27. November 2020

Grayscale is not buying any more Bitcoin, Elon Musk is still fooling around with DOGE, the hacking of Telecom from Argentina and much more

 

Bitcoin is definitely a box of surprises. Usually, it’s a hotbed of passion. It’s a crazy, unhinged hummingbird that goes up and down frantically. Ah, but the worst crisis since the Great Depression comes and he decides to become a Buddhist monk. I mean, don’t worry, be happy! Peace, brother. No, don’t ever move! Oh, my God! This lateral period has been longer than a Maradona speech or a Pink Floyd song.

Now, let’s talk about the most read kryptonews of the week.

Bitcoin price charts suggest that the $9,000 impasse may end next week

What’s going on? The price of Bitcoin has been unchanged for weeks and suddenly we’re in the twilight zone. As usual, predictions fall from the skies like summer rain. And analysts shoot arrows at the moon with traditional blunder. The truth of the matter is that, beyond a few brief feints and fakes, the horizontal line remains unchanged. Promises of change have not been fulfilled and it seems that all the crystal balls have run out of batteries. Here what is left is to wait and see what happens.

Obviously, what we have now is a perfect meeting between buyers and sellers, who with exceptional determination are convinced that the current price is the right price for these moments. The lack of volatility is a sign of decision and the long weeks in the same show us an iron will. Gentlemen, it is clear that we are dealing with a generalised tacit agreement. The price is this price until further notice.

We need a catalyst to bring us out of our neutrality. It may be something internal, but it may also be something external. The second stimulus package, perhaps?

Now, what’s going on with the altcoins? There’s a miniboom. And suddenly it’s because of all the things that are happening in the ethereum universe. DeFi, Ethereum 2.0, et cetera. There’s activity because there’s a new excitement. Is it something temporary? Will the altcoin season start? Will Bitcoin join the party? I don’t know.

Elon Musk sees the future of the „Dogecoin Standard“, the price of DOGE goes up by 14%
Of course, Elon Musk isn’t a serious investor in cryptology. His money is tied to his companies and, despite being a very rich man, his wealth depends mainly on Tesla and SpaceX valuations. In other words, Elon Musk is an entrepreneur, not an investor as such. He is not a Warren Buffett, a Ray Dalio or a Paul Tudor Jones. Large funds, which are highly liquid, could have a direct impact on the price of cryptosystems. However, Musk’s constant comments have an important media effect.

Elon’s games with the crypto community are beneficial because of the attention they generate. His sarcasm with Dogecoin obviously helps the currency. Dogecoin has relatively low liquidity and for this reason is vulnerable to violent price swings. Elon Musk enjoys making jokes with Dogecoin and Dogecoin has found its fairy godmother.