The Montreal Canadiens continue to surprise me and their fans, sweeping the Winnipeg Jets in 4 straight games. They now move on to the finals before the Stanley Cup round, which will mean cross-border travel into the US that the Federal Government has allowed with conditions I imagine.
Despite positive news articles for Bitcoin, the negative posts continue to over shadow and cause a lot of selling at times, while those against the coin punctuate on the negative with their opinions causing fear. The yo-yo effect between greed and fear will have their place in the stock and crypto worlds.
Just another episode to wait and see where Bitcoin bottoms out and more buying takes over at the 'low' once again.
It's early June but I can imagine a lot of folks in Atlantic Canada are looking forward to July 1st, or Canada Day when travel restrictions within the Atlantic Provinces are scheduled to be dropped. That all depends on keeping the covid cases down and getting more folks vaccinated. July 15th is a tentative date to open to the rest of Canada although still a big problem in hot zones within Quebec, Ontario and out west but things look more positive for travel and business than it has in a long time.
Trends are always changing and now with social media such as Twitter and Reddit having more influence than ever before on the crypto world plus breaking new ground with a few stocks in the stock market world that's making headlines with pump and dump strategies. Sort of the individual person or retail investor they are called, grouped together to take on the mega rich companies on Wall Street in the US.
With Bitcoin still the main coin that influences most 'tokens' with price swings, your average crypto Trader into patterns can harness gradual gains while watching the price of Bitcoin until ... enter a dude like Elon Musk.
When he goes on Twitter and decides to split with Bitcoin after embracing it, folks that follow those tweets sell in mass for some reason. Even though he toys with followers about selling Tesla's BTC stash worth millions and then ... nope, I ain't right now. Even if he did, that would cause a short term drop and rebound when others would pick up that sold Bitcoin, like BTC has always done since it started. All kind of nuts to me but that's the hold social media has on investing these days.
The flip side is knowing BTC will drop after these manipulating Tweets to buy more BTC low and wait for the eventual rebound.
Then there are always folks looking to make money as 'middle people' with sites that are smartly placed between a person deciding on what coin to buy and following through with a purchase. Machine learning?
Too busy and too many chat sites to monitor ... Enter AI, or Artificial Intelligence with a new added handle these days called ... machine learning. With a subscription cost of less than a $100 a month to make it look cheaper at $99 a month, there are sites now that monitor social media posts and rank which crypto coins 'could' go up in price either quickly or gradually ... with some success I may add. Not something I would do but folks make money with them that can absorb that monthly or yearly cost with successful swaps/trading. Of course there are 'always' losses as well along the way.
Overall, It's getting to a point in Crypto, one can't ignore what's going on in social media or could be in for sudden and unexpected losses. The main social media scuttlebutt is always picked up by crypto news sources like Cointelegraph and Coindesk anyway to read and see what impact they have had, if any.
In the Canadian NHL Playoffs, the Montreal Canadiens advanced to the next round which starts tonight against the much rested Winnipeg Jets. Montreal just finished a 7 game series against the Leafs on Monday night.
Looks like investors are gaining more confidence with the Bitcoin and Altcoin price levers after a brutal May while some coin values are inching up lately.
Doge coin jumped up in price yesterday along with an Elon Musk Tweet where Coinbase has added the Doge. The latest about that on The Coinbase Blog.
In the stock market, May is traditionally another time of the year when investors re-evaluate their holdings/portfolios with some going with the old quote 'sell in May and go away'. But May has been decent and Markets are kind of leveled off for now with all this talk of a dip coming, which usually begins to float around when things are going 'too' good with a Bull run.
In the Crypto Market, I'm sure a lot did sell and go away (at a loss probably) as Bitcoin fell in the 2nd half of the month dragging Altcoins with it, including the 2nd highest in market cap ... Ether. But as some left, others become interested as they read about a good time to ... 'buy low'.
Bitcoin has stabilized some, bouncing around in the $30,000 to $40,000 USD range. Meanwhile Ether and Altcoins have leveled off at new lows, such as Litecoin and Tezos with 'narrow' trading meaning not a big increase in price before selling brings it back down again to a steady low range.
Bitcoin continues to be heavily influenced by rehashed old news, daily international news/updates and social media causing FUD at times, a term that has come up a lot these past weeks.
fear, uncertainty and doubt
FUD means “fear, uncertainty and doubt.” Bitcoin followers advise to HODL your coins despite the FUD of those outside the community.
But, like the stock market, daily fluctuations are driven by 'fear and greed'. I think 'greed' is a bit of a harsh 'stock market' term where it happens at times but mostly it's about investors buying, looking for increased gains over time.
