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.
Automate Your Trading Experience for FREE with Stacked
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
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.
Automate Your Trading Experience for FREE with Stacked
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
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
Market Flips Bullish — Ready for the Next Move?
The DeFi narrative has finally pushed beyond the cadre of small to mid-cap lending platform tokens like LEND, COMP, and CEL.
As the realization crystallizes that Ethereum contains DeFi value dominance, ETH begins to see action along with several other majors.
Let's take a look at a few storylines in play for the upcoming week.
Is $ETH undervalued? The market seems to think so
Is $ETH undervalued? The market seems to think so
With 4 million ETH ($1.2B) locked into DeFi smart contracts, traders have finally agreed that ETH is an undervalued asset.
Adding to the bullish propulsion firing the engines right now is the 2.5 year downward cycle ETH appears to be escaping from + the upcoming ETH 2.0 testnet (August 4th).
Bulls are salivating at the magical $360 target, a major point of resistance wherein an epic battle is sure to form. Should ETH reach and surpass $360, bulls will be well and fully in control of painting the digital asset's mid-term destiny.
BTC correlation with legacy markets might be subsiding
For weeks, a major consideration for BTC traders has been the asset's strong correlation with the S&P 500.
However, with the S&P 500, Dow Jones, and Nasdaq all flipping red before the weekend, Bitcoin has decidedly turned up with several majors in tow.
The decoupled price action is also taking place over the weekend, adding intrigue to what will happen when markets get back online Monday.
Bitcoin's divergence from legacy market performance bodes well for cryptocurrency traders, but a strong *downward* move in traditional assets will likely throw cold water on the red hot crypto market.
Which tokens are making the next move?
DeFi tokens went, Ethereum is going, Bitcoin is rising, and both Cardano & Litecoin have broken out.
So, who's joining the party next?
Other majors have been relatively silent thus far, namely XRP, XTZ, TRX — three projects with staunch investor bases and much to gain from a bull market.
Additionally, with small to mid-cap altcoins having provided face-melting gains over the past few weeks, the theory goes that profits flow back into larger caps before launching BTC into space.
While some tokens, such as ADA, have already posted massive rallies, others have seen gains in the 15-20% range, which, for crypto, doesn't constitute a *real* move yet.
Watch for moves coming from the top-20 marketcap tokens if this market rally is truly a sustainable one.
The DeFi narrative has finally pushed beyond the cadre of small to mid-cap lending platform tokens like LEND, COMP, and CEL.
As the realization crystallizes that Ethereum contains DeFi value dominance, ETH begins to see action along with several other majors.
Let's take a look at a few storylines in play for the upcoming week.
Is $ETH undervalued? The market seems to think so
Is $ETH undervalued? The market seems to think so
With 4 million ETH ($1.2B) locked into DeFi smart contracts, traders have finally agreed that ETH is an undervalued asset.
Adding to the bullish propulsion firing the engines right now is the 2.5 year downward cycle ETH appears to be escaping from + the upcoming ETH 2.0 testnet (August 4th).
Bulls are salivating at the magical $360 target, a major point of resistance wherein an epic battle is sure to form. Should ETH reach and surpass $360, bulls will be well and fully in control of painting the digital asset's mid-term destiny.
BTC correlation with legacy markets might be subsiding
For weeks, a major consideration for BTC traders has been the asset's strong correlation with the S&P 500.
However, with the S&P 500, Dow Jones, and Nasdaq all flipping red before the weekend, Bitcoin has decidedly turned up with several majors in tow.
The decoupled price action is also taking place over the weekend, adding intrigue to what will happen when markets get back online Monday.
Bitcoin's divergence from legacy market performance bodes well for cryptocurrency traders, but a strong *downward* move in traditional assets will likely throw cold water on the red hot crypto market.
Which tokens are making the next move?
DeFi tokens went, Ethereum is going, Bitcoin is rising, and both Cardano & Litecoin have broken out.
So, who's joining the party next?
Other majors have been relatively silent thus far, namely XRP, XTZ, TRX — three projects with staunch investor bases and much to gain from a bull market.
Additionally, with small to mid-cap altcoins having provided face-melting gains over the past few weeks, the theory goes that profits flow back into larger caps before launching BTC into space.
While some tokens, such as ADA, have already posted massive rallies, others have seen gains in the 15-20% range, which, for crypto, doesn't constitute a *real* move yet.
Watch for moves coming from the top-20 marketcap tokens if this market rally is truly a sustainable one.
