Cryptic ball: it's all about burritos or bitcoin.
Chipotle has just announced it's giving away $100k in bitcoin through a lottery. Naturally, the giveaway's website is offline. But at least they had an interesting hard fork policy! Surely this UK citizen who defrauded fellow British folks in over $143M will try his luck. If he fails, he will surely eat burritos for the rest of his life.
Chart art: things look good, but zoom out.
Market musings: the tides of March.
Bitcoin is sitting slightly above February's top, continuing to move higher following Sunday's test of $50.3k. The mother of all cryptoassets looks poised to test the all-time high of nearly $62k, achieved this March 13th. So it's the perfect time to analyse the chances of such move. And the quick answer is that we need more positive news to confidently break another ATH.
Yes, yesterday Visa announced that it will allow payments to be settled with USDC, a popular stablecoin. And yes, today PayPal announced it will allow customers to pay with BTC, ETH, BCH (why, Paypal, why!) and LTC in all its 29 million merchants. That's more merchants than bitcoin! So, why is your correspondant not sharing the buzz? Well, we're definitely in very bullish times. As shown below, even though we have a lot to correct, that correction isn't going to happen so soon.
But bitcoin likes to move fast and we're approaching a time of the year when alts typically bloom. Moreover, some traders agree the current momentum is one where BTC can take a break and move sideways for a while. Alas, if we didn't break the ATH even with Tether finally confirming an auditor verified their reserves are now fully backed then! So, let's wait for more news and keep researching alts!
Visual block: the bubble that matters.
Three things: energy FUD conservation law.
- Nic Carter debunks Bitcoin mining myths following recent criticism attacking its energy use. It's a must-read!
- CoinDesk produced a great report explaining bitcoin and ether through an investor's lens. Share with your reluctant friends!
- Jeff John Roberts analysis what BitClout, a viral VC-backed decentralised social network, is and is not.