Presenters on the Weather Channel have been showing off due to the recent spike in viewing numbers caused by Hurricane Florence. They’ve been testing out a new graphics system and flaunting their theatrical prowess. Over 60 dogs and cats were saved by a real-life Noah during the flooding. Whilst in Britain, check out this moggy’s unusual moonlight exploits.
Finally some action in the markets. All the gains achieved since last Thursday, when ether first got out of Wednesday’s daunting local bottom — and when Michael Novogratz decided to call it an absolute bottom, after making the same mistake in July — were lost yesterday. Meanwhile, the token that fuels Ethereum is back below £150 ($200), having faced a 17.5% fall since yesterday. The top 100 cryptoassets by market cap are down 6.4% over the past 24 hours.
Bitcoin continued to move slowly and made an intraday drop of 5.5% to last Wednesdays level. Shorts are near their all-time high again, as more people are picking up on the squeeze narrative. We started covering this effect back in February, but it is not an indicator and those betting against bitcoin can likely protect themselves for a long time. In light of this, we recommend Willy Woo’s excellent analysis of the current bull trap.
At the moment, the entire market managed to halt yesterday’s drop, making many feel this is another dead cat bounce. Zyzz pointed out three levels where ether could reverse and make a higher low, but the first one has been broken. Quijote, another emerging trader, believes that even if ether recovers a bit today that would only mean there’s a better short entry to consider.
Additionally, CNBC tried to pump XRP by giving a platform to a vague statement from a Ripple executive. It claimed its new xRapid real-time settlement platform could be launched “in the next month or so”. It’s definitely an interesting product, but its relationship with XRP’s price is unclear. For now, XRP is only down 2.3% over the past few days, so remember to think critically — especially in the face of comments like this.
▪ The EOS Global Hackathon is coming to London. The event will take place this weekend in Kensington and has an excellent prize pot. Find the schedule and tickets here.
▪ The latest Diar research analyses the distribution of Bitcoin wallets and concludes 55% of the wallets contain more than 200 BTC and a third of which have never been moved.
▪ Dogecoin’s famed co-founder, Jackson Palmer, has shared a script with Elon Musk to help him and Twitter “get rid of the annoying scam spammers” and ether giveaways. All details here.
▪ Peter McCormack went full Whittemore and started a Long Podcasts Sunday. Check it here if you feel overwhelmed by all the weekly audio content shared in the cryptosphere.
▪ Civil is a crypto startup focused on solving the issues of journalism. It announced its ICO in July and it will start next week. It was just featured by the NYT and CoinDesk, as their new token sale model aims to promote usage over speculation and to overcome being considered a security by the SEC.
▪ Tony Sheng’s latest post analyses the current wave of stablecoins. It contrasts the trade-offs between regulated and non-regulated projects to the ethos of this space.
A short squeeze happens when those who are betting against the market get trapped during a fast price rise. Such rises are usually potent as leveraged traders are forced to close their positions automatically once price rises through a certain point.
