GM. This is Ponder Crypto!
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Like a well-timed "Wingardium Leviosa", our crypto newsletter effortlessly lifts your knowledge of digital assets to new heights.
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... I've been playing Hogwarts Legacy too much.
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📈 Major Resistance Behind Us
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📰 Crypto Chronicles 2023: Week 15
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🎥 This Week on PonderTube
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📈 Crypto Market Continues to Thrive
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Bitcoin and the Entire crypto market had a BIG week!
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- CPI numbers came in lower than expected
- Twitter is rumored to have partnered with eToro to allow crypto trading on the Twitter platform
- Ethereum launches a major upgrade allowing stakers to withdraw their rewards
- Fear of the FED and banking system continue to spread
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Plug all these factors into the black box that is crypto, and out comes some mighty returns!
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As you can see above, Bitcoin finally broke 30k.
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Not only was this a MAJOR psychological barrier but it was also a major point of resistance in Bitcoin's trading history.
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The cart above shows the amount of Bitcoin exchanged at key trading levels.
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- X-axis represents the price levels Bitcoin has experienced
- Y-axis shows the magnitude of trading done at each level
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These key data points are considered Bitcoin's price distribution.
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The chart can be easily read by looking at the tall bars above the price levels, which indicate the amount of Bitcoin that was acquired at each particular price point.
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The first area that stands out is the bar above $15k. A large amount of investors accumulated Bitcoin around the $15k price level, which could have been in 2017, 2020 or 2022.
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You'll then notice a fairly large and even distribution between $17k and $24k. This was where a lot of the trading was done during the bear market.
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From there, $25k - $31k had a large amount of trading as well as a decent amount between $38k - $42k.
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The importance of this chart is it highlights where key levels of support and resistance are likely to be for the market.
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- Traders will notice these key areas of support and resistance and trade them as such
- Investors that bought at those key levels are more likely to sell at those key levels if they choose to bail on their investment after riding through the bear market
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Sometimes you blow past these key levels but more times than not, the market will trade near and often bounce off these key levels for some time before finally breaching.
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You'll notice that after breaking the $31k price point, there is likely to be very little friction all the way up to around $38k.
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It is possible that we will encounter some resistance at the $31k price point before we are able to surpass it. However, once we do break through that level, we can expect a rapid and substantial increase in the price of Bitcoin up to the $38k mark.
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From there, it's a quick pitstop at $42k, then smooth sailing back to all-time highs.
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Many analysts are calling for a mid $40s Bitcoin price point for 2023, but, seeing how little resistance Bitcoin trading will meet at the higher price points, I personally think we will be staring down a price near the previous all-time high.
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Just my two Satoshis. Not financial advice. 📜
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📰 Crypto Chronicles 2023: Week 15
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Top stories you should know this week.
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Brief Summary: A Bitcoin mine in the US that's powered by nuclear energy has recently reported that they have energized around 9,000 facilities. This is a remarkable development for the crypto mining industry, as nuclear power is considered to be more efficient and cleaner than traditional energy sources. The use of nuclear power could also help address concerns over the environmental impact of crypto mining, which has been criticized for its high energy consumption. The successful implementation of this new technology in the crypto mining sector sets a positive precedent for the future of sustainable energy practices in the industry. As the demand for cryptocurrencies continues to grow, innovative solutions such as nuclear-powered mining could play a significant role in ensuring a sustainable future for the crypto industry.
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Ponder Crypto's Take: The impact of this story is significant for the crypto industry as it presents a more sustainable and efficient approach to mining cryptocurrencies. The use of nuclear energy not only addresses the environmental impact concerns of traditional mining methods but also sets an example of responsible practices in the industry. This development could help attract more environmentally conscious investors and regulatory bodies, promoting wider adoption of cryptocurrencies. As crypto mining becomes more sustainable and accessible, it could lead to increased profitability and growth in the industry.
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Brief Summary: Coinbase, one of the largest cryptocurrency exchanges in the world, has been awarded $470,000 in restitution in an insider trading case involving former employees. The former employees allegedly used confidential information to trade cryptocurrency ahead of the exchange listing Bitcoin Cash (BCH) in December 2017. The court ruling represents a significant win for Coinbase, as it demonstrates the company's commitment to upholding ethical and legal standards in the crypto industry. The case also serves as a warning to other industry players that insider trading will not be tolerated and that those who engage in such practices will be held accountable. Overall, the ruling reinforces the importance of transparency and integrity in the crypto industry, which is crucial for its continued growth and mainstream adoption.
