Sunday Rundown - August 29, 2021
Market of bulls? Trap of bears?
Happy Sunday! Who’s getting excited about bitcoin’s golden cross?
Expanding on my brief analysis in the August 13, 2021 update, I plan to publish a little article on the golden cross for Cryptowriter within the next few weeks. If you’re not already reading Cryptowriter, check it out.
A golden cross is a trading pattern that’s supposed to confirm we’re in a bull market. Unless we get some ridiculous crash, it should cross sometime in September.
Frankly, it’s about time. We’ve seen bitcoin’s price forming a parabola on higher lows since the beginning of 2019—it’s nice to know that the traders think we’re finally going to get that bull market that everybody’s waiting for 😉
Here’s the parabola:
Read or listen to some interesting content I found this week.
On the Margin posted another great conversation from the Blockworks guys.
In a recent episode, they talked about Binance’s KYC and regulatory issues, the slipperiness of government compliance efforts, and the hiring of former US crypto regulator Jay Clayton by Fireblocks, a custody and infrastructure platform for crypto.
People think governments are starting to get a handle on crypto. Perhaps crypto’s starting to get a handle on government?
Crypto Daily published a meme review. I found it mostly funny—hopefully you will, too!
Bottom line: Wells Fargo, one of the world’s largest investment banks, filed with US regulators for a private Bitcoin fund for wealthy clients.
My take: once banks figured out how to make money selling crypto to their clients, you knew they’d do it. Morgan Stanley, Goldman Sachs, the list goes on. Who’s next?
Why we care: these efforts are targeted at rich people who tend to skew toward older age groups. Some already have crypto but for others, it’s just too complicated, confusing, and somewhat shady. These rich people already trust their banks with their money, and those banks have leveraged that trust to make it safe and easy to buy crypto. That’s a lot of boomer money starting to enter the crypto market. Do you think that might help it grow?
Relax and enjoy the ride!