Is the China Narrative Running out of Steam?
In our last update, we covered the rapidly developing China narrative as that country’s president, Xi Jinping, favorably spoke about blockchain.
Since then, the market appears to have cooled. Jinping’s statements, which made clear that China is bullish on blockchain technology, didn’t mention any projects by name, nor did he speak about decentralization.
Despite that, coins with ties to China saw impressive gains. NEO, ONT, and QTUM were amongst those who experienced bull market-like increases, but have since tapered off.
Were Jinping’s statements nothing but a dream, or is there more where that came from?
China is likely kicking off a blockchain arms race
In an interview with Cointelegraph yesterday, Binance boss Changpeng Zhao said of China’s new stance toward blockchain:
It’s super positive. China’s very pro-technology, so China will invest very heavily in blockchain technology and on the educational front as well. Given that China has now made that move, every other country in the world will have no choice but to follow or move faster. But it’s going to be pretty hard to move faster than China to be honest.
In other words, when China decides to go for it, you’ll be hard-pressed to keep up. The United States and most members of the EU have expressed interest in blockchain technology, but have avoided taking key positions or signaling clear intent to adopt across industries.
Thus far, the private sector has explored blockchain with positive results, but no nation except China, Singapore, and to some extent, Russia has reflected that. However, due to China’s position as the world’s second greatest superpower, their sudden claim to what is likely the greatest incoming tech revolution since the internet is sure to pull others, like the USA, into the ring.
Digital yuan positioning itself as a global currency
Facebook’s Libra project was the first blockchain-based currency to be taken seriously as a global form of money. Owing to that, states around the world felt genuinely threatened by it and have largely blocked the project from advancing.
China, on the other hand, is a sovereign nation. To that end, it is free to pursue the creation of a digital currency for not only national purposes, but global ones as well.
In September, Circle’s Jeremy Allaire told CNBC that the digital yuan’s two-tier issuance system was a smart move for breaking the yuan out onto the world stage.
"This becomes a mechanism by which (the yuan) can be used in everyday transactions all around the world,” added Allaire, an internet entrepreneur who also founded video streaming firm Brightcove. “It’s ultimately a foundation for the internationalization” of the yuan.
Can the digital yuan challenge bitcoin for crypto supremacy? The PBOC, China’s central bank, already showed its hand in regard to how it views BTC when bitcoin trading in China was banned back in 2017. Clearly, government officials see bitcoin as a threat to financial policy, and would be more than happy to coax it into submission with the crypto yuan.
The takeaway
China’s foray into blockchain simply can’t be ignored, regardless of how quickly the market forgets essential news. While the outcome of these events may not be immediately bullish for the market as a whole, the stage is being set for a significant increase in awareness for blockchain technology.
In our last update, we covered the rapidly developing China narrative as that country’s president, Xi Jinping, favorably spoke about blockchain.
Since then, the market appears to have cooled. Jinping’s statements, which made clear that China is bullish on blockchain technology, didn’t mention any projects by name, nor did he speak about decentralization.
Despite that, coins with ties to China saw impressive gains. NEO, ONT, and QTUM were amongst those who experienced bull market-like increases, but have since tapered off.
Were Jinping’s statements nothing but a dream, or is there more where that came from?
China is likely kicking off a blockchain arms race
In an interview with Cointelegraph yesterday, Binance boss Changpeng Zhao said of China’s new stance toward blockchain:
It’s super positive. China’s very pro-technology, so China will invest very heavily in blockchain technology and on the educational front as well. Given that China has now made that move, every other country in the world will have no choice but to follow or move faster. But it’s going to be pretty hard to move faster than China to be honest.
In other words, when China decides to go for it, you’ll be hard-pressed to keep up. The United States and most members of the EU have expressed interest in blockchain technology, but have avoided taking key positions or signaling clear intent to adopt across industries.
Thus far, the private sector has explored blockchain with positive results, but no nation except China, Singapore, and to some extent, Russia has reflected that. However, due to China’s position as the world’s second greatest superpower, their sudden claim to what is likely the greatest incoming tech revolution since the internet is sure to pull others, like the USA, into the ring.
Digital yuan positioning itself as a global currency
Facebook’s Libra project was the first blockchain-based currency to be taken seriously as a global form of money. Owing to that, states around the world felt genuinely threatened by it and have largely blocked the project from advancing.
China, on the other hand, is a sovereign nation. To that end, it is free to pursue the creation of a digital currency for not only national purposes, but global ones as well.
In September, Circle’s Jeremy Allaire told CNBC that the digital yuan’s two-tier issuance system was a smart move for breaking the yuan out onto the world stage.
"This becomes a mechanism by which (the yuan) can be used in everyday transactions all around the world,” added Allaire, an internet entrepreneur who also founded video streaming firm Brightcove. “It’s ultimately a foundation for the internationalization” of the yuan.
Can the digital yuan challenge bitcoin for crypto supremacy? The PBOC, China’s central bank, already showed its hand in regard to how it views BTC when bitcoin trading in China was banned back in 2017. Clearly, government officials see bitcoin as a threat to financial policy, and would be more than happy to coax it into submission with the crypto yuan.
The takeaway
China’s foray into blockchain simply can’t be ignored, regardless of how quickly the market forgets essential news. While the outcome of these events may not be immediately bullish for the market as a whole, the stage is being set for a significant increase in awareness for blockchain technology.
Currently, BTC is hanging just above the $7,400 marker as the Asian markets get underway. Trading volume has been steadily decreasing across major trading pairs, including BTC/USD and ETH/BTC, signaling incoming decision time.
After BTC makes a significant movement (regardless of whether the move was up/down), it typically needs to hold momentum. Without doing so, history has shown us is that *down* is the way we go.
At current, BTC and the rest of the crypto market are fighting against a souring Chinese narrative being spun and promulgated by media outlets worldwide. Nevermind that China is bullish on blockchain, what the market is latching onto ever more tightly is the message that the world's most populous country is anti-crypto.
That wouldn't matter much if the rest of the world were up to the task of carrying the market, but so far, no one has stepped up to the plate.
So, what happens next?
$3 Billion Exit Scam Suppressing the Market?
Until CoinTelegraph broke the news about PlusToken, a $3 billion exit scam that mostly took place in Asia, few Westerners knew of the story.
To make a long story short, PlusToken, a purported crypto investment platform and wallet, scammed about $3 billion worth of BTC, ETH, and EOS from predominantly Chinese and South Korean investors.
Few inroads have been made regarding the whereabouts of PlusToken's founders after they disappeared in June of this year. A handful of blockchain analysis firms of vaguely concluded that vast sums of crypto from wallets associated with PlusToken may be suppressing market prices with shuffled digital assets.
Crypto Twitter Remains Largely Bullish, but Some Disagree
Bitcoin Jack, former lead analyst and current contributor here at Bravado, believes that the market is due for at least another leg down.
In a series of tweets between yesterday and today, Jack has outlined the case for a drop to the low $6,000s before finding a bottom sometime in January 2020.
