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Bitcoin Rallies Towards 12k! – Weekly Trader Insights

Bitcoin Rallies Towards 12k! Last week I had a prediction that it was too early for whales to squeeze the LONGs. I was wrong, and there was a liquidation of over $1b worth of positions; but the good news is sentiment doesn’t seem to be changing one bit. BTC continues its rally and should test the 12k-mark again soon. Gold breaks above 2k, US equities remain strong despite weak earnings; so again, “Don’t fight the liquidity” and as an add-on, “Don’t apply high leverage” because surely whales will pull this stunt again in the near future.

Total value locked in DeFi is +$2b in the past 30d! However, some negatives are coming to light:

  • Asuka token was another fork of YFI. The Korean creator exit scammed by dumping tokens for a mere 30k DAI. Seems small but painful for those who bot near the peak ~$1600.
  • Opyn, a decentralized protocol for options, suffered an exploit of specifically its ETH PUT contracts. The payout was mistakenly doubled which looks like an unintentional coding error. Total damage estimate is ~$370k.

These are good examples of inherent centralized risks of the new DeFi platforms. Generally speaking, high risk always = high reward (i.e. high APY).

 

ETC is a top-25 coin in terms of market cap but the blockchain has been under attack by 51% twice in the past week. Double-spent amount exceeds $5m and the team has been asking exchanges to pause all deposits/withdrawals. For PoW, remember hashrate trumps mkt cap. Btw, a convenient opportunity for Vitalik to shill PoS andl the new mutli-client testnet. There are already over 20k validators.

 

Thanks for reading our Weekly Trader Insights “Bitcoin Rallies Towards 12k!” written by Head Trader Charles Yang. If you enjoy our article and would like to learn more, don’t forget to subscribe to our newsletter and checkout some of our other content below:

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