4 min read


B21 Crypto. We help you stomach cryptoassets.

Cryptic ball: senators are waking up.

Most US Senators announced a compromise late Monday that kind of met the expectations of the crypto community regarding the controversial tax provision detailed Monday. However, that amendment required unanimous consent, which was blocked by one angry Senator. The original bill will now see its way through the House of Representatives later this fall, where it can still be "corrected".

Despite all this turmoil, crypto markets soared. While bitcoin and ether are practically where they were two days ago, having successfully tested new support levels at $42k and $3k, respectively, it's now time for alts to shine. Several such projects are pumping hard, with many up 50% over the past week. Why is it? Firstly, it's clear the summer is now over and bears went back to hibernation.

Secondly, this drama highlighted the union of this cryptic ecosystem. The literally dozens of US think-tanks effectively collaborated in record time to explain a complex topic to policy makers, with a reasonable degree of success - not a small feat. Conversely, at the same time it also reminded the industry for the need to more openly discuss regulatory matters and to agree on frameworks that can guide the innovations churned out daily in the many blocks of various blockchains.

Chart art: alts are waking up.

Alts have pumped 72% since July's bottom, while bitcoin only appreciated 57%.

Market musings: tether is waking up.

The previous paragraph may seem dangerous to some, but it is a sign of maturity of this emergent asset class which has been clearly rewarded by the bulls. Now that bitcoin is back above the 200-day moving average (note that ETH has achieved that feat on July 23rd, the day of our Pumplona post), it's time to to talk about the rest of the year. To put it simply, all cryptoassets will soon test their all-time highs.

Note soon likely means September, which gives us a couple months to drive the typical FOMO into another parabolic run that will make the world go wild. So, if you're more concerned about the short-term, the next levels to watch are $50k for BTC and $3.5k for ether, which were key resistances in the previous leg. Naturally, some bears are still awake and trying to go short, but will they be lucky?

We believe not as more institutions are returning from holidays and announcing massive crypto exposure. Lastly, not even a half billion dollar hack to an obscure DeFi project which few people knew about was able to shake alts of their uptrend. Alas, it was even Tether who saved the day by blocking a small amount of the funds which the hacker was able to get away with! Isn't this a crazy space?

Visual block: institutions are waking up.

Institutions will want a piece of this pie.

Three things: the flippening is waking up.

Tweet tip: the audience is waking up.

Chris Burniske is one of the industry's top VCs. Follow him!

Meme moment: those with grit are waking up.

Genevieve manages her own millions in her fund, Grit Capital. Check it out!

New token on B21: welcome, Polygon!

MATIC is already available on B21's app and crypto wallet.

B21 Rewards: an announcement.

Note that starting 7:30am UTC, August 11th, 2021, all the referral and sign-up rewards in the B21 app will remain locked in your account for 90 days.

Get started: download the B21 Crypto app!

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Legal Notice
Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of guidance in the report will lead to any particular outcome or result.