Disappointing the endless stream of FUD-promoters, crypto markets have rebounded strongly over the weekend despite more China crackdown headlines (good for ‘clean’ bitcoin) and the Binance ban in UK (meaningless given the entity’s structure) ; perhaps supported by positive comments from Mexico’s 3rd richest man : “[Laughs loudly] No, no, no, no stinky fiat for no reason. Not even a single peso, no paper bills. I would take bitcoin.” “Bitcoin is the new gold, but too much more portable, transport Bitcoin is so much easier than having your in pockets gold bars” Also on the positive side, seemingly unperturbed by persistent threats of a renewed crypto crackdown from lawmakers, Indian investors have piled $38.8 billion into cryptocurrency over the past year.
Sandeep Goenka, the co-founder of local exchange ZebPay, highlighted growing appetites for digital assets among Indian’s aged 18 to 35, noting a preference to invest in crypto over gold. He told Bloomberg : “ They find it far easier to invest in crypto than gold because the process is very simple. You go online, you can buy crypto, you don’t have to verify it, unlike gold.” Bitcoin ran from $30,000 on Saturday morning to over $35,000 this morning… Source: Bloomberg
Even on the back of 5% daily gains, sentiment around Bitcoin is still firmly fear-driven. While its score has since almost trebled, the feeling among market participants remains “extreme fear” – implying that there is plenty of potential to accommodate large price hikes. The opposite end of the […]