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Ponder Crypto's Take: The article demonstrates the cryptocurrency industry's commitment to transparency, integrity, and upholding ethical and legal standards. The successful prosecution of former employees involved in insider trading sends a clear message that such practices will not be tolerated, which is essential for building trust and credibility in the crypto industry. The ruling also reinforces the need for cryptocurrency exchanges to prioritize transparency and ethical practices, which is crucial for gaining mainstream adoption and regulatory acceptance.
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Brief Summary: The highly anticipated Ethereum network upgrade, known as the "Shanghai" or "London" hard fork, has finally gone live. The upgrade includes several improvements such as reducing gas fees, making transactions faster and more efficient, and adjusting the way miners are paid. The Ethereum community has been eagerly awaiting this upgrade as it is expected to significantly enhance the overall performance of the network, leading to improved user experience and increased adoption. The successful implementation of the upgrade demonstrates the continued evolution of the Ethereum blockchain and reinforces its position as a leading player in the world of decentralized finance and blockchain technology.
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Ponder Crypto's Take: The successful implementation of the Ethereum "Shanghai" or "London" hard fork is important for several reasons. Firstly, it represents a significant technical advancement for the Ethereum network, which is expected to lead to better user experience and increased adoption. The improvements, such as reduced gas fees and faster transactions, will make Ethereum more efficient and accessible for users, particularly those using decentralized finance (DeFi) applications.
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Secondly, the successful implementation of the upgrade reinforces Ethereum's position as a leading player in the blockchain space. This is particularly relevant given the growing competition from other blockchain networks such as Solana, Binance Smart Chain, and Cardano.
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For Ethereum investors, the successful upgrade is a positive development as it will likely increase demand for the Ethereum cryptocurrency (ETH). The improvements to the network's performance could lead to increased adoption of Ethereum-based applications and services, which could drive up the value of ETH. Additionally, the successful implementation of the upgrade demonstrates Ethereum's ability to continue innovating and improving, which could inspire investor confidence in the long-term potential of the network.
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Brief Summary: The crypto boom saw the creation of thousands of new digital coins, but many have since perished due to lack of interest, poor project management, and fraudulent schemes. As the market matures, investors are urged to be cautious and conduct thorough research before putting their money into new cryptocurrencies, focusing on projects with strong fundamentals, a clear roadmap, and a dedicated team. This consolidation phase is a natural progression in the crypto space, allowing investors to identify quality projects with higher chances of long-term success.
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Ponder Crypto's Take: In the Wild West of crypto, it's no surprise that many digital coins have bitten the dust. Like any frontier, the early days of new technology are rife with opportunists and dreamers who may not have the wherewithal to see their visions through. As investors, it's essential to remember that slow and steady often wins the race. Dazzling marketing campaigns might grab our attention, but it's the projects that prioritize development and deliver on their promises that have the staying power we seek. So, as the crypto market matures, let's embrace this natural culling process and focus on the true innovators, leaving the flash-in-the-pan coins to fade into the digital sunset.
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🎥 This Week on PonderTube
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Darius Dale is the founder & CEO of 42 Macro. He is one of my favorite people to talk to about the financial markets. In this conversation, we talk about interest rates, inflation, bitcoin rally, stocks, cash, and what the Fed has to do moving forward.
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No secret that inflation has been hurting American households, and policymakers around the world have been playing catch-up with inflation.
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This, paired with the fact that inflation has outpaced wages, means that real incomes in the U.S. have been declining since 2019, which means the only way people have been able to afford to buy all the things that they are still buying is by relying on credit and pushing debt limits to all-time highs.
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But the fact is that the concern that is on the horizon is not inflation. The real concern is deflation. I know that most disagree with me on this topic, but there is a reason this channel is called heresy. So, what is my reasoning for this? What do I see unfolding right now that makes me see deflation on the horizon?
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This is not financial advice. I am merely stating my own opinion on how I am perceiving the current market structure and conditions. Consult with a legal investment advisor and all the other good legal stuff that needs to be said.
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Disclosure: All content shared in the Ponder Crypto website, newsletters, video channels or any other medium are for entertainment purposes only and should not be received as legal or financial advice. We are not legal experts or financial planners so please, exercise proper due diligence and do your own research.
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