BitShares Bouncing Nicely Off of 5 cents
Yesterday I wrote about taking a position in BitShares HERE at an average of around .0518 (1151 Satoshi). Not quite the recent low but pretty darn close. .05 has acted as solid support before and my thoughts were that it would again.
We are up about .006 cents so far today off of yesterdays lows and while that doesn't sound like much, its almost a 10% fiat USD gain. It's possible that is could crash through .05, but I think this is very solid support. In fact, BTS bounced 3 times off that level yesterday.
Priced in Bitcoin, we are up to 1203 Satoshis or about 5%. Still way early in this trade, but so far so good.
There is a huge margin call out on the DEX right now that is still sitting at 73.7 million BTS that can't be ignored and could obviously have an impact on the price in the short run.
Everything is moving in sync with Bitcoin right now though. Most of BitShares peers in terms of MarketCap from CoinMarketCap.com are also up to similar degrees, but I'm still a huge fan of this DEX and the tokens ability to outperform in a bull run.
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10% is a great gain, but if you think it's going to go a lot higher, I could see holding off on cashing out. Might as well get some of the huge gains!!!
Thanks for the heads up on the Margin Call. Looks like bitUSD holders might be sweating a possible Black Swan at the moment.
Haven't looked at this space in a long time, but this is the problem with using crypto-collateral to back stable coin implementations.
I wouldn't want to be holding a lot of bitUSD right now either...it will be interesting to see how this plays out.
If a black swan happens, what happens to the people who are on margin call?
Go go bitshares! We need this DEX for working with!
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Yes we do!
Thank you for your continued support of SteemSilverGold
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