Alright Steemit? Welcome to another overnight wrap.
Here's the latest (massive) movements in ...
Crypto Markets
Bitcoin closed higher against the US Dollar yesterday, despite having plenty of room for consolidation. Pair traded as high as 2380, before finishing the day at 2302. We have even more for room for temporary weakness, so short-term direction is hard to call. I think consolidation is most likely, though can't rule out a break above 2400 either. Regardless, buying any weakness seems like a solid strategy:
ETHER! Damn son... recovery in full effect. Two massive up-days in a row and trend-resistance is breached. There is HUGE fundamental news behind this rally (see below). Still nearly 100% from the highs, so this could be a great margin long if it works out. Will Ether be the next bitcoin? I've had my doubts lately, but I'm willing to take one more chance it will live up to the hype.
Steem notched an up day yesterday too, but not as impressive as Ether and giving it back in Asian trade. Support remains solid - long-term mindset and patience are key here:
We are trading at 1.51 AUD this afternoon, up from $1.39 yesterday. Also up against the US Dollar: currently fetching $1.26, down from $1.08 Tuesday. Steem Dollars continue to trade at a slight discount, you can currently picked them up for 98c on the Dollar at Bittrex.
Crypto News
This is HUGE no two ways about it, Mastercard has joined the Ethereum alliance. No wonder Ether is up. 34 other new members too, including an Indian state government, but that's the big one. Visa will be next - just watch. Coindesk with the full story.
Market cap is back above 80 Billion as the across the board recovery continues. We are now only down 25% or so from the all time highs and up nearly 40% from the recent low. Coindesk again with that one.
Still not up to speed on Segwit2x, BIPxx's, hard forks, chain splits and all the rest? Coindesk have made a hub with a 101 and all their articles on the matter in one place. Well worth a look if you need to freshen up.
Aussie News
This one crossed the wires just after I finished yesterday's article: another Greens senator has resigned over holding dual citizenship. Bloody hell guys, starting to look a little hopeless here. Your legalize ice policy is a joke too ... yeah legalize weed, hell legalize MDMA - shit's beaut - no one throws king hits or pulls home invasions on the lovey stuff ... But Ice? It's a scourge. End of story. Think the party needs a major reality check - I'll be thinking twice before casting a green senate vote in the next election.
APRA have imposed tougher capital requirements on Australia's biggest lenders. Anything to make the system more resilient is good for stability, but at the end of the day, Aussie home owners will pay for this when the banks answer with a rate rise.
In other local econ news, the Productivity Commission has issued a warning regarding the dangers of protectionist policies, saying Australia could lose 100 000 jobs if we were to follow the global trend towards protectionism. I actually agree with them on this, but you really can't believe a word these fuckers say - they spew more unfounded dogma than the IPA on a bender. Remember, these are the hacks who recommended a pay cut for Australia's lowest paid workers, while economists from across the political spectrum were worrying about persistently low wage growth.
I'm quitting smoking - the overnight wraps might become overnight rants over the next few days. Hope you enjoyed!
Team Aus footer by the amazing @bearone
Bulleth I like your news and charts even though I am strictly longterm 3-5 years on my investments. You are helping me a lot with the short time frames, since I have never put much effort into charts. You do good job with that. One thing that I do keep track on and find extremely important is the monthly volumes. Ether is constantly gaining greater volume monthly. Far outpacing that of BTC. We will see what happens but I am thinking ETH will over take BTC by end of this year in market cap.
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Thanks mate - that's actually really interesting, coming from a forex background, volume is one of the things I often forget about entirely. I really should start taking a look at that side of things. One of the only truly leading indicators ...
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Enjoyed that. Thanks mate.
But seriously @bulleth, I'm still perplexed as to the eth pile on (and BTC for that matter). Sure Mastercard is great news, but eth is still a stability nightmare so long as it remains a get rich quick scheme for ICOs runners. Latest case in point tezos. http://mashable.com/2017/07/05/tezos-ico-cryptocurrency-startup/#3ojM2fW3wZqh
This stuff is simply terrifying and to me will (at least should, seems it still hasn't) devastate confidence and credibility in Ethereum. As well transform hundreds of millions worth of eth into a ticking liquidation time bomb as projects cash it out in panic of price drops.