DeFi Frenzy Overtakes Crypto Market
Positive price pressure on Bitcoin, and the crypto market as a whole, had been building for months since the COVID crash in March 2020.
All that was missing from kicking things over into an actual bull market was a narrative...
Well, it looks like crypto has found one at long last.
Decentralized finance
If you're new to the crypto space, then decentralized finance might feel exotic, strange, even futuristic. As anyone who has been around here long enough can tell you, decentralized finance has always been blockchain's core use case.
Need proof? For starters, Bitcoin is a decentralized financial system revolving around BTC, a peer-to-peer digital currency.
As you scroll down the list at CoinMarketCap or *CoinGecko* (if you're waist-deep in Uniswap tokens), almost anything you see can roughly be considered DeFi.
Cardano, Litecoin, Cosmos, Tezos, Chainlink, Ontology, Synthetix Network, Band, Solana, Matic, Harmony — the list goes on — and there is surely no need to mention Ethereum.
So, while the decentralized finance tag may not point to something new about crypto, it's created an umbrella that groups this whole crazy-digital-coins-thing into a very coherent narrative.
In markets, narratives are just as crucial as technicals. The two find deep correlation in positive and negative market cycles, with strong narratives always overlapping bull markets.
Previously, ICOs were responsible for an exuberant 2016-2017 bull market, and today, it's all about DeFi.
Beyond the hype
Unlike the ICO craze, DeFi is quite grounded in comparison. Many of these projects, like Compound, Maker, and Balancer, are rooted in genuine economics at work, presenting new and exciting ways to organize finances.
When, if ever, have you heard of instant, undercollateralized loans with no credit checks, as you can find on Akropolis? How about floating, high yields across crypto asset deposits, and totally new income streams via something called *yield farming*?
In 2008, Satoshi unleashed the BTC whitepaper in response to the bailout of banks, rather than people, at the start of the Great Recession. Here in 2020, we're on the brink of another global downturn, and people are, again, not being bailed out.
When DeFi protocols like Yam distribute governance tokens with no premine, founder, or VC shares, giving everyone equal access to a community-allocated treasury, you start to feel that crypto is *really* on to something this time around.
Projects to watch
DeFi projects are flying onto Uniswap faster than is possible to keep up with. Far from being another *shitcoin roulette*, many Uniswap prospects have flown straight to the top with listings on Binance, Huobi, and Coinbase.
As with anything in the crypto market, do your own research before swapping precious BTC or ETH. But, there's *gold in them there hills*.
Keep an eye on macro DeFi platforms like Ethereum, Cardano, Tezos, Cosmos, Elrond, Harmony, and Polkadot.
DeFi platforms lean heavily on oracles to bring off-chain assets into the picture for collateral. Watch Chainlink, Band Protocol, Nest Protocol, Dia, and Tellor.
Scaling these applications for the most amount of people? Celer and Matic have you covered.
Finally, what about strict DeFi applications themselves? Compound, Balancer, Maker, Akropolis, Kava, Yearn, and even tiny upstart Yam are worth your time.
There are many more out there, but half the fun is discovering them on your own. Set some time aside and make sure you've got that CoinGecko app locked and loaded.
To gain access to Stacked's Free DeFi Index, click here
Positive price pressure on Bitcoin, and the crypto market as a whole, had been building for months since the COVID crash in March 2020.
All that was missing from kicking things over into an actual bull market was a narrative...
Well, it looks like crypto has found one at long last.
Decentralized finance
If you're new to the crypto space, then decentralized finance might feel exotic, strange, even futuristic. As anyone who has been around here long enough can tell you, decentralized finance has always been blockchain's core use case.
Need proof? For starters, Bitcoin is a decentralized financial system revolving around BTC, a peer-to-peer digital currency.
As you scroll down the list at CoinMarketCap or *CoinGecko* (if you're waist-deep in Uniswap tokens), almost anything you see can roughly be considered DeFi.
Cardano, Litecoin, Cosmos, Tezos, Chainlink, Ontology, Synthetix Network, Band, Solana, Matic, Harmony — the list goes on — and there is surely no need to mention Ethereum.
So, while the decentralized finance tag may not point to something new about crypto, it's created an umbrella that groups this whole crazy-digital-coins-thing into a very coherent narrative.
In markets, narratives are just as crucial as technicals. The two find deep correlation in positive and negative market cycles, with strong narratives always overlapping bull markets.
Previously, ICOs were responsible for an exuberant 2016-2017 bull market, and today, it's all about DeFi.
