8th May

Bitcoin: $9,165.93
Market Cap: $429,928,150,288

After being away on holiday for a few days I come back to see that very little has changed from my last post. BTC went to $10k then came straight back down which was expected and is now sitting at just above $9k, catching its breath for the next attempt.

Personally I’ve had a bit of a stinking week, selling a few alts too early in favour of ones I expected to move and going heavy into Ethereum in the anticipation that a positive announcement by the SEC would jump the price up. So to watch it dip by around $100 wasn’t exactly thrilling, but when the news came out that it wasn’t happening after all it came back up to a respectable level, so I didn’t lose that much. Plus I sold my BTC and bought back a little lower this afternoon, so I sort of made up for it. All round though, apart from a couple of notable exceptions (ahem…BCN) everything is pretty static, perhaps waiting for another move from BTC. Even coins with mainnets coming at the end of the month are sluggish, most notably TRX. It will happen (read: it should happen), and it’s probably a case of just holding and waiting. TRX is my biggest bag at the moment, aside from a bigger bag of BTC that I’m using as floating capital to move into potential projects, probably catalyst based plays.

The past few days have seen some hilarious efforts at FUD, with various aged financial and technological luminaries offering their opinions on Bitcoin, none of which had an effect on the price. We’re pretty much used to these odd outbursts these days and no one particularly takes much notice anymore – crypto will be around long after they’re dead and their remarks will be seen as the representative of the ignorant generation who don’t look beyond headlines. I’m sure their clients would be very interested to see the returns offered within crypto, but their sexagenarian investor prefers safe, traditional stocks…with safe, traditional returns. On the flip side, the owner of the NYSE seems to be planning to open a new cryptocurrency exchange. If Bitcoin really is rat poison squared, there are an awful lot of hedge funds, banks and billionaires that are ready to drink it down.