Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

El Salvador “Buying The Dip” After Crypto Clobbered

Courtesy of ZeroHedge View original post here.

Update (1120ET): Bitcoin prices are spiking back higher after getting clubbed like a baby seal earlier…

It appears El Salvador is "buying the dip"…

*  *  *

Bitcoin (and Ethereum) just took a second, larger, leg lower after ramping across the long weekend ahead of El Salvador's 'Bitcoin Day' legal tender rollout.

Bitcoin plunged from $53k to below $46k…

Source: Bloomberg

Did someone want to show El Salvador the error of their crypto adoption ways?

Cointelegraph contributor Michaël van de Poppe suggests Bitcoin needs to hold the area between $49,500 and $50,000 in order to preserve its trajectory.

“If that is holding, we’re going to look at $58,000 next,” he said in his latest YouTube update.

“If it doesn’t hold, I’m going to look at $44,000 next, as there might be a swift downwards move.”

And Ethereum has crashed back to almost $3000 from $4000…

Source: Bloomberg

Some chatter that the ETH move was triggered by short-term rotation to Solana after NFT headlines.

Sam Bankman-Fried, CEO of crypto derivatives platform FTX, announced Solana’s integration into FTX’s upcoming nonfungible token (NFT) marketplace.

On Monday, Bankman-Fried revealed that the new marketplace would enable NFT creators and owners to trade their digital arts cross-chain using Solana and Ethereum. The platform would also make it possible to trade NFT collections from rivaling marketplace OpenSea on FTX.

The NFT marketplace went live on Monday and is hosted by FTX.US, a United States-regulated cryptocurrency exchange backed by FTX. That enables United States users to mint and trade NFTs via FTX.

Interestingly this rapid down move across crypto fits with JPM's Nick Panigirtzoglou's comments from last week suggesting some of the froth was expected to leave the market in the short-termThe previous phase of retail investors’ “mania” into cryptocurrency markets was between the beginning of January and mid-May when the share of “altcoins” had risen from 13% to 37.6%. While far from the record high of 55% seen in January 2018, at 32.6% the share of “altcoins” looks rather elevated by historical standards and in our opinion it is more likely to be a reflection of froth and retail investor “mania” rather than a reflection of a structural uptrend. The mirror image is an uncomfortable low share for bitcoin in particular which at 42%  currently sits at uncomfortably low level by historical standards .


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!