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George Georgiev



Articles by George Georgiev

The Bullish and the Bearish Case For Bitcoin Following the Rally to $40K (On-Chain Analysis)

2 days ago

Going through the recent week and touching the $40K mark, there are some promising signs in on-chain data that could lead to a further price recovery in the market. However, some metrics still make an immediate rally back to the all-time high a questionable probability.
Let’s explore the bull and the bear case for Bitcoin’s price in the current market condition, stemming from predominantly on-chain information.
Supply Shock – The Bull Case
To summarize the overall bullish indications from an on-chain perspective, we can look at the exchange net position change on all exchanges.
This examines the change of the supply held in exchange wallets over the past 30 days. To make things smoother, there’s a 90-SMA version of the metric presented in the chart below.
Historically

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Bitcoin’s Back to $40K, Millions of Shorts Liquidated: The Weekly Crypto Recap

2 days ago

After weeks of prolonged consolidation and choppy sideways action in a very squeezed and narrow range, Bitcoin finally broke out. Fortunately, it was to the upside.
Over the past week, BTC is up by a considerable 20%. At the time of this writing, it’s trading at around $39K, having pulled back slightly from the psychological and technical resistance at the coveted $40K level. It’s also worth noting that we saw an increased trading volume over the past week, and even though it’s nowhere near the levels of April and May, it’s still an improvement.
The week started out with a promising ascend. By Sunday, BTC had already gained about $2.5K, but it was on Monday when the serious advance took place. The price skyrocketed from about $35,000 to $40,000, leaving millions worth of

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Bitcoin Cools Off Amid $40K: Rune Recovers 35% Despite the Recent Hack (Market Watch)

3 days ago

The past 24 hours saw bitcoin’s price being relatively stable around the crucial $40K mark. The majority of the market is also fairly neutral, with a lot of the altcoins charting rather insignificant losses.
Bitcoin Stable Around $40K
Bitcoin is circling the $40K mark over the past 24 hours, seemingly unable to make a move in either direction. However, a consolidation around this area, which is also serious support, could potentially be positive.
At the tie of this writing, the price sits at slightly below $40,000, up 0.8% on the day.
As we reported earlier, the first major obstacle in front of the cryptocurrency would be around $40,500. There’s a confluence of technical resistances there, and surging past them would be a serious stepping stone.
Chart by TradingViewIt’s

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Analysis: Bitcoin is Undervalued, 2021 Bull Run Hasn’t Topped Yet

4 days ago

Bitcoin’s recent 55% drop from all-time highs may have done technical damage to the charts, but analysis strongly suggest BTC is still in a bull market.
According to on-chain analyst “Gaah Cordeiro”, BTC is still in a bull market as shown by the MVRV Onchain metric.
What is MVRV?
MVRV stands for Market Value to Realized Value. The metric divides BTC’s Market Value by its Realized Value. This creates a ratio that can show if the cryptocurrency is overvalued or undervalued. A value above 3.7 suggests that it is overvalued, and if it’s below 1 – undervalued.
According to Cordeiro, the top reached at $64k back in April was not the bull market peak because the MVRV was at 3.25 – significantly below the 2013 peaks at 5.8 and 5.9 as shown in red in the chart below.
Chart by

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Huobi Files to Dissolve Chinese Entity Following Recent Cryptocurrency Crackdown

5 days ago

One of the leading cryptocurrency exchanges, Huobi, has filed to dissolve an entity based in China. This comes as the country escalates its efforts to clamp down on the cryptocurrency industry, in general.
Evident in Chinese business registration archives, the entity’s management has filed a Resolution to dissolve On July 22nd, this year.
The announcement further reads that “creditors are requested to declare their claims to the liquidation team within 45 days from the announcement date.”
Listed as a claim contact person, as well as the head of the liquidation team, is Huobi Group’s founder and CEO, Lin Li.
It’s worth noting that Huobi has moved its exchange out of China quite a while back, and it’s unlikely that this will affect its services. As of now, Huobi Group is

