🧘♂️ALERT: Next Altcoin To Explode?
Market Meditations | September 9, 2021
Already Pumped 40% in 6 Days.
Exactly 6 days ago we shared a newsletter titled Crypto Holy Trinity.
2 of which were SRM and FTT.
How are they trading now? 40% higher vs. the day we wrote about them.
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Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool.
Always important to start with bitcoin. The market leader, which sets the tone for other asset classes.
We’ve been watching the 0.618 level; big structural shift beyond that level. With no major resistance until $60k.
We experienced almost a fake breakout, or a perfect trap. 2 closes above the 0.618 level and then a crash right down.
Severity of the crash? We’ve lost the 0.236 which is significant but we are holding the 0.382 reasonably well.
As long as we stay above 0.382 we stand a chance to see continuation and perhaps even a breakout of the $50k level.
$4k psychological resistance level was hit and we crashed right after.
Looking more bullish than bitcoin at the moment. You’ll note we are still above the 0.618 level. Safer to assume continuation on this structure.
Invalidation? $3k level.
So really the scenarios are simple. $3k is our support and $4k is our resistance. If we lose $3k, we assume further downside. If we break $4k, we assume fireworks ?
SOL, SOL, SOL… the crypto that keeps on giving.
Absolutely insane. We experienced a big dip (around 36% drop) and continuation thereafter.
One of the craziest runs we have seen. Where will it go? Let’s take a look outside of the charts. Below is a table from CoinMarketcap ?
Looking at a table like this allows us to bring in comparisons. SOL is viewed as an ETH competitor. Whether it should be or not (given they serve different purposes) we can still use ETH data as some sort of guidance. At the moment, ETH’s market cap is a lot bigger than SOL’s, suggesting the price has a long way to go. This isn’t to say that we will definitely get $1,000 SOL but something like 2.5x or $500 SOL is not out of the question.
We can draw a similar analysis for FTT. FTT is an exchange token. So, what can we compare it to? Well, BNB is Binance Exchange’s token which is very high up on the table. Again, we see that FTT has a lot of room to run.
Best play? Wait for a breakout of $80.
As always, we do not favour shorting trending markets.
All our plays have been lining up nicely, if we may say so ourselves. First SOL, then FTT and now, we have our eyes set on Serum. So far, it’s been going well. We’re close to breaking ATHs and hitting some sort of price discovery.
We would look for an entry around $10 – $11 with hopes that SRM benefits from the kind of momentum SOL and FTT has seen.
Invalidation? At the 0.618 level.
This is a nice example of a high probability play. Think of it this way:
Upside potential. Large: could see the kind of exponential growth SOL and FTT has seen.
Downside potential. Finite: at the 0.618 level.
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?Charity Loot Parody
How much did the above Loot parody project raise for charity?
?? Ukraine Legalizes Bitcoin
El Salvador has carved the way for bitcoin and other cryptocurrencies to be viewed in a different light. Panama and other countries are now following El Salvador’s lead, closely monitoring their decision to make bitcoin legal tender. While Ukraine is not making bitcoin legal tender [yet?], they have just passed a bill that legalizes it. This begs the question: Can bitcoin be… illegal?
Bitcoin is not illegal anywhere. As long as you have an internet connection and access to a crypto exchange or a bitcoin ATM, then you can own bitcoin. Since there are no formal international laws that regulate Bitcoin, some countries are left wondering how to handle crypto as a whole. For example, Ukrainian law enforcement viewed bitcoin as a scam, resulting in “bitcoin businesses being raided.” Since there were no clear crypto guidelines, Ukrainian courts didn’t have clear guidelines and often sided with law enforcement on these matters.
So what exactly got passed?
The Ukrainian Parliament passed a law that legalizes and regulates Bitcoin in the country.
276 lawmakers supported this bill while six opposed it.
More information on how it will be taxed will come before the end of the year.
For now, cryptocurrency holdings in Ukraine should be treated as intangible property on tax returns.
Crypto-related earnings 5% for the first five years.
Now that Ukrainian courts have a clear directive, they can protect individuals and allow them to continue to run bitcoin businesses. While the bill is not very specific, it is a good start. Slowly but surely bitcoin is being treated as a currency across the world. This news, along with many other countries carefully looking into El Salvador’s “experiment,” will pave the way for crypto adoption around the globe.
1. $1 million
Two developers decided to parody the NFT game Loot by creating humorous yet pointless NFTs whilst donating all proceeds to charity.
If you aren’t familiar with Loot, it is a project that is selling “in game items” before the game has been built in hopes that someone will build it in hindsight. This is the opposite to the usual way of games being built. These “items” come as a white text on a black background that can be minted as an NFT.
The parody projects originated with Nate Alex, who created an NFT of a person’s public Ethereum address.
Shortly after Alex, Deafbeef decided to release his own parody Loot NFTs with the words “first satirical on-chain generative text NFT”.
He announced that all proceeds will be sent directly to GiverDirectly.org, from this he managed to raise over $1 million.
If you want to find out more about Loot check out our full introduction ? here
??♂️✍️ Stories in this newsletter were written by Misael Calleja, Nick T., Max P., Kimia K., Ellen B. and Koroush AK. Graphics were produced by Gerasimos P.
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