Quick weekly news:
- MINTING MONEY: Mintbase closed a $1 million seed round to fund development as the NFT minting platform prepares to launch on Ethereum alternative NEAR blockchain.
- OLD GUARD: Electrum developers patched one of bitcoin’s oldest wallets that had been bricked by the latest Apple update.
- PLAY GROUND: Vietnam’s Ministry of Education will use TomoChain to archive student records on a blockchain.
- SECURITY BREACH: Crypto exchange Liquid said a domain name hosting provider slip up may have exposed sensitive customer data.
Other notable events include:
- A Deutsche Bank analyst said customers increasingly prefer bitcoin over gold as a store-of-value investment.
- At least one obscure indicator suggests bitcoin’s bulls have room to roam.
Bitcoin > gold
A Deutsche Bank analyst said customers increasingly prefer bitcoin over gold as a store-of-value investment. “There seems to be an increasing demand to use bitcoin where gold used to be used to hedge dollar risk, inflation, and other things,” said Jim Reid, managing director, head of global fundamental credit strategy, as quoted by ZeroHedge. Bitcoin is up 144% on the year, and gold 22%.
Top or not?
At least one obscure indicator suggests bitcoin’s bulls have room to roam. Already notching 80% gains in the past six weeks and fast approaching an all-time high of $20,000 set in 2017, the cryptocurrency’s Mayer Multiple – the ratio of price to the 200-day moving average – is showing the current rally may be in early stages. Standing at a 16-month high of 1.67, this indicator is still well short of the 2.4 threshold that has historically signaled the final leg of the bull markets. It was this key metric that preceded the end of the 2019, 2017 and 2013 bull runs. Things are different this time around, compared to three years ago there is less retail interest in bitcoin and significantly more institutional involvement.
Also, be sure to check out top altcoin gainers and losers of the week
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