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Crypto Markets Turn Red After Amazon Denied Reports of Accepting BTC (Market Watch)

5 days ago

The past couple of days were particularly turbulent in the cryptocurrency market. This was largely propelled by Bitcoin’s rally, as the cryptocurrency managed to surge as high as $40,580 yesterday, before tumbling to where it’s currently trading at around $37,300.
Bitcoin Price Pulls Back Following Amazon’s Statement
Over the past few days, Bitcoin is on an impressive streak. From the lows at around $29K to yesterday’s high at $40,580, BTC was up almost 40% in six days. This was propelled by quite a few things.
Technical indicators aligned perfectly with bullish on-chain data, producing a considerable increase. In turn, the initial leg up also caused a string of a massive liquidation of BTC short positions (a.k.a a short squeeze). It saw millions worth of shorts being

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Not Yet: Amazon Denies Rumours on Plans to Accept Bitcoin

6 days ago

An Amazon spokesperson has said that the earlier reports of the company planning to accept Bitcoin and to investigate the issuance of its own token next year are false.
Previously, a report from City AM, citing Amazon insiders, claimed that the world’s leading online retailer plans on accepting Bitcoin and to investigate issuing its own token in 2022.
The report went even further, saying that:
This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future – this is a fullon, well-discussed, integral part of the future mechanism of how Amazon will work. […] It begins with Bitcoin – this is the key first stage of this crypto project, and the directive is coming from the very top… Jeff Bezos himself.
Many in the community

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AMPL Skyrockets 70% in 2 Days as Ampleforth is Now Part of AAVE’s Lending Platform

7 days ago

Ampleforth – the algorithmic stablecoin with elastic supply – has been introduced in Aave’s lending ecosystem.
Ampleforth (AMPL) Now Included in Aave
While most stablecoins have a stable peg, Ampleforth (AMPL) is doing things differently. It’s designed in a way where the algorithm chases a target price and readjusts the overall supply.
If the price is above the target, the total supply would increase and vice-versa: if the current price is below the target, the supply will shrink.
The way this impacts holders is also interesting – AMPL addresses see the overall amount of tokens they have change based on the current rebase, which takes place once every 24 hours. In other words, the number of AMPL they hold can be different every 24 hours, depending on the current price of

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Green Weekend: Bitcoin Breaks Above $33K, Up 15% in 5 Days

8 days ago

Bitcoin saw a great few days following the B Word event where Elon Musk, Jack Dorsey, and Cathie Wood spoke quite fondly of it. It’s up 15% in five days, and it appears to be preparing for a test of $34K.
Bitcoin Price Gaining 15% In a Few Days
This was a very turbulent week for bitcoin’s price, which didn’t seem like it was off to a good start a few days ago.
In fact, on Tuesday, the price plummeted down to around $29,200, causing nothing but fear and panic in the market. Fortunately, it didn’t take much for the price to reverse.
On Wednesday, the highly-anticipated B Word event took place, and it saw Elon Musk, Jack Dorsey, and Cathie Wood discuss bitcoin. All of them spoke fondly of the asset. Musk revealed that he owns BTC, ETH, and some DOGE, while also saying that

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Bitcoin Saved at $30K as Tesla Might Resume Accepting It: The Weekly Crypto Recap

9 days ago

It’s safe to say that this was a rather intense week in the cryptocurrency market, despite Bitcoin being only about 2% up throughout the period.
Things started off rather calmly, and the market was pretty flat until Monday. Bears took control and brought the price down to slightly above $30K before landing the final blow on Tuesday and pushing BTC below $30,000.
It was on Wednesday, though, when the highly-anticipated B Word event took place, which saw Elon Musk, Jack Dorsey, and Cathie Wood discussing Bitcoin. All of them had important and impressive things to say about the primary cryptocurrency, but the attention was more or less on Musk. The Tesla CEO spoke fondly of the cryptocurrency, revealing that he, as well as SpaceX, owns it, apart from Tesla, which already

