Itâs always good to be grateful. If you had this scarecrow in your backyard, youâd probably wish it wasnât 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? đ°
Last February, when bitcoin hit ÂŁ4.6k ($6k) for the first time, ether managed to bounce around ÂŁ460 ($600). Today, as ETH is menacing to break down ÂŁ135 ($175), a level not seen since July 2017âââwhile bitcoin keeps flirting with ÂŁ4.7k ($6.1k) supportâââweâre finally seeing more intense signs of despair. The question is when indignance? The answer is complicated, so we recommend CryptoFamâs thread we shared in June.
Whatâs critical to understand is that timing the bottom is not critical, like many foolishly tried to do yesterday. Nevertheless, for those looking for some âhopiumâ, Galaxy reminds us that, in 2014, the altcoin market declined 86% within 266 days. Now, âweâre sitting at a decline of 85% in 252 daysâ. However, donât forget that bitcoinâââwhich led that altcoin cycleâââstill 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 âprecursor to BTCâs capitulationâ in 2014. Thus, in addition to this canine influence, what other moon was pulling cryptoassetsâ waters yesterday? That celestial body called regulators. As Katherine Wu summarises, FINRAâââthe US financial sectorâs self-regulatory organisationâââissued disciplinary action against HempCoin.
This was the first targeted cryptoasset related company, but it was âno surpriseâ. Additionally, as Jake Chervinskyâ 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 whatâs likely happening under the regulatory curtain and why these bodies might startâââor have startedâââtargeting larger-cap projects.
âȘ 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.
âȘ The Vice-President of EUâs ECOFIN, the council of EUâs finance and economics ministers, believes cryptoassets âare here to stay despite the recent turbulenceâ.
âȘ Crypto Quantamental, a popular Crypto Twitter account, is hosting an online lesson on âmastering stop lossesâ today at 4pm BST. Check the agenda and the YouTube link here.
âȘ Laura Shinâs Unchained podcast is one of the industryâs most popular. In the latest episode, she interviews Tuur Demeester, a popular crypto-focused economist.
âȘ Olaf Carlson-Wee, founder of Polychain Capital, is a famous crypto personality that loves magazine covers but hates Twitter. Fortunately, WSJ profiles him againâââhere.
âȘ In the spirit of honest debate, we recommend reading Chris Paciaâs take on yesterdayâs viral article by Jimmy Song regarding the Bitcoin Cash debacleâââhere.
Hopium is the conjugation of hope and the infamous opioid. Usually, inexperienced traders that donât use stop losses smoke a lot of hopium as they wait for crypto prices to get back to previous highs.
