Bitfinex's LEO Token: An Unconventional Investment OpportunityAs I made a case for FTT and have made a case for COIN and GBTC before, I want to keep sharing some unique charts and cases. Again, my FTT idea was banned (from a little mistake), so I just reposted it and want to continue with more special cases. By special cases, I mean stuff that looks weird, infeasible, or tricky, where sentiment is leaning against my case, while there could be a significant catalyst that helps the trade.
In my previous ideas, I went deep on some of those, and in the idea below, I shared some extra ones, like LEO. For example, FTT had people very negative about FTX being bankrupt, yet FTX might be revived, boosting the token's price. COIN had everyone bearish due to the SEC lawsuit, yet it's pumping hard, as most of the news was priced in, and Coinbase might win against the SEC. GBTC had a massive discount as everyone was bearish and worried, yet an ETF is coming. So what about LEO?
LEO is a token created by Bitfinex, an exchange token with some 'special' rights. Those rights are that if Bitfinex gets the 2016 hacked coins back, it will distribute 80% to LEO holders. The FBI caught the hackers 1-1.5 years ago and is sitting on those coins. I assume that it will eventually give Bitfinex the coins back. If they don't, LEO will crash, but if they do, LEO could easily do a 2-3x from here.
As you can see in the chart above, if the price of LEOBTC goes up to the highs it reached when the FBI caught the hackers, that's a 150% increase. Is it reasonable? The current market cap of LEO, in BTC terms, is 120k BTC. The hacked coins were 120k BTC. 80% of that is 96k BTC will go into buying back LEO tokens, and the rest to the Bitfinex team and shareholders.
I expect that Bitfinex will get a big boost from this. As Binance is in a bad state, Bitfinex could capitalize on this opportunity. They have been making tremendous progress on many fronts, and I believe that this could be a significant catalyst. Giving 3B back to LEO holders and Shareholders is massive. The publicity will be huge too.
The main issue against my idea is that LEO is the second biggest exchange token, yet Bitfinex isn't in the top exchanges by real volume. That means that, to a large extent, LEO has the return of the coins priced in because its price would otherwise not be so high.
In my opinion, there is a chance that they will give the coins back to Bitfinex holders, potentially before the launch of the ETF, to cause selling pressure on the Bitcoin price. As BTC faces selling pressure from several 'sides' (Mt.Gox, US gov, Bitfinex, Bankrupt companies), prominent players/whales may use that opportunity to scoop cheap coins before the ETF launch.
Bfx
Bifinex Ethereum Trading IdeaThere is strong resistance at the 300 level, with a channel going from that 300 level down to 218.
In the short term, up to the 4th July, I expect a small price increase to go back up to the 270 level.
In the medium term I see continued downward pressure for the next two weeks, with prices going as low as 218.
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74% Backed | 26% PonziBitfinex = Tether = USDT (same company)
It was 74% when they had 2.9 billion tethers. It’s probably even less now.
ag.ny.gov
Ask yourself ...
Who is buying bitcoin?
Why was there more interest in Bitcoin in 2017 than in 2019?
Why did the price go up after imaginary tethers were printed?
Why did Bitfinex enable 100x leverage?
Why are they missing $850,000,000?
Why has there not been an audit for Tether yet?
And if this is news to you; why have you not googled any of this yet?
Possible 3-4 X profit in SAN coin.LONG TERM ANALYSIS
Falling wedge formation in weekly chart.
TD sequential- 9 candles completed.
Breakout chances higher(If volume spikes up keep an eye on it.)
MACD nearing crossing range.
NOTE - FOR EDUCATIONAL PURPOSE.
Bitcoin Diamond Sleeping giant 500+%Looks like Bitcoin Diamond can go for a very big move in the couple of weeks..
When triangle is trying to break and all the red levels have been tested, this thing can skyrocket, possibly.
I took a small position at the green support line
End of wave 2 ??Here RSI is at a critical level near 47-48 range. If it sustains we can see the starting of wave 3.
IF that level breaks and BTC remains unstable, level 40 on RSI could be seen as a support.
Hope that this level sustains and we can see a pullback.
NOTE - 1.This is not an investment advice, its just for knowledge purpose.
2. Any suggestions or idea will be appreciated as I am learning TA.
Bitfinex Bitcoin Trading IdeaThere is strong resistance at the 2220 level and an upper channel of 2530. I expect prices to bounce between these channels until the 10th July 2017.
The 5th July will determine the direction of any potential breakout, and future trading channel.
I suspect we will see a lower high of 2400, and the price will further decrease from there into the 2200 range.
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Tip : Don't get involved with BFX tokens72,339,809 tokens were issued and 35,712,790 are left. Probably quite a few of them have been converted into equity or RRT via Bank to the future.
0.7$ per token seems a lot to me and we are in overbought territory, but things are somehow looking good for BitFinex (which is quite weird). The Bitfinex team is very incompetent and it is a surprise to me that so many people bought these tokens or converted them into equity. Too many problems with their trading platform, plus massive hack were they lost more than 70M$.
The current valuation seems a bit high to me, but there are some factors that could explain why they are trading so high. People are still buying and want to convert these tokens into equity and have some exposure to the market. People might be buying as Chinese exchanges have stopped margin trading and have finally put fees, so people might turn to Bitfinex to use margin and low fees. These tokens, even though I find it terrible, can be used as a collateral and can also be traded with leverage.
The sentiment is that the price is going up, as most people are short these tokens, but this probably isn't a great indicator as the market is very illiquid. If something happens to Bitfinex, the price of these tokens can go down to 0, but even if you are short, how will you get your money if they are broke? There is limited upside, but a lot of room to fall.
www.bfxdata.com www.bfxdata.com
www.bitfinex.com
I think that investing in Bitcoin is much better than speculating on these tokens. Trading fee shares or exchange tokens, on an exchanges, is and will always be a bad idea.
BTCUSD Sharp Channel. Possible targetsComparing this sharp wave down Ive found it's of a bigger scale than a similarly sharp wave down in mid June. Some possible targets sit in the 370-380 area. With the volatility of liquidating longs and margin calls on BFX (as seen a few days ago) it cant hurt to have some bids in that zone waiting for another possible spike.