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.
📈BTC stages big bounce above $40K 📈
😍Elon, Saylor, and Tudor-Jones back Bitcoin 😍
💯Mark Cuban is uber bullish on DeFi 💯
📈Bitcoin claws back above $40K 📈
It’s been a whopping three weeks since Bitcoin’s last $40K price check, but it feels a whole lot longer than that.
Since May 27, Bitcoin chopped down as low as $28K before finding its legs slightly higher. Unfortunately, the ranging and somewhat brutal reaccumulation period coincided with a drought of good news.
Recent headlines were filled with the usual fear, uncertainty, and doubt we’ve come to regard as noisy distractions from the certainty of $100K+ BTC. 🔨
Regulation worries, Sen. Elizabeth Warren calling crypto a ‘threat,’ and more Elon Musk tweets added fuel to the fire built by bears.
But positive indicators started pouring in during the last days, indicating a shift in fortunes. El Salvador adopted BTC as legal tender, BTC outflows to exchanges dried up, and influential market players made bold pronouncements, which brings us to…
😍Elon, Saylor, and Paul Tudor Jones to crypto markets: “pump it” 😍
Elon Musk hasn’t made any friends in the crypto world lately. He’s definitely on the outs with crypto investors after his erratic tweets showing on-again/off-again support for BTC and wildly uninformed statements about mining. ⛏
But, he at least finally defined the criteria for Tesla greenlighting BTC payments again. When a 50%+ majority of BTC miners use renewable energy sources for mining, the electric car giant will reinstate its pay with BTC initiative. 👍
In stark contrast, Microstrategy CEO Michael Saylor has made a crazy amount of crypto friends by being an uber BTC bull with no breaking point.
Despite already owning billions worth of BTC, Saylor isn’t finished buying. Microstrategy just wrapped a $500M bond sale, $488M of which is to be spent accumulating more BTC. So after smashing the green button, Microstrategy will hold a whale-approved sum of $4B+ worth of BTC.
Last but not least, legendary investor Paul Tudor Jones unambiguously embraced Bitcoin as concerns about US dollar inflation hit new highs. PTJ advocated a 5% BTC portfolio allocation to investors seeking a strong inflation hedge, saying he’ll “...buy crypto” as an inflation trade.
💯Mark Cuban goes bull mode on DeFi 💯
If you follow the DeFi space at all, you’ve probably seen Mark Cuban’s name pop up.
Earlier this year, Etherscan sleuths found his wallet hidden in plain sight. Inside were AAVE, SUSHI, and xSUSHI tokens along with various NFTs. The xSUSHI tokens were a dead giveaway that Cuban isn’t just buying DeFi; he’s farming it too.
Now, what’s a billionaire like Cuban doing farming DeFi? He believes crypto businesses (his words, not ours) have a future at least as bright as the internet tech generation. 🎯
DeFi, in particular, is primed to disrupt the world with its low overhead, end-user direct business model. He cites how fast Aave users can lend or borrow compared to how complex and exhausting it is at traditional banks.
The fully automated nature of DeFi means there are “...no bankers, no buildings, no toasters, no vaults, no cash, no holding your money, no forms to fill out, no credit ratings involved.”
No toasters is one thing, but no bankers is even better. Long live DeFi
Read Mark Cuban’s blog on DeFi here
https://twitter.com/mcuban/status/1404281034573848578
😍Elon, Saylor, and Tudor-Jones back Bitcoin 😍
💯Mark Cuban is uber bullish on DeFi 💯
📈Bitcoin claws back above $40K 📈
It’s been a whopping three weeks since Bitcoin’s last $40K price check, but it feels a whole lot longer than that.
Since May 27, Bitcoin chopped down as low as $28K before finding its legs slightly higher. Unfortunately, the ranging and somewhat brutal reaccumulation period coincided with a drought of good news.
Recent headlines were filled with the usual fear, uncertainty, and doubt we’ve come to regard as noisy distractions from the certainty of $100K+ BTC. 🔨
Regulation worries, Sen. Elizabeth Warren calling crypto a ‘threat,’ and more Elon Musk tweets added fuel to the fire built by bears.
But positive indicators started pouring in during the last days, indicating a shift in fortunes. El Salvador adopted BTC as legal tender, BTC outflows to exchanges dried up, and influential market players made bold pronouncements, which brings us to…
😍Elon, Saylor, and Paul Tudor Jones to crypto markets: “pump it” 😍
Elon Musk hasn’t made any friends in the crypto world lately. He’s definitely on the outs with crypto investors after his erratic tweets showing on-again/off-again support for BTC and wildly uninformed statements about mining. ⛏
But, he at least finally defined the criteria for Tesla greenlighting BTC payments again. When a 50%+ majority of BTC miners use renewable energy sources for mining, the electric car giant will reinstate its pay with BTC initiative. 👍
In stark contrast, Microstrategy CEO Michael Saylor has made a crazy amount of crypto friends by being an uber BTC bull with no breaking point.
