Watch these values to determine where Bitcoin and Crypto will land.
It behooves each of us to pay close attention to the big picture to see where things will land. That is how the macro view in investments is like. Getting a sensing of the future, then using the numbers to ascertain if your view still holds. If it does, keep adding on. If it doesn’t trim/reduce/pull out.
Here is how Bitcoin is playing out at the moment.
Quiet consolidation, high risk trades - the traders are attempting to profit from selling “strangles” as the liquidity and resulting volatility in Bitcoin has quietened down. These are high risk trades even as the whipsaw action gets lower and lower, and these traders are placing a risky bet that the price of Bitcoin will remain in this consolidation zone. (Traders Make Money Selling ‘Strangles’ as Bitcoin Goes Quiet (yahoo.com))
Meanwhile, these are the three indicators that the crypto chieftain is making quiet waves for the next leg up.
1. Increasing number of banks provide custody of crypto assets.
Just in Korea itself,Woori Financial Group recently followed other Korean banks like KB Kookmin and Nonghyup Bank in providing custody of crypto assets. This custody will allow Korean companies to invest in crypto without having to touch the asset themselves. Korea is the world’s 3rd largest crypto buying country. In December 2020 itself, 21% of all the Bitcoin was bought with the Korean won. (Another Large Bank in South Korea to Provide Custody of Crypto Assets (yahoo.com)
What is the big deal about this? It plays highly into the institutional support that will continue to come into this space, and will lead to a greater uplift in price.
2. Growing country adoptions.
At a national level which is important, laws and regulations are being passed to help regulate this space. While crypto has great promise in decentralisation, it cannot be a free for all cowboy space that allows criminals/thieves to make off with the hard earned crypto of others. Regulation should come in to the extent of protecting people, not stopping development and growth of the ecosystem. El Salvador is just the beginning. Not all countries will allow Bitcoin as legal tender as of now but when sufficient national adoption takes place, the eventual acceptance levels will rise.
3. Addresses holding BTC.
The whales are still buying into Bitcoin. The number of Bitcoin addresses holding over 100,000 BTC which means a minimum of US$3b holding has hit a 27 month high. This accounts for 3.4% of the supply, according to Santiment:
Santiment @santimentfeed 🐳🤯 #Bitcoin's top addresses with 100,000+ $BTC held own 3.64% of the supply of #crypto's top market cap asset. They're essentially still sitting at 27-month high levels. Meanwhile 10,000 to 100,000 $BTC addresses are at #AllTimeLow levels at 10.91% held. app.santiment.net/s/PEHzM9b1?utm…
July 10th 2021
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It is interesting to realise that the user count for Bitcoin’s blockchain is growing at a faster clip than any time in the whole of Bitcoin’s history, despite this current dip. The sentiment is a nice tension of bearish-bullish, where the price reflects a half price cut from the all time high and not much price movement upwards, but yet more and more addresses are coming into the space (representing people and institutions).
What this points to is that the next leg up is just around the corner. Stay tuned. Stay invested. Exciting!
Yours,
Chief Editor
BBA Market Perspectives
*Not investment advice. Do your own due diligence before you invest!
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