When GBTC and ETCG trade at a premium to the underlying assets, it is generally a sign that crypto is bullish.
Cryptocurrency opinions, op-eds, speculation, and insights. Oh, my!
A Forbes article pointed out that Starbucks, Nordstrom, Whole Foods, Etc accept Bitcoin. Actually the truth is both more exciting and less exciting than that.
So here is the state of the market: Bitcoin is going parabolic, major alts like ETH are holding up, low caps (alts with low market caps) are getting crushed, and lots of big news (bearish and bullish) is all being met with BTC increases.
Initial Exchange Offerings (IEOs) tend to have a high / risk reward. When investing in an IEO, you should consider the project and exchange it is on carefully.
One could argue, based on some factors like Simple moving averages that the BTC-ETH pair is bearish and at the same time the BTC-USD pair is bullish. It is the same for many alts.
The above chart shows Bitcoin 2010 – May 2019. In my opinion the current price action is similar to 2012 and mid-to-late 2015.
Altcoins are currently in a mode where they go down when BTC goes down and down when BTC goes up. That is never a fun part of the cycle for many traders and hodlers.
Here are some last minute tax tips for crypto traders and investors in the United States.
BTC dropped pretty quick alongside the market today. If I had to guess at the “why,” I would go with BSV FUD.
Harsh corrections are the norm in cryptocurrency markets. Even in an uptrend there will be chunks of time where the whole market is down 10% or more (sometimes much more).