Despite already owning billions worth of BTC, Saylor isn’t finished buying. Microstrategy just wrapped a $500M bond sale, $488M of which is to be spent accumulating more BTC. So after smashing the green button, Microstrategy will hold a whale-approved sum of $4B+ worth of BTC.
Last but not least, legendary investor Paul Tudor Jones unambiguously embraced Bitcoin as concerns about US dollar inflation hit new highs. PTJ advocated a 5% BTC portfolio allocation to investors seeking a strong inflation hedge, saying he’ll “...buy crypto” as an inflation trade.
💯Mark Cuban goes bull mode on DeFi 💯
If you follow the DeFi space at all, you’ve probably seen Mark Cuban’s name pop up.
Earlier this year, Etherscan sleuths found his wallet hidden in plain sight. Inside were AAVE, SUSHI, and xSUSHI tokens along with various NFTs. The xSUSHI tokens were a dead giveaway that Cuban isn’t just buying DeFi; he’s farming it too.
Now, what’s a billionaire like Cuban doing farming DeFi? He believes crypto businesses (his words, not ours) have a future at least as bright as the internet tech generation. 🎯
DeFi, in particular, is primed to disrupt the world with its low overhead, end-user direct business model. He cites how fast Aave users can lend or borrow compared to how complex and exhausting it is at traditional banks.
The fully automated nature of DeFi means there are “...no bankers, no buildings, no toasters, no vaults, no cash, no holding your money, no forms to fill out, no credit ratings involved.”
No toasters is one thing, but no bankers is even better. Long live DeFi
Read Mark Cuban’s blog on DeFi here
https://twitter.com/mcuban/status/1404281034573848578
Twitter
Mark Cuban
Crypto Businesses make more sense than you think and valuing tokens is easier and makes more sense than you think . They are just businesses like any other , with a few HUGE advantages. My blog post on the matter twitter.com/mcuban/status/…
Stacked Insights Newsletter, 06.15.21
🤔 Believe in the bounce?
🚀Polkadot has arrived
🔥Crypto fundraising at ATH
This time, it's different 😅
Bitcoin firmly bounced above $40K and brought much needed relief to us all. But, is this time really different, or is the bounce just setting up exit liquidity for whales?
Dave the Wave, a crypto twitter trader who has so far nailed BTC price action in 2021, sees parallels between now and spring/summer 2018.
In 2018, crypto markets touched all time highs before getting nuked, bouncing to lower highs, then grinding out a long consolidation period.
So far, BTC is following the 2018 playbook so closely that even the daily MACD is uncannily similar.
If we are in fact following the 2018 fractal, the good news is incredible dip-buying opportunities await and the correction will resolve much faster than in 2018.
Follow up here 👉 https://twitter.com/davthewave/status/1404538985381208066
DOT listed on Coinbase as parachains near 📈
Blockchain interoperability used to be a buzzword. Now, it's almost a reality.
Polkadot, the multi-chain protocol that acts as connective tissue between networks, is on the cusp of enabling parachain auctions.
If you're new to the concept, parachain auctions are similar to crypto ICOs with a few key differences.
💡 Projects stake DOT tokens to earn space on the network
💰 To raise DOT, projects run crowdloans
🤝 In crowdloans, DOT stakers get the project's token in exchange
The key takeaway is parachain auctions never involve giving up your DOT tokens. Instead, you're just leasing them to projects which need them as bond collateral.
Coinbase Pro just listed DOT tokens likely in anticipation of the network transitioning toward its first full auction.
Kusama, Polkadot's test network, is starting its first parachain auction next week. If all goes well, Polkadot has the green light to let the fireworks begin.
Despite market fears, project fundraising is booming 🏦
According to the Fear and Greed Index, crypto market sentiment is oscillating between extreme fear and fear.
Even though retail traders are clearly shaken, venture capitalists and big-name investors are pouring 💵 into crypto like there's no tomorrow.
Lesser-known projects like Stake Technologies, a group developing interoperability tech for Polkadot, are raising millions from the likes of former Sony CEO Nobuyuki Idei.