Beyond the hype
Unlike the ICO craze, DeFi is quite grounded in comparison. Many of these projects, like Compound, Maker, and Balancer, are rooted in genuine economics at work, presenting new and exciting ways to organize finances.
When, if ever, have you heard of instant, undercollateralized loans with no credit checks, as you can find on Akropolis? How about floating, high yields across crypto asset deposits, and totally new income streams via something called *yield farming*?
In 2008, Satoshi unleashed the BTC whitepaper in response to the bailout of banks, rather than people, at the start of the Great Recession. Here in 2020, we're on the brink of another global downturn, and people are, again, not being bailed out.
When DeFi protocols like Yam distribute governance tokens with no premine, founder, or VC shares, giving everyone equal access to a community-allocated treasury, you start to feel that crypto is *really* on to something this time around.
Projects to watch
DeFi projects are flying onto Uniswap faster than is possible to keep up with. Far from being another *shitcoin roulette*, many Uniswap prospects have flown straight to the top with listings on Binance, Huobi, and Coinbase.
As with anything in the crypto market, do your own research before swapping precious BTC or ETH. But, there's *gold in them there hills*.
Keep an eye on macro DeFi platforms like Ethereum, Cardano, Tezos, Cosmos, Elrond, Harmony, and Polkadot.
DeFi platforms lean heavily on oracles to bring off-chain assets into the picture for collateral. Watch Chainlink, Band Protocol, Nest Protocol, Dia, and Tellor.
Scaling these applications for the most amount of people? Celer and Matic have you covered.
Finally, what about strict DeFi applications themselves? Compound, Balancer, Maker, Akropolis, Kava, Yearn, and even tiny upstart Yam are worth your time.
There are many more out there, but half the fun is discovering them on your own. Set some time aside and make sure you've got that CoinGecko app locked and loaded.
To gain access to Stacked's Free DeFi Index, click here
Automate Your Trading Experience for FREE with Stacked
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
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
Automate Your Trading Experience for FREE with Stacked
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
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
StackedLabs will be live in a little over 10 minutes. Todays guests are Stuart and Jeff from Lamden Tau. Join us for a great conversation on Lamden and all things crypto. Twitch.tv/stackedlabs
Twitch
Twitch is the world's leading video platform and community for gamers.
Is the bull market over? Let's find out. twitch.tv/stackedlabs
Twitch
Twitch is the world's leading video platform and community for gamers.
This afternoon on Stacked Labs, a conversation with Everest Co-Founder and CEO Bob Reid. Need a refresher on what Everest (Ticker - ID) is? Read this article by Alan from Stacked. See you at 3pm Central Time, 8pm UTC on twitch.tv/stackedlabs
Medium
Digital Identity in DeFi
How your digital identity will be more important than ever as decentralized finance is adopted and regulated.
Live with Bob from Everest in 5 minutes on twitch.tv/stackedlabs See you soon!
Twitch
Twitch is the world's leading video platform and community for gamers.
Game Over? Bear Market incoming? Let's find out. Stream in 30 minutes. twitch.tv/stackedlabs
Twitch
Twitch is the world's leading video platform and community for gamers.
💳 Coinbase Card integrated with Apple Pay and Google Pay 💳
For years, being crypto rich in the Metamask wallet while having an empty, paycheck to paycheck IRL wallet has been a thing.
Crypto traders tend to go all or nothing because once you truly understand the tech and its possibilities, turning away is impossible. Wouldn’t it simplify life if you could pay with your crypto balance?
In a move that’s likely to turn on the liquidity tap for many, Coinbase integrated its Visa Coinbase Card with both Apple Pay and Google Pay. The card is linked to your Coinbase wallet, allowing you to seamlessly spend crypto anywhere Google Pay and Apple Pay are accepted.
Ever notice how Apple Pay and Google Pay are accepted almost everywhere? By extension, Coinbase Card’s integration means crypto payments have officially gone mainstream.
The way it works is incredibly simple. When you use Apple Pay at a retailer, select the Coinbase Card, then hit pay. The card automatically converts crypto from your portfolio into USD. You spend crypto, the retailer receives USD, and everyone walks away happy.
But it gets even better. Every time you spend crypto, the Coinbase Card rewards you with up to 4% back paid in crypto.👍
Coinbase merging with two of the most prominent payment rails brings crypto to the masses — and it’s a beautiful thing.
Scaling wars heat up as Polygon competitor Arbitrum nears release
Sometimes, Ethereum is so slow and expensive to use it’s painful. That’s not even a point of contention. But, Ethereum is also a revolutionary blockchain and the undisputed home of DeFi.
The sheer potential Ethereum contains only needs a tiny spark to reveal itself. Right now, the spark needed is a Layer 2 scaling solution. With an adequately adopted L2, Ethereum can finally become the world computer serving the financial needs of billions worldwide.
Two L2 solutions have popped up as apparent front-runners. Polygon (previously called Matic) has the first-mover advantage. Aave, Curve, Sushi, and hundreds of other projects have opened Polygon markets that have captured billions of dollars in total value locked.
However, it’d be premature to consider the sidechain game locked up. Arbitrum, a scaling solution that’s community operated and available to developers first, is quickly gaining mindshare within the crypto community.
Why? Because of one name: Uniswap. 🤔
The Uniswap community recently, and overwhelmingly, voted in favor of adopting Arbitrum as a scaling solution for Uniswap V3. That’s a pretty big deal any way you look at it — Uniswap has topped Coinbase in trading volume on several occasions.
So, the logic goes, wherever Uniswap is, liquidity is sure to follow. Sure enough, projects that have already deployed to Polygon are also deploying to Arbitrum. Sushi is one of them, but the Arbitrum team promised more big names in a recent spate of hype tweets.
Regardless of who wins the scaling wars, we the users come out on top. Nobody likes paying $50 to trade on a decentralized exchange, and such high fees hinder adoption.
Curious about how much you’ve spent on gas at today’s prices? Check out fees.wtf. 😢
For years, being crypto rich in the Metamask wallet while having an empty, paycheck to paycheck IRL wallet has been a thing.
Crypto traders tend to go all or nothing because once you truly understand the tech and its possibilities, turning away is impossible. Wouldn’t it simplify life if you could pay with your crypto balance?
In a move that’s likely to turn on the liquidity tap for many, Coinbase integrated its Visa Coinbase Card with both Apple Pay and Google Pay. The card is linked to your Coinbase wallet, allowing you to seamlessly spend crypto anywhere Google Pay and Apple Pay are accepted.
Ever notice how Apple Pay and Google Pay are accepted almost everywhere? By extension, Coinbase Card’s integration means crypto payments have officially gone mainstream.
The way it works is incredibly simple. When you use Apple Pay at a retailer, select the Coinbase Card, then hit pay. The card automatically converts crypto from your portfolio into USD. You spend crypto, the retailer receives USD, and everyone walks away happy.
But it gets even better. Every time you spend crypto, the Coinbase Card rewards you with up to 4% back paid in crypto.👍
Coinbase merging with two of the most prominent payment rails brings crypto to the masses — and it’s a beautiful thing.
Scaling wars heat up as Polygon competitor Arbitrum nears release
Sometimes, Ethereum is so slow and expensive to use it’s painful. That’s not even a point of contention. But, Ethereum is also a revolutionary blockchain and the undisputed home of DeFi.
The sheer potential Ethereum contains only needs a tiny spark to reveal itself. Right now, the spark needed is a Layer 2 scaling solution. With an adequately adopted L2, Ethereum can finally become the world computer serving the financial needs of billions worldwide.
Two L2 solutions have popped up as apparent front-runners. Polygon (previously called Matic) has the first-mover advantage. Aave, Curve, Sushi, and hundreds of other projects have opened Polygon markets that have captured billions of dollars in total value locked.
However, it’d be premature to consider the sidechain game locked up. Arbitrum, a scaling solution that’s community operated and available to developers first, is quickly gaining mindshare within the crypto community.
Why? Because of one name: Uniswap. 🤔
The Uniswap community recently, and overwhelmingly, voted in favor of adopting Arbitrum as a scaling solution for Uniswap V3. That’s a pretty big deal any way you look at it — Uniswap has topped Coinbase in trading volume on several occasions.
So, the logic goes, wherever Uniswap is, liquidity is sure to follow. Sure enough, projects that have already deployed to Polygon are also deploying to Arbitrum. Sushi is one of them, but the Arbitrum team promised more big names in a recent spate of hype tweets.
Regardless of who wins the scaling wars, we the users come out on top. Nobody likes paying $50 to trade on a decentralized exchange, and such high fees hinder adoption.
Curious about how much you’ve spent on gas at today’s prices? Check out fees.wtf. 😢
🐶 Dogecoin launches on Coinbase Pro, much wow 🐶
In early May, Coinbase CEO Brian Armstrong announced the exchange planned to add Dogecoin (DOGE) within 6-8 weeks.
A mere three weeks later and Coinbase Pro has already launched DOGE trading. The quick turnaround suggests everyone, including Armstrong, loves a good meme coin.
Coinbase likely realized (albeit late) how much DOGE trading volume it was giving away to competing exchanges. Last month, as DOGE prices peaked in the $0.7 range while hurtling toward $1, Google searches and trading volume for Dogecoin eclipsed those of Bitcoin.
It was a surprise that Coinbase, the largest crypto exchange in the US, had ventured so deep into Dogecoin mania, a primarily American phenomenon, without listing the meme asset.
The listing gave DOGE the rocket fuel needed to pump well over the 40% mark. Its stratospheric rise marks a change in fortune from last month’s catastrophic and soul-crushing lows. 📈
Does the latest move up for DOGE mark a turning point? Whether apes are gaining confidence again is difficult to call this early in the recovery process. Only time and the play of broader market forces will tell whether the Coinbase effect produces more than a bounce for DOGE.
💯 Google is switching crypto ads back on 💯
The crypto market breathed a collective sigh of relief on the news that Google is re-enabling crypto ads across its platforms. 👍
Back in 2018, Google banned such ads in the wake of the ICO craze many blame for the ensuing bear market. Now, the search giant is letting both crypto exchanges and wallets target US customers so long as they’re FinCEN-registered and lawfully compliant.
The new rules, which go into effect on August 3rd, have already lifted a wilting market. As you might have guessed, exchange and wallet-related tokens are leading the charge, with BNB, HT, OKB, and NEXO all enjoying juicy 15%+ gains on the day.
DeFi summer — round two? 🤔
During the sleepy years of the 2018-2020 bear market, DeFi developers quietly built unthinkable, novel, and world-changing financial technologies. It was only last summer that the world finally caught on during what’s now remembered as DeFi summer. 😍
Throughout the hottest months of a pandemic-infused summer, DeFi tokens blazed higher and higher, hitting ATHs several thousand percentage points above ground floor entries.
Since then, latecomers and DeFi OGs have dreamt of a DeFi summer sequel. That’s an increasingly likely scenario with scaling solutions like Polygon, Arbitrum, and other impending Optimistic roll-ups on the case.
In a sign that DeFi summer 2.0 might be nearing, blue-chip DeFi tokens like SUSHI, CRV, AAVE, and COMP suffered less throughout the May downturn and bounced back faster.
The new wave of DeFi, including Convex Finance, Alchemix, and Ellipsis, is bullish for the blue-chip generation. They all harness composability to use protocols like Curve for their services.
Moreover, several of the early DeFi tokenomic designs are coming into maturity. For one, Curve’s CRV token is flattening its emission rate in August, meaning token inflation will diminish as CRV moats like Yearn Vaults eat more CRV.
In early May, Coinbase CEO Brian Armstrong announced the exchange planned to add Dogecoin (DOGE) within 6-8 weeks.
A mere three weeks later and Coinbase Pro has already launched DOGE trading. The quick turnaround suggests everyone, including Armstrong, loves a good meme coin.
Coinbase likely realized (albeit late) how much DOGE trading volume it was giving away to competing exchanges. Last month, as DOGE prices peaked in the $0.7 range while hurtling toward $1, Google searches and trading volume for Dogecoin eclipsed those of Bitcoin.
It was a surprise that Coinbase, the largest crypto exchange in the US, had ventured so deep into Dogecoin mania, a primarily American phenomenon, without listing the meme asset.
The listing gave DOGE the rocket fuel needed to pump well over the 40% mark. Its stratospheric rise marks a change in fortune from last month’s catastrophic and soul-crushing lows. 📈
Does the latest move up for DOGE mark a turning point? Whether apes are gaining confidence again is difficult to call this early in the recovery process. Only time and the play of broader market forces will tell whether the Coinbase effect produces more than a bounce for DOGE.
💯 Google is switching crypto ads back on 💯
The crypto market breathed a collective sigh of relief on the news that Google is re-enabling crypto ads across its platforms. 👍
Back in 2018, Google banned such ads in the wake of the ICO craze many blame for the ensuing bear market. Now, the search giant is letting both crypto exchanges and wallets target US customers so long as they’re FinCEN-registered and lawfully compliant.
The new rules, which go into effect on August 3rd, have already lifted a wilting market. As you might have guessed, exchange and wallet-related tokens are leading the charge, with BNB, HT, OKB, and NEXO all enjoying juicy 15%+ gains on the day.
DeFi summer — round two? 🤔
During the sleepy years of the 2018-2020 bear market, DeFi developers quietly built unthinkable, novel, and world-changing financial technologies. It was only last summer that the world finally caught on during what’s now remembered as DeFi summer. 😍
Throughout the hottest months of a pandemic-infused summer, DeFi tokens blazed higher and higher, hitting ATHs several thousand percentage points above ground floor entries.
Since then, latecomers and DeFi OGs have dreamt of a DeFi summer sequel. That’s an increasingly likely scenario with scaling solutions like Polygon, Arbitrum, and other impending Optimistic roll-ups on the case.
In a sign that DeFi summer 2.0 might be nearing, blue-chip DeFi tokens like SUSHI, CRV, AAVE, and COMP suffered less throughout the May downturn and bounced back faster.
The new wave of DeFi, including Convex Finance, Alchemix, and Ellipsis, is bullish for the blue-chip generation. They all harness composability to use protocols like Curve for their services.
Moreover, several of the early DeFi tokenomic designs are coming into maturity. For one, Curve’s CRV token is flattening its emission rate in August, meaning token inflation will diminish as CRV moats like Yearn Vaults eat more CRV.
💯 Bitcoin 2021 recap 💯
At Bitcoin 2013, the price of one BTC was $130, and crowd size was also in the hundreds. This time around 50,000+ people descended on Bitcoin 2021, and the price of one BTC is $32K. 📈
But the epic Bitcoin conference that just shook up Miami wasn’t about BTC prices or crowd estimates. It was about bringing the crypto community together to make it stronger.
After a crazy pandemic year filled with shutdowns, market meltdowns, and isolation, arriving in Miami with thousands of other apes was in and of itself a victory. Months of tweeting at each other from worlds apart has been fun, but finally meeting Crypto Twitter heavy hitters at our Stacked Yacht Party was way better. 😍
Legends like The Crypto Dog, Crypto Kaleo, Ledger Status, and Luke Martin mingled aboard the yacht. At the same time, everyone’s amazement at meeting the real human beings behind the cartoon avatars was tangible.
In the words of Stacked CEO Bitcoin Birch, Miami proved that your net worth is your network. 👍
Whether you made it to Miami or not, the lesson is the same — the crypto community is strongest when we’re all together.
Is this the bottom? A case for hopium
Bitcoin has been chopping around in the $30K region for weeks without clear direction. Trader sentiment has also turned utterly negative as the Fear and Greed Index turns up an Extreme Fear score of 13. 😳
For reference, the Fear and Greed Index hit a 10 during the March 2020 crash, after which BTC and the rest of the crypto market went on a year-long bull run. With sentiment approaching a historic low, there’s reason to believe the bottom might be near.
To put things in perspective, after the previous crash, BTC equaled its previous ATH at $20K, then went on to triple it. Euphoric rallies are always bound to consolidate, but this correction’s violence has been unexpected.
The sheer amount of price history and support in the $20K region means BTC bulls will aggressively defend any dips below $30K. Institutional and corporate buyers such as Tesla are now underwater (Tesla is down 15% on its $1.5B purchase) but definitely have the resources to protect their positions.
Should they step in as we chop lower, a strong bounce with the potential for $50K might be in the cards. 📈
🇸🇻Nayib Bukele is the hero BTC needs 🇸🇻
If there was ever a doubt that Bitcoin is the world’s future reserve currency, Nayib Bukele, the President of El Salvador, has temporarily laid them to rest.
Shortly after equipping his Twitter pic with laser eyes, Bukele introduced legislation to adopt Bitcoin as legal tender. The move would make El Salvador the first country in the world to do so. 🤴
While some expected other Latin American countries to vehemently reject the move, the effect has been exactly the opposite. Legislators in Mexico, Panama, Paraguay, Nicaragua, Brazil, and Argentina have all signaled support for Bitcoin by switching over to laser eyes in light of Bukele’s move.
Is El Salvador’s BTC legalization effort the first domino to fall in a movement that sweeps all of Latin America? ❓ The region has long been considered ripe for crypto adoption because of the volatility of regional currencies.
Nayib Bukele enjoys a 90%+ approval rating amongst El Salvadorans,🤔 giving the bill’s chances of approval equally high odds. Assuming the bill passes, we’ll be ready to watch the fireworks as neighboring countries introduce BTC legislation of their own.
