The Wolf Den #301 - Uruguay Is Next
Bitcoin Thoughts And Analysis
DAILY CHART
Price is effectively exactly where it was yesterday, after some temporary movement to the upside. In other words, nothing has changed, so there's very little to look at. Price is still holding the top of the descending blue channel as support. I will share more thoughts tomorrow, assuming there is anything to analyze. Some days, there's just nothing to look at!
Altcoin Charts
ETH/BTC
Altcoins continue to look strong on their BTC pairs, as Bitcoin retraces a bit and Bitcoin Dominance declines. Ethereum tends to lead the way. I shared this setup a few days ago, and Ethereum continues to perform well against Bitcoin. As you can see, it has currently flipped the EQ of the trading range to support, which should mean that price targets the top of the range. Bullish.
That said, we can see that price did the same in July, but failed to hold support. It will be interesting to see what comes next, but alts are looking very promising. All of the setups that I have shared this week are performing well.
Bloomberg Remains Bullish On Bitcoin And Ethereum
Bloomberg’s August 2021 edition has painted a positive picture for cryptocurrencies, primarily Bitcoin and Ethereum. The report touched on a number of topics, but continued to reiterate the fact that, “Bitcoin and Ethereum are discounted bull markets." In other words, Bitcoin and Ethereum are on sale. In the report, Bloomberg reasserted that, “we see performance parallels that could get the benchmark crypto back on track toward $100,000.”
In regard to Ethereum, Bloomberg had this to say: “the digitalization of money and finance is accelerating, and the go-to platform is Ethereum, which we see maintaining an upward price trajectory. We see probabilities tilted toward more price-appreciation resumption and for Ethereum to rise toward $4,000. Ethereum has been outperforming Bitcoin for about two years, and in the aftermath of the B-Word conference, we expect more of the same. The increasing adoption of Tether, an Ethereum token, is a leading indicator of the seemingly unstoppable digitalization of money and finance, with Ethereum at the epicenter.”
As with many things in crypto, the Bloomberg conversation started with Bitcoin but ended on Ethereum. The quiet support behind the flippening only appears to be growing.
You can read the full report here.
Marathon Digital Growing
Marathon Digital is already one of the largest miners in the world and is currently completing a $120.7 million dollar deal to acquire 30,000 more antminer units. With China going offline and miner revenues boosted across the board, miners are doing whatever it takes to scale up their businesses. When the Bitcoin bull run returns in full force, I suspect these mining companies will be handsomely rewarded for their current efforts.
Allocating some of your portfolio to a mining stock is worth researching and considering. Institutions may not be quick to owning Bitcoin, but they are finding creative ways to gain exposure. Fidelity boasts a 7.4% stake in Marathon and other high-profile institutions are invested as well, including Vanguard group (7.58%) and Blackrock (1.59%).
Binance Expands Its Payment Capabilities
Binance Pay, a peer-to-peer crypto payments application for Binance users, has partnered with Alchemy to expand its reach. The integration of Alchemy and Binance Pay allows users to pay across all of Alchemy’s merchants, including e-commerce giant Shopify. The partnership is huge, spanning across 18 countries, and supporting 40 different cryptocurrencies. This is yet another small step towards global adoption.
Voyager Also Moving Into Payments
"As the adoption of cryptocurrency payments gains momentum, the acquisition of Coinify brings a global payment infrastructure to Voyager's digital asset ecosystem and will give our rapidly growing customer base of over 1.75 million users a fast, easy, and secure way to make payments from their Voyager accounts," said Stephen Ehrlich, CEO and Co-Founder of Voyager. "Coinify's core values of innovation, security, and scalability are perfectly aligned with Voyager's mission of making digital assets accessible throughout the world."
The Coinify acquisition provides Voyager with an established and effective gateway to the crypto payment industry through its virtual currency payment platform available in Europe, Asia, North America, and South America. Coinify's global enterprise services include individual payment processing in 15 major cryptocurrencies and transaction settlement in 20 fiat currencies via their easy-to-integrate Coinify API.
Brian Armstrong Criticizes Infrastructure Bill
This is a clear argument against the proposed crypto legislation in the infrastructure bill, if you were previously confused as to what the issues are.
The Wolf Of All Streets Podcast Ft. Alex Mashinsky
One of the most popular catchphrases of the crypto community is “unbank yourself,” because banks are simply taking rather than giving. One of the greatest use cases of crypto is earning fair yield on the assets you own. Many crypto companies have tried to offer interest, but few have it figured out like Celsius, who were the first to offer these products to the mainstream. Led by visionary CEO Alex Mashinsky, they are leading the charge to replace legacy systems and bank the entire world with crypto, the world's only true free market.
Alex and I discussed:
What is Celsius
Crypto yield: how does it work?
GBTC arbitrage and the end of yield
Will the dollar lose its power?
The Repo market and money printing
The dollar will crash
Can the FED stop printing?
Why Celsius started mining
Energy FUD
How Bitcoin contributes to green energy
When Bitcoin FUD will stop?
Bitcoin strategy
What is the end game on regulation?
Proof of community
Can Celsius replace banks?
The future of banks
People still don’t know about Bitcoin
Focus on the highest yield
Celsius: $22 Billion AU
Celsius: future plans
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The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.