Shonuff
Mr. Poopybutthole
- 5,538
- 790
These are running so hard, I wonder if I need to lock in profits and wait on a pullback.
Investing General Discussion
- Thread starter Furious
- Start date
Jysin
Ahn'Qiraj Raider
- 6,267
- 3,994
For me, personally, I think this is a longer play. DAL pulled into the 100D on open, held and ran. NCLH is clear of both 100 & 200D. If the broader market pulled back in, I suspect these would still hold the earlier mentioned pivots. I would look to be adding on those. The covid cases should just continue declining and encouraging more people to get out the door and travel.
Keep in mind, both airline and cruise line CEOs have stated repeatedly that they are at record future bookings.
If you are day / swing trading these names, consider trimming some profit (leave some on) and adding on pullbacks. The risk is, these could run hard and never look back, as they were some of the most beaten up names of the last 4 months.
Keep in mind, both airline and cruise line CEOs have stated repeatedly that they are at record future bookings.
If you are day / swing trading these names, consider trimming some profit (leave some on) and adding on pullbacks. The risk is, these could run hard and never look back, as they were some of the most beaten up names of the last 4 months.
- 1
Shonuff
Mr. Poopybutthole
- 5,538
- 790
I'm out of JETS, but still swinging names like MSGE, NCLH and EXPE. Maybe I'll hold a little JETS overnight.
I think I'll wait for a pullback in JETS and reenter. Got too much going on today...plan on taking today off and riding my motorcycle.
Shonuff
Mr. Poopybutthole
- 5,538
- 790
OK, I took your advice, sold 94% of it at a profit and kept the rest for overnight. You convinced me.
Sanrith Descartes
Veteran of a thousand threadban wars
- 41,435
- 107,459
Damn. I wonder if someone was hedging the large volume of calls I heard about yesterday for end of the year?
Gravel
Mr. Poopybutthole
- 36,193
- 114,681
Sanrith Descartes
Veteran of a thousand threadban wars
- 41,435
- 107,459
COIN
China's top regulators ban crypto trading and mining, sending bitcoin tumbling
REUTERS 7:06 AM ET 9/24/2021
Symbol Last Price Change
RIOT 28.3399down -1.0501 (-3.573%)
MARA 36.0894up -1.6106 (-4.2721%)
BTBT 9.72down +0.04 (+0.4132%)
COIN 233.72down -3.78 (-1.5916%)
QUOTES AS OF 12:25:01 PM ET 09/24/2021
By Alun John, Samuel Shen and Tom Wilson
SHANGHAI/LONDON (Reuters) -China's most powerful regulators on Friday intensified the country's crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks.
China's top regulators ban crypto trading and mining, sending bitcoin tumbling
REUTERS 7:06 AM ET 9/24/2021
Symbol Last Price Change
RIOT 28.3399down -1.0501 (-3.573%)
MARA 36.0894up -1.6106 (-4.2721%)
BTBT 9.72down +0.04 (+0.4132%)
COIN 233.72down -3.78 (-1.5916%)
QUOTES AS OF 12:25:01 PM ET 09/24/2021
By Alun John, Samuel Shen and Tom Wilson
SHANGHAI/LONDON (Reuters) -China's most powerful regulators on Friday intensified the country's crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks.
Ten agencies, including the central bank, financial, securities and foreign exchange regulators, vowed to work together to root out "illegal" cryptocurrency activity, the first time the Beijing-based agencies have joined forces to explicitly ban all cryptocurrency-related activity.
China in May banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and issued similar bans in 2013 and 2017.
The repeated prohibitions highlight the challenge of closing loopholes and identifying bitcoin-related transactions, though banks and payment firms say they will support the efforts. AgBank falls in step with China's cryptocurrency crackdown
Friday's statement is the most detailed and expansive yet from the country's main regulators, underscoring Beijing's commitment to suffocating the Chinese crypto market.
"In the history of crypto market regulation in China, this is the most direct, most comprehensive regulatory framework involving the largest number of ministries," said Winston Ma, NYU Law School adjunct professor.
The move comes amid a global cryptocurrency crackdown as governments from Asia to the United States fret that privately operated highly volatile digital currencies could undermine their control of the financial and monetary systems, increase systemic risk, promote financial crime and hurt investors.
They also worry that "mining," the energy-intensive computing process through which bitcoin and other tokens are created, is hurting global environmental goals.
Chinese government agencies have repeatedly raised concerns that cryptocurrency speculation could disrupt the country's economic and financial order, one of Beijing's top priorities.
