Bear hug
Cryptic ball: put in.
Bitcoin is slightly up since yesterday, but just because it has pumped roughly 2% in the past hours. Overall, it seems it's forming a bullish pennant that should resolve this weekend, hopefully to the upside. Ether and some alts managed +5% gains - nothing too exciting unless one's really new to the space.
And, just like in the aftermath of July's $30k bottom, it seems meme projects are pumping the hardest, with the likes of SHIBA appreciating +10% and wrecking the brave (or dumb) bears who chose to go leverage short against the canine token. Again, nothing new in the cryptoshere. But there's a noteworthy point.
While I don't believe it's impacting the market, Vladimir Putin has just reversed course on the ban on crypto that Russia's central bank announced - to much fanfare - in January. Now, it seems that next week new legislation will be proposed that not only regulates crypto but also recognises it as a form of currency.
You know how I believe regulation helps advance this industry, so now it's key to see if the people of Russia will be able to safeguard their privacy rights and benefit from the power of decentralisation. Onwards and upwards!
Chart art: top up.
Three things: rocky two.
- Chris Burniske is one of the authors I used to most recommend in this space, so it's always great to see him producing new content - in this case, sharing his thoughts on how to navigate the stormy 2022 ahead of us.
Tweet tip: pull out.
Meme moment: all in.
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