On Wednesdays we have two cups of coffee in the mornings in anticipation of a pump. A body pump of course! You know the times are changing when 25 year olds are turning their backs to alcohol. Certainly not in Finland. Their path to happiness constitutes of drinking at home. Alone. In their underwear. It’s called kalsarikänni. Apparently delisting is also a thing, so watch out or you’ll need kalsarikänni therapy. 🍹
While CoinDesk Markets Daily was “toying with a breakout” and some influential Crypto Twitter traders were “bullish as hell”, bitcoin decided to make the first bearish move of October — dropping 2.5%. Timing is everything. As some anticipated earlier, any way the original cryptoasset would break from the meme triangle would likely be a fakeout.
However, it’s important to note that these triangular patterns are very moody and depend on the highs and lows formed on each exchange, and on the artistic inclinations of those who draw them, as Lush makes aware and Godson jokes. Nevertheless, Scarface aptly argues that this dump doesn’t justify the cries for doom yet as bitcoin doesn’t have to continue dropping just because some alts are overvalued.
Diar’s Larry Cermark analysed bitcoin’s volatility over several years and concluded that this has been its steepest decline ever. On the bright side, this means there has been less speculation and cryptoasset enthusiasts can continue working towards a more open society — or that the proverbial pump is coming. On the dark side, “the range that never ends”, as DonAlt put it, is slowly losing support if one considers StackinBits’ perspective.
To close with a different gloomy view, SpankChain announced that it had been hacked over the weekend. The kinky Ethereum-based project lost around £30k ($40k) worth of ether — of which 25% belonged to its users — after deciding it wasn’t worth spending £38k ($50k) on a security audit earlier. While the hack was dealt in quite a quick and professional way, could crypto markets be the next to face a spanking?
▪ Diar’s latest issue studied Bitcoin’s mining revenues. In absolute, they are at an all-time high, but competition is driving prices down. Check the estimated profits here.
▪ A Canadian court ruled that the specific ETH that once belonged to an ICO project, which had mistakenly sent them to a user — who has now died — must be returned.
▪ GeoCold, a “mischief-maker”, has announced he will livestream a 51% attack against Einsteinium, a top-250 cryptoasset, this Saturday, by 9 AM BST. All details here.
▪ Gregory Rocco dived in the obscure world of futility tokens — those which can’t accrue value by design. Read more about the fascinating “Bagholder’s Dilemma” here.
▪ Anthony just Pomped the transcripts of his last podcasts, featuring Grayscale’s Michael Sonnenshein, the famous Jake Chervinsky, and VanEck’s Gabor Gurbacs. Read here.
▪ Kyle Samani, Multicoin Capital’s co-founder, was inspired by the Yale endowment news to answer the “How big can crypto really get?” question: £75 ($100) trillion.
A fakeout describes a misleading move that tricks traders to do what large players want them to do. In simpler words, it’s a trap that is difficult to avoid if one is not prepared.