Analysts say China also sees cryptocurrencies as a threat to its sovereign digital-yuan, which is at an advanced pilot stage.
"This time the point was made very clear that China will not support cryptocurrency market development as it goes against its policies of tightening up control over capital," said George Zarya, CEO of Bequant crypto exchange in London.
'FINANCIAL AND SOCIAL ORDER'
The People's Bank of China (PBOC) said cryptocurrencies must not circulate and that overseas exchanges are barred from providing services to mainland investors. It also barred financial institutions, payment companies and internet firms from facilitating cryptocurrency trading nationally.
The government will "resolutely clamp down on virtual currency speculation, and related financial activities and misbehavior in order to safeguard people's properties and maintain economic, financial and social order", the PBOC said.
Bitcoin, the world's largest cryptocurrency, dropped more than 9% before paring those losses. It was down down 6.6% at $41,937 around 12:00ET. Smaller coins, which typically mimic bitcoin, also tumbled.
China's cabinet vowed China bans financial, payment institutions from cryptocurrency business in May to crack down on bitcoin mining and trading as part of a broader effort to mitigate financial risks, without going into details Explainer: What Beijing’s new crackdown means for crypto in China. That threat sent cryptocurrencies tumbling, with bitcoin alone slumping 30% in a day. Friday's news dashed hopes among many in the industry that the May crackdown would be short-lived.
"This is the manifestation of the crypto mining and trading crackdown announcement...back in May," said Ma.
The move also hit cryptocurrency and blockchain-related shares, although they clawed back some of those declines in morning U.S. trading.
U.S.-listed miners Riot Blockchain(RIOT), Marathon Digital(MARA) and Bit Digital(BTBT) slipped between 2.5% and 5%, while San Francisco crypto exchange Coinbase Global(COIN) fell just over 1%.
Despite the initial shock, some analysts said they did not expect the crackdown to dent global crypto-asset prices long term as companies globally continue to adopt crypto products and services.
The exposure of major crypto exchanges to China was not immediately clear, however. Binance, the world's biggest, has been blocked in China since 2017, a spokesperson said. A spokesperson for Coinbase declined to comment.
The Chinese government has also struggled in the past to stop internet users from evading its controls. "China's actions haven't held back crypto's rise too much in the past so I wouldn't be surprised to see it bounce back once more," wrote Craig Erlam, an analyst at currency broker OANDA.
MINING CRACKDOWN
Bitcoin and other cryptocurrencies are mined by high-powered computers competing to solve mathematical puzzles in an energy-intensive process that often relies on fossil fuels.
China's National Development and Reform Commission said that it will work to cut off financial support and electricity supply for mining. Such activities contribute little to China's economic growth, spawn risks and hamper carbon neutrality goals, it said.
Virtual currency mining had been a big business in China before May, accounting for more than half the world's crypto supply, but miners have been moving overseas.
"The losers in all of this are plainly the Chinese. They will now lose around $6 billion worth of annual mining revenue, all of which will flow to the remaining global mining regions," said Christopher Bendiksen, head of research at digital asset manager CoinShares, citing Kazakhstan, Russia and the United States.
China in May banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and issued similar bans in 2013 and 2017.
The repeated prohibitions highlight the challenge of closing loopholes and identifying bitcoin-related transactions, though banks and payment firms say they will support the efforts. AgBank falls in step with China's cryptocurrency crackdown
Friday's statement is the most detailed and expansive yet from the country's main regulators, underscoring Beijing's commitment to suffocating the Chinese crypto market.
"In the history of crypto market regulation in China, this is the most direct, most comprehensive regulatory framework involving the largest number of ministries," said Winston Ma, NYU Law School adjunct professor.
The move comes amid a global cryptocurrency crackdown as governments from Asia to the United States fret that privately operated highly volatile digital currencies could undermine their control of the financial and monetary systems, increase systemic risk, promote financial crime and hurt investors.
They also worry that "mining," the energy-intensive computing process through which bitcoin and other tokens are created, is hurting global environmental goals.
Chinese government agencies have repeatedly raised concerns that cryptocurrency speculation could disrupt the country's economic and financial order, one of Beijing's top priorities.
Analysts say China also sees cryptocurrencies as a threat to its sovereign digital-yuan, which is at an advanced pilot stage.
"This time the point was made very clear that China will not support cryptocurrency market development as it goes against its policies of tightening up control over capital," said George Zarya, CEO of Bequant crypto exchange in London.
'FINANCIAL AND SOCIAL ORDER'
The People's Bank of China (PBOC) said cryptocurrencies must not circulate and that overseas exchanges are barred from providing services to mainland investors. It also barred financial institutions, payment companies and internet firms from facilitating cryptocurrency trading nationally.
