Top Altcoins After Bitcoin Breaks $18,000

Market Meditations | November 18, 2020

Hello Meditators

In this exclusive edition, with the help of lots of technical analysis, I will guide you through my search for the next play. We begin by having a look at some reasons why BTC rallied 60% in a month, but also why we need to remain prudent and why an eventual correction is almost inevitable. I will also give exclusive insight into the altcoin market and signs I want to see before increasing my altcoin exposure.

  • Grayscale’s Crypto Funds Cross $10 Billion in Total AUM. Crypto asset manager Grayscale is now managing more than $10 billion worth of assets across its funds. In a tweet, Grayscale disclosed “Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products. Total AUM: $10.4 billion” Grayscale’s Bitcoin Trust (GBTC) remains the most popular by far and currently has more than 80% share of the total AUM at about 8.85 billion. According to The Block Research, GBTC holds a massive amount of bitcoin (480,900 BTC). Read more.

  • Mexico’s Second Richest Man Reveals 10% of His Liquid Assets Are in Bitcoin. Billionaire Ricardo Salinas Pliego has said that 10% of his “liquid portfolio” is in bitcoin. In a tweet on Tuesday, Ricardo recommended the book ‘The Bitcoin Standard’ by author Saifedean Ammous and answered ‘YES’ to having bitcoin in his portfolio, a question that was asked by “many people”. Pliego said that “Bitcoin protects the citizens from government expropriation” and the other 90% of his investments are tied up in “precious metals miners”. Read more.

  • Cynthia Lummis, Wyoming’s Incoming Senator, Wants to Explain Bitcoin to Congress. Speaking to Fox News, Lummis, a Republican and a former member of the House of Representatives, said she believes bitcoin is a great store of value, and she plans on making that point in the Senate. She will succeed Republican Sen. Mike Enzi, who is retiring after four terms. “I know there isn’t much known about bitcoin, especially in the Congress,” Lummis said in the Fox News interview, adding that she wants to ensure everyone understands the cryptocurrency’s importance as a great store of value. Read more.

  • Scaramucci’s $9.2B SkyBridge ‘May Seek Exposure to Digital Assets’. Anthony Scaramucci’s hedge fund, SkyBridge Capital, gave itself the ability to bet on cryptocurrencies this week. In a series of filings with the U.S. Securities and Exchange Commission (SEC), we read that “The Company and Investment Funds may also invest in securities of companies related, in whole or in part, to digital assets or digital asset technologies The technologies underpinning digital assets are highly disruptive, and the future successes of such technologies are highly uncertain.” The documents are meant to give SkyBridge green light to invest in other funds that have money in the crypto markets or in companies supporting the ecosystem. Read more.

  • Robinhood Seeks Advisers for Potential IPO Next Year. Robinhood Markets, the trading platform that’s proved popular with novice investors, has asked banks to pitch for roles in an initial public offering, according to people with knowledge of the matter. The company is aiming to go public as soon as the first quarter of 2021, said the people, who asked not to be identified because the information is private. Read more.

    Quinten Francois: From Passion to Profession, Writing a Book and Gold VS. Bitcoin

    Herd Mentality: How to Not be a Sheep Trader

    Headlines like the Citibank bitcoin one can throw us off track as traders. As much as we like to focus on and believe in our technical analysis, we read the headline and can be tempted to follow a herd mentality. If citibank says it, it must be true – right? They are one of the largest investment banks in the world – aren’t they? These aren’t the types of thoughts you want to have as a successful trader. Here’s how to avoid them.

    Disclaimer: The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. I am not a financial advisor. Every investment and trading move involves risk. Do your own research when making a decision.