Cryptic ball: be patient and do your own research.
Shortly after Monday's newsletter was sent, Amazon denied the rumours that they would accept Bitcoin and other cryptocurrency by the end of the year. This was expected and it was very healthy to see that the market wasn't shaken after such an announcement. It's a clear sign that the end of summer will be hot! Meanwhile, some alts are indeed catching-up, but this is not a general trend - yet.
That's because investors tend to cycle profits between different assets. With BTC leading the run, most have their eyes on the leading orange coin. Once it faces some resistance and starts trending sideways, people will feel more comfortable speculating on alternative projects. Nevertheless, 15 top coins have outperformed bitcoin over the past 24 hours, so there are plenty of opportunities out there!
Chart art: talking about opportunities.
Market musings: cryptocurrencies, what are they good for?
Meanwhile, Amazon has confirmed they remain interested in the crypto space. They just denied the specifics around the rumours. Jack Dorsey also recently announced that "bitcoin will be a 'big part' of the Twitter's future". This renewed bullishness helps explain why yesterday's hearing in the US Senate, which featured heavy criticism from Senator Warren, didn't impact the new upwards trend.
T0 be fair, the rest of the Committee acknowledged the testimonies from the experts and seemed more sophisticated in their understanding. However, the more cryptoassets are in the limelight, the more important focusing on crypto regulations becomes. For now, Binance is getting the most heat, but some prominent figures are arguing the reputational risk of the industry is rising.
Anyway, the next days will be mostly about July's monthly close, this Saturday. Exchange outflows are reaching their highest point in 15-months, suggesting whales and other players have been accumulating cheap bitcoin and will now let it hodl. Still, expect volatility coming into the weekend and note bitcoin has been pumping for eight days, a rare event which implies some kind of pause soon!
Visual block: pockets of power.
Three things: defend your profits.
- Do you defend Bitcoin's toxic maximalism culture? Check Shapeshift's Erik Voorhees defend his stance against this pervasive phenomenon.
- Do you defend Elizabeth Warrent's negative stance that cryptoassets affect the global financial system? Check Mike Novograt's rebuttal!
- Do you defend the flippening? Check Ethereum's main investment narratives and how could they make the leading dApp blockchain overcome Bitcoin.