Hello friends, while giants like Grayscale get rid of some of their bitcoin holdings to take profits, there are other giants that do not stop accumulating on this occasion, microstrategy converted about 5.3 million dollars into 125 bitcoins and continues to maintain the first place as the corporate entity with the most bitcoin in your possession.
From his Twitter account Michael Saylor announced that the company's reserves amount to 158,400 bitcoins and since 2020 he has not stopped making aggressive purchases under his strategy of accumulating bitcoin with the expectation of growing institutional interest, one reason for the fall when bitcoin touched the peak of 35,800 in the last few hours has to do with the derivatives market, which we could say has overheated, part of this maximum was due to encouraging words from Jerome Powell, the president of the Fed, after his speech yesterday, Wednesday, November 1, where he suggested that the rate hikes could end soon.
As we all expected, the rates did not move and remained at the current 5.5% with a complicated derivatives market, now it is the turn of the spot spot market to take care of the price of bitcoin and sustain it. It is important in times like these to be somewhat cautious is the best option. . But if you want to take the risk, operating short could be a viable option, but really with the market the way it is, I don't really trust it.
Changing the subject, one piece of news that caught my attention is that Sam Bankman-Fried, we can say that now he really is really complicated since the prosecution told him that he knew what he was doing was wrong and that is why he never hired a risk officer. He also assured that prosecutors met the burden of proving that Fried is guilty of at least seven counts of fraud and conspiracy to commit fraud. He also mentioned that he made all clients and investors and also the media believe that the assets held at ftx they were sure and that Alameda had no relationship with the funds.
But curiously, in reality they were being used by Alameda and even worse, with truly disgusting disgusting risk management, dozens of spreadsheets were reviewed to refute each and every one of Fried's defense statements showing that he believed that client funds were his personal piggy bank, in short, everyone knows that Fried knew what was happening, he knew that he was doing things wrong and now the most He will likely spend the rest of his life in prison. I had imagined this for a long time. The good thing is that now the justice system also knows it. I think there is very little left for this case to come to an end.
To conclude the post, the market is volatile with sudden rises and falls, although it is advisable to be cautious and wait for the market to stabilize a little, but in my opinion this is a good time to operate short, buying fractionally when the price It falls and sell when it rises to make some profit, although bitcoin is around 34,500, I think it will rise again to 35,400 within a period of 12 hours.
| Source of the information: |
|---|
 |  |
|---|
Thank you, friend!
I'm @steem.history, who is steem witness.
Thank you for witnessvoting for me.
please click it!
(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)
The weight is reduced because of the lack of Voting Power. If you vote for me as a witness, you can get my little vote.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Link Twitter
https://twitter.com/joel_jai1/status/1720320765382320431
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I recommend that you read your post again and again as you were repeating some words which is not needed
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit