Grin with the Wind

Market Report: 28th Jan. 2019 — Subscribe to our newsletter.

Join us on telegram

OUR TWO SATOSHIS

The daily view from our desk

The Daily Market Report is back! We were migrating essential back-end services last week and as a result, weren’t able to email the DMR to you each morning. However, they are all available on our Medium for your enjoyment, feel free to check them out here. Now on to today’s report!

January is a strange month, some people opt out of alcohol, others opt out of sugar, this team decided to opt out of physics. Remember the weather isn’t ideal, so rugby might be difficult. And mostly, January is about doing something different, like this kid who made friends with a bear or this one who got trapped in a box.

GRIN WITH THE WIND

SUDDENLY SHE FELT STRONG AND HAPPY. SHE WAS NOT AFRAID OF THE DARKNESS OR THE FOG AND SHE KNEW WITH A SINGING IN HER HEART THAT SHE WOULD NEVER FEAR THEM BEARS AGAIN

It finally looks like we’re gearing up for an interesting few days. So we’ll spare you the crypto critique offered almost every day last week and focus on price. Because the total cryptoasset market reached last week’s top this Saturday but has dropped 6.5% in between.

Despite the uncertainty, traders are feeling great again due to rewards associated with higher volatility — just look at Grin’s wild 280% pump and 30% dump. But don’t forget to check their high market cap and inflation rate too — as the incentives behind the project seem direct towards usage and not holding.

• CoinGecko

ANOTHER ONE BEARS THE DUST

THE DUST IS YET TO SETTLE, BUT BITCOIN’S IMPLIED VOLATILITY IS STABILISING

But what can happen over the next few days? The market seems fairly divided. Bitfinex’s long vs. shorts ratio is sitting at 54% vs 46%. And we find as many analysts defending $1k as $6k. On the bears’ side, we have TraderX0, who argues the diminished volatility (not counting the past hours’ dump) reminds us of November’s action.

For the forgotten — or traumatised ones, that was when bitcoin fell from its long-standing support at $6k into some ugly capitulation, as Dow remarks. But, Chase also notes we must be wary of a potential bear trap — given how this slow grinding contrasts to other abrupt dumps. And Austere Capital’s is also expecting the “next move to be a positive one”, likely due around “May/June”. Let’s see.

WHAT YOU CAN’T MISS TODAY

DON’T LEAVE FOR THE WEEKEND WHAT YOU SHOULD READ TODAY

▪ There’s a new site you need to bookmark. Su Zhu and Hasu have moved their excellent analysis from Medium to a fresh blog: Uncommon core. Read it all here.

▪ There’s a new meetup you need to check out. The Enterprise Ethereum Alliance London is hosting their next meeting this Wednesday about DLTs. Register here.

▪ There’s a new compilation of trading resources you must investigate. Tommy Zero shared an excellent overview of his trading process and of the tools he uses here.

▪ Vlad Zamfir, one of the most popular Ethereum developers, argued against a key Bitcoin principle first advanced by Nick Szabo — “blockchain governance minimization”.

▪ The cryptosphere erupted against the very vocal attack of one of the fathers of the cryptosphere. We recommend Gabriel Shapiro’s rebuttal for a good overview.

▪ Lastly, the famous Crypto Cred started to share the “Lessons from (His Five) Trading Teachers”. Grasp them here and follow all the mentors to learn from the source!

QUOTE OF THE DAY

PERMABEARS AND THEIR LOVE FOR DOOMY REMARKS

“Blockchain is no better than an Excel spreadsheet”

• Nouriel Roubini