Crypto at a Glance
It looks like the DeFi circus is back in town and the acrobats are doing backflips and turning heads left, right and centre. AAVE is up more than 15% over the last 24 hours and yesterday set a new all-time high $506. The protocol is now the second-ranked DeFi platform by total value locked (TVL), reportedly driving by an influx of big institutional players (including, rumour has it, billionaire Mark Cuban). Solana has been another big gainer recently, with the blockchain gaining 85% over the last week and breaking into the top 30, while ADA also continues its winning streak and is currently trading at more than $0.50 for the first time since Feb 2018.
With Ether smashing through $1,500, MicroStrategy’s online ‘Bitcoin for Corporations’ event might send BTC stratospheric
There have been so many all-time highs set recently that it’s getting hard to keep up, but seeing Ethereum at over $1,500 will be particularly satisfying for many in the space. Is it now set to follow Bitcoin’s December trajectory and take off into the stratosphere?
It’s good news everywhere today, in fact. Bitcoin has broken out of the range between $30,000 and $35,000. It now needs to comfortably stabilise above the $35k level to see a clear shift in trend, and there are several healthy indicators that suggest it has the momentum in its favour. Michael Saylor of MicroStrategy is also today throwing his get-together to teach public companies how to buy Bitcoin, which is basically the equivalent of Martha Stewart doing a tupperware party. Is institutional investment in Bitcoin set for another shot in the arm? A second dose, if you
It’s always nice to wake up to a sea of green, and with a couple of notable exceptions it’s been a strong 24 hours across the board. Bitcoin is holding strong over $34,000, although it’s still yet to convincingly break out of that range between $30,000 and $35,000. It looks to be gathering momentum, though. Could today be the day?
Ethereum is also back over $1,400 and approaching its recently-made all-time highs again. The big winner, though, is Cardano. ADA is back above $0.40, fresh off the news that Grayscale Investments had decided to file for a Cardano trust. The same is true for Monero, EOS and a number of others. Is the likely increase in demand starting to be priced in already?
It’s been a wild week in the markets, but just when you think it can’t get any wilder, in swaggers Elon Musk and a $6k pump in little over an hour. The US isn’t even awake yet – are we just getting started today?
How did we get here? The big story this week has been the WallStreetBets drama, which appeared to reach a crescendo yesterday when brokers including Robinhood and Webull, made the decision to suspend trading of GameStop, AMC and other stocks involved in the big Reddit short squeeze. The backlash has been swift and vicious from across both the political spectrum and wider society, with many quick to accuse these investment tools – which were supposed to give trading to the average Joe – of being in thrall to hedge funds and calling it evidence of a rigged system.
If Bitcoin is f ck you money, does that make GameStop a f ck you stock? All eyes this week have been on Reddit traders, who have arrived at the blackjack tables fully armed with their sacks of pennies and battered old card counting books, ready to bankrupt the casino through sheer numbers and cunning. Cryptocurrency has been turning monkeys into millionaires for a while, but it’s nice to have a bit of company at the table. Is this the lesson that Wall Street has been waiting for? If you’re looking for a more secure investment, Melvin, come and check out Bitcoin.