The Great Shakeout
Market Report: 18th Oct. 2018 — Subscribe to our newsletter.
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CRYPTO NOTE
The daily view from our desk
With the great furore surrounding Canada legalising weed, you might be surprised to hear that 8 in 10 Canadians are uninterested now its legal. You might also be surprised to hear a petition has been launched for Harry Maguire to feature on the new £50 note. What might not come as a surprise, is facebook doctoring video stats to boost ad revenue.
THE GREAT SHAKEOUT
From puzzles to earthquake drills, what to do in this no-frills market
As crypto markets complete another set of 24 tedious hours, it seems these days one is better off solving puzzles for profit than any other blockchain-related activity. Consider the latest challenge, introduced earlier this month, that made a lucky Marc win 310 BTC, valued at around £1.5 ($2) million. If you’re feeling lucky, head out here to try finding the key to the consolation price of 0.31 BTC and prepare yourself for the next riddle!
Meanwhile, alternative cryptoassets have been providing some interesting returns — making Roy Blackstone dream about “a possible alt season coming up” — but one must be ready for any scenario. So, while some 59 million people are participating in the world’s largest earthquake drill — the Great Shakeout — we point you towards David Puell’s mind-shaking dead cat meets bull-trap hypothesis that could consolidate this bear market.
THE ROYAL STRAIGHT FLUSH
Many are accumulating alts right now. Is there anything that justifies that?
Such bearish views are gaining strength again. As Ace illustrates, following bitcoin’s inactivity, traders are wondering if the meme triangle’s support level will continue to hold. Considering shorting yearly-lows is widely considered to be a bad idea — with Crypto Twitter rejoicing after a vocal trader announced that exact trade right before Monday’s pump — a dump would be aligned with the maximum pain theory.
In that regard, Murad Mahmudov, who recently introduced the Market-Value-to-Realized-Value metric with David Puell, argues the “market needs at least one more flush”, suggesting £3.4k ($4.5k) as a good candidate for bitcoin’s bottom. If that happens, Marvin Chebbi compared how alts behaved during the 2014 bear market and shows alts don’t necessarily need to follow a possible BTC dump. Can you keep your poker face?
WHAT TO LOOK OUT FOR
Filter the noise and stay ahead of the pack
▪ Are you taking advantage of the price peace to build without distractions? Check Roger Huang’s “Blockchain Jobs Report” on how to get a job in this industry.
▪ Are you looking to tackle “global cryptocurrency money laundering”. The problem is smaller than most think, but it exists and Chainalysis has a solution for it
▪ Are you still scratching your head after hearing Roubini’s testimony to the US Senate? If not, check Lou Kerner’s list of the top 10 stupidiest things the economist said.
WHAT TO READ TODAY
An insight a day could give you more profits to play
▪ Loom Network’s Georgios Konstantopoulos compiled the research and development work on Plasma Cash, an off-chain solution that could help Ethereum scale.
▪ BitMEX Research clarifies some myths surrounding Bitcoin Core, the most used software client for the original blockchain, and announced it will offer a competing solution.
▪ Coinshares’ Christopher Bendiksen dives into the “Bitcoin analyst brain” in the first post of an educational series aimed at helping readers better analyse cryptoassets.
FOUNDATIONAL TRIVIA
Because the building blocks of crypto needn’t be irrelevant
A shakeout occurs when a majority of investors abandon their positions due to uncertainty and fear, or when businesses get acquired or bust due to competition.