Massive funding rounds of late include:
🥇$380M, Ledger crypto wallets
🥈$350M, BlockFi crypto lending
🥉$314M, Solana blockchain
🏅$305M Dapper Labs NFTs
🏅$300M Blockchain.com wallets
These totals blow away the sums raised during the ICO craze and involve far higher-profile investors like Mark Cuban, Michael Jordan, Ashton Kutcher, Bain Capital, and Andreessen Horowitz.
Don't let short-term price action distract you from long-term bullish signals. 🎯
🤔 Believe in the bounce?
🚀Polkadot has arrived
🔥Crypto fundraising at ATH
This time, it's different 😅
Bitcoin firmly bounced above $40K and brought much needed relief to us all. But, is this time really different, or is the bounce just setting up exit liquidity for whales?
Dave the Wave, a crypto twitter trader who has so far nailed BTC price action in 2021, sees parallels between now and spring/summer 2018.
In 2018, crypto markets touched all time highs before getting nuked, bouncing to lower highs, then grinding out a long consolidation period.
So far, BTC is following the 2018 playbook so closely that even the daily MACD is uncannily similar.
If we are in fact following the 2018 fractal, the good news is incredible dip-buying opportunities await and the correction will resolve much faster than in 2018.
Follow up here 👉 https://twitter.com/davthewave/status/1404538985381208066
DOT listed on Coinbase as parachains near 📈
Blockchain interoperability used to be a buzzword. Now, it's almost a reality.
Polkadot, the multi-chain protocol that acts as connective tissue between networks, is on the cusp of enabling parachain auctions.
If you're new to the concept, parachain auctions are similar to crypto ICOs with a few key differences.
💡 Projects stake DOT tokens to earn space on the network
💰 To raise DOT, projects run crowdloans
🤝 In crowdloans, DOT stakers get the project's token in exchange
The key takeaway is parachain auctions never involve giving up your DOT tokens. Instead, you're just leasing them to projects which need them as bond collateral.
Coinbase Pro just listed DOT tokens likely in anticipation of the network transitioning toward its first full auction.
Kusama, Polkadot's test network, is starting its first parachain auction next week. If all goes well, Polkadot has the green light to let the fireworks begin.
Despite market fears, project fundraising is booming 🏦
According to the Fear and Greed Index, crypto market sentiment is oscillating between extreme fear and fear.
Even though retail traders are clearly shaken, venture capitalists and big-name investors are pouring 💵 into crypto like there's no tomorrow.
Lesser-known projects like Stake Technologies, a group developing interoperability tech for Polkadot, are raising millions from the likes of former Sony CEO Nobuyuki Idei.
Massive funding rounds of late include:
🥇$380M, Ledger crypto wallets
🥈$350M, BlockFi crypto lending
🥉$314M, Solana blockchain
🏅$305M Dapper Labs NFTs
🏅$300M Blockchain.com wallets
These totals blow away the sums raised during the ICO craze and involve far higher-profile investors like Mark Cuban, Michael Jordan, Ashton Kutcher, Bain Capital, and Andreessen Horowitz.
Don't let short-term price action distract you from long-term bullish signals. 🎯
Twitter
dave the wave🌊
The Daily MACD The bad: a real risk of further correction with the comparison to 2018. The good: the correction not nearly as long.
Stacked Insights Newsletter, 06.17.21
🎨$100M NFT bet
🔑Crypto is the inflation trade
🔪How to survive the chop
Fox TV bets $100M on NFTs 🎲
Another day, another massive move into the crypto space from a legacy institution.
This time, it's Fox Corp., the juggernaut media company behind Fox News and Fox Entertainment. Fox is seeding a $100M fund for digital entertainment tied to its NFT division called Blockchain Creative Labs.
The first effort from the new division is a show called "Krapopolis" by Dan Harmon, the creator of "Rick and Morty."
Blockchain Creative Labs was created to create closer interactivity and sales opportunities betweens shows and their audiences.
NFTs enable a whole new level of salable digital goods, including animations, GIFs, memes, and and limited edition videos.
The huge infusion of cash from one of the world's largest and most traditional media corporations means NFTs have well and truly disrupted not only art, but entertainment as well.
Who's next in line to get well and truly disrupted by crypto? 🥊
Crypto is THE inflation trade 🏦
If you've been following the news in traditional markets, you're well aware that inflation is stealing all the headlines.
Fed Chair Jerome Powell has recently pulled many a gloomy look while delivering inflation forecasts as high as 3%.
Bankers would love for everyone to buy the story that heightened inflation will simmer down by next year, but many notable traders and investors are wary.
Paul Tudor Jones, for one, said matter-of-factly that if the inflation forecast increased (it did), he'd go all in on inflation trades.
Without mincing words, he pointed to buying crypto as part of his inflation trade strategy, and suggested that everyone try out a 5% BTC portfolio.
Oddly enough, the hiked up inflation forecast dampened the ongoing BTC rally, sending prices tumbling firmly below $40K for the first time in days.
Survive market chop with Stacked 🧘
We're in a brutal phase of the crypto market correction known as the chop.
A little known fact is that MANY traders survive big drops only to find themselves revenge trading, second-guessing intuition, and otherwise getting sliced to pieces by revolving bull and bear traps.
What's needed in a market like this is to go into survival mode. This isn't the time to try and make it all back in one trade.
But, that isn't to say there isn't profit to be made — but these are double black diamond days best reserved for weathered pro traders.
Stacked makes it super simple for you to do exactly what the pros are doing right now by adopting their strategies to the letter.
Automated trading bots are live in the Stacked Marketplace giving you one one-click options for trading with the best investors, hedge funds, and strategists.
🎯Manage your wealth in one place
🎯Invest in curated portfolios
🎯Run vetted trading bots
If you haven't already, give Stacked a try for free 🤝
👉 stackedinvest.com 👈
🎨$100M NFT bet
🔑Crypto is the inflation trade
🔪How to survive the chop
Fox TV bets $100M on NFTs 🎲
Another day, another massive move into the crypto space from a legacy institution.
This time, it's Fox Corp., the juggernaut media company behind Fox News and Fox Entertainment. Fox is seeding a $100M fund for digital entertainment tied to its NFT division called Blockchain Creative Labs.
The first effort from the new division is a show called "Krapopolis" by Dan Harmon, the creator of "Rick and Morty."
Blockchain Creative Labs was created to create closer interactivity and sales opportunities betweens shows and their audiences.
NFTs enable a whole new level of salable digital goods, including animations, GIFs, memes, and and limited edition videos.
The huge infusion of cash from one of the world's largest and most traditional media corporations means NFTs have well and truly disrupted not only art, but entertainment as well.
Who's next in line to get well and truly disrupted by crypto? 🥊
Crypto is THE inflation trade 🏦
If you've been following the news in traditional markets, you're well aware that inflation is stealing all the headlines.
Fed Chair Jerome Powell has recently pulled many a gloomy look while delivering inflation forecasts as high as 3%.
Bankers would love for everyone to buy the story that heightened inflation will simmer down by next year, but many notable traders and investors are wary.
Paul Tudor Jones, for one, said matter-of-factly that if the inflation forecast increased (it did), he'd go all in on inflation trades.
Without mincing words, he pointed to buying crypto as part of his inflation trade strategy, and suggested that everyone try out a 5% BTC portfolio.
Oddly enough, the hiked up inflation forecast dampened the ongoing BTC rally, sending prices tumbling firmly below $40K for the first time in days.
Survive market chop with Stacked 🧘
We're in a brutal phase of the crypto market correction known as the chop.
A little known fact is that MANY traders survive big drops only to find themselves revenge trading, second-guessing intuition, and otherwise getting sliced to pieces by revolving bull and bear traps.
What's needed in a market like this is to go into survival mode. This isn't the time to try and make it all back in one trade.
But, that isn't to say there isn't profit to be made — but these are double black diamond days best reserved for weathered pro traders.
Stacked makes it super simple for you to do exactly what the pros are doing right now by adopting their strategies to the letter.
Automated trading bots are live in the Stacked Marketplace giving you one one-click options for trading with the best investors, hedge funds, and strategists.
🎯Manage your wealth in one place
🎯Invest in curated portfolios
🎯Run vetted trading bots
If you haven't already, give Stacked a try for free 🤝
👉 stackedinvest.com 👈
Stacked Insights Newsletter, 06.21.21
🔥 Goldman Sachs + Galaxy Digital partnership
👨💻 Quick guide to Ethereum EIP 1559 upgrade
🥊 Breaking down the Mark Cuban rug pull
🤝 Goldman Sachs partners with Galaxy Digital 🤝
Goldman Sachs is launching a BTC futures trading platform. In and of itself, that's already huge news. But to make matters better, it's tapped Galaxy Digital to provide liquidity for the product.
Galaxy Digital is a full suite crypto fund and financial services platform founded by Mike Novogratz (or Novo as many call him).
You should know that Novo is an über crypto bull. In 2017, he made a landmark speech at Ethereal called The Herd Is Coming, which you can check out here 👉 https://youtu.be/chRFimo06aM
Goldman Sachs is a cornerstone traditional finance giant taking its first solid foray into the crypto world. Partnering with a Novogratz-helmed crypto liquidity provider means GS gets their feet wet with a crypto maximalist — not a bad thing in our book.
Hopefully, Novo's enthusiasm rubs off on the people at Goldman Sachs, and the product becomes a success.
🧑🏫 3 things you should know about the EIP-1559 milestone 🧑🏫
In Ethereum land, these are exciting times. The EIP-1559 upgrade, a hotly anticipated precursor to the Ethereum London hardfork, is expected in July.
There's tons of confusion surrounding what EIP-1559 will and won't do, so let's clear the air.
EIP-1559 will...
🙆♂️ Put deflationary pressure on ETH supply
🙆♂️ Transition ETH miners toward staking
🙆♂️ Probably reduce tx fees somewhat
EIP-1559 won't...
🙅♀️ Make gas a lot cheaper
🙅♀️ Cause miners to abandon Ethereum now
🙅♀️ Turn ETH into a scarce fixed supply asset
At its core, EIP-1559 is aimed at introducing a new transaction fee model that should make miners less clingy. Why? Because it's a key component of the London hardfork, itself a crucial step toward ETH 2.0.
😲 Mark Cuban got rugged — this is how it happened 😲
First off, no matter what your net worth, getting rugged sucks. Nobody, not even billionaires, enjoys the feeling of seeing an investment evaporate into thin air.
But that's essentially what happened to Mark Cuban and his $TITAN holdings. Earlier in the week, Cuban blogged about DeFi in a post called "The Brilliance of Yield Farming."
In the post, he revealed himself as the largest LP in the DAI/TITAN pool. Crypto twitter blew up with tons of Cuban is in memes, driving the price of TITAN up 100x — from mere cents to $60.
Not long after reaching ATH, TITAN crashed in what was, essentially, a single red candle down to under $0.3. The crash erased Mark Cuban's $8 million liquidity pool holdings and dropped Iron Finance's TVL from $1B+ to less than $10M 🤦♀️
TITAN is the governance and stabilizing token for IRON, a stablecoin issued by Iron Finance. The cause of the crash is likely that TITAN's unsustainable rise created an equally sharp correction that sent IRON away from its dollar peg.
IRON moved further away from its peg as traders kept dumping TITAN, leading to a vicious cycle of selloffs that sunk Iron Finance close to zero.
After the incident, Cuban admitted he had essentially aped into the project without doing any due diligence, but nevertheless called for regulators to create rules for stablecoins 🤷🏼
https://www.youtube.com/watch?v=chRFimo06aM
🔥 Goldman Sachs + Galaxy Digital partnership
👨💻 Quick guide to Ethereum EIP 1559 upgrade
🥊 Breaking down the Mark Cuban rug pull
🤝 Goldman Sachs partners with Galaxy Digital 🤝
Goldman Sachs is launching a BTC futures trading platform. In and of itself, that's already huge news. But to make matters better, it's tapped Galaxy Digital to provide liquidity for the product.
Galaxy Digital is a full suite crypto fund and financial services platform founded by Mike Novogratz (or Novo as many call him).
You should know that Novo is an über crypto bull. In 2017, he made a landmark speech at Ethereal called The Herd Is Coming, which you can check out here 👉 https://youtu.be/chRFimo06aM
Goldman Sachs is a cornerstone traditional finance giant taking its first solid foray into the crypto world. Partnering with a Novogratz-helmed crypto liquidity provider means GS gets their feet wet with a crypto maximalist — not a bad thing in our book.
Hopefully, Novo's enthusiasm rubs off on the people at Goldman Sachs, and the product becomes a success.
🧑🏫 3 things you should know about the EIP-1559 milestone 🧑🏫
In Ethereum land, these are exciting times. The EIP-1559 upgrade, a hotly anticipated precursor to the Ethereum London hardfork, is expected in July.
There's tons of confusion surrounding what EIP-1559 will and won't do, so let's clear the air.
EIP-1559 will...
🙆♂️ Put deflationary pressure on ETH supply
🙆♂️ Transition ETH miners toward staking
🙆♂️ Probably reduce tx fees somewhat
EIP-1559 won't...
🙅♀️ Make gas a lot cheaper
🙅♀️ Cause miners to abandon Ethereum now
🙅♀️ Turn ETH into a scarce fixed supply asset
At its core, EIP-1559 is aimed at introducing a new transaction fee model that should make miners less clingy. Why? Because it's a key component of the London hardfork, itself a crucial step toward ETH 2.0.
😲 Mark Cuban got rugged — this is how it happened 😲
First off, no matter what your net worth, getting rugged sucks. Nobody, not even billionaires, enjoys the feeling of seeing an investment evaporate into thin air.
