Signals. Signals. Signals.
Although I never fear a bearish storm. I more like a green screen. Today it was. Finally.
Over the last weeks the sentiment was so negative, that a lot of people could not imagine a 24% movement up in marketcap was likely to happen. If you are better informed, you know it had to happen. The market was extremely oversold while the news was so positive over the last weeks. All the ''TA-experts'' we're shorting on bitcoin and people missed the bigger picture. Ironicly, these people definitely did not learn from the January sell-off, that occured after the unhealthy OVERBOUGHT market. Every parabolic movement up will crash. Every parabolic movement down will soar. That is how it works. Buy low, sell high.
I never have been more bullish on cryptocurrencies than I am now. The signals are so good. Fantastic. Overwhelming. Really, the bulls will run into the streets very soon. Let's discuss some strong signals you can talk about while you are drinking a glass of champagne this weekend.
The Big Boys are in the market
Hate it or love it. But the big boys ''smart money'' like VC's and instutional investors entered the market with a lot of noise. They make the mass believe they are 'preparing' to trade cryptocurrencies. We, as smart traders, know they already filled their bags. Seriously, why are you announcing that you prepare to invest with the result you have to buy higher? It is brutal they dare to think society is so stupid.
UAE will use blockchain technology to make the country more efficient
United Arab Emirates presented their blockchain strategy ‘UAE Blockchain Strategy 2021’. According to Cointelegraph UAE will safe over 3 billion dollars per year the government spends on document circulation annually. Moreover, the technology would save millions of work hours, reduce government documents by 389 mln, and save 1.6 bln kilometers spent driving.
This news will definitely not have an effect on the market on the short term. Most probably Dubai will hire thousands of people to develop this blockchain and never use any cryptocurrency out there. But, and that is very important, it is a strong signal how serious blockchain technology is. Governments are extremely complex with a lot of bureaucracy, but so are millions of companies too. Companies with 10.000, 100.000 or 1 million employees, but also companies with 10 employees. All these companies will start using blockchain technology one day. Companies that will choose proven projects that are now some small cryptocurrencies. And that is something to put in perspective.
Yahoo! Japan buys a 40% stake into exchange BitARG
Yahoo! is the 4th biggest website in Japan and the 40th biggest website worldwide with a yearly revenue of 1.3 billion dollars and 8.500 employees. Indeed, it is not a small local supermarket that buys an exchange. The deal cost Yahoo somewhere around 20 million dollars. Okay, nice, you maybe think. But, again, this is a huge signal. A huge signal that big mainstream (tech) companies recognise blockchain is here to stay. And so are cryptocurrencies.
I hope you love this week as much as I do. It is time to enjoy the weekend.
Stay tuned, many good things are working out under our eyes.