Sunday Rundown - May 9, 2021
Happy Mother's Day
Another week and bitcoin’s price continues to move essentially sideways. Who’s buying the dip on DOGE?
If you’re wondering about price predictions, I don’t have any.
In the near term, I would not be surprised to see bitcoin’s price drop to $30,000 or go up to $110,000. Anything higher or lower would concern me.
In my most recent bitcoin update, I mentioned two specific price levels that could signal a change in momentum. I also offered a general perspective on altcoins, particularly Ethereum, in my most recent altcoin market update. If you missed those, check them out now:
As of this post, the total altcoin market rose by roughly $200 billion so far this month but two tokens accounted for most of that growth: DOGE (appx $20 billion) and ETH (appx $130 billion). Only 25% of this month’s “boom” went to the other 8,000+ altcoins.
What does this mean for altseason?
Nothing. Altseason will continue until bitcoin says otherwise. Enjoy it while it lasts!
Read below for two bits of content. Short rundown this week.
BNY Mellon leads back-office race to secure US crypto ETF business
Bottom line: bitcoin ETF creators have several highly reputable Wall Street firms in their corner.
My take: combined with new regulatory leadership, this next wave of ETF applications will certainly fare better than the ones from 2018. Those first applications came mostly from crypto upstarts with the backing of crypto-centric firms. These most recent applications have some big, established firms connected with them. Insiders, not upstarts.
Why we care: every new ETF means more financial professionals who will market and shill crypto to traditional investors and money managers. No investment vehicle beats an ETF for cost and convenience. While ETFs do not automatically mean MOON LAMBO—they make it easy to buy AND SELL—nobody can deny the legitimacy and liquidity that a US-approved ETF will bring to bitcoin, and by extension, the rest of the crypto market. It will change the minds of some skeptics and provide an on- and off-ramp for trillions of dollars of passive investment that otherwise wouldn’t enter the market.
Watch this interview with CZ on Bloomberg News, “Binance CEO on Bitcoin, Crypto Volatility, Going Public.” He talks about Binance NFT and generally his views on institutions vs retail and central bank digital currencies.
I found this interview very balanced, which is noteworthy in itself. The anchors ask good questions, CZ has interesting answers.
That’s all for now. Relax and enjoy the ride!
Happy Mother’s Day to you and your family, too, Mark. Thanks for Rundown info and interesting interview.