One thing is for certain, there’s no shortage of bad news to accompany today’s price action.
Over the weekend, sell-side analysts from Goldman Sachs put out a 60-page hit piece on the crypto markets, in which they stated that they understand the value of Web 3.0, but don’t see a place for any of the current top cryptocurrencies in their clients’ portfolios.
Analyst Lou Kerner, a Goldman alum, dissected the report, giving the highlights along with his take in this quick hit.
There’s also a lot in the news right now about China’s ongoing crackdown involving the bitcoin mining industry on their mainland, but community consensus seems to be that this is actually good for the digital currency.
By far the most prevalent cause of concern today is the confirmation of the ominous technical indicator, the bitcoin death cross.
The famous indicator was first foreshadowed by a small-time analyst and covered in this Bloomberg article, but only today has it been confirmed on the charts.
Of course, many people feel that the death cross could also turn out to be a contrarian indicator, while others consider it completely meaningless.
Analyst Imran Yusof has put together a short, yet comprehensive guide to this event, and what it may mean for the future trend. Make sure to read, share and clap this article 50 times.
Also, just for fun, our executive producer is working on a film about the event, possibly starring Max Keiser and Michael Saylor.
The trailer is out already for your viewing pleasure.
Last, but probably least, is the possible effects that the Federal Reserve’s new policy shift may be having on the price of digital assets, as covered by our friends at Yahoo Finance.
Yes, it’s true that some may be selling their crypto because of the Fed, but it’s obviously not worrying stock traders at all, as the Dow Jones Industrial Average is up 2% so far today at the time of this writing.
As far as the charts are concerned, we’ve come down a long way from the top, but we are still up somewhat for the year. Some coins have risen more than others.
Bitcoin is currently in the green, to the tune of 10%, as it gives its third test of the $30,000 support. Ether, on the other hand, has gained 170% year-to-date but has now fallen through its support of $2,000.
I will leave you today with an old market quote from Baron Rothschild. Though we have no way of knowing if we are near the bottom, his famous quote is:
“Buy when there’s blood in the streets, even if the blood is your own.”