A large drop to the $6K region will likely be preceded by a smaller step down to $7K flat, which is ominously looming just below the market's current standing.
Others, including famed trader Peter Brandt, see strength in BTC's current position, with Bloomberg's crypto outfit even speculating that short term prices may head above $8K.
As always, time will tell.
After BTC makes a significant movement (regardless of whether the move was up/down), it typically needs to hold momentum. Without doing so, history has shown us is that *down* is the way we go.
At current, BTC and the rest of the crypto market are fighting against a souring Chinese narrative being spun and promulgated by media outlets worldwide. Nevermind that China is bullish on blockchain, what the market is latching onto ever more tightly is the message that the world's most populous country is anti-crypto.
That wouldn't matter much if the rest of the world were up to the task of carrying the market, but so far, no one has stepped up to the plate.
So, what happens next?
$3 Billion Exit Scam Suppressing the Market?
Until CoinTelegraph broke the news about PlusToken, a $3 billion exit scam that mostly took place in Asia, few Westerners knew of the story.
To make a long story short, PlusToken, a purported crypto investment platform and wallet, scammed about $3 billion worth of BTC, ETH, and EOS from predominantly Chinese and South Korean investors.
Few inroads have been made regarding the whereabouts of PlusToken's founders after they disappeared in June of this year. A handful of blockchain analysis firms of vaguely concluded that vast sums of crypto from wallets associated with PlusToken may be suppressing market prices with shuffled digital assets.
Crypto Twitter Remains Largely Bullish, but Some Disagree
Bitcoin Jack, former lead analyst and current contributor here at Bravado, believes that the market is due for at least another leg down.
In a series of tweets between yesterday and today, Jack has outlined the case for a drop to the low $6,000s before finding a bottom sometime in January 2020.
A large drop to the $6K region will likely be preceded by a smaller step down to $7K flat, which is ominously looming just below the market's current standing.
Others, including famed trader Peter Brandt, see strength in BTC's current position, with Bloomberg's crypto outfit even speculating that short term prices may head above $8K.
As always, time will tell.
Bitcoin Price Lost and Found
Has this market not provided a wild ride the past few weeks? We’ve been everywhere except to the moon – however, if you were short, then you’d probably dispute that statement.
In fact, shorters have had a wonderful holiday season. BTC tumbled into the mid-$6K region, a place that many a traumatized crypto hodler hoped never to revisit again. And yet, we’ve not only gone there, but are hanging out just above support.
If you’re looking for some bright side to the situation, you don’t have to look very far. The all-important $6800 support has held – for now. Keep in mind that the last time support in that area broke down, we fell straight to $3,200.
As long as BTC can hold strong to this level, then we can start thinking about a trip back above water.
Bitcoin Dominance Creeping Higher
The cryptocurrency bear market has disproportionately affected altcoins. That is, of course, to be expected considering the second fiddle nature most play to Bitcoin.
That being said, BTC dominance up near the 70% mark is something rare enough in the past few years. Let’s be straight – altcoins are getting utterly rocked, manipulated, and discarded. For an Exhibit A display, look no further than the MATIC charts of late.
Altcoins are dangerously difficult to trade lately, which is pushing more and more money back into BTC or stablecoins. It’s an unsurprising trend pointing straight at the fear currently possessing the market.
B…b…But, What About the Halving?
Isn’t the halving supposed to make all BTC hodlers rich? Wasn’t the ride up to the moon supposed to have started by now? …What gives?
We hear you – and, to be quite honest, we’re not sure what gives, either. However, compared to past halvings, the stakes at this stage in the crypto game are WAY higher than ever before. The sheer amount of deep pockets in the market nowadays, along with the king-making rewards to be gained from playing the next halving right, make the approach less straightforward than ever before.
With that in mind, you can count on the games to continue well into
Q1. The question on everyone’s mind in this dangerously close standoff is: How low will bears push before flipping the switch? Bulls and bears are two sides of the same coin. Bears who are pushing for the lowest possible price today will simply step over the line and go long tomorrow once they’re satisfied.
To that end, resist dogmas, narratives, and stay flexible. In times like these, your best defense is an open mind, a patient outlook, and slow movements.
Has this market not provided a wild ride the past few weeks? We’ve been everywhere except to the moon – however, if you were short, then you’d probably dispute that statement.
In fact, shorters have had a wonderful holiday season. BTC tumbled into the mid-$6K region, a place that many a traumatized crypto hodler hoped never to revisit again. And yet, we’ve not only gone there, but are hanging out just above support.
If you’re looking for some bright side to the situation, you don’t have to look very far. The all-important $6800 support has held – for now. Keep in mind that the last time support in that area broke down, we fell straight to $3,200.
As long as BTC can hold strong to this level, then we can start thinking about a trip back above water.
Bitcoin Dominance Creeping Higher
The cryptocurrency bear market has disproportionately affected altcoins. That is, of course, to be expected considering the second fiddle nature most play to Bitcoin.
That being said, BTC dominance up near the 70% mark is something rare enough in the past few years. Let’s be straight – altcoins are getting utterly rocked, manipulated, and discarded. For an Exhibit A display, look no further than the MATIC charts of late.
Altcoins are dangerously difficult to trade lately, which is pushing more and more money back into BTC or stablecoins. It’s an unsurprising trend pointing straight at the fear currently possessing the market.
B…b…But, What About the Halving?
Isn’t the halving supposed to make all BTC hodlers rich? Wasn’t the ride up to the moon supposed to have started by now? …What gives?
We hear you – and, to be quite honest, we’re not sure what gives, either. However, compared to past halvings, the stakes at this stage in the crypto game are WAY higher than ever before. The sheer amount of deep pockets in the market nowadays, along with the king-making rewards to be gained from playing the next halving right, make the approach less straightforward than ever before.
With that in mind, you can count on the games to continue well into
Q1. The question on everyone’s mind in this dangerously close standoff is: How low will bears push before flipping the switch? Bulls and bears are two sides of the same coin. Bears who are pushing for the lowest possible price today will simply step over the line and go long tomorrow once they’re satisfied.
To that end, resist dogmas, narratives, and stay flexible. In times like these, your best defense is an open mind, a patient outlook, and slow movements.
Bitcoin to the Moon in 2020?
It’s officially the new year in every part of the world, unless you reside in a timezone we are completely unaware of. Thank you for all of your support, engagement, and motivation in 2019 – it has kept the Bravado mission of crypto-education alive and well.
Going into 2020, we’re launching new products that will solidify your understanding, awareness, and mobility within crypto – so, watch this space. Having said that, let’s do a recap of some of 2019’s top crypto moments.
Bitcoin Grows a Pair of Wings
Rising from the ashes of 2018 bear market despair, BTC was launched into orbit after a dismal period marked by a $3,200 price floor. In what felt like one fell swoop, Bitcoin took out ambitious target after target, going straight through overhead resistance until it had all but swept up the $14,000 mark.
