Bitcoin is down 15% from the psychologically important, but in reality utterly meaningless, level of $10,000. Round numbers are just easy to remember. They have nothing to do with trading support and resistance levels. Not that I'm a big fan of those, either. Technical analysis is pretty much useless in a market where 95% of the trading volume is faked, don't you think?
As we move into the final few days of Q3, we have a potential impeachment in the United States. I don't think anything will happen in that regard, but it is a news event that will create volatility thanks to algos chewing on the key words being tweeted out these days. In China, the HUGE YUGE HUGE (it can't be overstated how big this is, seriously!) 70th birthday celebration will take place in Beijing on October 1. There is also an associated 10-days-off Golden Week holiday where, as is usual with people almost everywhere in the world before extended vacations, most people have already checked out with 2 days still left to go. So as those of us in Shanghai kind of slowly pantomime through the motions until happy hour on Friday, it might be interesting to take stock of how far we've already come in 2019.
On January 1, Bitcoin (BTC) - the undisputed Kang of Hiz Domayn - "opened" according to Coinmarketcap (I have no idea how these statistical providers define opening & closing of a market that runs 24/7) at $3747.
OOPS! I just checked. Now we're down 15.6% off $10K. The old Bitty is now at $8440.
But still, that's a 125% return year to date!
Not bad for Old Man Crypto himself. Bitcoin is outclassing the young alt uns this year.
And there's a reason for that.
With bitcoin, there are no seed investors to placate. There are no board members to curry favor with. There's no marketing team. There's no keynote speeches to attend or pore over after the fact. There are no regulators to deal with. And even if there were, there'd be no one at Bitcoin Corp to talk to.
With bitcoin, there's just you, someone you'd like to exchange value with, and some remote miner to put that transaction on the block for you. That's it.
The simplicity of that system is immensely valuable.
Everything else is just noise.
