It looks like the bottom isn’t near. So ignore those calling it out for now
It’s always good to be grateful. If you had this scarecrow in your backyard, you’d probably wish it wasn’t Wednesday after all. On a better note, some say dogs look just like their owners. Are you fur-real? What if we told you Walmart is selling bitcoins for $1.00? 💰
Last February, when bitcoin hit £4.6k ($6k) for the first time, ether managed to bounce around £460 ($600). Today, as ETH is menacing to break down £135 ($175), a level not seen since July 2017 — while bitcoin keeps flirting with £4.7k ($6.1k) support — we’re finally seeing more intense signs of despair. The question is when indignance? The answer is complicated, so we recommend CryptoFam’s thread we shared in June.
What’s critical to understand is that timing the bottom is not critical, like many foolishly tried to do yesterday. Nevertheless, for those looking for some ‘hopium’, Galaxy reminds us that, in 2014, the altcoin market declined 86% within 266 days. Now, “we’re sitting at a decline of 85% in 252 days”. However, don’t forget that bitcoin — which led that altcoin cycle — still ranged for eight months after finding its feet.
Dogecoin is the only alt in the green for the last 30 days. StackinBits notesthat it was the “precursor to BTC’s capitulation” in 2014. Thus, in addition to this canine influence, what other moon was pulling cryptoassets’ waters yesterday? That celestial body called regulators. As Katherine Wu summarises, FINRA — the US financial sector’s self-regulatory organisation — issued disciplinary action against HempCoin.
This was the first targeted cryptoasset related company, but it was “no surprise”. Additionally, as Jake Chervinsky details, there were a couple of other US Department of Justice and SEC cases regarding securities fraud and violations. This thread is priceless for those wanting to understand what’s likely happening under the regulatory curtain and why these bodies might start — or have started — targeting larger-cap projects.
▪ Paris Saint-German, the football club, is launching a cryptoasset based on a concept already in use by Real Madrid and Barcelona fans. Check all details here.
▪ The Vice-President of EU’s ECOFIN, the council of EU’s finance and economics ministers, believes cryptoassets “are here to stay despite the recent turbulence”.
▪ Crypto Quantamental, a popular Crypto Twitter account, is hosting an online lesson on “mastering stop losses” today at 4pm BST. Check the agenda and the YouTube link here.
▪ Laura Shin’s Unchained podcast is one of the industry’s most popular. In the latest episode, she interviews Tuur Demeester, a popular crypto-focused economist.
▪ Olaf Carlson-Wee, founder of Polychain Capital, is a famous crypto personality that loves magazine covers but hates Twitter. Fortunately, WSJ profiles him again — here.
▪ In the spirit of honest debate, we recommend reading Chris Pacia’s take on yesterday’s viral article by Jimmy Song regarding the Bitcoin Cash debacle — here.
Hopium is the conjugation of hope and the infamous opioid. Usually, inexperienced traders that don’t use stop losses smoke a lot of hopium as they wait for crypto prices to get back to previous highs.