Criminals are becoming more and more creative; like these guys, impersonating a French Government Minister to swindle millions through bogus ransom demands. This arsonist could have learnt a thing or two from them, as she was caught burning her neighbour’s house down on her own security cameras. Meanwhile, in politics, Trump is on the campaign trail promising to cure cancer, extinguish aids and put a man on Mars.
Finally a calm day in Crypto Twitter and some smooth sailing in the markets. Bitcoin is up 2% over the past 24 hours, while ETH is down 0.3% and the top 100 tokens lost on average 0.8% with the king’s rise. The original cryptoasset has been menacing to break $10k for a while — a level which it has only risen above for 2.5% of its lifetime, as Yassine Elmandjra notes — but when will that happen, if ever?
Cantering Clark is using the profile of May’s climb to anticipate the next leg up. In brief, as long as BTC doesn’t break down $8.8k, a correction shouldn’t be expected. However, the current pump’s volume isn’t matching a potential breakout. As it’s very difficult to catch tops and bottoms, as Luke Martin aptly points out, consider Alex Krüger’s advice and focus on trading the trend!
Meanwhile, David Marcus is trying to pacify the fight against Bitcoiners in a painful, but true way. The co-creator of Facebook’s Libra noted BTC is a “decorrelated investment asset” — something that makes it great for diversifyingportfolios made of traditional asset classes — Libra is instead focused on becoming just a means of exchange. This likely triggered Bitcoin Cash fans.
But, as Dan Held explained earlier this year, true Bitcoiners know it “was purpose-built to first be a store of value” instead. Otherwise, it wouldn’t have a deflationary supply, i.e. a supply which decreases in time — in this case, one which is halved every four years, more or less. Curiously, Nic Carter just shared an excellent trading signal which has been occurring every four years! The last one happened recently. Will you follow the trend or wait another four years?
▪ Quadriga CX’s story keeps getting worse. Evan Thomas summarised how its deceased founder lost at least 21,493 BTC margin trading over three years.
▪ Bitcoin’s story keeps getting better. Nic Carter explains why some of the original cryptoasset’s apparent tradeoffs were chosen on purpose and make sense.
▪ Facebook Libra’s story keeps getting worse. Cryptography aside, the popular economist Tyler Cowen just asked many important questions to be considered.
“If you think the banks are just going to roll over and die when faced with a superior competitor you don’t understand how regulatory capture works.”