For a moment, it looked primed to retest previous all-time highs, but that wasn’t to be. A retrace has reduced gains by nearly half, but the market has still seen hand-over-fist gains compared to this time last year.
Retail Investors Abandon Hope
Despite the incredible gains seen through the first half of the year, the green was mostly restricted to BTC and a handful of other assets. The altcoin market, by and large, has performed pretty poorly.
Conferences, mainnet launches, partnerships – none of these price-boosters of old seem to have the same magic anymore. There were some bright spots such as Chainlink, but such success stories were far from common.
Retail investors have seemingly lost interest in crypto as evidenced by the abandonment of spaces like Crypto Twitter, subreddits like EthTrader, and Telegram groups. Those who have weathered both the good and the bad have largely done so by tuning out entirely.
Will a run-up toward the Bitcoin halving in May change that? We’ll definitely find out.
Craig Wright Flexes on Hodlonaut, Gets Shut Down
Everyone’s least favorite Satoshi imposter crossed the line earlier this year when he started a legal suit rampage against his doubters. Amongst those doubters was Hodlonaut, a Twitter cat wearing a spacesuit.
After Wright threatened to sue and unmask Hodlonaut, the entire cryptosphere banded together in a scene reminiscent of the Avengers: End Game. To add a bit of comeuppance to the entire scenario, Wright was also owned in the court of law, where he was ruled against and ordered to hand over half his BTC to the estate of Dave Kleiman.
Bakkt Gains Steam
Despite its initial debut being widely panned as a failure, Bakkt has bounced back to claim higher highs throughout a turbulent (and mostly down) market.
In another telling moment, Bakkt’s CEO, Kelly Loeffler, resigned after being appointed to the US Senate, where hopefully she’ll continue campaigning for a crypto future.
Next, we’ll look ahead to 2020 with an analysis of trends and events to watch for. Until then!
It’s officially the new year in every part of the world, unless you reside in a timezone we are completely unaware of. Thank you for all of your support, engagement, and motivation in 2019 – it has kept the Bravado mission of crypto-education alive and well.
Going into 2020, we’re launching new products that will solidify your understanding, awareness, and mobility within crypto – so, watch this space. Having said that, let’s do a recap of some of 2019’s top crypto moments.
Bitcoin Grows a Pair of Wings
Rising from the ashes of 2018 bear market despair, BTC was launched into orbit after a dismal period marked by a $3,200 price floor. In what felt like one fell swoop, Bitcoin took out ambitious target after target, going straight through overhead resistance until it had all but swept up the $14,000 mark.
For a moment, it looked primed to retest previous all-time highs, but that wasn’t to be. A retrace has reduced gains by nearly half, but the market has still seen hand-over-fist gains compared to this time last year.
Retail Investors Abandon Hope
Despite the incredible gains seen through the first half of the year, the green was mostly restricted to BTC and a handful of other assets. The altcoin market, by and large, has performed pretty poorly.
Conferences, mainnet launches, partnerships – none of these price-boosters of old seem to have the same magic anymore. There were some bright spots such as Chainlink, but such success stories were far from common.
Retail investors have seemingly lost interest in crypto as evidenced by the abandonment of spaces like Crypto Twitter, subreddits like EthTrader, and Telegram groups. Those who have weathered both the good and the bad have largely done so by tuning out entirely.
Will a run-up toward the Bitcoin halving in May change that? We’ll definitely find out.
Craig Wright Flexes on Hodlonaut, Gets Shut Down
Everyone’s least favorite Satoshi imposter crossed the line earlier this year when he started a legal suit rampage against his doubters. Amongst those doubters was Hodlonaut, a Twitter cat wearing a spacesuit.
After Wright threatened to sue and unmask Hodlonaut, the entire cryptosphere banded together in a scene reminiscent of the Avengers: End Game. To add a bit of comeuppance to the entire scenario, Wright was also owned in the court of law, where he was ruled against and ordered to hand over half his BTC to the estate of Dave Kleiman.
Bakkt Gains Steam
Despite its initial debut being widely panned as a failure, Bakkt has bounced back to claim higher highs throughout a turbulent (and mostly down) market.
In another telling moment, Bakkt’s CEO, Kelly Loeffler, resigned after being appointed to the US Senate, where hopefully she’ll continue campaigning for a crypto future.
Next, we’ll look ahead to 2020 with an analysis of trends and events to watch for. Until then!
The Crypto Market Is Tearing It Up
Talk about a run! The cryptocurrency market is currently running wild in the streets with Ethereum, of all major assets, leading the way.
We’ve loved Ethereum for a long time and have patiently waited for this moment since somewhere back in 2018. After BTC bounded out of its slump a few weeks back, the altcoin market perked up, signaled by big moves in BSV, BCH, LTC, ICX, and now ETH.
When you think about it, this progression of events does make sense. We’re witnessing something more akin to a classic cryptocurrency bull cycle where BTC runs then consolidates followed by sweet gains trickling down into other assets before everyone gets in on the fun.
Been a while since this type of activity has been seen in the market, however. Where is it all leading to?
$8K BTC — the Bottom, or New Normal?
The $8,000 range has an unparalleled magnetism over BTC. It’s almost as though there is an imaginary leash yanking at BTC’s neck every time it strays too far. Well, here we are in the upper $9K area despite appearing on a few occasions as though a downward spiral was in the cards.
What kind of play does BTC make from here? With volume steadily increasing and a rising tide on all major cryptocurrencies currently in play, there is certainly decision time incoming.
It’s looking more and more likely that there is enough gas in the tank for a run at $10.4K, but there are several off-market factors to consider. With the world currently consumed by volatile politics, trade wars, and a pandemic, it’s safe to say that anything can change in a given moment.
However, Bitcoin’s strong performance during such volatile times is also a testament to the long-running argument that it just may be a real safe-haven asset. Today’s rally also corresponds with the big bounce seen in traditional markets like the Dow Jones.
What would really be interesting is a BTC uptrend while traditional markets report lackluster performance. We saw that a bit earlier this week, but it wasn’t notable enough to be overly encouraging.
The rest of this week and early next should bring plenty of fireworks so stay tuned, and keep an eye on Ethereum 😉
Talk about a run! The cryptocurrency market is currently running wild in the streets with Ethereum, of all major assets, leading the way.
We’ve loved Ethereum for a long time and have patiently waited for this moment since somewhere back in 2018. After BTC bounded out of its slump a few weeks back, the altcoin market perked up, signaled by big moves in BSV, BCH, LTC, ICX, and now ETH.
When you think about it, this progression of events does make sense. We’re witnessing something more akin to a classic cryptocurrency bull cycle where BTC runs then consolidates followed by sweet gains trickling down into other assets before everyone gets in on the fun.
Been a while since this type of activity has been seen in the market, however. Where is it all leading to?
$8K BTC — the Bottom, or New Normal?