But that's essentially what happened to Mark Cuban and his $TITAN holdings. Earlier in the week, Cuban blogged about DeFi in a post called "The Brilliance of Yield Farming."
In the post, he revealed himself as the largest LP in the DAI/TITAN pool. Crypto twitter blew up with tons of Cuban is in memes, driving the price of TITAN up 100x — from mere cents to $60.
Not long after reaching ATH, TITAN crashed in what was, essentially, a single red candle down to under $0.3. The crash erased Mark Cuban's $8 million liquidity pool holdings and dropped Iron Finance's TVL from $1B+ to less than $10M 🤦♀️
TITAN is the governance and stabilizing token for IRON, a stablecoin issued by Iron Finance. The cause of the crash is likely that TITAN's unsustainable rise created an equally sharp correction that sent IRON away from its dollar peg.
IRON moved further away from its peg as traders kept dumping TITAN, leading to a vicious cycle of selloffs that sunk Iron Finance close to zero.
After the incident, Cuban admitted he had essentially aped into the project without doing any due diligence, but nevertheless called for regulators to create rules for stablecoins 🤷🏼
https://www.youtube.com/watch?v=chRFimo06aM
YouTube
Mike Novogratz - Keynote: "The Herd is Coming" Ethereal #Blockchain Conference San Francisco 2017
Mike Novogratz, crypto investor, talks about why he is excited about the blockchain space, what he is worried about, and what he is going to do about it. Mike also leaves us with a few predictions on what he sees coming in the space.
- To get the latest…
- To get the latest…
Stacked Insights Newsletter, 06.22.21
😅 Bitcoin below $30K, but it's OK
⛏ Chinese mining ban is good for crypto
🧲 Let the gains come to you
👌 3 reasons why Bitcoin below $30K is OK 👌
You've seen the headlines. Bitcoin is below $30K for the first time since blah blah blah.
We get it, BTC is down. Start by asking yourself — what's the point of the endless doom and gloom Bitcoin headlines?
The answer is a simple one. These headlines create even more downward price action, all of which is meant to try and shake you out of your coins.
But guess who's on the receiving end of Bitcoin sold cheaply? That's right — the exact same people and institutions creating FUD now.
So don't take your eyes off the prize. Here are 3 reasons why BTC below $30K is fine.
1️⃣ Zoom out. last year, BTC was $5K. Prices are 400%+ since then.
2️⃣ Reset. Run to $60K created greed. Corrections are needed.
3️⃣ Flippening. Watch as the old $20K resistance becomes support.
The last upshot is especially relevant. Take a macro view of the market, then you realize daily price action is largely a distraction from the real prize later on: $100K+ BTC prices.
♻️ The Chinese mining ban is great for crypto♻️
There's been plenty of fear in the market about the Chinese mining ban. Not only are people confused about what it means for Bitcoin, there's mixed messages about the consequences.
The mining ban has broadly extended to over 90% of the active Bitcoin miners in China. As you probably know, China has so far dominated the Bitcoin hash rate through sheer mining capacity.
However, Bitcoin's global profile is rising every day, which increases the spotlight on everything wrong with Bitcoin. A few weeks ago, Elon Musk tanked the market after tweeting that Tesla would no longer process BTC payments due to environmental concerns.
In response, Bitcoin hero Michael Saylor convened a North American Mining Council conference and outlined environmental goals like using renewable energy for mining.
The Chinese miner crackdown is well-timed. More people, institutions, and entire nations are getting involved with Bitcoin but are simultaneously concerned about mining power concentration in China.
Now, mining power is set to redistribute globally. El Salvador recently announced geothermal Bitcoin mining sites and locales throughout Africa are being scouted.
So, while miners in China are losing out on a long lucrative position as the world's top BTC excavators, everyone else is in a winning position.
🧲 Put your portfolio on auto-pilot 🧲
In market conditions like these, the best thing is to take emotions out of trading & investing.
The top of the current cycle is in, and the bottom is near, which means the current zone is nothing but market chop designed to cut your portfolio to pieces.
But we get it, the market makes us emotional. That's why we created Stacked — to help you make objective data-based moves like professional traders do.
Use the Stacked Portfolio Manager to take the guesswork out of investing. The Portfolio Manager enable to do things like...
🏦 Seamlessly move in/out of stables based on market conditions
🏎 Allocate to any asset across major exchanges with one click
🤝 Invest in portfolios designed by pro traders and hedge funds
Don't go it alone. Stacked has your back.
