Welcome to the first edition of a new Thursday series where we’ll recap feedback, comments and questions from the Weiss Crypto community.
To that end, we’d like to hear from you! Let us know what you think … let us know what you’re curious about … let us know how we can help you navigate cryptocurrency.
Follow us on Twitter, and please feel free to comment and/or direct message us. Also, submit comments directly to the Weiss Crypto Team here.
Last week kicked off with a tweet about altseason and the latest setup on Ethereum (ETH, Tech/Adoption Grade “A-”) showing the potential for a big boom in altcoins. Remember, the crypto market follows patterns all the time, more so than most markets.
This #altcoin season looks like it might be significantly wilder than 2017. If the traditional altcoin cycle is true this time around, then we are just getting started with this move in $ETH (chart by @rektcapital ) pic.twitter.com/psmdzMuPed
— Weiss Crypto (@WeissCrypto) April 21, 2021
That altcoin boom was interrupted late last week and into the weekend as crypto markets reacted negatively to news reports about the Biden administration’s plan to revamp capital gains taxation in the United States. We fired off a reminder that altcoins tend to bleed more than Bitcoin (BTC, Tech/Adoption Grade “A-”) during market dips as people move money out of riskier investments first.
Altcoins are bleeding out and people worry. However, it's important to keep calm and remember:
— Weiss Crypto (@WeissCrypto) April 23, 2021
When $BTC loses value, altcoins are losing even more value. When #BTC is gaining value or standing still, alts are jumping like crazy.
This is how it is in every #crypto bull market.
It’s important to note that moves like the one that took place over the weekend do not mean the end to an altseason, as noted by commenter @nemovii.
Alt season 🤤
— Caligula (@nemovii) April 23, 2021
Early this week, rumors circulated about JPMorgan Chase & Co. (NYSE: JPM) offering Bitcoin trading services to some of its clients — a huge change in attitude from its previous stance on cryptocurrencies.
#CoinDesk has reported that JP Morgan is prepared to launch its first actively managed #Bitcoin fund for customers. It seems that notorious $BTC bear Jamie Dimon has finally capitulated and joined the #crypto movement.
— Weiss Crypto (@WeissCrypto) April 26, 2021
Following its newfound appreciation for Bitcoin, JPMorgan actually began to discuss the performance of Ethereum, perhaps lighting the way for the next phase of institutional adoption. We’ll be watching this closely.
Of further note, JPMorgan appears to think Ethereum’s valuation might be determined less by speculative interest in futures markets than is Bitcoin’s, indicating a belief that BTC is a more speculative purchase than ETH.
JPMorgan has stated that #Ethereum is outperforming #Bitcoin and it expects that trend to continue. We definitely agree with JPM on this one- it further goes to show our belief that $ETH will be the next target of institutions and corporations. In retrospect, it was inevitable."
— Weiss Crypto (@WeissCrypto) April 29, 2021
We look forward to your feedback — on Twitter, about today’s article, and in the future.
Be sure to follow us. And be sure to write. Feedback is critical. We appreciate your perspective, and we want to take every step to ensure we’re providing the type of coverage you need to make informed decisions about crypto and your portfolio.
So, keep an eye out every Thursday for this new series.
And, please, let us know what you’re thinking.
Best,
Alex