The 'pump and dump' of a stock or 'coin' via social media such as Twitter and Reddit is definitely about 'fear and greed'.
Some good news although long from over, Canada's top Doc overseeing covid-19 figures there is a light at the end of the tunnel now as more folks get vaccinated. Most of Canada is preparing for or have laid out plans for reopening. Last I read, Manitoba ... Winnipeg remains a hot spot and locking down more there for now..
There's steady talk of a 'vaccine passport' as possible requirement to travel. PEI is one province already bringing that in for the latter part of June and July where visitors and/or residents that are fully vaccinated and have proof will not be required to isolate for 14 days. That should revive their tourist industry if all goes to plan and barring no further 'waves' of covid.
In the 'Post-Musk' Twitter Bitcoin bashing that jump started a major crash in Bitcoin, some normalcy is back after an up and down week as I watched what's happening and Musk gone fairly quiet.
However, Elon Musk was having private meetings with 'Mining' firms on how to reduce power consumption, etc. again raising the hackles of the Bitcoin faithful where these meetings should be public with full disclosure. Billionaires influencing and manipulating most of the crypto market being the biggest issue this year. Risk adverse people become millionaires following them on social Media but the most lost. Be careful of the 'pump and dump' manipulators out there.
It's the long '24th of May' weekend here, or Victoria Day weekend. Traditionally, the kickoff for the camping and RV season here on the East Coast.
Dampers on all that this year with the Covid but I'm sure folks are making the next of it. I recall pitching a tent in Newfoundland years ago on a beauty day with fun had by all only to wake up to 6 inches of snow on the ground. Didn't have to look far for water to get the kettle going in the morning for coffee. Stog it with snow. No billion dollar bottled water industry on the go then.
Overall, it was an up and down week in the Markets, finishing Friday kind of flat.
The crypto market however went through kind of a 'quake' but settled down the last couple of days. All sparked by various hits of bad news that influences Bitcoin more now than it has in the past. Unfortunately, there's not much warning at times when a major dip is about to start from Tweets and/or international crypto news but wise to be prepared and expect it. I just 'hold' where I'm at with the coins until the storm passes
Low 30 grand USD to 40 grand seems to be the range these days for Bitcoin. 'Buy the Dip' I'm seeing a lot but I continue to wait for now until things settle down some more.
Hints of loosening restrictions and lockdowns is good news here in Canada while some top Doc's expect a 4th wave of the covid? I guess that could be possible 'when' borders open up and international travel ramps up. Hope not though.
I watched a Florida Panthers NHL playoff 'home' game where the stadium was full and mask-less for the most part. Also checked on how hometown lad, Sidney Crosby's Pittsburgh Penguins were doing with a partially filled stadium beating the New York Islanders last night. Seemed strange after watching 'empty stadium' Canadian teams play but cheering fans certainly liven up the game
While The Canadian TSX stock market broke another record yesterday, Crypto is going the other way for now with panic selling. Don't really get this constant selling at a loss but that's the cycle the Markets go through.
Reading the crypto news, looks like a lot of folks are making moves on wrong or twisted information spurred by social media that they take as fact. Like starting a rumour and it's passed on to buddies and their friends eventually being nothing like it started.
Meanwhile, I wait for the dust to settle and continue from there with potential Trades.
While the US population is going maskless 'after' being vaccinated, there's no change here in Canada as the covid and variants continue to plague provinces from coast to coast. Top Docs figure restrictions will be loosened heading into summer as more folks get vaccinated. Hoping, various lockdowns will do the trick in the meantime this time of year.
On the 'hit to the wallet' side of things, oil per barrel is creeping up so the price of gas follows plus rising inflation, being more of an issue south of the border where their economy is ramping up quicker than here but we'll be on par as well soon. So far, interest rates are on hold but that could change in the months ahead. More of an issue for folks paying for overpriced homes these days on ultra low mortgage interest rates.
Crypto, except of the odd coin that's in the green and moving up in price, is in a funk starting the week with major coins dropping in value. A Musk induced hangover or just continued short term fear causing all the selling. Probably a lot of cash going back into 'stablecoins' and currency like USD in 'Wallets" for now.
When you look at the big picture ... social media with Twitter is controlling the price of Bitcoin now, which is crazy of course while a lot of buyers and sellers just wait for what Musk will Tweet next. Kind of like the near daily Trump Tweets when he was in power. Hopefully that trend will fade away soon while crypto holders lose money these days. Some will wait for a signal that Bitcoin has bottomed and buy there but it's all Twitter induced manipulation for now.
