$10,688.97 BTC Price
69.2% BTC Dominance
$276,326,826,732 Market Cap
The Crypto market really hasn’t done much over the past few weeks. We’ve seen Bitcoin fall below 10K again and quickly bounce back up. We’ve had a bit of bad news recently, which hasn’t shaken the price as much as I thought it would, which is good news.
The most notable development is the fact Bitcoin’s dominance is pretty stable at 70%. This highlights to me that many investors in the space are overwhelmingly worried about the next direction of the market - hence the safety in Bitcoin.
Traders are pointing to a breakout to around 12-13K after this compression pattern. While this is a probability, we need much higher demand for us to see a meaningful move upwards. What could cause this? Trade wards, currency wars, uncertainty and developments in the crypto space are all (but not the only) options that could propel crypto forward.
Other news such as Bakkt confirming a launch date for the 23rd September could very well be the catalyst for a spike up, and many traders are expecting this. My thoughts from experience is that we may very well see a rise in price leading up to the Bakkt launch, and then a dive in price upon release as traders take profits… only time will tell.
Bitcoin remains for now the best crypto positioned for a rise. Alts will follow when the markets become a lot more liquid - it’s all really in BTC at the moment!
In other news, Chinese based crypto named “PlusToken” has been uncovered to be a ponzi scheme which is reportedly selling their Bitcoin holdings as fast as they can. Below is an image of where the Bitcoin has been sent.
Police are investigating, but this is one of the largest estimated Ponzi schemes ever to exist, at a massive 3 Billion USD based on the value of Bitcoin sent to this scam. This is one of hundreds of Ponzi schemes that will be uncovered over the next decade in the crypto space.
I have just finished reading James Rickard’s new book “aftermath.” It is a very well written book on the current economic state, what risks there are globally and what assets to position yourself in. Very easy to understand, James is a master of using metaphors to break down complex economics so I recommend this book to anyone interested in investing! Crypto is only mentioned in there as an asset that had a bubble, so it’s not really a crypto book.
All the best,