Ethereum Rollercoaster - Are you IN ?
As you have probably noticed today was an incredible rollercoaster for Ethereum, at one point down over 13% for the day. Early in the day whales were dumping hard on Bitfinex and we saw a double bottom at 685$. The volume on Bitfinex for ETH is double the volume of BTC - 52,000 BTC volume - that's some volume if you ask me ! We are going to discuss the reasons for this dip below.
From the chart above you can clearly notice the incredible daily volume and of course the way that the bulls defended the 21-day EMA and of course the 700$ mark. Although we managed to dip below the 700$ mark it all hapened in dumps, we really didn't hold below the mark for more than a minute or two.
Possible Reasons For The Dip
- SEC/CFTC Meeting
- Warren Buffet/Bill Gates comments on cryptocurrencies
I personally think that today's sell-off was due to the possible security status of Ethereum. We all know that Buffet is against cryptpcurrencies and that is nothing new. To be honest I wasn't expecting such a comment from Bill Gates, i recall at some time that he was on board with the idea.
Obviously the regulatory concerns did have a greater impact but so far no new information is available on the matter. Of course if something of this magnitude happens it will send ripples across the whole crypto world.
What's your opinion on the matter ? Let us know in the comments :)
The third oracle has also spoken - trading bitcoin is like trading harvested baby brains. I think the only reason was thw fud surrounding sec/cftc meeting and i call it fud because all wsj journal reported was that officials will meet to discuss the status of ethereum as a security. There wasnt any official statement from either bodies if it was an agenda for them today or whether they will come out with this judgement today.
Moreover,warren buffer and charlie munger are known to not be the most tech savvy investors. They are great investors, greatest probably but no one will short bitcoin because buffet asked them to.
yes, I agree for the buffet and munger. "rat poison squared" - i LOLED very hard when I heard that :D Well everybody is entitled to an opinion.
Regulatory meeting was just a closed door discussion about how to regulate cryptos. nothing new. It was all FUD. Wrote an article to warn people this morning.
It might be true but it still is pretty relevant. This kind of news can really make a difference for the crypto-world. But in general you are right - it takes a lot of time for a regualtion to take place.
Thanks for reading my blog. Really appreciate it.
He is only on board when he gets piece of the cake. Like recent disastrous cashless move in India. He likes control, look how windows behave. Crypto without elites control? No way, so no surprise there.
Well I don't know. I kinda like this guy an the things he have done in the philantropy area.
These super rich tend to have two faces. One is for the public & tax exempts.
For example. He invests his own money to help undeveloped countries with vaccinations. Good soul. And good PR. On the other hand, on TED talk he is talking about over population. He slipped and said, that you can only do so much (controlling the birth rate) with vaccinations. Interesting, a?
His foundation is behind common core. Do you understand the trend common core is causing? Kids are getting dumber and dumber. But kids from rich families gets best possible education in private schools. There are less and less chances that kids from common core schools will have any significant roles in the future. Do you see the trend?
IMHO Ethereum isn't a security. you holding it doesn't give you a right to any assets of the company (in this case, the blockchain). Simply lets you make transactions on the blockchain so, the token, is a utility.
Buffet and his ilk are old school investors. they didn't invest in the tech boom of the 90's and there as sure as hell ain't going to invest in this one either.
plus i think some of the crypto projects out there are a direct assault on some of their investments' future earnings so, in my view, there's no wonder why their against cryptocurrencies.
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