The weather is getting warmer on the east coast and good to see those sunny 'no wind' days where the Bay here is like a mirror. Makes me think of travel but be awhile yet.
The shortened 'no fan' NHL season is over and now the Playoffs start today. Montreal Canadiens will play the Toronto Maple Leafs on Thursday, May 20th to start their series
In the short term, some crypto enthusiasts hinge on every Tweet or article about rich 'movers and shakers' like Elon Mush for example with Dogecoin. All that was kind of humorous at first with the coin's Mascot in various headliner pics and videos, such as being crown king dawg and battling King Kong but when folks plow too much money into or taking money out on his every word, that can bring on some financial pain and that ain't funny no more.
I'm sure Musk is smart enough to read up on how blockchains and Miners operate where Miner rigs consume quite a bit of power although some are converting to 'green' energy. So when he goes full bore into Bitcoin and then reverses his stance while Tweeting all this stuff is kind of nuts, causing 'short term' holders to dump Bitcoin recently.
However, that's the way crypto is moved these days ... by speculators and those stirring the 'emotions' pot like greed and fear as it matures more. Meanwhile, big business and banks continue their interest in BTC while more government regulation is coming I'm sure... some good, some not so much.
Doge to the Moon! Elon Musk is once again stirring the pot to rally Doge fans. He's going to send a Canadian minted Doge coin to the moon in one of his rockets in the future and gathering social media votes to possible sell Tesla cars for Doge in return. He is already accepting Bitcoin for his cars. Crazy stuff.
Gemini, run by the Winklevoss twins has now added Doge to their 'interest earning' plan, calculated and added daily. Never a dull moment in the crypto world and that's just about one coin of many making news.
Meanwhile, I stick to my Trading of coins I like and know. For example ... Tezos (XTZ) which has been having some decent swings of late ... ideal to take in some gains.
Interesting over time where there are folks that are dedicated to their coins and try and stick with them through thick and thin while others are what I call 'leapfroggers', looking for what coins old and new that will make money for them on a daily basis. Nothing wrong with that where I steady read about millions being made by the big spenders or people new to crypto absorbing all the risk and betting the farm plus borrowing more. Not a move I recommend but folks do it every day.
Tomorrow is Mother's Day filled with phone calls and video chats while most areas deal with covid restrictions/lockdowns around the world, which remains an unwanted normal way of life these days. Restaurants are usually booked solid for tomorrow here but only open for takeout now. Moms in senior homes with their specific visiting schedules or in lockdown will find it the hardest I'm sure, missing family.
Stories of some folks betting the farm plus borrowing money to get in on the Crypto Dogecoin frenzy or FOMO were probably seen by Elon Musk, the so called ... Dogefather as he kind of doused water on the fire recently. Summarizing ... it comes down to being careful where it's volatile and like I always say ... don't spend money you can't afford to lose. Some have become millionaires risking it all and been lucky in these high stakes games.
Meanwhile, Bitcoin has a 'high water' or 'high tide' mark of around $58, 500 USD so far this week while millions in transactions continue as always
We are into our 2nd week of our 2nd Covid Lockdown as case numbers continue to rise for now. Initially a target of 1 month was planned but unless the case numbers reverse soon, that could be extended. Once again, hard on non-essential small business that were forced to close plus those thinking 'travel' as summer gets closer.
A spin-off from Litecoin ... Dogecoin or Doge continues to make the news after a steady climb in price this week but the first 'halt' happened at around peaking 0.70 and kind of stalled today at 0.60. A sign of indecision probably. See what happens next as the weekend approaches. A wicked current 72 billion market cap is behind the Dogecoin
So far today, there's no sign of slowing down the Ether 'bull run' where the coin is heading for $3500 USD and could pass that today. Some 'Holders' that had a large stash of Ether before this run started are smiling today. For example, Ether's price on Jan 1st of this year was floating around $740 and in the last 24 hours alone, jumped in price about $400.
Meanwhile, Bitcoin fell back from yesterday's highs and dragged down some Altcoins with it. Ripe for Traders interested in the lower prices for now.
The Stock Market continues to rally and reminds me of Ether where thoughts of a minor or bigger crash 'may' happen with inflated prices for many a stock out there depending on the sector. But, when concentrating on dividend paying stocks ... an investor is not too worried about price swings when in for the long haul.
However, it's wise to keep up on the news where dividends are not guaranteed depending on the cash flow a company has ( or ETF/Fund ) and just wants to preserve it by cutting dividends and restoring at a later date.
It's not smart to get involved with a party or a social gathering these days in 'lockdown' Nova Scotia. Halifax Regional Police are fining people almost daily now with an expensive $2000 fine each, up from a $1000 fine where a lot of people weren't complying with the covid rules since the latest lockdown started. 17 people at one gathering last night for $34,000. Ouch!
