Stocks rallied on moderating trade tensions between Beijing & Washington. Cryptos are sliding back, doing their own thing.
I will say this about cryptos: they’re uncorrelated to virtually anything. Oddly, they’re all almost perfectly correlated to fearless leader, BTC.
The building blocks seem to be in place for a rally at some point in the future but impossible to say when. Anyone in the space for more than a year remembers the insanity of December 2017. Honestly, I am viewing this month with trepidation. While I’m not superstitious, I do know “seasonal” effects are real in commodities and other assets. Is time of year meaningful in cryptos? I guess we’ll find out. DYOR.
I had a 90 minute conference call with almost a dozen people today in five different time zones. The work ethic in blockchain is unrivaled to anything I’ve seen. Enthusiasm, too. You’d think everyone would be hanging their head and while I do see some of that – it’s natural – I mostly see bright-eyed optimism unparalleled in other industries. Hopefully all this will translate into some meaningful results for folks who have worked so hard & made such utter sacrifices to launch their innovative businesses. Meantime, we continue to hover near the lows of the year as alt-coins remain under near-constant pressure.