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All-Time High!! Digital Asset Digest Volume #33

Welcome to the 33rd edition of ‘The Digital Asset Digest’. Today we’ll talk about the cyclical aspects of DeFi, which will be especially exciting as Bitcoin has just touched on a new high. Let’s jump right in!

How Bitcoin Gets to $100,000

Source: Coindesk

“Another look at the bitcoin valuation models that could possibly lead to a six-figure bitcoin valuation over the course of the next year. On this edition of The Breakdown’s Long Reads Sunday, NLW reads a recent piece by Hong Fang, CEO of OKCoin. In it, Fang provides a set of valuation models and scenarios that plausibly lead to bitcoin (BTC, +4.24%) achieving a significant $100,000 value over the course of 2021.” 

Libra, the cryptocurrency that Facebook would launch at the beginning of the following year

Source: Entrepreneur

“According to a report by the Financial Times, Libra, the Facebook-led digital currency initiative will hit the market in early 2021, but in a more limited format than predicted in previous days. According to sources, the issue of Libra is subject to the approval of the Financial Market Supervisory Authority (FINMA). Which is in charge of regulating independent Swiss financial markets, supervising banks, insurance companies, among others.”

5 MOST PROMISING BLOCKCHAIN USE CASES FOR CYBERSECURITY

Source: Analytics Insight

“The cyberattack landscape in recent years has grown exponentially. The last few years have seen an incredible rise of data breaches that caused significant financial losses and triggered business reputation. In this scenario, blockchain is starting to gain traction, emerging as a promising mitigation technology for cybersecurity. As a distributed ledger technology, the evolution of blockchain has been compared to the early growth of the Internet with several debates of its potential in multiple industries, including healthcare, finance, manufacturing, energy, and others.”

Guggenheim Fund Reserves Right to Put Up to 10% in Bitcoin Trust

Source: BNN Bloomberg

“Count Guggenheim Partners LLC among those institutional investors casting an eye on cryptocurrencies. Guggenheim is reserving the right for its $5.3 billion Macro Opportunities Fund — which aims for total return via fixed income and other debt and equity securities — to invest in the Grayscale Bitcoin Trust. The trust’s shares are solely invested in Bitcoin, and track the digital asset’s price less fees and expenses.

TOP GAINERS

TOP LOSERS

INDUSTRY WIDE SNAPSHOT

Most people don’t realize this – I sure didn’t – but DeFi has been around since 2018. Maker and 0x were early build-outs on the Ethereum blockchain and have been a large part of the momentum in the recent DeFi rush. 

However, as we’ve seen Bitcoin and Ethereum pump in the last few weeks, and many analysts predicting an altcoin rise, it’s important to note that DeFi will go through cycles. 

The big thing I want to highlight today is the macro of DeFi. We’ve seen Bitcoin go through a wild ride in the last decade, and although DeFi does get to ride off the back of the developments BTC has already made on its own, we shouldn’t be discouraged if we do see a cyclical downturn.

Analysis of total wallets holding $10 or more for BTC is already at an all-time high, and the stats on CoinMetrics are showing this same pattern playing out. So it’s even possible that DeFi will have a less pronounced downturn, but the most important thing to keep in mind is that the companies are still building their user base and products, so progress will continue to come. 

Originally when we started writing this column, we planned to do weekly breakdowns of different protocols and even talk about some basic ways to make money with them. However, once we got started writing, it became clear that there were a lot of macro level assumptions we wanted to untangle first. 

Now we think we’ve discussed them all: Ethereum’s link to Bitcoin, how DeFi affects Ethereum price levels, transaction costs, and the overall market cycle. 

So starting next week, look out for more detailed posts on DeFi.

TikTok and the Sorting Hat

Source: Eugene Wei

“The 2010’s were a fascinating time to follow the consumer tech industry in China. Though I left Hulu in 2011, I still kept in touch with a lot of the team from our satellite Hulu Beijing office, many of whom scattered out to various Chinese tech companies throughout the past decade. On my last visit to the Hulu Beijing office in 2011, I was skeptical any of the new tech companies out of China would ever crack the U.S. market.”

The price of Bitcoin has been increasing since last Thursday when it fell down to $16,235 level from around $19,480. This decline was a corrective move which is why we have seen the development of a new five-wave impulse in which the price now increased by 22% coming to $19,807 at its highest point today. Currently the price is continuing to rise and is in an upward trajectory, increasing parabolically.

Source: Trading View

On the hourly chart, we can see that the increase made it slightly past the all-time high mark, labeled with the upper horizontal level at $19,677 which was the highest spike made in December 2017. 

The rise we have seen since today’s open is most likely the ending wave out of the 3rd wave from the higher degree count. This is why now as the price enters the range above the all-time high we are likely to see a pullback to its lower horizontal level which was the daily candle close in December 2017 for the completion of the 4th wave. But since this would be a corrective move another 5th one to the upside would be expected next and the development of a new all-time high. 

It is still unclear where the 5th wave could end but considering that the 3rd wave got overextended, it wouldn’t increase that significantly. More likely we are going to see it ending just below the $21,000 mark.

This concludes another issue of the ‘Digital Asset Digest’. We hope you enjoyed this week’s edition. We are constantly making changes and are always open to feedback.

On another note, our research team is putting out a brand new report on cryptocurrency mining that we think you’ll love. To have it sent right to your mailbox this Friday, subscribe here!

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