Breakouts Everywhere

Market Meditations | February 19, 2021

? Coins we are trading and the key levels we are watching.

Dear Meditators

Friday’s exclusive technical analysis letters give you insight into the coins we are trading and the key levels we are watching.

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Bitcoin Market Value Tops $1 Trillion ?
The trillion-dollar market value comes after a flurry of new institutional investor interest from public companies like Tesla buying $1.5 billion in bitcoin, leading financial institutions like Deutsche Bank and BNY Mellon announcing crypto custody offerings, and bitcoin-laden business intelligence company MicroStrategy flush with $1.05 billion in fresh cash to buy even more of the cryptocurrency, per CoinDesk’s prior reporting.”Sure there are speculative excesses, like in all bull markets,” Bloomberg senior commodity strategist Mike McGlone told CoinDesk in an email. “But the bitcoin tide is rising on the back of it becoming a global digital reserve asset.” Read more.
Ripple’s XRP Sales Suppressed Coin Price ?
The SEC alleges that Ripple executives misled investors and manipulated the XRP coin price by creating an “information vacuum.” They claim that Ripple Labs executives Bradley Garlinghouse and Christian Larsen manipulated the XRP price by ramping up or slowing down their coin sales depending upon market conditions.The complaint claims that Ripple received legal advice as early as 2012 that its coin could represent a security offering and it chose to ignore it. From a financial perspective, the complaint notes, the strategy worked, with Ripple going on to raise “at least $1.38 billion” in the following years. Read more.
Ethereum Core Developers Eye Mid-April for ‘Berlin’ Hard Fork ?
Ethereum developers have scheduled the Berlin hard fork for April 14 at block height 12,244,000, according to the Ethereum All Core Developers meeting Friday. The hardfork includes various optimizations for contracts including gas efficiencies, updates to how code is read by the Ethereum Virtual Machine (EVM) and other changes to protect against denial-of-service (DDOS) attacks. The Berlin hard fork was originally scheduled for June or July 2020, but was pushed back mainly due to centralization concerns around the Geth client that most Ethereum nodes run on. Moreover, developers working on the current baselayer blockchain, often called Eth 1.x, have expressed strain from maintaining the client. Read more.
New Bitcoin ETF with Galaxy as Subadvisor ?
Canadian investment firm CI Financial, which manages more than $230 billion worth of assets, has filed for a new bitcoin exchange-traded fund (ETF). CI is seeking approval to list the bitcoin ETF on the Toronto Stock Exchange (TSX). If approved, the firm would manage the ETF with Mike Novogratz’s Galaxy as subadvisor and charge an annual management fee of 1%. CI already operates a bitcoin fund named CI Galaxy Bitcoin Fund, which manages about $172 million worth of assets. Read more.

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