The thing is, there may not be any police around when going to a party but those following the lockdown requirements and/or neighbors can call about it while HRP encourages that.
Been reading and watching both the crypto and stock scene. In crypto land, Ether continues to climb in price heading for 3 grand USD while most other coins I watch are in 'narrow' trading range these days and kind of stalled along with Bitcoin that's around $56,000 currently. No doubt, Ether is a headliner right now as more bigwig financial institutions around the world are planning on using or already using their smart contract apps.
There's always a lot going on in the crypto world as existing outfits expand and new ventures enter the Market. Millions of dollars in transactions daily with the various cons/tokens out there.
The main thing, while I play in the crypto market within various sites, is that the crypto coin is readily transferrable to fiat (USD and/or CDN) and have an avenue mapped out to move it to cash that I can access when I want. That can take up to a few quick steps to finalize ... dealing with fees that I try and keep to a minimum. Paying the least amount to Miners and middle(outfits) as possible and sometimes that means waiting for market conditions to change.
For example, when there's a frenzy in buying Bitcoin, which happens often or even selling, Miners fees go up so I wait for calmer times when transaction traffic gets back to somewhat normal levels.
Meanwhile, Elon Musk, creator of Tesla and SpaceX, which recently won a new huge contract from NASA, is a genius at manipulation in the money and crypto markets. With Bitcoin falling and stalling around the 50 grand mark, indirectly with Tesla (Bitcoin sales) and directly ... Musk's comments spurred another Bitcoin rally I'm sure.
We go from Ether with it's smart contracts with an European Bank coming onboard it's smart contract chain in the news today while it hit all time highs in price ... to ... Dogecoin, getting more play everyday in the media while more business and sport related are coming onboard accepting Doge for payments. News to me is that Doge 'Miners' are making a fortune with the recent rally.
Crypto is in one way basically the same when you think ... Bitcoin but the other 50% of the 'Market Cap' out there in coins and tokens is always changing, which makes it interesting, not taking into account the De-Fi sector back in the limelight and growing like crazy.
While the world wrestles with the 3rd wave of the covid-19, the vaccine rollout isn't making much of an impact yet but eventually it will I'm sure. Here in Canada, travel ... despite lockdowns and warning notices everywhere, is the cause of most of the the spread as new variants enter the country. An India/Pakistan linked variant is now in Ontario ... which spreads more quickly while vaccines will have a harder time acting on it they say.
In the crypto world, after a dull weekend when it came to 'price swings', things are picking up again as BTC is gaining for now and Ether continues to take some of BTC's swagger... nearing $2500 USD so far today, up about $280 from yesterday.
Lockdown and Hold?
We are now in a lockdown here in Nova Scotia for a month after travel related covid-19 and variants resulted in a quick spread and a jump in cases. Hopefully, back under control soon and recent restrictions slowly lifted once again.
Like an after party hangover... the Coinbase stockmarket splash last week resulted in a lot of Bitcoin and Altcoin selling after many 'watched' for awhile. Coinbase (Coin) has come down to it's average $320 to $291 Friday at Market closing.
Further panic selling (I assume) by 'Whales" or big spenders ... resulted in bringing Bitcoin down over rumours President Biden will raise capital gains tax for net worth folks of a Million and up. Basically, when selling Bitcoin for gains and having to report to IRS during tax season. Or, selling stock.
Analysts pointed to U.S. President Joe Biden’s proposal to double capital gains taxes on high-income individuals as the catalyst.'
Ether (ETH) on the other hand has surged as well as Binance Coin, (BNB) settling back for this weekend so far.
Back to Bitcoin ... Hold, or a good time to buy where it looks like it's 'bottomed' for now? More than likely I'm thinking 'buy' remembering how volatile the coin is. See what the next big social media/news event sparks either a rise or further drop in price.
My age group in Nova Scotia can now get the vaccine needle and looking through the government appointment site yesterday, there were a lot of openings for AstraZeneca , which is getting a lot of noise on the news about blood clots, etc. .... but only a couple vaccine sites that offer Pfizer that weren't fully booked so scheduled the Pfizer shot for next week. Meanwhile, Covid-19 cases took a big jump yesterday and I have to assume it's from the 'variant' virus that spreads faster.
While the stock world is bouncing back today after a slow start to the week yesterday, 3 Ethereum ETF's launch today on the TSX - all out of Canada.
Yesterday, I was watching Ethereum doing some steady swings, ideal for Trading, settling back around the $2100 USD range ... peaked around $2200 yesterday evening.
