I have been watching the markets today and would like to just share with you a couple of thoughts. Here are just a few highlights from Coinbase's Prices Dashboard
As you know I have for the last week or two been predicting a storm. Market volatility is only natural, with prices going up and down. The storm represents a real downturn like what happened in early September. I know there have been others but I wasn't in the game then.
I don't want to do an analysis of all the currencies but please bear in mind this represents a 24 hour shift in values. Earlier today TEZOs peaked at about £2.11 before falling back to £2.01 and what they are doing is difficult to read.
However, BitCoin and BitCoin cash are both settling and even falling back a little. Will this be a reset before another surge or the beginning of a downturn. Ethereum is still up over 24 hours but if you read my previous post of maybe 2 hours ago I was suggesting it might break through the £1000 barrier. It was right on the cusp and now it has fallen back. Maker looks great, and with such a surge there is a serious amount of correcting to do. It too is reversing compared to what it was even just a couple of hours ago.
The data on all four of these currencies can be read either way and only time will tell, but what of yearn.finance? Yearn has seen a massive surge in prices in recent weeks and it has been known for its bullish runs. It may well be the most volatile of all the currencies and it is starting to devalue fast.
Is Yearn the barometer we should all be watching?
I will certainly be watching it closely in the next couple of weeks and remember that nice stable DAI I have stored away? I might just have found my next big plunge into the markets.... but not yet.
Play safe and stay safe!