If you’re thinking about buying your first property make sure you do your due diligence, otherwise you could end up like this guy who spent $13,000 on a 30cm strip of land. Why buy when you can rent Tony Stark’s cabin? Or, instead of throwing your money into the property market why not save up for cryogenic freezing, just make sure you don’t click the option which delivers your severed frozen head to a family member.
What a weekend. Bitcoin bulls decided to continue charging and the original cryptoasset broke another yearly-record by Sunday morning, hitting $9.4k and approaching the menacing $9.8k resistance. This invalidates the previous bearish outlook for June as expectations for a retrace to the $6k level seem to have been postponed — given how strongly BTC remains close to its new top.
The past three hours have also been interesting, as $9.4k was retested and so far price hasn’t dipped below any important support. UB believes that as long as BTC remains above $9.2k then new highs are likely. If not, there’s plenty of support below, as Don Alt notes. And remember this is one of the most bullish weeks of the year, with no one — except Tone Vays and Co. — believing the bottom isn’t in.
Why is this week so significant — in particular for Bitcoin? Fundamentally, the network is stronger than ever: Kevin Rooke noted that last Friday it saw more than one million daily active addresses, a situation not seen since 2017, and continues to see incredible value transfer activity. Speculatively, tomorrow is the expected date for Facebook to release more details of its cryptocurrency.
The Block broke the partner companies who will maintain the nodes of whatever blockchain is announced and the reactions have naturally been mixed. As Sarah Jamie Lewis remarked, we “can’t wait for a cryptocurrency with the ethics of Uber, the censorship resistance of Paypal, and the centralization of Visa, all tied together under the proven privacy of Facebook”. But, despite the conceptual criticism, Neeraj Agrawal synthesised the potential impact of this event: it’s because “a lot of people who spent 2018 and 2019 writing off cryptocurrency because it was dead are trying to catch up now” due to Facebook’s Libra.
▪ If you’re not convinced by our brief argument, check Arca’s Jeff Dorman latest investor update, aptly titled: “Facebook is the Tipping Point for Crypto”.
▪ If you’re not convinced by the FUD around Binance’s new plans for the US market, ask anything to its CEO and he will answer it by 4am BST later tonight!
▪ If you’re not convinced by fundamental cryptoasset valuation techniques, register for tomorrow’s London Blockchain Meet-up, powered by a great panel!
▪ If you’re not convinced by fundamental cryptoasset valuation techniques alone, check CoinMetrics latest partnership with SMA to incorporate sentiment data!
“The role of a Bitcoin evangelist should be to manage expectations,
not to inflate them”