The $8,000 range has an unparalleled magnetism over BTC. It’s almost as though there is an imaginary leash yanking at BTC’s neck every time it strays too far. Well, here we are in the upper $9K area despite appearing on a few occasions as though a downward spiral was in the cards.
What kind of play does BTC make from here? With volume steadily increasing and a rising tide on all major cryptocurrencies currently in play, there is certainly decision time incoming.
It’s looking more and more likely that there is enough gas in the tank for a run at $10.4K, but there are several off-market factors to consider. With the world currently consumed by volatile politics, trade wars, and a pandemic, it’s safe to say that anything can change in a given moment.
However, Bitcoin’s strong performance during such volatile times is also a testament to the long-running argument that it just may be a real safe-haven asset. Today’s rally also corresponds with the big bounce seen in traditional markets like the Dow Jones.
What would really be interesting is a BTC uptrend while traditional markets report lackluster performance. We saw that a bit earlier this week, but it wasn’t notable enough to be overly encouraging.
The rest of this week and early next should bring plenty of fireworks so stay tuned, and keep an eye on Ethereum 😉
Crypto Knocked by Virus Worries
Just when a major cryptocurrency renaissance was getting underway, a global pandemic has knocked the wind from Bitcoin et al.
In the lead-up to the BTC halving event, it seemed for a moment like there was simply no stopping the world’s number one digital asset. However, nature had other plans as the Coronavirus emerged and quickly spread across the globe.
Surely you need no refresher on the last point as the virus has been the world’s main talking point for weeks now. Both traditional and digital asset markets have finally caught up with the news, leaving traders in the red everywhere from the NYSE trading floor to the halls of the Shanghai Stock Exchange.
Store of Value No More?
For cryptocurrency traders like ourselves, the decline in crypto fortunes led most notably by BTC’s fall under $7,800 signals an impending end to the store of value use case. It is one thing to declare an asset a store of value during times of acceptable turbulence. But, it is clearly another for that same asset to actually act like an SoV when the going gets tough.
And boy, the going is getting tough.
So, in Bitcoin’s first real test as a store of value asset, it is hanging in the ring but appears as to be fatiguing from the fight. The remainder of this month will be crucial for determining what to expect from the first half of 2020, especially as traders gear up for the halving event.
Ethereum Foreshadows
Ethereum showed us the way up, now it will lead the way down. ETH has preceded price moves for the rest of the market, and at current, is also diving the hardest, too.
Does that foreshadow fortunes for other top tier assets? Today, ETHUSD has led the way down with over -5% in losses, shedding close to $100 since the downtrend began. The ETHBTC ratio hasn’t fared much better but may be buoyed by Bitcoin’s drop in tandem with it.
At the moment, there is no telling how far down digital assets may go since they are currently at the mercy of global events — and appear entirely correlated to traditional asset markets.
Given the uncertainty and apparent selling pressure, we’re taking a wait and see approach with maximum de-risking practices in place to Stack our wealth; this includes our use of automated trading technologies - which you all will receive exclusive access to in the coming weeks!
Just when a major cryptocurrency renaissance was getting underway, a global pandemic has knocked the wind from Bitcoin et al.
In the lead-up to the BTC halving event, it seemed for a moment like there was simply no stopping the world’s number one digital asset. However, nature had other plans as the Coronavirus emerged and quickly spread across the globe.
Surely you need no refresher on the last point as the virus has been the world’s main talking point for weeks now. Both traditional and digital asset markets have finally caught up with the news, leaving traders in the red everywhere from the NYSE trading floor to the halls of the Shanghai Stock Exchange.
Store of Value No More?
For cryptocurrency traders like ourselves, the decline in crypto fortunes led most notably by BTC’s fall under $7,800 signals an impending end to the store of value use case. It is one thing to declare an asset a store of value during times of acceptable turbulence. But, it is clearly another for that same asset to actually act like an SoV when the going gets tough.
And boy, the going is getting tough.
So, in Bitcoin’s first real test as a store of value asset, it is hanging in the ring but appears as to be fatiguing from the fight. The remainder of this month will be crucial for determining what to expect from the first half of 2020, especially as traders gear up for the halving event.
Ethereum Foreshadows
Ethereum showed us the way up, now it will lead the way down. ETH has preceded price moves for the rest of the market, and at current, is also diving the hardest, too.
Does that foreshadow fortunes for other top tier assets? Today, ETHUSD has led the way down with over -5% in losses, shedding close to $100 since the downtrend began. The ETHBTC ratio hasn’t fared much better but may be buoyed by Bitcoin’s drop in tandem with it.
At the moment, there is no telling how far down digital assets may go since they are currently at the mercy of global events — and appear entirely correlated to traditional asset markets.
Given the uncertainty and apparent selling pressure, we’re taking a wait and see approach with maximum de-risking practices in place to Stack our wealth; this includes our use of automated trading technologies - which you all will receive exclusive access to in the coming weeks!
Uncharted Territory for Bitcoin, and Everything Else With It
What in the world just happened? Between a global lockdown, travel restrictions galore, and both stock and crypto market crashes followed by rallies, one might be tempted to throw in the towel on speculating what’s next.
And no one would blame you — certainly not us. In case you were stuck in a long line outside of the grocery store to buy toilet paper, here’s a wrap-up of recent mind-boggling events.
Crypto Craters, Then Moons
If you were just looking at the BTC charts within any contextual info, this would be impressive enough. But the fact that it’s all related to an unprecedented pandemic and global economic meltdown makes the crash —> recovery even wilder.
Unorthodox Trading Methods
Some traders have tee’d themselves up using a combination of TA and celestial events like the spring equinox. Others have firmly counter-traded the trend & well-timed a falling knife buy, while yet others went to cash and are waiting for a sign.
If this rally amidst record-shattering unemployment claims, soaring infection numbers, and dismal economic prospects in near, mid, and long term timeframes seems suspect, we don’t blame you. Rationally (and fundamentally) speaking, it doesn’t seem like there is any visible upside for now to paint a positive picture.
Traders in both traditional stock markets and crypto may be juicing the confusion for all its worth — a bit like they did in the lead-up to the first virus-induced losses in mid-March. While some insiders had been selling off stock since February (google Sen. Burr), others appeared to add impetus to markets, sending them higher before vivaciously shorting from atop the world.
The threat of being dumped on again looms large, but one interesting spin on the current situation comes to us via the impending halving. With Bitcoin inflation set to lower in May, how low can BTC realistically go — no matter how bad the news gets?
Lots of few, and few answers, Bravado family. We’re in uncharted territory here — so let’s stick together. Please stay safe out there! A healthy trader is a good trader, so keep washing those hands and we’ll update you again shortly.
What in the world just happened? Between a global lockdown, travel restrictions galore, and both stock and crypto market crashes followed by rallies, one might be tempted to throw in the towel on speculating what’s next.
And no one would blame you — certainly not us. In case you were stuck in a long line outside of the grocery store to buy toilet paper, here’s a wrap-up of recent mind-boggling events.
