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| Translation: After bitcoin just passed the $65,000 mark (a new all-time high), those who invested and patiently waited are being richly rewarded. (P.S. It's never too late to set up a steady-drip investing plan.) |
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Hey Everyone,
Happy ATH day!
As you've probably already seen, bitcoin has just smashed its previous all-time high.
Here, we can see the short-term graph at the time of writing. The time frame is set to one minute per candlestick.
Notice the way it jumped above the line all at once, and then it just kept going for more than an hour. |
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In technical analysis, this is known as a clean breakout, and it is a very bullish indication for things to come.
Ideally, we would want the market to test $65,000 as a viable level of support before moving forward, but as we know, bitcoin doesn't always follow the rules.
For what it's worth, a recent Twitter poll indicates that an overwhelming majority of participants expect the price to dip back below $60,000 at some point in the future. However, these polls are not usually any indication of future results. |
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De-dollaring
The ProShares Bitcoin Strategy ETF came online yesterday, drawing significant interest from investors and amassing roughly $570 million in assets under management.
Obviously, a lot of that may be due to pent-up demand. So the next few days will give us a far better indication of just how much institutional demand there is for paper bitcoin. They may be a bunch of degenerate gamblers, but they do know the speculation game.
On the other hand, there are other much larger players who seem to be more interested in bitcoin's ability to store and transmit value outside of the U.S. dollar. |
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Even though President Vladimir Putin has stated that "it's a bit early today," it seems strikingly clear that Russia does intend to use crypto both in place of U.S. dollars in their reserves and as means of executing international settlements at some point in the future.
It is a bit concerning that China is already offloading dollar-based assets as well, seemingly in response to the ongoing Evergrande debacle.
Although China is much less friendly when it comes to decentralized digital assets, it's pretty obvious that they are moving toward permissioned blockchains as their future of finance. |
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Kudos to Cointelegraph's Helen Partz for getting two unrelated back to back headlines in my latest newsletter. That was quite unintentional.
That's it for today.
All the best! |
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| Mati Greenspan Analysis, Advisory, Money Management |
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Bitcoin Market Journal is a daily newsletter focusing on blockchain and crypto investments. It is written and edited by Charles Bovaird, Mati Greenspan, John Hargrave, and Alex Lielacher.
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