Crypto 'Mining' in both Bitcoin and Ether has gotten closer to home where Hive Blockchain, HIVE (Stock symbol) out of Vancouver, BC bought a state of the art Mining facility in Grand Falls, New Brunswick for $25 million. They plan to do more 'Green' mining there with their gear using 'Cloud based' service. Other outfits around the world are working on cutting down on their electrical bill after the expense cost of converting to 'Green'.
HIVE's stock was around $2.50 CDN at the start of the year moving up to around the $4 to $4.50 area these days.
The younger generations, also influencing folks of all ages are behind an overall push for companies to cut down on their environmental impact, while some governments are also in on this action such as getting oil related companies to convert to cleaner alternatives and such as hydrogen and natural gas, etc although that will take years.
A change in course over this weekend from the usual weekend price rally so far this year as Bitcoin crashed in price about $800 overnight. Along with the panic selling seeing Bitcoin falling in price, a couple notable causes are suspected ... although with Bitcoin over the years... this is normal stuff being volatile.
Seems in China, there was a power outage in an area where a lot of crypto miners operate their gear ... as transaction rates of completion slowed down considerable ... they say the price of Bitcoin falls with it, which happened. Also, the US, from a Tweet ... could be circling over some crypto outfits they suspect laundered 'coin' and they'll sink their claws into them soon. With no particular outfit named, some probably are worried about their 'coin' being locked for a time over legal action.
Meanwhile, an unlikely coin called Dogecoin has made a crazy run these days and a lot of trading going on in Binance while Coinbase traders wonder when it will be added to that exchange. DOGE went from 0.05 to 0.43 last Friday. Fell yesterday and rebounded to about 0.32 at this time. Buying a whack when it was a nickel produced a nice gain for Dogecoin holders and traders.
'The live Dogecoin price today is $0.307913 USD with a 24-hour trading volume of $27,782,076,878 USD. Dogecoin is up 4.96% in the last 24 hours. The current CoinMarketCap ranking is #6, with a live market cap of $39,794,038,412 USD. It has a circulating supply of 129,237,971,710 DOGE coins and the max. supply is not available.'
While Ontario remains in lockdown and still recording record cases, there should soon be some signs of recovery as vaccines are administered. Hospitals are stretched to the limit dealing with all this plus other emergencies I'm sure as frontline health care workers aren't getting a break since March of last year.
Here in Eastern Canada, the opening of the Atlantic Bubble has been delayed due to a spike in cases and caution about more variant covid-19 cases showing up.
Like in the stock market world that's been on a Bull run lately ... a lot of stocks are more pricey than a few months back. Lately, it's the same scenario with the crypto world, specially recently as a lot of coins are higher in price due to the Bitcoin and Ether hype as Traders look to cash in on 'cheaper coins' with potential for more gains. That can be seen as a many an Altcoin has jumped in value as well this month.
It looks like the Coinbase Stock, COIN has settled for now at $320 USD, not much change from yesterday as the dust settles on all that stirring up of the crypto marketplace. What's next? The US firm, Kraken is hinting on doing the same next year but that's all up in the 'clouds' for now.
Some keen folks can make money in a hurry riding on these big events as they start to simmer and come to a boil for a day or two.
It's been a week of firsts. Bitcoin and Ether reached record levels once again and the biggest news this week ... Coinbase being the first exchange - crypto related to hit the stock market after recording a 1.8 billion dollar total revenue in the first quarter of this year ... trading at the $330 USD range at this time after peaking at over $400 USD not long after it's direct listing on Nasdaq.
A lot of 'Day Traders' jumped on the stock looking to make a quick score but now it's wait to see how the Coinbase stock settles and see what a probable target price is for the future although can't be relied on.
Bitcoin and Ether fell back in price yesterday after their new record highs, which is normal stuff. Trying to see where their new 'low' or 'bottom' is after those recent surges will be a challenge.
Meanwhile, crypto holders and watchers in these two coins plus others should be pleased to see their balances climb this week.
Since 'staking' and earning interest hit the crypto world, I got interested and experimented at first, getting more involved later. With me, that started with Kraken and the coin, Tezos, XTZ, when it was below $2 USD, trading today at $6.50. That worked out great plus the interest earned on top.
Most sites like Kraken, look for this potential to keep customers engaged but where it's an unpredictable market, like stocks ... that doesn't always happen and a coin/token could drop, not recovering so interest gained is for not. But, that's all part of investing ... risk taking.
I added Nexo later and very pleased with their 'earning interest' plan as well, recently adding 'free' crypto trading on a range of pairs, including their coin, NEXO, which is approaching $3 USD at this time ($2.90 currently).
