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Instagram are finally taking a step in the right direction, online bullying and harassment have plagued social media for years, but now the picture-centric platform is taking a new approach. Shame these London Marathon workers weren’t as conscientious, as they were heard calling runners “slow and fat” earlier this year. In other social media news, Judges are now brushing up on their emoji knowledge as it’s becoming increasingly prevalent in court.
This was a wild Monday, with BTC appreciating a maximum of 13% over the day, in the kind of violent breakout described yesterday. Bullish sentiment was increasing now that $12.3k had been defeated but a market is a battle zone and the climb won’t be smooth, as the episode ahead shows. Nevertheless, it’s fair to say this year’s readjusted parabola still looks beautiful and prone to continue.
So, what to expect during the rest of the day? Some asked for a pullback while others were angry about the pump. Posty hypothesises alt-related saltiness is to blame, given that the average alt only rose 1.2% and 53 of the top 100 projects depreciated over the past 24 hours. As for the pullback, it has just happened in a spectacular fashion, with a 4.7% dump in just 15 minutes, apparently induced by a whale on Binance who managed to sell +7300 bitcoins — worth more than $90 million — in the weirdest sell wall seen on said exchange! Could this whale know something unique which prompted their desire to exit the market?
Meanwhile, we must remember it’s only Tuesday and the weekly momentum is strong. As Mayne shows, it indeed looks like the current yearly high will at least be tested. What’s interesting about this is that yesterday’s move happened on “relatively low volumes”, as the Skew team notes, implying “path of least resistance” is upwards. And, as usual, the question is how much up can we go.
Glimmery ironically visualises an interesting scenario here. It can be translated to a blow-off top before summer kicks-in, where bitcoin tests its all-time high at $20k. Then, BTC would retrace a bit due to holidays in the northern hemisphere and, finally, melt faces near the end of the year as it starts exploring the stratosphere. This scenario is curiously aligned with bitcoin’s 12-month RSI, as mapped by the uber-bullish @100TrillionUSD, which indicates corn has plenty of room to grow. Surely then, people will start caring about prices again.
▪ Binance whale aside, everyone is going wild over this picture of a fired Deutsche Bank worker leaving the office with a Bitcoin tote bag. It’s sold out!
▪ Binance whale aside, some are still going wild with Tether and its correlation with Bitcoin pumps. But Jesse Powell, Kraken’s CEO, clarifies the relationship.
▪ Binance whale aside, people are still trying to understand Facebook’s Libra. Ryan Selkis, Messari’s founder, just shared a very interesting email from Morgan Beller — Calibra’s head of strategy — explaining Libra from a different perspective.
▪ But, what if the Binance whale knows something about Tether? No FUD, but Decrypt’s Ben Munster tells the story of the latest evidence brought up by NY’s Attorney General against the infamous stablecoin. Move slowly!
“Notice the divergence in performance between bitcoin and altcoins.
This is how smart money flowing into crypto looks like.”
