Satoshi Lite pump straight with crooked lines
Market Report: 8th Feb. 2019 — Subscribe to our newsletter.
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CRYPTO NOTE
The daily view from our desk
In products that no one needs, ‘drinkable’ potato crisps will soon be hitting the streets, for those wanting to take a selfie whilst eating a pack of McCoys. In similar unnecessary news, Tyra Banks is set to open an amusement park to celebrate models, you know, that group of people that is currently so underappreciated. Less of that and more of this.
SATOSHI LITE PUMPS STRAIGHT WITH CROOKED LINES
IT SEEMS BITCOIN’S CORRELATION IS BROKEN AS CYCLICAL ALT PUMPS BECOME MORE COMMON
The weekend is here and Friday elicits reflection. Especially when right after an extremely boring 24 hours — where bitcoin and ether both just moved 0.5% — we’re seeing litecoin pump a maximum of 12% since 8:40 am UTC! Props to the Crypto Dog who foresaw this break ninety minutes before it happened.
What provoked the bulls? Positive sentiment for what’s usually called Bitcoin’s testnet has been rising as of lately — on top of a 50% recovery since December’s low and of speculation regarding future updates to its network — from its own block reward reduction to a Mimblewimble integration announced yesterday.
FUNDSTRAT FORECASTS FAIL WITH HONEST LINES
IS FUNDSTRAT THE NEW CNBC FAST MONEY?
However, Josh Olszewicz analysed the network’s fundamentals earlier this week and concluded developer activity “has been nearly non-existent over the past few months”. Perhaps that’s why litecoin shorts, i.e. bets against its appreciation, are near their all-time high. Which, as Lucid argues, could spark a buying cascade.
What does this means for the weekend, then? Well, right now the permabulls behind Fundstrat have just forecasted a $2,270 bitcoin target in Q1 2019. Remember this is the same firm who swore the original cryptoasset wouldn’t fall bellow $6k last year. So, even if we consider the currently decreasing volatility is endangering the market, many — like Hsaka — feel it isn’t the right time to short.
So, as usual, go light on that FOMO, consider the potential retracement litecoin can face — as suggested by Posty here — and read Ezbrah’s prescient analysis, written yesterday, on what a LTC-led breakout of major alts can cause.
WHAT YOU CAN’T MISS TODAY
DON’T LEAVE FOR THE WEEKEND WHAT YOU SHOULD READ TODAY
▪ Missing London’s Advancing Bitcoin conference? Tim Copeland has been sharing some key insights here and Guillaume Verbal has been live-tweeting it.
▪ Missing some “intermediate-ish crypto resources”? Taylor Pearson compiled a ”201 list” with must-read articles and papers to catch-up with crypto knowledge.
▪ Missing something to occupy your next Wednesday? Secure your place in February’s Ethereum London Meetup at Imperial College — great talks expected!
▪ Missing a comprehensive review of cryptoasset correlations? SFOX’s research team just released their January volatility report. Sentiment is “mild bullish”!
▪ Missing some Mt. Gox drama? Isn’t Quadriga enough for you? Worry not! The “Gox Rising” project is here to lighten up your days. Or maybe not.
▪ Missing some stablecoin serenity? Wasn’t yesterday’s MKR analysis enough for you? Well, check “Dai in numbers” from MakerDAO themselves for a quick fix.
QUOTE OF THE DAY
GOOGLE HAS MOONSHOTS. CRYPTOASSETS HAVE MOONDROPS.
“Bitcoin is a remarkable cryptographic achievement, and the ability to create something that is not duplicable in the digital world has enormous value”
- By Eric Schmidt