Crypto Craters, Then Moons
If you were just looking at the BTC charts within any contextual info, this would be impressive enough. But the fact that it’s all related to an unprecedented pandemic and global economic meltdown makes the crash —> recovery even wilder.
Unorthodox Trading Methods
Some traders have tee’d themselves up using a combination of TA and celestial events like the spring equinox. Others have firmly counter-traded the trend & well-timed a falling knife buy, while yet others went to cash and are waiting for a sign.
If this rally amidst record-shattering unemployment claims, soaring infection numbers, and dismal economic prospects in near, mid, and long term timeframes seems suspect, we don’t blame you. Rationally (and fundamentally) speaking, it doesn’t seem like there is any visible upside for now to paint a positive picture.
Traders in both traditional stock markets and crypto may be juicing the confusion for all its worth — a bit like they did in the lead-up to the first virus-induced losses in mid-March. While some insiders had been selling off stock since February (google Sen. Burr), others appeared to add impetus to markets, sending them higher before vivaciously shorting from atop the world.
The threat of being dumped on again looms large, but one interesting spin on the current situation comes to us via the impending halving. With Bitcoin inflation set to lower in May, how low can BTC realistically go — no matter how bad the news gets?
Lots of few, and few answers, Bravado family. We’re in uncharted territory here — so let’s stick together. Please stay safe out there! A healthy trader is a good trader, so keep washing those hands and we’ll update you again shortly.
Bitcoin to World, “Hodl my beer”
Today is Wednesday, April 29th, 2020, and we officially have liftoff in the cryptocurrency market.
Our last update came to you after COVID–19 kicked off an impressive downward spiral that left us speechless. So, it feels good to come full circle with an epic green candle taking BTC near the $9,000 mark.
Are there clear skies ahead, or can we expect more turbulence?
BTC takes out $8,500 resistance with ease
The speed with which Bitcoin took down the key $8,500 resistance level tells us much about its strength heading into the Bitcoin halving.
Whereas many expected $8.5K to play a key defensive role for the bear case, that scenario simply didn’t materialize with bulls arriving on the scene en masse. Within 24 hours, bulls propelled BTC over 11%, providing a slam dunk for crypto optimists everywhere.
The current rally formed after BTC hit lows in the $3K region following a worldwide asset selloff on March 12th. Since then, BTC has gone from strength to strength, only lightly tapping the brakes on a few occasions to book gains (most notably in the last pullback to $6,800).
Back to the futures gap
Bitcoin may be targeting the CME futures gap at $9,125 next, giving bulls the impetus they need to keep steamrolling ahead. If that’s the case, decision time for crossing the $9K mark is imminent as the halving date grows nearer.
Of course, BTC’s recent growth surrounding halving hype leads to the question of how sustainable this growth is, and what might happen after the halving passes – but we’ll leave speculation for our next update.
For now, kick back and enjoy the ride. With the news cycle being what is it is these days, and many of us existing in blurred space-time continuums (AKA indoor lockdowns), this ray of sunshine provided by BTC is much appreciated.
Today is Wednesday, April 29th, 2020, and we officially have liftoff in the cryptocurrency market.
Our last update came to you after COVID–19 kicked off an impressive downward spiral that left us speechless. So, it feels good to come full circle with an epic green candle taking BTC near the $9,000 mark.
Are there clear skies ahead, or can we expect more turbulence?
BTC takes out $8,500 resistance with ease
The speed with which Bitcoin took down the key $8,500 resistance level tells us much about its strength heading into the Bitcoin halving.
Whereas many expected $8.5K to play a key defensive role for the bear case, that scenario simply didn’t materialize with bulls arriving on the scene en masse. Within 24 hours, bulls propelled BTC over 11%, providing a slam dunk for crypto optimists everywhere.
The current rally formed after BTC hit lows in the $3K region following a worldwide asset selloff on March 12th. Since then, BTC has gone from strength to strength, only lightly tapping the brakes on a few occasions to book gains (most notably in the last pullback to $6,800).
Back to the futures gap
Bitcoin may be targeting the CME futures gap at $9,125 next, giving bulls the impetus they need to keep steamrolling ahead. If that’s the case, decision time for crossing the $9K mark is imminent as the halving date grows nearer.
Of course, BTC’s recent growth surrounding halving hype leads to the question of how sustainable this growth is, and what might happen after the halving passes – but we’ll leave speculation for our next update.
For now, kick back and enjoy the ride. With the news cycle being what is it is these days, and many of us existing in blurred space-time continuums (AKA indoor lockdowns), this ray of sunshine provided by BTC is much appreciated.
Try Your First Trading Bot for Free
During these uncertain times of certain volatility, what’s the best way to start trading crypto and manage digital asset wealth? Is this a good time to learn to trade crypto?
Let’s clear one thing up from the start – the word wealth. It doesn’t need to mean Jeff Bezos-level billions. Whether you’re hodling 0.2 BTC or 200 BTC, any amount of value that is yours is wealth.
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One of the most profitable bots on Stacked is Bedrock, a trend bot that takes 3-4 trades per month, and is up over 1000% since launch on the default bot settings.
All during a bear market.
So here's the deal. If you want to try Bedrock, you can now get it completely free for a full month to try it yourself.
Set up is simple:
☝️Create a free account on Stacked
✌️Sign up for a monthly subscription of Bedrock bot and use code: trendbot30
🤟Link your exchange account
Most Stacked users actually subscribe to multiple bots, so make sure to check out the marketplace to see the success of popular bots like GainzyBot, PsychoBot, ConceptBot, and others!
To get the FREE TRIAL, make sure to sign up for Bedrock and choose the monthly pricing option on this page.
They have great customer support too! So if you have any questions just chat with support on the Stacked website. Enjoy!
During these uncertain times of certain volatility, what’s the best way to start trading crypto and manage digital asset wealth? Is this a good time to learn to trade crypto?
Let’s clear one thing up from the start – the word wealth. It doesn’t need to mean Jeff Bezos-level billions. Whether you’re hodling 0.2 BTC or 200 BTC, any amount of value that is yours is wealth.
That's why Stacked was built, the easiest way to connect to popular trading bots and completely automate long and short trades. All you have to do is connect your exchange and let it run.
There are many popular bots on the Stacked platform, and you can see a full trade history of each one on the marketplace.
Stacked does NOT show backtested data, only real-time trades🔥
One of the most profitable bots on Stacked is Bedrock, a trend bot that takes 3-4 trades per month, and is up over 1000% since launch on the default bot settings.
All during a bear market.
So here's the deal. If you want to try Bedrock, you can now get it completely free for a full month to try it yourself.
Set up is simple:
☝️Create a free account on Stacked
✌️Sign up for a monthly subscription of Bedrock bot and use code: trendbot30
🤟Link your exchange account
Most Stacked users actually subscribe to multiple bots, so make sure to check out the marketplace to see the success of popular bots like GainzyBot, PsychoBot, ConceptBot, and others!
To get the FREE TRIAL, make sure to sign up for Bedrock and choose the monthly pricing option on this page.