Want to try before you buy? Start using the Portfolio Manager for free 👉 stackedinvest.com
😅 Bitcoin below $30K, but it's OK
⛏ Chinese mining ban is good for crypto
🧲 Let the gains come to you
👌 3 reasons why Bitcoin below $30K is OK 👌
You've seen the headlines. Bitcoin is below $30K for the first time since blah blah blah.
We get it, BTC is down. Start by asking yourself — what's the point of the endless doom and gloom Bitcoin headlines?
The answer is a simple one. These headlines create even more downward price action, all of which is meant to try and shake you out of your coins.
But guess who's on the receiving end of Bitcoin sold cheaply? That's right — the exact same people and institutions creating FUD now.
So don't take your eyes off the prize. Here are 3 reasons why BTC below $30K is fine.
1️⃣ Zoom out. last year, BTC was $5K. Prices are 400%+ since then.
2️⃣ Reset. Run to $60K created greed. Corrections are needed.
3️⃣ Flippening. Watch as the old $20K resistance becomes support.
The last upshot is especially relevant. Take a macro view of the market, then you realize daily price action is largely a distraction from the real prize later on: $100K+ BTC prices.
♻️ The Chinese mining ban is great for crypto♻️
There's been plenty of fear in the market about the Chinese mining ban. Not only are people confused about what it means for Bitcoin, there's mixed messages about the consequences.
The mining ban has broadly extended to over 90% of the active Bitcoin miners in China. As you probably know, China has so far dominated the Bitcoin hash rate through sheer mining capacity.
However, Bitcoin's global profile is rising every day, which increases the spotlight on everything wrong with Bitcoin. A few weeks ago, Elon Musk tanked the market after tweeting that Tesla would no longer process BTC payments due to environmental concerns.
In response, Bitcoin hero Michael Saylor convened a North American Mining Council conference and outlined environmental goals like using renewable energy for mining.
The Chinese miner crackdown is well-timed. More people, institutions, and entire nations are getting involved with Bitcoin but are simultaneously concerned about mining power concentration in China.
Now, mining power is set to redistribute globally. El Salvador recently announced geothermal Bitcoin mining sites and locales throughout Africa are being scouted.
So, while miners in China are losing out on a long lucrative position as the world's top BTC excavators, everyone else is in a winning position.
🧲 Put your portfolio on auto-pilot 🧲
In market conditions like these, the best thing is to take emotions out of trading & investing.
The top of the current cycle is in, and the bottom is near, which means the current zone is nothing but market chop designed to cut your portfolio to pieces.
But we get it, the market makes us emotional. That's why we created Stacked — to help you make objective data-based moves like professional traders do.
Use the Stacked Portfolio Manager to take the guesswork out of investing. The Portfolio Manager enable to do things like...
🏦 Seamlessly move in/out of stables based on market conditions
🏎 Allocate to any asset across major exchanges with one click
🤝 Invest in portfolios designed by pro traders and hedge funds
Don't go it alone. Stacked has your back.
Want to try before you buy? Start using the Portfolio Manager for free 👉 stackedinvest.com
Stacked Insights Newsletter, 06.23.21
⚾️ FTX lands huge sponsorship deal
🕵️ On-chain data suggests relief is near
⚒ Chinese miner situation gets clearer
🥳 FTX becomes MLB sponsor🥳
FTX is already the preferred exchange of crypto traders everywhere (including us here at Stacked HQ 😌).
But even though FTX reigning supreme across crypto twitter is an awesome start, how cool would it be to see FTX and Coinbase go head-to-head?
To unlock household name levels of recognition, FTX is deploying an impressively visible marketing campaign.
For its latest act, FTX has become the official crypto exchange partner of the MLB. That's right — Major League Baseball.
Amongst other highly visible details, you'll see umpires wearing FTX patches on their uniforms during games. Just imagine how surreal seeing crypto + baseball will be.
This isn't FTX's first big sports deal, either. A few months ago, they locked down a massive partnership with the Miami Heat which sees the team play inside the rebranded FTX Arena.
Given Tom Brady's recent conversion to laser eyes, we won't be surprised to see FTX launch a similar deal with the NFL just for the sake of completion.
Mainstream crypto adoption, anyone? 🤩
🤲 BTC is flowing from weak to strong hands 💎
We can speculate all we want, but because blockchain, there's REAL objective data to show which wallets are scooping BTC.
In an alpha-drop of epic proportions, Bitcoin permabull Willy Woo charted the measurable flow of BTC from weak-handed wallets to diamond-handed chads.
See the tweet here 👉 twitter.com/woonomic/status/1407403983023460354
At some point, the transfer of BTC (or any coin for that matter) from sellers to HODLers counteracts the bearish influence driving prices down.
