What a week it has been for ethereum! Going past US$3.8k with 20% gains in 7 days. Bitcoin also scraped past US$50k, crossing the major psychological barrier, before retreating back to US$48k - US$49k range, gaining a ‘modest’ 3.5% in a week. Could this be the catalyst to reach ATH for both BTC and ETH? We sure hope so. Cuba now recognizes cryptocurrencies in a historic move for the nation. Citing “reasons of socioeconomic interest”, resolution 215, which was published Thursday, says the central bank will set new rules on how to deal with digital currencies. Companies of related services will now need a license from the central bank to continue operations. More regulations means more recognition. Despite the sudden run this week and the initial move that started a few weeks ago, September has not been the best for cryptos historically. It tends to see losses or single digit growth at best. Could we be in for a halt of the run that began early August?
Anthony Scaramucci, once a bitcoin skeptic and now an enthusiast, has maintained his US$100k bitcoin prediction by the end of 2021. He sees bitcoin’s limited and fixed supply coupled with exponential demand as reason for this. This is the technology of the future and the future is coming thick and fast. Probably it is time to be future proof by hodling bitcoins. And what could be seen a major move in crypto adoption, Curtis Sliwa, working to be the mayor of New York Metropolis, stated one of many objectives of his marketing campaign is to give attention to crypto. He intends essentially to make NYC the most cryptocurrency-friendly metropolis within the nation. His plans include to add more crypto ATMs and incentivize companies to accept crypto as payment. Hope this is a start to more cities becoming crypto friendly.
Nobody likes mixed signals, wake us up when September ends. Invest wisely, avoid leverage and stay safe.