At Bitcoin 2013, the price of one BTC was $130, and crowd size was also in the hundreds. This time around 50,000+ people descended on Bitcoin 2021, and the price of one BTC is $32K. 📈
But the epic Bitcoin conference that just shook up Miami wasn’t about BTC prices or crowd estimates. It was about bringing the crypto community together to make it stronger.
After a crazy pandemic year filled with shutdowns, market meltdowns, and isolation, arriving in Miami with thousands of other apes was in and of itself a victory. Months of tweeting at each other from worlds apart has been fun, but finally meeting Crypto Twitter heavy hitters at our Stacked Yacht Party was way better. 😍
Legends like The Crypto Dog, Crypto Kaleo, Ledger Status, and Luke Martin mingled aboard the yacht. At the same time, everyone’s amazement at meeting the real human beings behind the cartoon avatars was tangible.
In the words of Stacked CEO Bitcoin Birch, Miami proved that your net worth is your network. 👍
Whether you made it to Miami or not, the lesson is the same — the crypto community is strongest when we’re all together.
Is this the bottom? A case for hopium
Bitcoin has been chopping around in the $30K region for weeks without clear direction. Trader sentiment has also turned utterly negative as the Fear and Greed Index turns up an Extreme Fear score of 13. 😳
For reference, the Fear and Greed Index hit a 10 during the March 2020 crash, after which BTC and the rest of the crypto market went on a year-long bull run. With sentiment approaching a historic low, there’s reason to believe the bottom might be near.
To put things in perspective, after the previous crash, BTC equaled its previous ATH at $20K, then went on to triple it. Euphoric rallies are always bound to consolidate, but this correction’s violence has been unexpected.
The sheer amount of price history and support in the $20K region means BTC bulls will aggressively defend any dips below $30K. Institutional and corporate buyers such as Tesla are now underwater (Tesla is down 15% on its $1.5B purchase) but definitely have the resources to protect their positions.
Should they step in as we chop lower, a strong bounce with the potential for $50K might be in the cards. 📈
🇸🇻Nayib Bukele is the hero BTC needs 🇸🇻
If there was ever a doubt that Bitcoin is the world’s future reserve currency, Nayib Bukele, the President of El Salvador, has temporarily laid them to rest.
Shortly after equipping his Twitter pic with laser eyes, Bukele introduced legislation to adopt Bitcoin as legal tender. The move would make El Salvador the first country in the world to do so. 🤴
While some expected other Latin American countries to vehemently reject the move, the effect has been exactly the opposite. Legislators in Mexico, Panama, Paraguay, Nicaragua, Brazil, and Argentina have all signaled support for Bitcoin by switching over to laser eyes in light of Bukele’s move.
Is El Salvador’s BTC legalization effort the first domino to fall in a movement that sweeps all of Latin America? ❓ The region has long been considered ripe for crypto adoption because of the volatility of regional currencies.
Nayib Bukele enjoys a 90%+ approval rating amongst El Salvadorans,🤔 giving the bill’s chances of approval equally high odds. Assuming the bill passes, we’ll be ready to watch the fireworks as neighboring countries introduce BTC legislation of their own.
🌋 Bitcoin powered by volcanoes 🌋
🤔 Domino effect possible in Latin America 🤔
🇮🇳India classifying BTC as an asset? 🇮🇳
⛏ Bitcoin mining with volcano energy in El Salvador 😳⛏
Well, that developed quickly. In one weekend, El Salvador’s government:
—> Proposed a bill to recognize BTC as legal tender
—> Submitted the bill to the legislative assembly
—> Became 1st country in the world to adopt BTC as money
—> Proposed Bitcoin mining using 100% renewable volcano energy
—> Drafted plans for a Bitcoin mining hub around volcanoes
—> Adopted a Lightning Network-based BTC wallet called Strike
Sounds like a busy weekend, right? It doesn’t look like Nayib Bukele, El Salvador’s president, is looking to stop there. In reply to a Forbes magazine line that wondered whether money might soon grow on volcanoes, Bukele tweeted back, “it will.” 🌋
After the quick unfolding of events, commentators across Crypto Twitter were left stunned. After all, what do you say when watching an entire country adopt Bitcoin in real-time?
If you’re thinking what we’re thinking, you’ve probably spent quite a bit of time these days checking out oceanside real estate in the tiny Central American nation. 👍
🤔Adopting Bitcoin as legal tender — who’s next? 🤔
El Salvador’s recognition of BTC might have been the first domino to fall in a region packed with candidates likely to follow suit.