The market would be in big trouble if long-term wallets were dumping coins rather than scooping them, but thankfully, the opposite is happening.
On a related note, Bloomberg Intelligence reports the current BTC 20 week EMA has tapped the same levels as $4K BTC in 2020. On that occasion, BTC definitively bounced into a full-on reversal that endured for over a year.
Are we on the verge of a similar change of fortune? 🔮
👮♂️ OK, so China is actually booting BTC miners 👮♂️
China FUD is its own niche category of psyops within the crypto market. Every year, like clockwork, someone cues the onslaught of "bans."
❌ In 2013, China banned BTC trading...
❌ Next up was the infamous ICO + exchange ban in 2017
❌ Then, China banned Bitcoin mining in 2018-19
Despite all of the bans, clampdowns, and regulatory posturing, crypto mining and trading kept emanating from China, leading one to wonder how real these bans were.
This time it's actually different. Miners are well and truly being shut down in China, the place once host to over 65% of BTC hash power.
In an interview, Kevin Zhang of DCG-owned Foundry, said miners were closing up shop en masse, with up to 90% of miners expected to be shutdown by the month's end.
Vast arrays of mining equipment are arriving in Kazakhstan as miners seek new horizons for a fresh start. As such, the BTC mining ban is, surprisingly, very real this time around.
Read our previous update to see why we think the ban is amazing for Bitcoin's future growth prospects 🎯
⚾️ FTX lands huge sponsorship deal
🕵️ On-chain data suggests relief is near
⚒ Chinese miner situation gets clearer
🥳 FTX becomes MLB sponsor🥳
FTX is already the preferred exchange of crypto traders everywhere (including us here at Stacked HQ 😌).
But even though FTX reigning supreme across crypto twitter is an awesome start, how cool would it be to see FTX and Coinbase go head-to-head?
To unlock household name levels of recognition, FTX is deploying an impressively visible marketing campaign.
For its latest act, FTX has become the official crypto exchange partner of the MLB. That's right — Major League Baseball.
Amongst other highly visible details, you'll see umpires wearing FTX patches on their uniforms during games. Just imagine how surreal seeing crypto + baseball will be.
This isn't FTX's first big sports deal, either. A few months ago, they locked down a massive partnership with the Miami Heat which sees the team play inside the rebranded FTX Arena.
Given Tom Brady's recent conversion to laser eyes, we won't be surprised to see FTX launch a similar deal with the NFL just for the sake of completion.
Mainstream crypto adoption, anyone? 🤩
🤲 BTC is flowing from weak to strong hands 💎
We can speculate all we want, but because blockchain, there's REAL objective data to show which wallets are scooping BTC.
In an alpha-drop of epic proportions, Bitcoin permabull Willy Woo charted the measurable flow of BTC from weak-handed wallets to diamond-handed chads.
See the tweet here 👉 twitter.com/woonomic/status/1407403983023460354
At some point, the transfer of BTC (or any coin for that matter) from sellers to HODLers counteracts the bearish influence driving prices down.
The market would be in big trouble if long-term wallets were dumping coins rather than scooping them, but thankfully, the opposite is happening.
On a related note, Bloomberg Intelligence reports the current BTC 20 week EMA has tapped the same levels as $4K BTC in 2020. On that occasion, BTC definitively bounced into a full-on reversal that endured for over a year.
Are we on the verge of a similar change of fortune? 🔮
👮♂️ OK, so China is actually booting BTC miners 👮♂️
China FUD is its own niche category of psyops within the crypto market. Every year, like clockwork, someone cues the onslaught of "bans."
❌ In 2013, China banned BTC trading...
❌ Next up was the infamous ICO + exchange ban in 2017
❌ Then, China banned Bitcoin mining in 2018-19
Despite all of the bans, clampdowns, and regulatory posturing, crypto mining and trading kept emanating from China, leading one to wonder how real these bans were.
This time it's actually different. Miners are well and truly being shut down in China, the place once host to over 65% of BTC hash power.
In an interview, Kevin Zhang of DCG-owned Foundry, said miners were closing up shop en masse, with up to 90% of miners expected to be shutdown by the month's end.
Vast arrays of mining equipment are arriving in Kazakhstan as miners seek new horizons for a fresh start. As such, the BTC mining ban is, surprisingly, very real this time around.
Read our previous update to see why we think the ban is amazing for Bitcoin's future growth prospects 🎯
Twitter
Willy Woo
Green: The ratio of coins held by strong hands vs speculative hands. Yes it's a Bullish div. Last one was the late Jan 2021 dip. Prior times the ratio was at this level, price was $45k-$50k. Chart inspired by @WClementeIII Data by @glassnode