A few days ago , I added StakeCube ... an interesting site where after registering and adding the required 2 factor authenticate for security, my funded wallet with 'coin' is 'auto' added to a pool earning interest daily. So far, so good as I watch the progress.
MetaMask... what I call a Browser Extension 'Wallet' with the icon sitting next to my address bar in google chrome added 'swaps' for some popular crypto coins/tokens. I updated when that started and read about some initial kinks but for the most part, they have been ironed out. Fees for 'Swaps' are 0.875% while Coinbase is 2% in comparison.
Here is a link to how much the 'Swap' is now being used on MetaMask ...
What's the difference between a 'Swap' and a 'Trade'?
A 'Swap' is pretty well an instant convert from one crypto to another at the set fee. A 'Trade' isn't always instant and depends on whether using the Market, Limit or Stop-Loss options and there are 'Maker and Taker' fees when you 'Buy' and 'Sell'.
While the rest of Canada is in what they call the 3rd or even 4th wave of the Covid-19 mainly due to it's variants that spread faster, we here in Nova Scotia are opening businesses to 100% capacity. I'm thinking that's too early as the Atlantic Bubble is set to open again with 'quarantine free' travel between the 4 Atlantic provinces.
Not hard to see the majority of our daily cases are due to travel as variants sneak in as well. See how that plays out in the coming months while Ontario is in full lockdown for a month. Hopefully, we can keep on top of it as we continue to wait for more vaccines to come in here.
Being Friday, or TGIF for a lot of folks working the 9-5 job, it will be interesting to see if Bitcoin and Ether take another run up in price this weekend. Kind of a trend the last few months.
Bitcoin is getting more play on national financial news as the months go by while more big name companies and individuals get involved. I recall mentioning Bitcoin to my Bank Rep a couple years back getting a questioning look back when talking about investing. The Banks stance was never heard of it but I'm sure they did. They know about it now though.
The weather is warming up being April, creeping into the low teens for a few days of the week as summer approaches.
This is the 2nd Easter folks are advised to keep their distance and keep gatherings down to a minimum but all we can do is make the most of it while others ignore any advise on distancing and the wearing of the mask.
Elon Musk and his electric 'self-driving' car, Tesla is getting stiff competition now from other automakers after he set the groundwork. New, is hydrogen fueled cells becoming more popular as the company, Ballard got a contract to retrofit our trains here in Canada. Electric vans for commercial use suddenly exploded on the scene as well. A tad scary I think is 'self driving' tractor trailers being bought by companies now like Walmart but over time, they will become 2nd nature probably. Taking the human factor out of it where drivers can only operate a rig for so many hours before stopping to rest or have a 2nd driver take over.
Meanwhile, Elon Musk continues to influence the crypto market, concentrating on the Dogecoin, DOGE these days ... now worth 5 cents, something like a penny stock from 0.004 cents on January 1st of this year after it being created from a whim with little value.
Most investors probably think of it as a joke but being a 'mover and shaker', a lot also do Trades with possible money to be made when he ramps it up on social media about crypto. Surprised there's not a 'Bunnycoin' on the go yet. Or is there?
It's the long Easter weekend and a rainy one here on the East Coast with rain starting last Thursday and continuing until at least next Tuesday so far.
Listening to my fav DJ's on the road, they talked about what's different about this year from 2020, which most want to forget. Ummm ... not much was the agreement as the covid variants now take root in Canada while sporadic vaccine shipments come in. Lockdowns, the Masking it up and stick with the social distancing.
For me, I'd have to say no Trump in the news every single day or multiple times per day although one can just tune all that out but I like to keep up with what's going in the world and with finances ... stocks and crypto related.
As Bitcoin took another run up in price leading into this weekend, Ether made history topping 2 grand USD in price and upwards of $2150 USD so far today, spurred by no doubt ... the giant, Visa making some transactions on the Ether blockchain recently. Also, with some heavyweight crypto investors weighing in with positive comments on social media about Ether.
In yesterday's post, I got into Ethereum and one of the top crypto news today is about Visa and using the Ethereum blockchain to process a stablecoin payment ... USDC
United States dollar coin, or USDC, is a stablecoin pegged 1-to-1 with the dollar. It is the second-largest stablecoin with an $11 billion capitalization.
“Crypto-native fintechs want partners [that] understand their business and the complexities of digital currency form factors,” Visa Chief Product Officer Jack Forestell said in the press release. “The announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency, and it’s really an extension of what we do every day, securely facilitating payments in all different currencies all across the world.”
Overall, good news for the crypto world as mega rich established companies begin experimenting and using 'coins'.