The government will "resolutely clamp down on virtual currency speculation, and related financial activities and misbehavior in order to safeguard people's properties and maintain economic, financial and social order", the PBOC said.
Bitcoin, the world's largest cryptocurrency, dropped more than 9% before paring those losses. It was down down 6.6% at $41,937 around 12:00ET. Smaller coins, which typically mimic bitcoin, also tumbled.
China's cabinet vowed China bans financial, payment institutions from cryptocurrency business in May to crack down on bitcoin mining and trading as part of a broader effort to mitigate financial risks, without going into details Explainer: What Beijing’s new crackdown means for crypto in China. That threat sent cryptocurrencies tumbling, with bitcoin alone slumping 30% in a day. Friday's news dashed hopes among many in the industry that the May crackdown would be short-lived.
"This is the manifestation of the crypto mining and trading crackdown announcement...back in May," said Ma.
The move also hit cryptocurrency and blockchain-related shares, although they clawed back some of those declines in morning U.S. trading.
U.S.-listed miners Riot Blockchain(RIOT), Marathon Digital(MARA) and Bit Digital(BTBT) slipped between 2.5% and 5%, while San Francisco crypto exchange Coinbase Global(COIN) fell just over 1%.
Despite the initial shock, some analysts said they did not expect the crackdown to dent global crypto-asset prices long term as companies globally continue to adopt crypto products and services.
The exposure of major crypto exchanges to China was not immediately clear, however. Binance, the world's biggest, has been blocked in China since 2017, a spokesperson said. A spokesperson for Coinbase declined to comment.
The Chinese government has also struggled in the past to stop internet users from evading its controls. "China's actions haven't held back crypto's rise too much in the past so I wouldn't be surprised to see it bounce back once more," wrote Craig Erlam, an analyst at currency broker OANDA.
MINING CRACKDOWN
Bitcoin and other cryptocurrencies are mined by high-powered computers competing to solve mathematical puzzles in an energy-intensive process that often relies on fossil fuels.
China's National Development and Reform Commission said that it will work to cut off financial support and electricity supply for mining. Such activities contribute little to China's economic growth, spawn risks and hamper carbon neutrality goals, it said.
Virtual currency mining had been a big business in China before May, accounting for more than half the world's crypto supply, but miners have been moving overseas.
"The losers in all of this are plainly the Chinese. They will now lose around $6 billion worth of annual mining revenue, all of which will flow to the remaining global mining regions," said Christopher Bendiksen, head of research at digital asset manager CoinShares, citing Kazakhstan, Russia and the United States.
- 3
LachiusTZ
Rogue Deathwalker Box
- 14,472
- 27,162
- 1
- 1
Sanrith Descartes
Veteran of a thousand threadban wars
- 41,435
- 107,459
Tmac
Adventurer
- 9,266
- 15,722
Big Phoenix
Pronouns: zie/zhem/zer
- 44,534
- 92,936
Guess coinbase isnt ever getting to 475.
China is on the warpath to cleanse foreign influence from the PRC.
Sanrith Descartes
Veteran of a thousand threadban wars
- 41,435
- 107,459
CCP has a deep concern if too much Western influence gets in the pleebs might start thinking about being free again.
Flobee
Vyemm Raider
- 2,602
- 2,991
By banning crypto, and Bitcoin specifically they're essentially burning their fleet again. Also worth noting, if you're interested in getting Bitcoin exposure in traditional markets COIN is, IMO, a poor choice. I would suggest something that tracks the price directly (GBTC, even with its flaws), a mining company (BITF is my preference), or even a company that is taking equity loans to put BTC on its balance sheet (MSTR, and to be fair also COIN recently).
COIN won't fare well moving forward IMO, especially with SEC regulators breathing down their neck for being a shitcoin casino. BITF has done quite well since I posted it here the other day. ~15% up
- 1
Sanrith Descartes
Veteran of a thousand threadban wars
- 41,435
- 107,459
For anyone looking for a boomer pharma/bio company, AMGN is pushing its 52-low. PE is in-line with PFE and has 5x the EPS of PFE. +3% dividend yield while you wait for stock price to recover.
Jysin
Ahn'Qiraj Raider
- 6,267
- 3,994
Another 1.2mil share block trade just went through at $27.97
- 1
Sanrith Descartes
Veteran of a thousand threadban wars
- 41,435
- 107,459
There is a bigger picture at play. CCP doesnt free float its currency. They manipulate it as needed. Crypto essentially harms their ability to control their currency valuation.
- 1
- 1