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Jack Dorsey Sees Bitcoin as a Big Part of Twitter’s Future

9 days ago

Jack Dorsey, the CEO of Twitter – one of the largest social media platforms on Earth – said that Bitcoin will be a big part of the company’s future.
Yesterday, July 22nd, Twitter published its Q2 2021 letter to shareholders, as well as its Q2 Earnings Conference Call.
During the call, Jack Dorsey discussed many things, but Bitcoin and digital currencies took somewhat of a central stage, especially in light of current events and the fact that he’s been talking about it quite a bit.
I think this [read: Bitcoin] has a big part of our future. I think there’s a lot of innovation above just currency to be had, especially as we think about decentralizing social media more and providing more economic incentive. So I think it’s hugely important to Twitter and to Twitter

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Rap Legend Busta Rhymes Officially a Bitcoin HODLer

10 days ago

Trevor George Smith Jr., better known for his stage name Busta Rhymes, is now officially a Bitcoin holder. He broke the news in a tweet following yesterday’s discussion between Elon Musk, Jack Dorsey, and Cathie Wood.
CryptoPotato reported earlier in July that Busta Rhymes is looking into the cryptocurrency market.
It took him less than a few days to officially become a Bitcoin HODLer. Today, he broke it to his 3.8 million followers that he’s bought BTC and that he’s looking into Ethereum next.

After watching the #Bitcoin conference live with @jack @elonmusk @CathieDWood i’m sold on Bitcoin.
officially holding Bitcoin.
Looking into eth next.
— Busta Rhymes (@BustaRhymes) July 22, 2021

The rapper explained that the final push towards making the decision was the discussion

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This is The First DeFi Protocol to Support Tether’s EURO

10 days ago

Tether, the company behind the biggest stablecoin by means of total market cap – USDT – has announced that CREAM Finance has become the first DeFi protocol to support their Euro-pegged EURt token.
According to a recent press release, CREAM Finance – a well-known DeFi protocol, has become the first to integrate Tether’s EURt stablecoin into its lending platform.
Users on the platform will be able to access EURt for lending and for borrowing.
Meanwhile, they can also do so using Tether’s USDT.
C.R.E.A.M. Finance will be the first DeFi platform to offer EURt to users in the DeFi ecosystem. Users on the platform will obtain access to EURt for lending and borrowing markets, amid increasing demand for euro pegged stablecoins in the DeFi space. Users can also obtain access to

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Random Numbers Don’t Lie: A Closer Technical Look into Recent DeFi Hacks

11 days ago

As Ethereum gas fees soared to record highs during the 2021 bull market, rendering many decentralized finance (DeFi) protocols unusable for casual users, several projects were forced to deploy on other chains.
This created a huge surge in demand for cross-chain mechanisms – called bridges – able to securely transfer user assets from one chain to another. Cross-chain bridges can generally be divided into centralized custodial bridges (CCB) and Decentralized non-custodial bridges (DNCB).
As can be expected, the surging demand for cross-chain bridges resulted in the emergence of a fresh wave of protocols of varying repute. As cross-chain bridges serviced an increasingly valuable pool of user assets, it was only a matter of time before malicious actors and hackers took

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EU Cracks Down on Anonymous Crypto Wallets

12 days ago

According to a fresh release, companies that transfer BTC or other cryptocurrencies must collect information about the senders and recipients if proposed EU regulations come into force.
In a bid to end anonymous cryptocurrency wallets, the Europoean Commission has proposed a law that would require companies that transfer BTC and other cryptos to collect information about the sender and the receiver.
This, according to a recent press release, aims to crack down on illicit activities associated with cryptocurrencies.
The commission argued that:
“Today’s amendments will ensure full traceability of crypto-asset transfers, such as bitcoin, and will allow for prevention and detection of their possible use for money laundering or terrorism financing,”
Some of the information that

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Bitcoin Rangebound in Anticipation of a Major Move: The Weekly Crypto Recap

16 days ago

It was a tough week price-wise in the cryptocurrency market. The total capitalization lost around $100 billion as every single coin from the top 20 is in the red. Some lost more than others, but we’ll get to that later.
Kicking it off with Bitcoin. It had a relatively calm week, and even though it’s down about 3% over the period, it’s still not as bad as a lot of the altcoins. BTC was trading at around $34,000 last Friday, and apart from a brief positive spike on Monday, it was all downhill from there. Towards the beginning of the working week, the cryptocurrency started plummeting to reach as low as $31K. At the time of this writing, it’s trading at $31,900.
However, it’s worth noting that the range within which BTC is trading is getting thinner. As reported earlier in

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Bitcoin Facing Once Again the Most Critical Level in The Short-term: Missing Retail Power, But Strong Demand Area (Analysis)

17 days ago

Going through the most significant price pullback in this cycle, approximately 55% from the all-time high set in April, there is considerable uncertainty in the Bitcoin market from technical and on-chain analysts’ perspectives.
Figure 1– Bitcoin daily price history since December 2020. Chart by Glassnode
The following analysis is compiled by on-chain analyst CryptoVizArt for CryptoPotato, and looks into the on-chain side of the story to evaluate the bullish/bearish signs.
Lowest Fund Flow to and from Exchanges (Bearish)
Following the recent price drop, the All Exchanges Fund Ratio (the ratio of BTC transfers involving all exchanges to BTC transfers network-wide) has dropped to the lowest level since October 2020.
Historically, when this metric rises, it means an increase

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Cardano’s Alonzo White Hard Fork Successful, What’s Next?

17 days ago

Cardano’s Alonzo testnet went through a hardfork yesterday. Alonzo White, as the effort is called, was successfully implemented, so let’s examine what’s next for the network.
Alonzo White Hardfork Successful
In a Twitter update from yesterday, IOHK revealed that the Alonzo testnet went through a successful hardfork called Alonzo White.
“We’ll monitor the new network closely over the next 24 hours while continuing to do further QA work on the node tonight. We’ll then review any feedback/results tomorrow and start addressing any required fixes. We expect a number of updates as we add features to Alonzo White.” – Reads part of the announcement.
The team hasn’t provided any further information since the announcement was made, leading to the assumption that everything is

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Fed to Release Report in September Addressing Cryptocurrencies and Stablecoins, Says Jerome Powell

18 days ago

The Chairman of the Federal Reserve of the United States, Jerome Powell, said today that the country is working on a publisher’s report on digital currencies.
The Fed Chair said that the incoming report would focus on digital payments “broadly.” Per his words, this also includes stablecoins, crypto-assets, and central bank digital currencies (CBDCs).
We’re going to address digital payments broadly. It means stablecoins, it means crypto-assets, it means a CBDC. That whole group of issues and payment mechanisms, which we think is really in a critical point in terms of regulations.

LIVE: Federal Reserve Chair Powell addresses the status of the Fed’s study of central bank digital currencies, noting that we are at a “critical point” in terms of regulation

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Hive Blockchain’s Chairman: ‘Green’ Bitcoin Will Become More Valuable in Time (Interview)

19 days ago

Cryptocurrencies took center stage in 2021 as the market went through a massive bull run where the price for bitcoin skyrocketed to an all-time high of $65,000 in mid-April, and many other cryptocurrencies followed suit.
This attracted a lot of attention even from institutional players and large, publicly-listed companies. The elephant in the room is obviously Tesla. Elon Musk’s electric car maker announced that it had bought $1.5 billion worth of BTC back in January and even began accepting the cryptocurrency as a means of payment for its cars.
Unfortunately, the love story was short-lived as just four months after that, Elon Musk revealed that the company has quit accepting BTC as payments, citing environmental concerns. This sparked one of the largest debates within the

