at Datadash for such enlightening insights.
So I really hate sounding alarm bells when I don't know what I don't know, which is why I posit this as a question as opposed to blindly throwing around accusations. 30% of eth volume in the last 24 hours was an eth/usdt pair traded on BitForex which is the largest source of trading activity. 22% of btc volume in the last 24 hours was a btc/usdt pair traded on BitForex, which is the second largest except for derivative contracts traded on BitMEX, but this is a usd pair and not uncommon for derivatives to dwarf the trading side of the underlying. Who is BitForex? I haven't been following every exchange the last 6 months, but they weren't even in the picture as far as I knew. The fact that these are large volume usdt trades also raises some concerns. Has tether proven through an audit by a reliable 3rd party that they have a 1:1 backing of each usdt? If not, the fact that they are trading at $1.02 is absolutely ridiculous and the downside risk of them not actually having the funds to back it needs to be priced into usdt. Crypto is the wild west and I'm fine with that, but people need to make rational decisions or the ride is gonna be a lot bumpier than it has to be. If i'm totally wrong on this, please correct me.
New to forex and novice in the Stock market. Donald Trump has repeatedly said that the USD is too strong and that it needs to weaken to be compatitave in the "Global Arena". I am not a PhD in Forex but for something to go down another has to go up and take that position. (1) From commentation I have read and watched the Chinese Yuan has almost doubled in strength over the last 30years and with a potential USD weakness could we see the USDCHY be at a 1:1 ratio?? (2) UK is still in litigations over how it will break away from the EU and in the current "Short" they are experience the reaction in general goods pricing. UK is in a strange position as it has to finish playing its hand before we can find a the plateau on if the GBP gain regain the strength it once had over the USD (3) EURO is still trying to find support in the global currency and may seem as a strong leader with the decrease in USD strength. They currently received a huge influx of workers from the muslim world and if they can manage security issues and manage the labor force they may prove to be champion in the overall picture. (4) CAD,MEX, AUS, Japanese YEN are iff-y as President Donald Trump is already disturbing the natural way in which NAFTA and TPP will function. Need more time and actual scripts to see the pros and cons for each.
I have been lurking for a while and am pretty impressed with the caliber of this forum, so here's my challenge: I am having a hard time seeing how any crypto currency ever overcomes exchange rate volatility. Like most of you I am very excited by the potential of a decentralized currency, but I cannot get my head around the practical conundrum. The conundrum in a nutshell: liquid debt markets are the sine qua non of stable exchange rates, but volatile exchange rates deter borrowers and lenders from originating Bitcoin-denominated debt. How can an entrepreneur ever build a Bitcoin-based business if no lenders will quote them an interest rate on a Bitcoin-denominated loan? As a potential investor in a Bitcoin-denominated business, what baseline return would you demand on an investment with a 1-year payback period? How about a 5-year payback period? If you can’t hedge exposure to Bitcoin volatility then how can you even think about Bitcoin-denominated investments? Quick primer on using debt markets to price forward currency contracts: the forward discount/premium between two currencies is driven by the ratio of interest rates on deposits, because a decoupling of interest rates and currency forwards would represent an arbitrage opportunity (with turnover of >$4 trillion per day the global foreign exchange market is mind-bogglingly liquid; it reacts swiftly to new information and obvious inefficiencies are quickly traded away). For example, say the 1-year rates on USD and MEX deposits are 2% and 3%, respectively. If the current (spot) exchange rate is 15 MEX/USD, then the 1-year forward contract would be 15.14706 MEX/USD (15 x 1.03/1.02). The intuition behind this is that you could simultaneously (i) borrow 1,000 USD at 2%, (ii) trade 1,000 USD for 15,000 MEX, (iii) invest the pesos at 3%, and (iv) lock in the 1-year forward rate of 15.14706 MEX/USD. After one year you would receive 15,450 MEX (15,000 x 1.03), which after settling your forward contract would yield 1,020 US (15,450 / 15.14706), which is exactly what you owe on the original loan (1,000 x 1.02). Total wash. If the forward rate were anything other than 15.14706 you could generate arbitrage. Another example: if the 1-year rate were 15.1000 MEX/USD then by borrowing 1,000 USD at 2% and investing it as 15,000 MEX at 3% you would end up after a year with 1,023.18 USD (15,450 / 15.1000), which after paying your 1,020 USD loan leaves $3.18 of risk-free profit. Here’s my point: deep, liquid debt markets are the ballasts of currencies. They stabilize long-term exchange rates so that borrowers and lenders are comfortable committing to long term investment vehicles. If long-term exchange rates are not stable (i.e.; tradable at stable rates) then companies are squeamish about doing business in foreign countries and trade is limited to short-term transactions. This is what we see today in the Bitcoin economy, with merchants swapping out Bitcoins for dollars immediately following their transactions. This strikes me as a classic chicken/egg problem. For want of a ForEx market Bitcoin can’t develop a debt market, and for want of a debt market the ForEx market will never appear. Disclaimer: I’m not an economist, but like most of you I have a strong amateur interest in economics. My ForEx background is largely academic (I structure commodity derivatives for a living). My understanding could be completely off base, and I am wide open to being shown my errors.
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