Market Wrap: Bitcoin, Steem and Ether all up, guy trolls Yellen with "Buy Bitcoin" sign and no link between wind energy and high power prices

in cryptocurrency •  7 years ago  (edited)

Hey Steemit, Team Aus and welcome to another wrap of crypto markets, industry and local news.

Just a heads up, I'm going to start reporting spam comments on these posts to @Steemcleaners as they come in with no warning - it takes me a decent amount of time each day to follow up on replies from the day before and I really can't be fucked sifting through spam BS :)

Anyway, on a more positive note, things are starting to look a little better in ...


Crypto Markets


Bitcoin bulls turned up yesterday and managed to push BTCUSD as high as 2397 from a low of 2190. Pair is now back inside the wedge and up slightly on the day. I wouldn't break out the champas just yet, but starting to look a little more constructive after that engulfing. I adjust trend-lines when I'm wrong, but not right away - if we can break above the wedge top, I will adjust my wedge support line accordingly:



Is Ether making a comeback? I was dubious yesterday, but the day finished substantially higher, engulfing Tuesday's down day and then some. Could well be a long trade here:


Engulfing candles here, there and everywhere and Steem is no exception. Two days ago I said I hoped the carnage stops in the mid 30's, but was not expecting this sort of reaction at all. As I said with BTC, I'm not breaking out the champas just yet, but it is on ice and ready to go:



We are trading at 1.80 AUD this afternoon, up from $1.58 when I last posted and $1.40 the day before. Also doing well against the greenback: currently fetching $1.36, up from $1.20 yesterday and $1.04 the day prior. Woot.

Steem Dollars are currently trading at $1.06 down from a high of $1.10. I'm considering taking 6% here and fading back into margin longs elsewhere, but need to weigh it all up. More on that tomorrow.


Crypto News


Marketwatch out with some tripe from Morgan Stanley about Bitcoin only being accepted by three online retailers ... I'll keep it short and polite, but looks like MS need to hire some quants who can actually count. You'd think "Ability to count beyond three" would be one of the essential criteria for a quant job at a big investment bank ...

Marketwatch are on fire today. They have also republished this "complete garbage" opinion piece from Brett Arends. It wasn't really worth reading when they first published in June and garbage, unlike a fine single malt or chardonnay, does not taste any better with age. Read it for the lulz if you want.

In other news, some guy held up a "Buy Bitcoin" sign behind Yellen's head during her regular congressional testimony, a Swiss Bank is launching a Bitcoin asset management service and a UK payments startup is integrating a range of crypto services following a successful round of fund raising. Coindesk with those stories.


Aussie News


In local news, a 71 yo West Australian man has died parasailing in Thailand and drug dealers have been bullying your gran for her endones and oxys. Bastards. ABC with those stories and this piece on a single mum who spends 70% of her income on rent.

In other news, "notorious baby killer" Kathleen Folbigg has landed herself some more jail time after punching a fellow Silverwater detainee over an argument about a toaster. She is currently serving 25 years for murdering three of her children and being found guilty of the manslaughter of another ... I'm not usually a fan of the 'lock them up and throw away the key' mentality ... but is someone capable of killing four of their own children really capable of rehabilitation?

Finally, the Age's Peter Martin out with this comment piece on high energy prices around the country and specifically South Australia. Interestingly enough, the piece includes data showing there is no correlation between reliance on wind energy and high power prices. Wasn't a rather rabid Steemian having a go at me about this the other day? Sorry snowflake, data speaks louder than blind dogma.

That's me for today folks. I did start this one earlier, but took me a while to pump out. Will be back in the office Tuesday and back to my usual late morning/lunch time schedule. Good to see crypto markets on the up again and hoping it lasts.



As usual, 20% of the rewards from this post will be split with @centerlink for the communal benefit of #TeamAustralia

Team Aus footer by the amazing @bearone

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