Bitcoin: $8,876.40
Market Cap: $395,250,277,287
Yesterday’s optimism has evaporated somewhat, given that BTC dropped to around $8600 overnight. It bounced off that line to its current position, but something tells me it isn’t done yet. It might fart around this area for a while, but with the weekend approaching I can see a further dip. Confidence is still fragile as we’re still wounded from the bear market, but as I’ve been thinking ever since the start of the alt run we need one more BTC correction before we’re strong enough to run.
To this end I’ve taken the rather bold decision to sell my not altogether small positions in ICX and WAN and put the money into USDT with the expectation (hope?!) that they will drop over the weekend and I can pick up more on Monday when things might pick up. On the flip side, another $130m Tether tokens were printed recently which usually results in a pump in BTC price, although that may have been factored into the jump from $8650 to $8900. It’s a gamble that could backfire and lose me quite a number of ICX and WAN tokens, but I’m going to go with my gut that they won’t moon over the weekend and at worst, I get the same back.
Given the rather precarious nature of the markets I won’t be jumping into any alts when my BTC withdrawal from my managed fund comes through this afternoon. It seems like the guy managing the fund had put a nicely leveraged short on BTC because I still had roughly the same amount in my account after withdrawal than I’d had before! I need to have my intentions sorted though so I can take advantage of a dip to pick up what I want for cheap.
I’ve also had further discussions with those involved in my potential content writing role. It’s gathering momentum and looks like it will go ahead which is very exciting. Once I had sorted out payment I can look into the potential of leaving my day job to do it. Full steam ahead crypto!
I’ll end this post by referencing the somewhat sensationalised Steemit post doing the rounds about the ‘fraud on a massive scale’ involving certain influencers trying to suppress the price of coins. Whilst I don’t approve of the tone and overall shadiness of the deal being discussed, I think it is overblown. I know three of the guys involved, one of them well enough to put a huge amount of financial trust in, and I have faith that their motives are not as nefarious at the allegations make out. It doesn’t look good for anyone involved, but each case should be judged on its merit and no-one should be found guilty by association. It will all be forgotten about next week.
