In august company
Cryptic ball: bye, bye, July.
US stocks just had their best month since 2020. The S&P 500 and the Nasdaq 100 kept pumping all day, but crypto failed to follow - perhaps because it had led the way already during the previous night. What's next for the weekend ahead then?
- Yesterday I explained that if crypto bulls failed to ignite a pump this Friday then we would likely have to wait for the Sunday close for some nice action to take place. If bulls wake up, BTC can easily test $28k and ETH the $2k mark.
- However, there's another interesting thing happening this Saturday that I forgot: the monthly close. While ether is looking to be particularly impressive and bulls have an incentive to pump it an extra 15%, I'm not sure they can.
- It's not impossible, but that would be too much action for a Saturday and bitcoin doesn't seem ready to sustain the party yet. In any case, all else should remain as explained: this bounce will continue to play out in August. Why?
- Despite being typically associated with boring times in the trading world, for obvious reasons, summer has often been a time in which degenerate enthusiasts explore and build new realms of the cryptosphere.
Yes, inflation still needs to be controlled, but such a topic should be out of people's minds during the peak of summer. Moreover, check today's chart art for some nice hopium which anticipates inflation will fall over the next months!
Chart art: bye, bye, inflation high.
Three things: bye, bye, retrofitted pie.
- Galois Capital shares some great alpha regarding Ethereum's merge and the upcoming mining wars caused by the upgrade's shift to Proof-of-Stake.
- Craig Warmke explains how the UK is considering reforming its laws to "recognise and protect digital assets, including crypto". Massive!
- Galahad Mai provides "some high-level reflections and cruel words young people should consider before aping into web3".