Another year of hurt as England continue their unsuccessful pursuit of a second World Cup, falling again in the semifinals. Whilst the nation ferments in disappointment, this woman is equally aghast, as she spent £100 on a claw machine trying to grasp a cuddly toy. Meanwhile in Florida, celebrations are in order, as this couple finally won the right to grow vegetables in their front garden.
Bitcoin’s retracement seems complete now that it broke its downtrend and bounced a maximum of 20% from yesterday’s $9.6k bottom — and remains strongly above $11k since. The correlated crypto market followed and the average top 100 tokens climbed 4.5% over the past 24 hours. As usual, what should you expect next? For the medium to long-term, nothing has changed.
The fundamentals of Bitcoin and Ethereum continue strong, as Biser Dimitrov summarises, and there’s plenty of hype this July to fuel both networks’ adoption — even if August will likely be slow, as it has historically been. In brief, as Arca’s Jeff Dorman argues in his recent retrospective of 2019’s Q2 and of bitcoin’s end-of-July ‘implosion’, “the long-term trend for digital assets is still incredibly bullish”.
As for the short-term, Mr. Anderson polled Crypto Twitter about where in the market cycle we are. We tend to side with those who answered we’re in the complacency phase (again, in what the short-term is concerned). This means there’s an overall belief “we just need to cool off for the next rally” — something evident in the unfounded expectations BTC will break $20k before Autumn.
The above is curiously aligned with December 2017’s fractal, nicely shown by Blackbeard here. Nevertheless, given the current euphoric sentiment is notaligned with high levels of funding in the major bitcoin derivatives platforms, we’re expecting a retest of $12.5k to understand whether buyers are exhausted. If they are, then consider Joe McCann’s reminder that “all CME gaps get filled”.
▪ Daniel Jeffries aka Laughing Monkey is back. This time with an interview for CoinTelegraph about the five key conditions for “the next crypto boom”.
▪ Congressional attacks on Facebook’s Libra are back. The US representatives asked for an “immediate moratorium on any movement forward on Libra”.
▪ The debate on Bitcoin’s energy use is back. The Cambridge Centre for Alternative Finance created a new “Bitcoin Electricity Consumption Index”.
▪ Token Daily’s research is back! Imran Khan overview the Handshake protocol in this great “The Fall of Certificate Authorities and The Rise of Handshake”.
“Bitcoin is a statement, by the bottom 99% to the top 1%, that “we don’t want to play your game anymore. The asset bubble created by central banks around the world has asymmetrically benefited those who can borrow cheaply at scale.
And they are the 1%.”