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China Situation Not as Bad, Bitcoin to Reclaim $60K In 2021: Interview with OKEx

20 days ago

CryptoPotato had the opportunity to host a discussion with Lennix Lai – the Financial Markets Director at OKEx.
Established in 2017, OKEx is one of the leading cryptocurrency exchanges in the world by means of trading volume and is also a big player in China. We took the opportunity to discuss, first hand, what’s currently going on in the market from both a retail and institutional perspective, as well as what’s actually happening in China.
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$60K Bitcoin In 2021
After Bitcoin lost around 50% from its all-time high at almost $65K recorded in mid-April,
One of the most pressing questions that people have is whether or not Bitcoin is still in a bull market.
“I think the correction is already kind of finished or at least close to being finished – whoever

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Crypto Regulations in the News as Bitcoin Amid $30K: The Weekly Market Recap

23 days ago

Bitcoin failed to produce any notable gains over the past week, and the same can be said about the entire cryptocurrency market. It appears that the most recent regulatory clampdown in China and talks of legislation in other countries continue to take their toll.
At the time of this writing, BTC is trading at around $33,500, which is more or less exactly where it was last Friday. It started pushing forward over the past weekend, but the advance was halted on Monday, at around $36K, when bears once again stepped in and brought the price down.
Most altcoins are more or less in the same boat as BTC, with ETH charting insignificant gains of around 2%, ADA – 2%, DOT – 2%, and so forth. There are a few exceptions, however. On the negative side, DOGE is down about 11%, but on the

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Shiba Inu (SHIB) Leading ETH Gas Consumer Amid Recent DeFi Surge

25 days ago

While a slew of DeFi tokens are surging in value, the ‘Dogecoin Killer’ Shiba Inu has topped the Ethereum network in terms of gas usage, suggesting a strong connection between the two.
Shiba Swap and the ensuing DeFi Wave
Earlier yesterday, SHIB (the official Twitter account for the SHIBA ecosystem) announced that Shiba Swap had gone live. Shiba Swap is a decentralized exchange developed by the anonymous Shiba Inu team, which also allows traders to stake their SHIB tokens and be rewarded later.
Ever since, Shiba’s trading volume has been soaring, as is evident from the ethereum gas tracker. Yesterday, the ShibaSwap contract topped the list in terms of transaction fees, followed by the Shiba Migrator in 2nd and the actual Shib token in 5th. Meanwhile, xSHIB rested at #6,

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$55 Billion Asset Manager Reportedly Plans to Invest in Cryptocurrencies

26 days ago

Despite the most recent downturn in the entire cryptocurrency market, a London-based asset manager is reportedly considering investing in digital assets.
According to a report from the Financial Times from today, Marshall Wace, a London-based asset management company with over $55 billion in AUM, considers a foray into the cryptocurrency market.
Citing people familiar with the matter, the firm is planning to invest in various fields of the industry, including blockchain technology as well as payment systems for digital currencies and stablecoins.
Moreover, FT’s sources also revealed that Marshall Wace is on the look to hire staff in the digital assets field, although the new investment arm is still at an early stage. Yet, the asset manager intends on expanding it and is

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DeFi Will Replace a Lot of Traditional Finance Services: Interview With Balancer

28 days ago

Balancer is one of the pioneers in the DeFi space and a core building block of its infrastructure. The protocol allows for efficient trading by pooling crowdsourced liquidity from investor portfolios while also identifying the best available price.
Data from Token Terminal reveals the growth of the platform in terms of total value locked over the past year.
Balancer Chart. Source: Token Terminal
Before the most recent market-wide slump, which took place in May, Balancer had peaked at over $360 billion in TVL, a 450% increase in just 5 months, since January 2021.
This also came as a result of massively increased user participation in the broader DeFi market, where a lot of protocols experienced a surge in their user base and other metrics.
During Bitcoin 2021 in Miami,