They have great customer support too! So if you have any questions just chat with support on the Stacked website. Enjoy!
Hello $10K, My Old Friend
We're here again. How many times has it been already? How often have we sat riveted by the possibility of breaking the $10K BTC mark?
More often than not, $10K has rejected us. But, it only takes one successful break of that mark to show what is possible and feed the drive higher into the clear space above us.
As before, Bitcoin's attempts at going back into the five digit realm have been decisively pummeled, but today's loss of 7% after a foray toward the $10K mark had something else going on.
What, you ask? Well, it just so happens that for a moment, it looked like Satoshi had finally shown up.
#Satoshi's wallet? Probably not.
Whale Alert made waves after reporting that a wallet possibly owned by Bitcoin creator Satoshi Nakamoto had just moved 40 BTC.
We're here again. How many times has it been already? How often have we sat riveted by the possibility of breaking the $10K BTC mark?
More often than not, $10K has rejected us. But, it only takes one successful break of that mark to show what is possible and feed the drive higher into the clear space above us.
As before, Bitcoin's attempts at going back into the five digit realm have been decisively pummeled, but today's loss of 7% after a foray toward the $10K mark had something else going on.
What, you ask? Well, it just so happens that for a moment, it looked like Satoshi had finally shown up.
#Satoshi's wallet? Probably not.
Whale Alert made waves after reporting that a wallet possibly owned by Bitcoin creator Satoshi Nakamoto had just moved 40 BTC.
Screen Shot 2020-05-20 at 2.04.16 PM.png
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While the BTC and wallet involved hadn't activated in over a decade, there was scant evidence on Whale Alert's side to say more about why that wallet had anything to do with Satoshi.
The crux of Whale Alert's claim about the wallet *potentially* being Satoshi's is basically that since the 40 BTC involved in the transaction are from the first month of Bitcoin mining, they might belong to Satoshi.
That's a whole lot of inferring made to very weakly support a controversial claim. BTC, along with the rest of crypto, dropped a lot of coin in response, with some exchanges, like Bitstamp, showing BTC down 7%.
Several of Bitcoin's most maximum maximalists, like Jameson Lopp and Nic Carter, took to Twitter to show just how threadbare Whale Alert's claim really was.
So, basically, while it is *possible* that the 40 BTC belong to Satoshi, it is not *probable* according to the evidence on hand.
#Bitcoin keeps beating the odds
Another day, another bump in global asset prices despite the increasing doom and gloom on charts of a different kind — *unemployment* charts. How is it possible?
Despite being more of a low-rent news commentator these days, infamous trader Peter Brandt does occasionally still comment on markets. Today, he gave a succinct summary of how and why markets can continue rising despite bad news pretty much everywhere else.
In essence, the Fed is injecting trillions of dollars of liquidity into nearly every sector of the US economy. How sustainable that is, and what the long term effects will be is a question requiring an in-depth study we won't delve into here or now, but today, the markets are loving it.
So far, Bitcoin hasn't decoupled from the success of traditional markets, such as the Dow Jones, enough to to say that these points are unrelated to Bitcoin.
One thing is for sure, though. Bitcoin is showing the world that it's viable for real money principles to be hardwired into a digital currency's DNA and have that currency not only retain, but gain value when the chips are down.
That's a whole lot of inferring made to very weakly support a controversial claim. BTC, along with the rest of crypto, dropped a lot of coin in response, with some exchanges, like Bitstamp, showing BTC down 7%.
Several of Bitcoin's most maximum maximalists, like Jameson Lopp and Nic Carter, took to Twitter to show just how threadbare Whale Alert's claim really was.
So, basically, while it is *possible* that the 40 BTC belong to Satoshi, it is not *probable* according to the evidence on hand.
#Bitcoin keeps beating the odds
Another day, another bump in global asset prices despite the increasing doom and gloom on charts of a different kind — *unemployment* charts. How is it possible?
Despite being more of a low-rent news commentator these days, infamous trader Peter Brandt does occasionally still comment on markets. Today, he gave a succinct summary of how and why markets can continue rising despite bad news pretty much everywhere else.
In essence, the Fed is injecting trillions of dollars of liquidity into nearly every sector of the US economy. How sustainable that is, and what the long term effects will be is a question requiring an in-depth study we won't delve into here or now, but today, the markets are loving it.
So far, Bitcoin hasn't decoupled from the success of traditional markets, such as the Dow Jones, enough to to say that these points are unrelated to Bitcoin.
One thing is for sure, though. Bitcoin is showing the world that it's viable for real money principles to be hardwired into a digital currency's DNA and have that currency not only retain, but gain value when the chips are down.
Automate Your Trading Experience for FREE with Stacked
There are many popular bots on the Stacked platform, and you can see a full trade history of each one on the marketplace.
One of the most profitable bots on Stacked is Samurai Scalp, a scalp bot that takes 10+ trades per month.
So here's the deal. If you want to try Samurai, you can now get it completely FREE for a full month to try it yourself.
Set up is simple:
☝️Create a free account on Stacked
✌️Sign up for a monthly subscription of Samurai Scalp and use code: samurai30
🤟Link your exchange account
Most Stacked users actually subscribe to multiple bots, so make sure to check out the marketplace to see the success of popular bots like Bedrock, PsychoBot, ConceptBot, and others!
To get the FREE TRIAL, make sure to sign up for Samurai Scalp and choose the monthly pricing option on this page
There are many popular bots on the Stacked platform, and you can see a full trade history of each one on the marketplace.
One of the most profitable bots on Stacked is Samurai Scalp, a scalp bot that takes 10+ trades per month.
So here's the deal. If you want to try Samurai, you can now get it completely FREE for a full month to try it yourself.
Set up is simple:
☝️Create a free account on Stacked
✌️Sign up for a monthly subscription of Samurai Scalp and use code: samurai30
🤟Link your exchange account
Most Stacked users actually subscribe to multiple bots, so make sure to check out the marketplace to see the success of popular bots like Bedrock, PsychoBot, ConceptBot, and others!
To get the FREE TRIAL, make sure to sign up for Samurai Scalp and choose the monthly pricing option on this page
BTC Decision Time: Will the $10K Fortress Fall?
There is a seriously crazy amount of stuff happening in the world today.
Global pandemic.
A very just and long overdue fight for equal rights.
Economic turmoil.
The list can certainly go on, but we'll only add one more thing to it — decision time for Bitcoin.
This week, it is very likely that bulls will once again storm the $10K BTC fortress, but will they finally succeed where they have been soundly defeated on several recent occasions?
Last week, bulls were routed, trounced, *decimated*, by staunch $10K defenders when it blasted clear of the five digit mark only to violently crash back into the $9,000 region.
Here are a few of the predominant factors holding BTC under.
Focus on Traditional Markets
Retail traders are nowhere to be found, as has been the case since civilians were completely and utterly rekt after the 2018 bear market.
