It’s looking up for Matic
In today’s edition, BTC on the way up, and whiskey in the flask.
Good morning! Welcome to The Daily Moon. How was your mid week break? We’ll tell you who had a bit of a rough mid week, Elon Musk. The man who almost bought Twitter, backed out, has now indicated that he will buy the platform in a deal expected to be ~$44 billion. The analysis seems to be that there was a chance Musk would have lost the lawsuit and would be forced to make the purchase under court order and pay a penalty. Parag Agarwal should now tweet, “Funding secured, going private.”
The markets were cautious. Bitcoin slipped below $20,000 while Ethereum was at $1,330 levels. Nasdaq fell in early trade. Back home, Indian markets were shut for Dussehra.
Is It BTC’s Time?
Maybe. The data around the largest cryptocurrency is at an interesting point. Bitcoin’s September monthly trading pattern closed with what is called a Doji candle. We won’t try to explain this too much. It typically means that we’re at a fork in the road. The token may come up or come down. Everything depends on how this month plays out.
October starts off with optimism
Here is what we know:
The BTC October monthly candle opened with a trading indicator that has historically put bear markets out of hibernation. For as long as a year or more.
But there is a caveat: October must end on a bullish note to confirm if Bitcoin is actually going to move upwards.
A fundamental signal the Bitcoin price has bottomed was proposed by Satoshi Nakamoto. BTC has been in the lower range of the cost of production for almost as long as the 2018 bear market bottom. And prices bottom out near the cost of production.
Ah, it’s never straight and simple now, is it?
Regulators’ hot on crypto pursuit
Meanwhile, the US government isn’t letting up on crypto regulation. The United States Financial Stability Oversight Council has asked US lawmakers to decide which authority will regulate the crypto spot market. This could finally lend a modicum of stability.
When things get hairy
In not unrelated news, investors in Europe and the UK started buying Bitcoin after the price of the Euro and the Pound started to fall in comparison to the US Dollar. You see, not everyone can purchase a dollar, Bitcoin seems to be their hedge against a floundering currency.
Matic Is Hot. Why?
Matic is making moves, and investors are looking at this Ethereum scaling solution with interest. The token briefly breached the $0.80 mark and the expectation that it will continue its slow but steady march towards $1 intensified. Let’s look behind the scenes to know a little more about this token.
Buy the dip
Matic crashed. Badly. The token has lost 85% of its value since December. The Terra-Luna-led crypto crash contributed to it, the sluggishness of the market played a part and the general funding winter had a role too. But what wasn’t a factor was outages—hacks or controversies. Essentially, the underlying metrics remained stable. This made the token undervalued and those that believe in the use cases are HODLing.
Use cases
Last week, Robinhood announced a partnership with Polygon. Robinhood’s web3 wallet will now run on Polygon’s blockchain. This opens Polygon to potentially ~22 million new users.
Take A Shot?
If you’re like us and love reading between the lines, you’ve spotted an interesting token show up on various news websites: Flasko. The token is supposed to be better than Cardano, Shiba Inu (not a huge accomplishment), and Ripple. Experts (or the token’s PR team) say it will be one of the hottest tokens around. So, what is Flasko?
We all need a drink
It allows investors to purchase NFTs which are backed by alternative forms of investment, in this case, whiskey, wine, and champagne. Investing in wine, for instance, isn’t a brand-new concept. In TradFi, buying bottles, investing in stocks of wine companies, or buying wine futures has been commonplace. So, why is Flasko unique? It’s not. The company admits that the money it raises from the ICO will be used for marketing.
So why will the token appreciate 2500%? Your guess is as good as ours.
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Who are we? This newsletter’s ambition is to educate (and to entertain). The world of money is changing everyday and we want to help you decode what’s happening in the world of crypto, public markets in the US and India.