If you felt bored with the current sideways action just read this.
If you felt bored with the current sideways action just read this. When the Bank of America conveniently groups Bitcoin with some of the major asset price bubbles in history but forgets to include the dot-com mania in the lot, we may think someone is shorting, i.e. betting against, the market. Guess they are late to the party.
On one side, such comparisons are troublesome. Most of the more popular bubbles such as the Tulips, are clear myths. Criticism surrounding the exponential growth of cryptoassets fails to understand that it represents a common ‘S’ curve of adoption — a characteristic shared with all major 20th century technologies.
On the other side, the current consensus is that bitcoin’s price is not bottomless and we are not far from it. Nevertheless, the original cryptoasset is at a major intersection point between macro bullish and bearish scenarios. If it drops further than £4.7k ($6.7k), it means the long-term bullish pitchfork — an indicator used to trace a channel of potential high and low prices — is invalidated. Then, the £2.8k ($4k) level becomes a real possibility.
Two of the most respected analysts in the space estimate that the combined tax selling of US’s and Japan’s crypto investors was enough to create this downtrend alone. The selling of cryptoassets was necessary to pay for the taxes on last year’s realised crypto profits. While Japan’s tax deadline has passed, the US tax day ends on April17th.
Have we already seen the bottom? This double bottom pattern possibly indicates that we have. That could very well mean that we don’t need to wait for April 18th, to see a trend reversal. See ether as an example, it seems it is already reversing. Though, can that pattern pose as an indicator for a larger price drop? As always — no one knows. Thus, expect the unexpected, whilst keeping in mind that one thing is clear.
As the CEO of ICE, owner of the New York Stock Exchange, said in an interview yesterday — “People put more faith in a guy named Satoshi Nakamoto that no one has ever met than they do in the U.S. Fed”. While speculation might be rampant in some countries, cryptocurrency adoption is increasingly growing in most parts of Africa. Imagine it’s still 1994 and the next leg of adoption is coming. “Never bet against a group of technologists driven by something other than money”.
Are you a new investor in the space? Here’s a good beginner’s guide, several neat Twitter lists and some useful articles compiled by WhatBitcoinDid.
Are you confused by Twitter’s handling of the infamous ‘@bitcoin’ handle this past weekend? That’s okay — everyone was. The Verge has you covered.
Are you feeling united by the stream of criticism directed at Craig Wright, a high-profile crypto figure who once claimed to be Satoshi? If not, then you must read this.
As the hype on utility tokens fades away, we keep seeing new articles shedding bullish light on digital securities. Here’s what security tokens can unlock.
As the number of daily ‘hodl’ comments on Reddit fades away, an MIT lecturer and a journalist argue ‘in blockchain we trust’. Here’s the summary of this new great book. It’s of the best we’ve found so far. It sums up what blockchain and cryptoassets are, why they are important (who knew triple-entry bookkeeping could be sexy), and how the high cost of trust is harming innovation where it’s most needed.
As new institutional investors enter the space, some of the original ones fade away. Worry not, the New Yorker never forgets. They just published a great overview of Michael’s Novogratz relationship with cryptoassets. Looking for redemption?