So yeah, insane 40% increase today, another 50% drop next week? I just can't see any meaningful gains coming through over the next 6 mo.
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Valid point, thing is, it did pretty much devastate confidence, that last sell off was pretty nasty even for Crypto. If this was a traditional market, I'd say ICO supply coming online is 'priced in', but not sure if these markets are actually that mature.
At end of day, these ICO guys have to choose between dumping it all or trickling it out in small, regular leakages. The latter is definitely the smarter and more sustainable option, but it is plausible that a direct competitor to Ether like EOS might maliciously dump ... let's hope not
Sorry to repeat myself, but I think the Mastercard news is HUGE lol not just great ... Visa will come on board very shortly IMO and we'll see another wicked surge.
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There's also the theory that constant stream of new money continues to offset leakage. When you consider global capital markets total >$65 Trillion, still an awful lot of money that can flow in. Steemit new user figs are an imdocator. Would love to see an aggregate of crypto exchange new users.
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What in God's name are Tezos going to do with $200MM. What the fuck!
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Thankfully not all in Ether. Most in BTC so a huge sell there should be... erm... probably not good either given the knee-jerk reaction the market takes when BTC sneezes.
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Just amazing though eh. Projects like that getting an order of magnitude more cash than they need. What happens to that money?? All that happens is you make small groups of people obscenely rich who stick around to give the appearance of commitment, then slowly back out with enough cash for a family dynasty. Sure a few idealogues may stick around and truly innovate and put that money to work. But the vast majority are there purely for the payoff. They may feel like they are there to "revolutionise". But you put a few million dollars in someone's hand and priorities change quickly.
Honestly the shear scale of the cash influx is still so staggering to me.
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It is amazing just how much has been raised by ICOs over the past couple of months. As you say, much more than they actually need to complete development.
I see no problem with people being rewarded for innovative ideas or hard work, but... if it's an ICO then they haven't created anything yet!
There was even a 'Useless Ether Token' created, which publicly stated that it has no use at all. And guess what, people are trading it! Why, it's of no benefit. Just proves that you can get money for nothing in this space at the moment, which is a shame.
EOS I'm not so concerned about, although it continues to raise lots of cash. It has Dan Larimer onboard, which says a lot. They will produce a product and it has the potential to be big.
Yes, they are selling Ether to fund it, but I see that as a temporary price reduction, which means we could buy Ether at a good price.
Tezos worries me though. Lots of BTC and Eth, seemingly arrogant folks in charge with no real experience in creating their own blockchain...
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Another politician who can't read the rules. As if you don't know you hold dual citizenship! It does not surprise me though.
Another great post.
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That's what I was thinking with the first guy ... Like has he never been back to NZ since?
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very good
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Very very good
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Cheers for the Etherium news about MC. Very good sign!
About time! Good luck man, I'll try not to be too much of a prick to you in the meantime :P
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Yep, the investment bank news was out before the initial rally back in Dec and completely missed the boat on that ... was a no brainer, just wasn't watching these markets. Not making the same mistake again.
Chic from crossfit gave me a wicked vape pen with all the legit vapour with nicotine in it (you have to order from overseas), so I should be sweet I reckon!
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I always believe in going with the long term in the case of cryptocurreny. Will see it after 5-10 years. All the currencies will be up by 1000% (Hopefully).
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Hopefully!
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This did seem a bit more rant-y than usual. But I liked it.
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lol thanks Choo
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Ether needs to retest the lows before the bears are done.
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See what happens ... nothing's certain in trading
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Congratulations! This post has been upvoted from the communal account, @minnowsupport, by bulleth from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.
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@bulleth got you a $0.43 @minnowbooster upgoat, nice! (Image: pixabay.com)
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