What if someone told you that… ?
Market Report: 20th Dec. 2018 — Subscribe to our newsletter.
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OUR TWO SATOSHIS
The Decembear view from our desk
Manchester United was also going through a bearish season and has had a short relief rally after Mourinho has been officially sacked. Will Ole Gunnar Solskjaer be able to break resistance as a temporary replacement coach? What if the comical legends “The Inbetweeners” reunite on New Years Day? Lastly, it’s not so ‘hakuna matata’ for Disney as they’re accused of colonialism over their problem free, philosophy.
I WISH SOMEBODY WOULD’VE TOLD ME
“That some day, these will be the good old days”
Oh, the good old 2017 days. All the pumps you won’t forget. And all the reckless bottom catching you won’t regret. Regardless of follow-through, the 8% pump that BTC just saw, which delayed today’s newsletter — this year’s penultimate — is lifting spirits among the cryptosphere. At least for those who anticipated the rising tide, now that bitcoin is hovering above £3.1k ($4k) in all exchanges, up 30% since Saturday’s bottom.
But, as usual, what does this mean — besides the drowning of some bears who were confidently short on Crypto Twitter just three hours ago? To begin with, that bottom can still only be considered a local one. But, as Josh Rager argues, it’s difficult to see “any reason for BTC to be in a hurry to move back to new lows yet”. With this in mind, it’s also important to consider Alex Krüger’s rational take that “crypto simply stopped falling. Nothing else has changed. No reason to expect a rabid bull run yet.”
‘MEMBER WHAT WAS NICE AND BULLISH?
As Christmas approaches, keep your perspective goggles on!
Meanwhile, the rest of the market is 6% up, as the original cryptoasset has been leading the pack for the past few months. Some projects, like Waves, even managed to achieve extraordinary returns. Waves is a “real-world decentralised applications platform that has partnered with Deloitte, and the pump was possibly caused by insider trading, as it started before a funding round was publicly announced, as conjectured by Collin Crypto.
Zooming out, Kraken’s Jesse Powell recalls some 2016 predictions, noting we’re very much above what was then considered “nice and bullish”. So, as Christmas approaches, “don’t lose perspective”, and if you need to understand what just happened over the past year, we strongly recommend Nathaniel Whittemore’s “winter edition” of his “crypto narrative watch” — clarifying all different reasons we can blame this bear market for!
WHAT YOU CAN’T MISS TODAY
Don’t leave for the weekend what you should read today
▪ Ænigma Capital’s David Grider shows his excellent cryptoasset valuation frameworks. Last week he published a full 20-page report on “Price-to-Store of Value (P/SoV) Ratio”.
QUOTE OF THE DAY
While some have stopped squeezing, others continue to crave lemonade
Big love for @LBXSocial and their OTC desk. I’ve used them 10+ times now & they’re a wonderful, quick & helpful group of people w/ excellent service.
Tweeted today by @CryptoCobain