The End of May: Whales Splashing or Bulls Rushing?
Cryptocurrency Coins

The End of May: Whales Splashing or Bulls Rushing?

By Thomas Wolf | Thomas Wolf's Den | 28 May 2020


I wonder what is to come for June!  May has been an interesting month for crypto.

This morning, Thursday, May 28th, 2020, Bitcoin took another leap in the positive after having fallen below $9,000 USD.

The market has half-way recovered to it's $10,000 fail point during May 10th with a current price of $9,426 USD:
CBP 5-28

The market went from idling at $8,800 to $9,150 to its current value in a very short period of time which is indicative of whale movements based on the buy orders I was watching come in way above the current purchase price which quickly dissipated; I've noticed this pattern usually happens right before the market jacks up and then falls again.

But, when is it truly jacked up and when is it truly fallen?  It's volatile in nature, so I just go with as high and low as I ever see it on a graph.

Simple enough, but the reality is - it's the highest when you visually see it and can withdraw it, not what happened while you were fishing or sleeping.  I am sure if you are flipping crypto you have limit orders in place - but what about everyone else?

I see definite bull activity as there are more transactions above 1 BTC cycling the market.  Whatever caused the spike, the bulls are running with it.

I had actually just moved a larger amount of altcoins into Bitcoin last night right before the spike, so I am quite happy with the ROI I've already seen since waking up, however, I will continue to HODL.

I think people who HODL when they need the money for life expenses deserve more credit - it's not easy to do; we are called starving students for a reason.

While it is far from profitable on my US power bill, I've taken a liking to mining and have began planning a solar-powered ASIC's array.  The goal is to mine Bitcoin with ASIC's using almost entirely (99%+) clean and renewable energy.  I've seen claims that it already uses over 70% renewable energy, but I generally doubt that figure and there was no source to back it up or quantify it.

In the article "Bitcoin Mining With Solar: Less Risky and More Profitable Than Selling to the Grid" Christian Ander (The Founder of Stockholm's Btcx Exchange) is said to have achieved this and claimed he made ten times as much money mining Bitcoin with his leftover solar energy than he would have selling the extra electricity to his power grid.  He can even sell it to the power grid if the Bitcoin price falls too low as a back up plan.  Count me in on that...

The design aspect will be in a later article after I've made some investments and have something to show for my work, I just wanted to set a direction.

Rather than abandon Bitcoin I'd see it mined on an increasing amount of clean energy.  I still have a lot of love for Basic Attention Token (BAT) and Tezos (XTZ) but for different reasons; and among others.  I see long-term longevity in the BAT token because of the Brave browser and massive social support.  I see a lot of potential for Tezos as it's also quite the socially active coin with the added benefit of staking, which I am currently doing on Coinbase and in Atomic Wallet.

But, at the end of the day, Bitcoin is the king coin and there is no debating it - so rather than abandon it entirely for another token, I wish to see it evolve and make progress, and part of that is getting those mining fees down; I can think of no better way than to reduce the miner's power bill!

Further goes my interest into renewable energy, as if that needed further motivation, given my majors...

Remember, when the Chump says it's perfectly safe outside - wear a mask.  If he says it's going to be dry, bring an umbrella.  Remember, this is a man who described a Hurricane as "very wet".

P.S.

Pro Tip for Coinbase users:  Sign your relatives up for the Coinbase earn using your referral link/s. After a while they will get the green light for all the Coinbase earn videos and make over $30 per + the referrals are $10 a piece.  It amounted to over 1,000,000 Satoshi's for a half an hour of my time and some patience.  We even had the same address and last name!

-Thomas Wolf


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Thomas Wolf
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Technical Researcher, Writer & Editor. Cryptocurrency & Blockchain Technology Advocate, STEM Student, Self-Taught Techie, PC Gamer, Nature Enthusiast, DIY Specialist, and Market Trader.


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