And she’s trading like she never traded before
In the latest grab n’ run, oregano is the new pot. Spankchain is the new tech. Brexiety is the new anxiety. Liverpool fan? You must be feeling that ‘hazardous’ is the new dangerous. LBX team veteran, Alex, is hypothesising a ‘popcorn model’ — XRP’s seed popped first, then BCH yesterday, what’s next — salt or butter? #popcornmodel🍿
After four depreciating days, the crypto markets followed bitcoin as it entered the valley of green, for the first time this week. While the original cryptoasset is only up 1% over the last 24 hours, its nemesis — bitcoin cash — started pumping around 3pm BST and is up more than 20%. This happened after CoinDesk published a summary of Bitmain’s IPO filing submitted yesterday to the Hong Kong Stock Exchange.
The 438-page document confirmed that the mining giant — which supported BCH over BTC during the 2017 debacle — held £680 ($890) million worth of cryptoassets by June. Although these weren’t discriminated, in August, Roger Ver — a famous Bitcoin early adopter who promoted the Bitcoin Cash fork and is friends with Bitmain’s co-founder — shared that their BCH position amounted to about two thirds of the total holdings.
The breakout also took the forky project out of last months’ falling wedge, but what’s important is whether it can continue rising beyond yesterday’s technical influence. It seems the bullish tingles were derived from Bitmain raising over £335 ($440) million last month — which helped the company sustain the large losses incurred in Q1 and Q2, as this excellent report that BitMEX Research published yesterday details.
While it wasn’t a surprise the company was in a tough financial situation, due to excess inventory and lacklustre sales, many wondered whether the chipmaker could continue to support Bitcoin Cash — even by not selling their holdings to stay afloat. Remember they held 1,021,316 BCH as of March, nearly 6% of Bitcoin Cash’s circulating supply. As no one can predict the future, if you are a trader, follow DonAlt’s wisdom!
▪ BTC’s outlook hasn’t changed since yesterday, so the only question everyone is looking to answer is what’s the next major alt to board the relief rocket, as BitCrypto jokes.
▪ CryptoMondays London is taking place next week, on October 1st, from 6 PM onwards. Check the details and register for the global decentralised networking event here.
▪ Jake Chervisnky summarised another important US ruling regarding a cryptoasset — “My Big Coin”. The securities lawyer disagrees with the court’s understanding of the case.
▪ JP Koning is a young economist popular in the cryptosphere. His latest postabout the future of money is out and is a must read: “Is Money About to Have an Uber moment?”
▪ Laura Shin’s Unchained podcast latest episode is her favourite so far because CZ, Binance’s founder, talks about about its success and how crypto communities differ.
▪ To end with grace — nothing better than some crypto-comedy. The Next Web helps you “meet the folks making Bitcoin the butt of their jokes”. Bullishon Crypto Brekkie!
IPOs used to stand for ‘Initial Public Offerings’, the moment when a company raised funds by opening up their equity on the stocky market. But these days, in the crypto land at least, it seems they stand for Initial Pump Opportunities.