Sirwin
Sirwin
Bitcoin Surges Higher

Bitcoin Erupts Higher!


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At time of writing, Bitcoin went from a low of $35,278 twenty-four hours ago to climb to  $37,883 by 10 a.m. this morning, before retreating some $1,500 to $36,393 which is still an $1,100 climb for the day (so far). According to a post on Zero Hedge, heavy institutional buying is pushing prices higher in anticipation of possible upcoming official approval for a Bitcoin ETF (Exchange Traded Fund).

A decision could come at any time starting today and likely before January 10. Another possible reason for the push higher may be a short squeeze coming from short sellers as it was reported that about $50 million was liquidated in a matter of hours overnight in early Asian trading.

Another bombshell that for some reason hasn't been 'big news' that might be affecting the Bitcoin price is the collapse of a fifth bank in the USA, Citizens Bank, Sac City, Iowa. On November 3, the FDIC took over the bank without warning and Iowa Trust and Savings Bank has assumed all their deposits.Worries are growing of more bank failures to come.

The USD is suddenly surging from a low of 105.382 around 9 a.m. this morning to 105.8 so whatever's going on is affecting a lot of things today. Gold was seen to move up after getting clubbed yesterday and the day before while oil hasn't moved much, only about 1% higher with WTI at $80 and change. Yet, oil seems a bit too quiet. Is it sitting on a spring board getting ready for another leg up? For now, let's enjoy the 'lower' prices at the pumps, even though it's still 50% higher than before the plandemic hit.

Spot Gold - November 9, 2023

Also, let's not forget that central bankers keep messing around with interest rates. While the Bank of England held rates steady this week (lucky for the English), The Reserve Bank of Australia raised theirs by another quarter percent to 4.35% (Poor Aussies). It's clear where this is going regarding residential real estate, not just in Australia but around the developed world.

But what about commercial real estate? Well, the disaster known as WeWork finally imploded 2 days ago when it filed for bankruptcy. This is massively serious because WeWork, once valued at a ridiculous $47B, managed 20 million square feet of office space, a lot of which is in New York City, which just happens to already be experiencing problems in its commercial real estate value due to a collapse in foot traffic as a result of New York's draconian Covid lockdowns. WeWork's collapse is the biggest domino to fall yet. Expect many more implosions after this.

To me, these are all 'pieces of the puzzle' that help me understand what's going on in this insane world. There's a lot and it's difficult to keep up but by no means am I giving up. In fact, the more information we have, the stronger we will be.

Stay safe and warm this winter. Prepare. Protect your family.

Peace and love to everyone!

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The gold backed digital token is here.

November historically positive for Bitcoin.

FED leaves rates unchanged (Nov. 1, 2023)

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SweptOverNiagara
SweptOverNiagara

Name's Joe and I live in Ontario, Canada. I like writing on a wide variety of topics. I enjoy keeping track of markets, investing and commodities and the crypto sector. Also do some coding for web browsers.


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