That leaves the vast majority of price action up to the pros who have a lot on on their hands as of now. Compared with traditional market traders, there are far fewer traders whose sole focus is on cryptocurrency.
Meaning most traders are dabbling across several different types of assets — and not all of them digital. With the irrational-but-widely-accepted ongoing bull market in the Dow Jones and Nasdaq showing little sign of letting up, the spotlight on digital assets has dimmed.
There Is Still a Pandemic (In Case You Forgot)
Simply put, there is still a pandemic on. This thing is just throwing a curveball no matter how you look at it.
Currently, it is impossible to say if the pandemic is a boon or hindrance to Bitcoin's fortunes. But, logic might tell us that under such circumstances, an unabated rally to the moon is just not in the cards yet.
From prior experience, Bitcoin always loves a good counter-trend rally, with the recent move from the $3,000s back to $10,000 being another one for the books.
Nonetheless, the insecurity around the economy and the whooping America has taken at the hands of the virus (being the world's leading source of BTC trading activity) means the bull-case is still psyched out.
$10,000 Is a Major Psychological Hurdle
Certain numbers are powerful. For Bitcoin, 10,000 is just such a number. Try as it might, BTC hasn't been able to completely break free of the orbit caused by 10,000's gravity.
Even after posting major gains and sustaining prices near the $20K mark, the Bitcoin pendulum has swung wildly even without the myriad forms of turmoil seen today.
Getting near the $10K mark has already been a very wild ride, and breaking through it will be one, too.
The reason we've seen such swift rejection at or above $10,000 recently is that bears need to exert immediate and definitive downward pressure to keep the psychological barrier in play. Too much time spent above $10K will give hope and gather forces on the other side of the equation.
So far, bears have shown more power in defending their fortress, but the longer that fortress remains sieged by prices hovering nearby, the sooner we can hope it will fall.
There is a seriously crazy amount of stuff happening in the world today.
Global pandemic.
A very just and long overdue fight for equal rights.
Economic turmoil.
The list can certainly go on, but we'll only add one more thing to it — decision time for Bitcoin.
This week, it is very likely that bulls will once again storm the $10K BTC fortress, but will they finally succeed where they have been soundly defeated on several recent occasions?
Last week, bulls were routed, trounced, *decimated*, by staunch $10K defenders when it blasted clear of the five digit mark only to violently crash back into the $9,000 region.
Here are a few of the predominant factors holding BTC under.
Focus on Traditional Markets
Retail traders are nowhere to be found, as has been the case since civilians were completely and utterly rekt after the 2018 bear market.
That leaves the vast majority of price action up to the pros who have a lot on on their hands as of now. Compared with traditional market traders, there are far fewer traders whose sole focus is on cryptocurrency.
Meaning most traders are dabbling across several different types of assets — and not all of them digital. With the irrational-but-widely-accepted ongoing bull market in the Dow Jones and Nasdaq showing little sign of letting up, the spotlight on digital assets has dimmed.
There Is Still a Pandemic (In Case You Forgot)
Simply put, there is still a pandemic on. This thing is just throwing a curveball no matter how you look at it.
Currently, it is impossible to say if the pandemic is a boon or hindrance to Bitcoin's fortunes. But, logic might tell us that under such circumstances, an unabated rally to the moon is just not in the cards yet.
From prior experience, Bitcoin always loves a good counter-trend rally, with the recent move from the $3,000s back to $10,000 being another one for the books.
Nonetheless, the insecurity around the economy and the whooping America has taken at the hands of the virus (being the world's leading source of BTC trading activity) means the bull-case is still psyched out.
$10,000 Is a Major Psychological Hurdle
Certain numbers are powerful. For Bitcoin, 10,000 is just such a number. Try as it might, BTC hasn't been able to completely break free of the orbit caused by 10,000's gravity.
Even after posting major gains and sustaining prices near the $20K mark, the Bitcoin pendulum has swung wildly even without the myriad forms of turmoil seen today.
Getting near the $10K mark has already been a very wild ride, and breaking through it will be one, too.
The reason we've seen such swift rejection at or above $10,000 recently is that bears need to exert immediate and definitive downward pressure to keep the psychological barrier in play. Too much time spent above $10K will give hope and gather forces on the other side of the equation.
So far, bears have shown more power in defending their fortress, but the longer that fortress remains sieged by prices hovering nearby, the sooner we can hope it will fall.
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To get the FREE TRIAL to Samurai, make sure to sign up for Samurai Scalp and choose the monthly pricing option on this page and use promo code: samurai30
To get the FREE TRIAL to Bedrock Trend Bot, make sure to sign up for Bedrock and choose the monthly pricing option on this page and use promo code: trendbot30
Stacked makes trading and investing EASY. Gone are the days of having to monitor charts, or read someone's advice, because Stacked provides automated trading and investing solutions. 🤟
Not sure how to structure your crypto portfolio? 🤷♂️
Instantly allocate any percentage of your portfolio to pre-built portfolios, or indices, with just a few clicks, for FREE.
👉 To try for yourself, click here! This feature is always entirely FREE to the user!!
Are you interested in robust trading solutions, too?
If you answered YES, go to the Stacked Bot Marketplace by clicking here
The bots range in price, from $30 dollars to $400, which may leave some of you disinterested, which is why we are offering FREE TRIALS to Samurai Scalp and Bedrock Trend Bot
To get the FREE TRIAL to Samurai, make sure to sign up for Samurai Scalp and choose the monthly pricing option on this page and use promo code: samurai30
To get the FREE TRIAL to Bedrock Trend Bot, make sure to sign up for Bedrock and choose the monthly pricing option on this page and use promo code: trendbot30
Samurai Scalp is now FREE for one month at www.trystacked.com
For your free trial use coupon code samurai30
For your free trial use coupon code samurai30
Bitcoin Looking for a Big Move
It's difficult to believe we're on the cusp of July when it seems like only yesterday we were clinking glasses toward the new year.
Time flies when you're...dealing with a global pandemic.
In that time, Bitcoin has held surprisingly steady. Anyone who knows Bitcoin well would probably tell you the same.
Here, in these most volatile of days, our money, this decentralized network between us, hasn't let us down, even if it hasn't landed on the moon.
In a way, this is the moon.
Before, a bit of FUD from little-known South Korean regulators was enough to tank Bitcoin prices. And yet now, here we are, months deep into the most epic event in several generations and the only true global catastrophe probably ever, and BTC is holding the line.
Damn, that makes us proud.
BTC is range-bound, but for how much longer?
We're going to state the obvious here — Bitcoin, along with the rest of the crypto market, is strongly correlated with traditional assets markets, most notably the Dow Jones, S&P 500, and Nasdaq.
Why? Who knows, but it also does not matter. Comparing macro charts of the Dow and Bitcoin throughout the pandemic presents a mirror image.
The Bitcoin decoupling we were becoming accustomed to throughout 2019 is certainly gone for the moment. So, there is every reason to keep one eye on traditional markets and the other on cryptocurrency markets for a holistic view.
