Not All Things Look Cool in Slow Motion – LBX
Market Report: 2nd August 2019 — Subscribe to our newsletter.?
WHO IS ACTUALLY BORROWING “MONEY” BEHIND THE TECHNICAL WIZARDRY?
These Bitcoin bonds are properly structured against a collateral pool. That collateral pool has itself collateralised bitcoin loans and other crypto positions which generate the predictable returns. A long way from the platform-based loans the banks used to pump out which were effectively unsecured.
THE DAILY VIEW FROM OUR DESK
Tragic news coming out of Hollywood, it’s been revealed that Jason Statham and Dwayne Johnson have contracts in place to ensure they don’t lose too many on-screen fights. In more productive news, scientists have created a new fabric that smells nicer the more you sweat! And finally, having trouble sleeping? The answer to insomnia might be more readily available than you think.
LIFE IS TRADING IN SLOW MOTION
It’s Friday, an usually interesting time in the crypto markets. But today’s 3.3% pump is not exciting your correspondent. Firstly, bitcoin faced — so far — a strongrejection at $10.6k. This is perfectly aligned with the 200-period moving average (MA) at the 4-hour timeframe and with the 50-day MA — implying how much these simple indicators can assist with interpreting price action in the short-term, as Joe McCann nicely explained last year. Secondly, as CryptoISO (another greatly underfollowed Twitter account) nicely visualises, consolidation is likely.
As usual, especially during bullish eras, the outlook for the weeks ahead can change at the blink of an eye. However, given this summery slow-mo rhythm, that seems not so probable. But, just so that you’re prepared, consider this hopeful change in trend — a scenario which gains strength in case we close Sunday above $10.6k or, ideally, above $11.1k. As Josh Rager reminds, bitcoin has already pulled back more than 30%. So, even though a retrace to the $8k level is still possible, at least make sure you won’t get salty in case this August is different.
DON’T LEAVE FOR THE WEEKEND WHAT YOU SHOULD READ TODAY
▪ The New Yorker’s John Lanchester wrote a great overview about “the invention of money”, which naturally covers Bitcoin and Facebook’s Libra.
▪ David Parkinson developed a cool course explaining the fundamentals of Bitcoin and nicely offered our readers a discount. Click here to get 25% off.
▪ Unchained Capital’s Parker Lewis detailed why “Bitcoin can’t be copied”. This is a must-read piece about alternative cryptoassets and the value of the original.
WHO DOESN’T LOVE SOME GOOD FOMO?
“Seeing a lot of the “you’ll never be able to buy bitcoin below $10k” remarks again.
These are attempts to try & induce FOMO and it’s wrong.
DYOR, ask lots of questions, create a thesis about Bitcoin & digital assets & get involved if/when it’s right for you” – By David Nage
Published at Fri, 02 Aug 2019 23:48:23 +0000
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