PayPal will also start allowing use of buying products on their Merchant lineup with crypto for US residents ... no transaction fees as a bonus.
I assume all this has further boosted the price of Bitcoin since yesterday.
Meanwhile, Canadian securities regulators are cracking down and making a move to have all 'un-registered' crypto exchangers in Canada register their business/service with them. First registering for a temporary license while formal applications are processed.
Ethereum made a nice come back since down around $1550 USD last week, up to $1828 as of this posting. Nice gains to be made for Ether Traders with patience. Ethereum is the current backbone for the De-Fi sector, with sites on it's smart contracts but fees for entering and exiting are crazy so mostly Whales and Wanna-Be-Whales are playing plus those that are just leaving their coins in plans for interest growth with no intention of withdrawing for awhile.
There are competitors to Ether that are entering this crypto space and those that make some noise will no doubt gain in price as well over time or rapidly ... being crypto and volatile.
Overall, since last year when De-Fi flared up and billions of invested dollars later ... it's hard to believe that interest rates like 5% APY for example (which is low in comparison to other rates and the associated coins/tokens) are now common place. That's calculated daily on principal and added 'daily', not monthly like the Banks by the way. Factor in 'compounding' on a daily basis.
Meanwhile, the ways to earn 'coin' in the crypto world grow steady and I prefer the 'lowest fee' possible to do that to 'no fee' for moving crypto.
It's tax time and Canada's government arm for Tax is taking a page out of the IRS's playbook with the US to direct exchanges to notify of crypto accounts worth over 20 grand and I'm sure folks holding such accounts will get future letters directing them about tax collection.
Coinsquare’s final bargain will compel the crypto exchange to hand over at year’s end exhaustive data on accounts that held C$20,000 in crypto from 2014-2020 or cumulatively in their history, as well as the 16,500 largest accounts from each year.
No doubt, that will be included in future Tax packages as well and online Tax software about their new crypto rules
Nova Scotia is known for it's famous schooner, Bluenose ... launched 100 years ago today in Lunenburg.
The Bluenose was designed for fishing, but also as a racing vessel.
Canada lost the first International Fisherman's Cup race in 1920 and shortly after planning began to build a ship that could win. Soon, the best designer, shipbuilders and captain were all recruited.
"In the International Fishermen's Cup races from 1921 to 1938, Bluenose never lost a race series," he said. "She always won the series and therefore was undefeated. It was a time in our country when there was a huge celebration around beating our friends to the south, the Americans, in these races."
The 'Bears' or 'Sellers' have shifted the balance and sending the price of Bitcoin down for now and tomorrow, millions of dollars worth of 'Bitcoin Futures' expire so hopefully that doesn't add to the downfall in price too much. Once over that hump tomorrow, I expect things to improve once again and April is usually a strong month for Bitcoin and the Altcoins that follow on it's tail wind.
For crypto and stock enthusiasts like myself, I've been keeping an eye on the Coinbase moves and the crypto company, out of the US is now planning for an April splash onto the stock market scene with the latest below. The fine mentioned was a former employee doing some underhanded stuff so the payment is a settlement for all that. Even the top banks get in trouble now and then stepping over the line with the controlled Market rules.
No reason was given for the delay, but Bloomberg noted the U.S. Securities and Exchange Commission (SEC) has been reviewing the San Francisco-based exchange's plan for a direct listing.
Coinbase formally announced its plans to go public on the Nasdaq in January and this past week registered for as many as 114.9 million shares to be traded.
Coinbase Class A shares will debut on the Nasdaq Global Select Market under the ticker "COIN."
Yesterday, it was announced Coinbase will pay $6.5 million in a settlement with the Commodity Futures Trading Commission (CFTC) over allegations the exchange “self-traded” digital assets between 2015 and 2018.
Coinbase also listed the coin Cardano, ADA and has been trading over a $1 recently and I'm watching that one as well.
Cardano has developed a blockchain of it's own and it's all about innovation ... run faster, cheaper than the others and attract users. ADA is now ranked 5th in overall Market Cap.
It's the first day of Spring and the weekend where I see Bitcoin stirring once again ....moving up from the mid 50 grand USD range. Yesterday, being the last day of winter, we had a fast moving snow storm move through. Looks like a warming trend for the next few days here in Nova Scotia and the East Coast of Canada.
Newfoundland has had no new cases lately and the Atlantic Provinces have been having low counts lately so looks like next month, the Atlantic Bubble will reopen for travel between the 4 provinces without quarantine required. I assume that is long as cases don't flare up again while the slow rollout of vaccines continues by age groups.