Today, Bitcoin is inching toward the $9,200 mark as it adds value that disappeared during a slow leak in the second half of June.
There are encouraging signs for BTC, such as the amount of Bitcoin standing stock-still in wallets.
Unlike at any other time since mid-2017, investors are leaving Bitcoin in wallets in record amounts — all without touching it or sending large sums to exchanges.
This suggests investor confidence toward BTC value as a HODL mentality gains significant ground.
BTC volatility at historic lows
However, any time Bitcoin volatility gets this low, it usually means something huge is on the way.
BTC volatility is currently at historic lows as traders wait for a sign regarding where the next move is heading.
If Bitcoin and the S&P 500 stay closely correlated, and the S&P 500 continues reacting to COVID-19 data and increasingly dire global economic news from organizations like the IMF, then we may be looking at a downward trajectory.
During the past 10 days, several dips below the $9K mark have been bought with what started as ferocity and has ended, as recently as this weekend, as a low volume sputter.
Suffice to say, the window for placing your bets is quickly narrowing.
It's difficult to believe we're on the cusp of July when it seems like only yesterday we were clinking glasses toward the new year.
Time flies when you're...dealing with a global pandemic.
In that time, Bitcoin has held surprisingly steady. Anyone who knows Bitcoin well would probably tell you the same.
Here, in these most volatile of days, our money, this decentralized network between us, hasn't let us down, even if it hasn't landed on the moon.
In a way, this is the moon.
Before, a bit of FUD from little-known South Korean regulators was enough to tank Bitcoin prices. And yet now, here we are, months deep into the most epic event in several generations and the only true global catastrophe probably ever, and BTC is holding the line.
Damn, that makes us proud.
BTC is range-bound, but for how much longer?
We're going to state the obvious here — Bitcoin, along with the rest of the crypto market, is strongly correlated with traditional assets markets, most notably the Dow Jones, S&P 500, and Nasdaq.
Why? Who knows, but it also does not matter. Comparing macro charts of the Dow and Bitcoin throughout the pandemic presents a mirror image.
The Bitcoin decoupling we were becoming accustomed to throughout 2019 is certainly gone for the moment. So, there is every reason to keep one eye on traditional markets and the other on cryptocurrency markets for a holistic view.
Today, Bitcoin is inching toward the $9,200 mark as it adds value that disappeared during a slow leak in the second half of June.
There are encouraging signs for BTC, such as the amount of Bitcoin standing stock-still in wallets.
Unlike at any other time since mid-2017, investors are leaving Bitcoin in wallets in record amounts — all without touching it or sending large sums to exchanges.
This suggests investor confidence toward BTC value as a HODL mentality gains significant ground.
BTC volatility at historic lows
However, any time Bitcoin volatility gets this low, it usually means something huge is on the way.
BTC volatility is currently at historic lows as traders wait for a sign regarding where the next move is heading.
If Bitcoin and the S&P 500 stay closely correlated, and the S&P 500 continues reacting to COVID-19 data and increasingly dire global economic news from organizations like the IMF, then we may be looking at a downward trajectory.
During the past 10 days, several dips below the $9K mark have been bought with what started as ferocity and has ended, as recently as this weekend, as a low volume sputter.
Suffice to say, the window for placing your bets is quickly narrowing.
Is Bitcoin Priming Its Thrusters?
Volatility usually has a negative association for Bitcoin investors.
Why?
Because when Bitcoin is volatile, it means prices can go up — or down, and people fear down more than they believe in up.
However, to make money, you need some Bitcoin volatility. Otherwise, BTC is just like any other stablecoin hovering around a pegged value.
These days, volatility has all but disappeared from Bitcoin markets while altcoins take off day after day.
Watching LINK take out the $8 mark really drives home the point that Bitcoin is currently about as exciting as watching an ice cube melt.
However, there are numerous signs and indicators that Bitcoin is coiling up for a decisive move.
The Experts Agree...
John Bollinger, Peter Brandt, and Skew's indicators are all signaling for incoming BTC upside. If you've been on Twitter lately, then you'll notice that the Crypto Twitter consensus is also bullish.
However, knowing Bitcoin's tendency to do what is least expected means you should keep your gloves up and not get too comfortable.
Currently, open interest (amount of money sitting in Bitcoin derivatives) is at a record high across cryptocurrency exchanges. The inflow of positions being made indicates that regardless of direction, traders are betting on a move — and soon.
The holding pattern in BTC price is likely owing to the digital asset's strong correlation with the S&P 500. Both have moved in lockstep after the pandemic-induced crash back in March. With expectations that the overzealous S&P 500 is due for a reckoning, its correlation with BTC doesn't bode well for the latter.
The holding pattern in BTC price is likely owing to the digital asset's strong correlation with the S&P 500. Both have moved in lockstep after the pandemic-induced crash back in March. With expectations that the overzealous S&P 500 is due for a reckoning, its correlation with BTC doesn't bode well for the latter.
Spurring the positive scenario onward are increasingly strong fundamentals such as record-high hash rates, on-exchange BTC wallet balance depletion (indicating hodling), and a burgeoning decentralized finance industry of which BTC is a key component.
Volatility usually has a negative association for Bitcoin investors.
Why?
Because when Bitcoin is volatile, it means prices can go up — or down, and people fear down more than they believe in up.
However, to make money, you need some Bitcoin volatility. Otherwise, BTC is just like any other stablecoin hovering around a pegged value.
These days, volatility has all but disappeared from Bitcoin markets while altcoins take off day after day.
Watching LINK take out the $8 mark really drives home the point that Bitcoin is currently about as exciting as watching an ice cube melt.
However, there are numerous signs and indicators that Bitcoin is coiling up for a decisive move.
The Experts Agree...
John Bollinger, Peter Brandt, and Skew's indicators are all signaling for incoming BTC upside. If you've been on Twitter lately, then you'll notice that the Crypto Twitter consensus is also bullish.
However, knowing Bitcoin's tendency to do what is least expected means you should keep your gloves up and not get too comfortable.
Currently, open interest (amount of money sitting in Bitcoin derivatives) is at a record high across cryptocurrency exchanges. The inflow of positions being made indicates that regardless of direction, traders are betting on a move — and soon.
The holding pattern in BTC price is likely owing to the digital asset's strong correlation with the S&P 500. Both have moved in lockstep after the pandemic-induced crash back in March. With expectations that the overzealous S&P 500 is due for a reckoning, its correlation with BTC doesn't bode well for the latter.
The holding pattern in BTC price is likely owing to the digital asset's strong correlation with the S&P 500. Both have moved in lockstep after the pandemic-induced crash back in March. With expectations that the overzealous S&P 500 is due for a reckoning, its correlation with BTC doesn't bode well for the latter.
Spurring the positive scenario onward are increasingly strong fundamentals such as record-high hash rates, on-exchange BTC wallet balance depletion (indicating hodling), and a burgeoning decentralized finance industry of which BTC is a key component.