Crypto Research
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There has been lots of discussion about the US government’s plans to provide direct cash assistance to Americans hurt by the coronavirus pandemic. I spoke to several people who were concerned about how they would receive their $1,200 payment. In one case, the person had just moved and was unsure whether they will still receive their check in the mail. I am sure this is obvious to readers of BitDigest but...
SUMMARY MARKET ANALYSIS:Crypto markets rallied off last week’s lows. PORTFOLIO STRATEGY:The risk / return profile looks attractive at these levels. WINNERS & LOSERSWinner: The Steem community who is taking a stand against Tron founder Justin Sun.Loser: MakerDAO token holders who are getting diluted due to poor performing loans. WEEKLY RANT:BitMex going down for maintenance makes me cringe, but it may have been for the better. FINANCING ACTIVITY:Bakkt, Argent, Phemex, and...
I heard a rumor earlier this week that a major bank (my bank) had limited cash withdrawals from ATMs. This turned out to be false, but banks are closing allowing employees to go into self-quarantine (Chase announced it was closing 20% of its branches and I expect more banks to follow) and there are already stories of people either withdrawing large amounts of cash (Bill Ackman) or banking systems being...
HEAVY TECHNICAL DAMAGE BUT A FEW SILVER LININGS Last week’s collapse in cryptocurrencies has left most chart patterns badly compromised with BTC breaking below its 2015-2020 uptrend. _HOWEVER, DESPITE THE TECHNICAL DAMAGE THAT IS NOW IN PLACE THERE ARE SOME SILVER LININGS DEVELOPING NOTABLY THAT BTC HAS HELD AND RALLIED FROM ITS 200-WEEK SMA, ETH HAS RECAPTURED ITS Q4 2019 LOWS AND ETH VS BTC HAS HELD KEY SUPPORT AT...
Every few days I ending up talking about one of the North American public companies participating in the digital currency ecosystem. While I will continue to report on their respective corporate announcements, I am going to start providing the following basic chart every week to show key market data. I am happy to consider adding names to this list. THE HEADLINES MARKET DATA EXCHANGE, CUSTODY AND PRODUCT NEWS THOUGHTS ON...
I have looked at a lot of different technical analysis over the past several years and I recently discovered some new work from Technical Roundup, a shop based in the UK. I plan to start incorporating their bitcoin (BTC) analysis into BitDigest every Wednesday to provide a technical explanation for BTC’s price action. THE HEADLINES MARKET DATA EXCHANGE, CUSTODY AND PRODUCT NEWS THOUGHTS ON THE ECOSYSTEM
Back in December 2019, I started saying we’re in a “CRYPTO GOLDILOCKS ECONOMY” THAT’S “NOT TOO HOT AND NOT TOO COLD” – meaning, markets weren’t expensive, but they weren’t cheap either. THAT CHANGED THIS WEEK. Corona. Macro. Panic. Reason aside, Bitcoin’s price retraced to a low of $3,858 and now sits around $5,400, and its Market Cap / Cumulative Mining Revenue Ratio has fallen to 5.3x. As an investor in...
BTC stress tests its 2015-2020 uptrend at 7.7K. ETH tests key level at 180
Cryptocurrencies abruptly u-turned over weekend sending most back to key technical levels as global macro worries intensified. BTC is now testing important support at 7.5-7.7K that needs to hold to keep its longer-term uptrend intact, while ETH is also testing a key level at 180. BTC – BENEFIT OF THE DOUBT AS BTC IS OVERSOLD SHORT-TERM AT LONG-TERM TREND SUPPORT. Last week, we highlighted BTC was likely starting a short-term...