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Iran Prepares Bill to Centralize and Regulate Cryptocurrency Use

29 days ago

Iranian lawmakers recently drafted a bill to “support cryptocurrency mining and organizing the domestic market for exchanges.”
Inside the Bill
The plan involves making the Central Bank of Iran the primary regulatory body regarding the domestic exchange of cryptocurrencies within three months. This includes plans to prohibit the exchange of any cryptocurrency within the country, aside from a national one, as means of payment.
A particularly interesting section of the bill states that domestic crypto miners will be controlled by the Ministry of Industry. Miners must be granted a license from the ministry to operate, as well as a license from the Energy Ministry to construct power plants required to run their operations- which allegedly caused blackouts by draining the city

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Over $30 Billion Worth of ADA Now Staked on Cardano

July 2, 2021

ADA – the cryptocurrency fueling the Cardano blockchain – now has over $30B worth staked on the network. That’s over 70% of the token’s circulating supply while making Cardano the most capitalized blockchain by staked value, with Ethereum in a distant second at about $12B.
Anticipating Smart Contracts
The $31.4B figure is gleaned from PoolTool’s recent data, an app that regularly tracks and streamlines interaction between stakeholders and SPO’s.
The milestone is reached amidst growing excitement over the most recent network update, Marlowe, which will introduce smart contracts to Cardano. On June 11th, IOHK (Input Output Hong Kong) announced that the Alonzo testnet launched weeks prior, now has the ability to run smart contracts.
“The ‘Alonzo’ hard fork will bring exciting

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Volume & Interest Decrease as Bitcoin Still Amid $30K: The Weekly Crypto Recap

July 2, 2021

The past seven days turned out to be yet another period where bitcoin’s price went through a rather choppy action. The cryptocurrency is down about 3 percent in the last week, but it wasn’t without its ups and downs.
Last Saturday, we saw BTC tanking to a low slightly above $30K, causing panic and a lot of worries amid the cryptocurrency community. However, right on the following day, on Sunday, the price surged, and a massive green candle took us all the way up to $35,000. A few days later, on Tuesday, bitcoin reached as high as $36,600, but it was then when bears intervened and took control.
At the time of this writing, BTC is trading at around $33,600 for a 3% decline on the weekly. What is also worth looking at, however, is the overall market condition. Volume is

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Grayscale Buys Cardano: ADA is Now The Fund’s Third-Largest Holding

July 2, 2021

Grayscale, the world’s leading digital asset management fund, revealed that it had rebalanced its portfolio in a way where Cardano’s ADA is now the company’s third-largest holding.
According to an announcement from earlier today, Grayscale – the world’s leading digital asset manager, has adjusted the portfolio of the Grayscale Digital Large Cap Fund “by selling certain amounts of the existing Fund components in proportion to their respective weightings and using the cash proceeds to purchase Cardano (ADA).”
Per the table provided by the company, ADA is now the fund’s third-largest holding after Bitcoin and Ethereum, and it accounts for 4.26% of the total portfolio.
Source: TwitterSpeaking on the matter was Edward McGee, Vice President of Finance at Grayscale, who said:
We

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What Was The Ultimate Top Signal For Bitcoin? Market Digest With Scott Melker

June 30, 2021

CryptoPotato had the chance to poke the brains of the professional cryptocurrency trader Scott Melker, perhaps better known in the industry by his Twitter alias The Wolf of All Streets. 
With the market being as volatile and dynamic as it has been in the past couple of months, it’s safe to say that we had a lot to discuss.
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Bitcoin Price: Is It Still a Dip or Change of Momentum?
Plenty of people are of the opinion that it’s high time we stopped calling the current correction a dip. A 50% drop from the all-time high is a considerable retrace.
“It’s a little minimizing to call this a dip. There was a significant shift in the market structure, as well as the perception of the asset and in the institutional interest towards it.” – Melker said.
However, he

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