Some International Banks, like the Deutsche Bank and popular financial folk here in Canada and around the world have come around to saying Bitcoin is too important to ignore now after waving it aside before calling it a nothing coin. Times have changed. Billions of dollars invested turns heads.
As 'Do-it-Yourself" investors grow in numbers some are saying many are living within a 'bubble' themselves chasing growth that's ahead of what's actually going behind the scenes with the economy and business in general. When things go to good and stock prices are ahead of what companies actually make, probably some kind of correction is coming at some point but I don't think it will last long when compared to the lows of March/2020 in Canada and the 'quicker than expected' recovery that followed.
The crypto world is a bird of a different feather as the wicked swings in Bitcoin price has become a normal thing. The Bulls will drive up the price and then profit taking happens like over the weekend. Over $60 grand USD and then a pullback with mostly profit taking to around 55 grand ... setting the stage for another Bull fest at some point to go beyond the current price record set on Saturday.
Usually a good time to buy or trade for Bitcoin where it seems to be settled at it's low price for now but like always ... highly unpredictable
While here in Canada, where the Feds arrange for more than a million doses of various vaccines per week towards the end of March, there remains uncertainty here in Nova Scotia along with other provinces awaiting a steady flow to get the populations vaccinated. The wait continues.
Along with the weekend trend for boosting some cryptos, Bitcoin broke a new record yesterday, breaching the 60 grand USD level as more big money players and institutions come on board.
Warmer weather is heading our way on the east coast after a week and a half of a constant cold wind flow. Soon time to prep the BBQ as spring approaches.
The latest development from the Ethereum camp is worth talking about. In a meet in Berlin the latest proposals were tabled and voted on called EIP 1559. There have been others in different cities with decisions on how Ether should go forward.
Most interesting out of EIP 1559, which will be enable soon ... is the 'Burning' of Ether coins/tokens. I'm sure there will be more news on that when it rolls out but basically ... currently Ether has an unlimited supply of coins unlike Bitcoin, which is a fixed amount and one of the reasons it has climbed in price recently.
What's to come ... Ether will 'Burn' coins resulting in less on the Market over time, which should boost the price of Ether as well. If it plays out like that, it will result in more gains for Ether 'Hodlers' (crypto term for holding for the long term) and Traders in the future.
I was just a Bitcoin guy up to last year when I began to stock up on Ether and other coins I felt had potential while I continue to do so.
What's so important about Ether? ... it's what the building De-Fi market is built on with billions involved where folks can earn interest and loan crypto/fiat.
Many a crypto holder or investor watch the prices of their fav cons/tokens daily to see what is happening with the overall Bulls vs. Bears constant 'tug of war thing' going on while briefly getting into a neutral area where it's about 'indecision'. That will eventually lead to the Bulls doing more buying or more selling by the Bears to take gains or just move the coins to avoid a possible loss.
This happens multiple times a day but stronger movements in either direction, up or down, not so often. So, when Bitcoin suddenly begins to spike once again, Crypto holders and Traders take notice.
Yesterday, the Bulls started strong and boosted the price of Bitcoin. The coins I'm interested in such as Ether, Litecoin, Nexo to name a few, also started to edge up. Looking good where I aim to buy low and sell higher or ... at a price I decided to sell at when I bought. That could happen quickly, daily or over a few days before the price I want is met.
Although a higher price is a good thing, I wait for the eventual dip to buy lower and repeat my Trades for another eventual gain.
What's the difference between a De-Fi product on top of a Ethereum built contract and a Bank's high interest savings account? That's summed with ... a lot of difference.
A Banks interest is based on a yearly percentage, factored on daily balances, added monthly, averaging around 0.10% depending on the Bank. Certainly a safe place to store cash.
De-Fi's for the most part have APY interest rates with a yearly rate but added 'daily' and much higher interest on the tokens/coins they host ... upwards of 50%. That makes them very attractive for those involved. But, moving funds in and out comes at a cost with high fees called Ether Gas and they rise with more activity such as currently.
Unless a person is willing to leave their funds/coin/token in a De-Fi for an extended time and wait for Ether Gas fees to come down and ... come out with a nice gain overall, it ends up to be a losing affair once Ether Gas fees are subtracted from a principal + gain with a minus gross total.
It all depends on the amount of funds added. Higher amounts with a high interest rate added over time can come way ahead of Ether Gas fees when sizing all that up before entering,
For me ... those high Ether Gas fees go against my grain where I'm into stocks as well with the changing world of low fees and seeking even lower where possible.
However, there are De-Fi 'like' sites that are not built on Ether contracts with Ether Gas fees so these are worth looking into and deciding if doable such as Nexo.