The Easter Bear
Market Report: 17th April 2019 — Subscribe to our newsletter.
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OUR TWO SATOSHIS
The daily view from our desk
You know it’s a good day when the sun’s shining, the plucky underdogs from Amsterdam beat Juventus, oh and Mastercard are facing a £14b lawsuit which could result in nearly all UK adults receiving compensation. In more footballing news, this goalkeeper managed to escape punishment by proclaiming he didn’t know who Hitler was…
THE EASTER BEAR
“THE HARE, FOR EVEN THOUGH IT CHEWS THE CUD, IT DOES NOT HAVE DIVIDED HOOFS; IT IS UNCLEAN FOR YOU”
Another day, another BSV delisting. And the crypto market seems to have enjoyed the purge, with 82 of the top 100 projects slowly rising 2.3% over the past 24 hours. Curiously, the controversial Bitcoin fork has stopped falling, even if their supporters’ salt levels keep increasing. What’s the dark side of all this patting on the back? Well, it seems Easter bears are becoming more probable.
How so? Everyone is feeling victorious now, but, as Josh Rager notes, bitcoin is still sliding sideways. Salsa Tekila looks closer and argues the past three upwards moves have been brutally rejected — pointing towards Monday’s weekly open level of $5.1k (£3.95k) as the support area to watch. And, if BTC loses steam there, note at least this short-term fear cycle that can turn sentiment sour.
ALL THE EASTER EGGS IN ONE BASKET
REMEMBER BEARS CAN STILL RECOVER SOME ENERGY FROM SEASONAL SUGAR SPIKES
Such a retrace can be better visualised through ether’s performance instead. Cold Blooded Shiller paints that scenario and helps you see the prices at which ETH has recently found stronger supply and demand. The point here is to help you distance yourself from the recent exuberance. After all, as Horn Hairs shows below, the original cryptoasset still has a lot to prove before summer arrives.
WHAT YOU CAN’T MISS TODAY
DON’T LEAVE FOR THE WEEKEND WHAT YOU SHOULD READ TODAY
▪ Decrypt’s Tim Copeland revisited “the inside story of John McAfee’s (multi-million) crypto promotions business”. No delisting options available here, though.
▪ TradeBlock investigated the April 2nd bitcoin-led pump and argues “previous explanations lack plausibility” — namely that a single order moved the market.
▪ Binance Research analysed Litecoin’s August 2019 halving, comparing it to previous Litecoin and Bitcoin halving moments. Good and simple overview here.
▪ Peter McCormack continued his What Bitcoin Did podcast with an episode with Peter Van Valkenburgh about the legal implications of the Lightning Network.
▪ Meltem Demirors offered a great intro on why we need privacy, especially in economic interactions, in ”movement”, and in communications. Must read!
▪ To conclude, read Vitalik Buterin’s musings on free speech after all these delistings. After all, he was one of the first ones to make bashing Craig Wright cool.
QUOTE OF THE DAY
HUNT OR BE HAUNTED
“Satoshistreasure.xyz isn’t a “bitcoin game,” it’s just a game that uses Bitcoin because bitcoin makes everything about it better and easier.”
- By Eric Meltzer