🎩 Old Chaps Make a Comeback: Dinosaur Coins & Other Peculiar Tales from Crypto Land
Oct 22, 2024The Rather Awkward Truth About Bull Markets
Much like the British weather, crypto markets have a peculiar way of disappointing the majority. While we're all currently basking in the warm glow of our gleaming portfolios (rather unprecedented for us Brits, I must say), statistics suggest most people will end up about as successful as our national football team at penalties.
Not to be a Debbie downer, but that's the reality. Why? Most people fail to take profits on the way up, and then they're caught out when the market plummets. Remember, everything goes in cycles.
Is that likely to happen in the near future? I don't think so. Most analysts are citing the end of Jan or beyond as a time when that might happen. In the meantime, expect more volatility.
The Dinosaurs' Unexpected Tea Party
In a twist that nobody saw coming (much like finding a decent cup of tea in America), several "dinosaur" cryptocurrencies have made a spectacular comeback. XRP, ADA, and their prehistoric friends have been throwing quite the party. It's as if Jurassic Park opened a trading desk.
The cause? Well, it's a proper mixed bag:
- Trump's victory (yes, that happened) sparked hope for a more crypto-friendly regulatory environment
- The upcoming departure of SEC Chair Gary Gensler (no tears shed there)
- South Korean traders getting rather excitable (as one does)
The Microsoft Situation: More Plot Twists Than a BBC Drama
Here's something to furrow your brow over: Microsoft might be considering adding Bitcoin to its treasury. But wait - plot twist! - they might fancy Ethereum instead. It's like choosing between tea and coffee, except with billions of dollars at stake. The shareholders are voting this Tuesday, and the tension is thicker than clotted cream. The outcome will be interesting to see.
The Economic Forecast
Wednesday brings us the CPI numbers, which typically has a knock-on effect on crypto prices. Lower inflation might mean lower interest rates, which typically sends crypto higher than a London apartment price.
In Conclusion
If you've held through since 2022, give yourself a pat on the back and perhaps treat yourself to a digestive biscuit. You've earned it. The market's looking rather jolly, but do remember: just like British summer, good times don't last forever.
Or in the case of the British Summer, about 4 days.
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