Argentina, Paraguay, Venezuela, Nicaragua, and other Latin American countries have suffered through several periods of currency hyper-inflation and debasement.
Imagine watching the wealth you’ve accumulated tirelessly simply disappear due to bad monetary policy. Millions of Latin Americans have experienced exactly this, making it no wonder why the region continues to use stablecoins en masse. 📈
El Salvador’s move is a watershed moment for the LATAM region as a whole. Now, there is a blueprint for decisively moving away from inflationary central bank currencies and toward a global store of wealth built upon the actual value of mining.
Several legal reps from Brazil, Mexico, and other major LATAM countries have come through with the laser eyes, signaling their desire to make Bitcoin move in their respective countries.
Who is the next domino to fall? It’s not a matter of if, but when.
🇮🇳India flip-flops on BTC, now ready to call it an asset 🇮🇳
After looking likely to ban BTC for months, the Indian government is now keen on declaring it an asset. The action in El Salvador may have prompted the about-face. But in our view, there’s a more likely scenario.
The crypto community, led by Polygon’s Sandeep Nailwal, donated billions of dollars to Indian COVID relief efforts in recent weeks. Part of that donation was the $1B+ worth of SHIB tokens sent by Ethereum founder Vitalik Buterin.
Did the massive outpouring of support from the digital currency community resonate with India’s lawmakers? The timing of the switch-up makes it seem possible — even plausible.
Whatever the reason, if India does make good on declaring BTC an asset, expect fireworks. With a population well over 1 billion, India’s gov has the power to turn the tide on BTC sentiment.
🤔 Domino effect possible in Latin America 🤔
🇮🇳India classifying BTC as an asset? 🇮🇳
⛏ Bitcoin mining with volcano energy in El Salvador 😳⛏
Well, that developed quickly. In one weekend, El Salvador’s government:
—> Proposed a bill to recognize BTC as legal tender
—> Submitted the bill to the legislative assembly
—> Became 1st country in the world to adopt BTC as money
—> Proposed Bitcoin mining using 100% renewable volcano energy
—> Drafted plans for a Bitcoin mining hub around volcanoes
—> Adopted a Lightning Network-based BTC wallet called Strike
Sounds like a busy weekend, right? It doesn’t look like Nayib Bukele, El Salvador’s president, is looking to stop there. In reply to a Forbes magazine line that wondered whether money might soon grow on volcanoes, Bukele tweeted back, “it will.” 🌋
After the quick unfolding of events, commentators across Crypto Twitter were left stunned. After all, what do you say when watching an entire country adopt Bitcoin in real-time?
If you’re thinking what we’re thinking, you’ve probably spent quite a bit of time these days checking out oceanside real estate in the tiny Central American nation. 👍
🤔Adopting Bitcoin as legal tender — who’s next? 🤔
El Salvador’s recognition of BTC might have been the first domino to fall in a region packed with candidates likely to follow suit.
Argentina, Paraguay, Venezuela, Nicaragua, and other Latin American countries have suffered through several periods of currency hyper-inflation and debasement.
Imagine watching the wealth you’ve accumulated tirelessly simply disappear due to bad monetary policy. Millions of Latin Americans have experienced exactly this, making it no wonder why the region continues to use stablecoins en masse. 📈
El Salvador’s move is a watershed moment for the LATAM region as a whole. Now, there is a blueprint for decisively moving away from inflationary central bank currencies and toward a global store of wealth built upon the actual value of mining.
Several legal reps from Brazil, Mexico, and other major LATAM countries have come through with the laser eyes, signaling their desire to make Bitcoin move in their respective countries.
Who is the next domino to fall? It’s not a matter of if, but when.
🇮🇳India flip-flops on BTC, now ready to call it an asset 🇮🇳
After looking likely to ban BTC for months, the Indian government is now keen on declaring it an asset. The action in El Salvador may have prompted the about-face. But in our view, there’s a more likely scenario.
The crypto community, led by Polygon’s Sandeep Nailwal, donated billions of dollars to Indian COVID relief efforts in recent weeks. Part of that donation was the $1B+ worth of SHIB tokens sent by Ethereum founder Vitalik Buterin.
Did the massive outpouring of support from the digital currency community resonate with India’s lawmakers? The timing of the switch-up makes it seem possible — even plausible.
Whatever the reason, if India does make good on declaring BTC an asset, expect fireworks. With a population well over 1 billion, India’s gov has the power to turn the tide on BTC sentiment.