This was supposed to be yet another week of sideways trading for crypto. And it would have been ... if it wasn’t for the market action yesterday.
As Alex Benfield reported, Bitcoin (BTC, Tech/Adoption Grade “A-”) fell below its significant support near $30,000 on Tuesday. Then, in the early hours of Wednesday morning, the bulls turned the tides and pumped Bitcoin up by over 9% to push back above the $30,000 support and even the $32,000 resistance.
Despite retreating from that level Wednesday evening, recent trading has put the King of Crypto back above resistance. A close above this key level would be a bullish sign.
But does a single sign mean we could be entering bullish territory?
Judging from last week’s tweets, this bullish trend seems to have already been priced in ... at least in the sentiment of the most popular tweets.
To illustrate this fact, let’s start it off with a poll:
According to a poll by analytics platform #Santiment, #Bitcoin will reach $100,000 in 2021.
— Weiss Crypto (@WeissCrypto) July 19, 2021
What's your target for $BTC in 2021?
While the majority of poll voters agree $100,000 is the most likely target to look out for this year, it’s interesting how the second most popular prediction at $66,000 (with 24% of the vote) is almost tied with third place, which believes the King of Crypto will end at $20,000.
The majority of you seem to agree that $30,000 is not the final price for Bitcoin in 2021, but rather a midpoint as the cycle runs its course until the end of the year.
For now, then, let’s turn to the rest of the market.
#Cardano expands testnet support for smart contracts, inching ever closer to the moment we're all waiting for: Smart contract capability on mainnet. $ADA
— Weiss Crypto (@WeissCrypto) July 16, 2021
Even though the majority of followers loved the news of Cardano (ADA, Tech/Adoption Grade “B-”) slowly but surely moving ahead with the scheduled upgrades and inching ever closer to smart contract capabilities, there were a number of fans voicing their frustration at the glacial pace by which IOHK developers were moving ahead with these upgrades.
We want to remind these restless folks that this is by no means any different than the usual pace of the Cardano team. There is a method to their madness ... and it’s reflected in the fact that their thoroughness more often than not results in a robust product.
This trait alone should ensure that once everything is said and done, once it becomes a finished product, ADA will be more than worth the wait.
Another dev. team made it to our kudos list last week:
Developers from #IOTA community have released plugin that allows all WordPress sites to accept IOTA in a matter of clicks. #Wordpress is one of the world's most popular content management platforms, and this could increase accessibility and mainstream adoption for IOTA.
— Weiss Crypto (@WeissCrypto) July 21, 2021
As a web designer and front-end developer myself, I can attest to the predominance of WordPress. 44% of all content management system (CMS) -based websites run on WordPress. This means that almost half the websites you visit in your daily browsing routine likely run that CMS.
That’s more than 28 million websites!
With this release, all those sites will have the ability to accept Iota (IOTA, Tech/Adoption Grade “C”) from visitors. Enabling this feature is now far simpler and easier to implement than coding it all manually or building your own WordPress-compatible plugin to do that.
However, this doesn’t mean that this alone can fix issues still plaguing IOTA. As one reader puts it:
Iota had a great vision. Problem is the core people running the project. Too many broken promises, too much incompetence, too much petty infighting. Meanwhile alternative solutions grow. Would be awesome for the tech to succeed though.
— martin kunert (@_martin_kunert_) July 22, 2021
Speaking of shortcomings, hackers performed a hit-and-run on THORChain (RUNE), emptying one of its liquidity pools and lighting its load by a hefty $4.8 million. Rather than lamenting the situation, though, we simply stated the obvious:
#ThorChain lost roughly $4.8 million worth of $ETH from its liquidity pools to a hacker attack. Complex code and cutting edge tech comes with exploits that hackers find and exploit. This makes later iterations more robust and secure, even if some losses are taken by firstcomers.
— Weiss Crypto (@WeissCrypto) July 16, 2021
Growing pains in crypto should be obvious to everyone by now; they have their place in complementing its enormous growth and profit potential.
Still, not all cryptocurrencies are prone to these kinds of risks. One we know that isn’t is Bitcoin. We know it, we hope you know it and ultra-rich and institutional investors know it:
Rothschild Investment Corp has increased its #Bitcoin exposure by 300% since April, which goes to show institutions remain unfazed in spite of the recent slump in prices. Maybe you should too. $BTC #BTC
— Weiss Crypto (@WeissCrypto) July 20, 2021
So, while the fear, uncertainty and doubt (FUD) was spread far and wide, these savvy and shrewd investors were working fast, filling their bags to the brim and making off with some of the best BTC prices since May this year.
We sincerely hope you are following suit.
Retail investors are truly between a rock and a hard place. On one end, the ultra-rich and institutions are siphoning crypto they dropped while running for the exit, and on the other, governments of the world are pushing hard for central bank digital currency (CBDC) — a digital, heavily centralized form of fiat currency — and doing their best to besmirch or phase out cryptos.
Their most recent target? Stablecoins:
#Stablecoins are not money, says #Fed attorney. Interesting that the Fed would choose this fight to pick. Stablecoins don't threaten fiat nearly as much as #Bitcoin. Perhaps Fed is trying to clear the competition for the digital dollar...
— Weiss Crypto (@WeissCrypto) July 20, 2021
Feel free to read the entire thread, but whatever you do, do not skip our final warning:
#Stablecoins are not money, says #Fed attorney. Interesting that the Fed would choose this fight to pick. Stablecoins don't threaten fiat nearly as much as #Bitcoin. Perhaps Fed is trying to clear the competition for the digital dollar...
— Weiss Crypto (@WeissCrypto) July 20, 2021
Finally, a word of warning: #CBDCs will exert complete financial control over those who decide to use them.#CBDC
— Weiss Crypto (@WeissCrypto) July 20, 2021
Fiat is indeed dying a slow death, and crypto is the future. That is the reality of the situation.
If CBDCs are THAT bad (and they are), then it’s imperative that we hold on to cryptocurrencies as the best and only candidate that will facilitate the international exchange of goods and services.
Our hope lies in countries that follow the example of El Salvador and in diamond hand HODLers that will be able to withstand the torrent of FUD and keep at least a portion of the financial power in the hands of those who deserve it the most: average citizens and the forward-thinking pioneers of this new financial revolution.
So don’t lose hope. Instead ...
Stay safe and trade well,
Jurica Dujmović