A Bullish Week in Tweets

Next week is bound to bring much needed volatility to the markets ... and, hopefully, more positive price action will come along with it.”  

I started my Weiss Crypto Alert issue last week with these exact words. And indeed, the week behind us didn’t disappoint, as Alex Benfield reported yesterday in his piece titled “Resistance Levels Smashed as Entire Market Surges.” 

When crypto markets turn bullish, Bitcoin runs ahead of the herd, and this is precisely what we saw happen.  

First, Bitcoin (BTC, Tech/Adoption Grade “A-”) left gold in the dust, confirming its status as the ultimate store of value:

Then, we saw analysts and influencers alike coming out of the woodworks, providing rationale behind the surge. It was here we had to do a bit of fact checking:  
 
 

As this wasn’t enough, there were also those who thought that the London fork was somehow capable of transforming ETH into a store of value into a viable BTC competitor.

To set the record straight on this one, an entire thread was necessary, starting here:

As for the signs — they were all there. In fact, in our Aug. 10 post, it was clear BTC was ready to leave behind the transitional period between the bullish and parabolic phases.

Finally, as if you needed even more evidence, the institutions realized what was going on and started filling their bags again:

But last week wasn’t just about Bitcoin. It was also about the $1 trillion infrastructure bill ... and the provision for cryptocurrency tax reporting, which was deemed to be broad, vague and damaging for the crypto industry. At best, it would bring confusion and uncertainty. At worst, it would stifle crypto innovation and push businesses out of the United States.  
 
Many crypto influencers and project leaders have voiced their concerns surrounding this bill:

That includes Cardano’s founder, Charles Hoskinson:

Speaking of Cardano, a big update is coming soon — one that will enable smart-contract functionality for ADA. We asked our followers their opinion on the importance of the launch. Understandably, most of our followers think the update will be a huge hit.  

As for our analysts, even though they agree that the introduction of smart contracts is a big deal on its own, even a bigger one will be the advent of ADA-based DeFi. This alone could be a game-changer, turning ADA into a serious ETH competitor. We remain hopeful and excited. 

Finally, let’s end this week’s review with another good piece of news. This time, it’s about MATIC being listed on Bitstamp, on one of the oldest exchanges. Kudos to this amazing project! 

It’s been a while since we ended a week on such a high note. Let’s hope the next one brings even more good news.  

Until next week, stay safe and trade well. 

Jurica Dujmović