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Fear vs Greed
Bitcoin attempted to break out past its $41,000 cage earlier this morning and was promptly rejected within the same 4-hour candle. Microstrategy’s plan to buy another $500M worth of $BTC doesn’t appear to be moving the market yet, although this may be one of the rare cases where the price DOESN’T move before the fundamentals. https://www.microstrategy.com/en/investor-relations/press/microstrategy-completes-500m-offering-of-senior-secured-notes-due-2028-with-bitcoin-use-of-proceeds_06-14-2021
In El Salvador, Bitcoin delegates have started to stream in to show their support and help build infrastructure. Thus far I’ve seen Paxful founder Ray Youssef and Bitcoin journalist Peter McCormack, and it’s likely that this is just the beginning.
There’s a misleading Reuters exclusive floating around about how Bitcoin remittances in El Salvador increased to $1.7M this past May. The way it’s written tries to hide the fact that they don’t actually have a real story here: the data in question is coming from Chainalysis, and all they’ve done is label all $BTC transfers in El Salvador with a dollar value of less than $1,000 as “remittances.” They have no idea whether it represents an actual international money transfer. https://www.reuters.com/business/finance/exclusive-el-salvador-bitcoin-transfers-soar-still-fraction-dollar-remittances-2021-06-14
Speaking of misleading: Kim Kardashian has joined Floyd Mayweather and Paul Pierce in their endorsement of new token Ethereum Max ($EMAX), an ERC20 token that I’d never heard of until yesterday. Her Instagram story yesterday went out to over 220 million people, and has triggered a whole bunch of crypto writers (including me) to ask the question: “Why?” As far as I can tell, there is no visible reason for this token’s existence other than to transfer money from its investors’ wallets and into its founders’. https://www.coindesk.com/kim-kardashian-ethereum-max-why
$DOT is up about 15% following Coinbase’s announcement that they would be listing the token on their exchange. According to Messari Research, the average returns after 5 days being listed on Coinbase is 91%. And naturally, the market now recognizes this phenomenon by pricing it in BEFORE trade-open. Coinbase customers will be able to trade $DOT by this evening, Manila time. https://decrypt.co/73636/coinbase-listing-parachain-progress-boost-polkadot
Here’s a fun little website that I stumbled upon recently: The Crypto Fear and Greed Index. https://alternative.me/crypto/fear-and-greed-index/ Every day, the index attempts to analyze the overall sentiment in the crypto space and visualizes it as a single number. Zero represents total fear and 100 represents mindless greed. There’s no way to do analysis like this “accurately” but I like these attempts at transforming qualitative things into quantitative units. Today, our Fear & Greed Index score is 33. Still scary!
And that’s it for the newsletter today, cryptofam. Stay safe, stay hydrated, and I’ll see you all tomorrow!