Summer Time and Crypto is Getting "HOT" Again

We never know what will happen next. It is a risk to being definite that prices will start rising again. I will not be irresponsible and tell others to buy now, this is up to the investor to research and find out.

Last summer, I did that, as the odds were favorable especially with all that sudden interest in BTC from institutional investors.

I can understand how the market often works, but there are these times like this May when suddenly we lose 50% of our investment. Of course, when someone is in it for the long run, the results are different and after a few years our investments are usually in green and a 50% correction means little.

In the Cryptoverse, holding means you have to suffer first. It is never easy, since expecting short-term gains is always a big pain with the corrections often the market is entering.

Positive News in the Middle of the Summer

• Bears are exhausted. The short-term volatility and selling pressure seem to be more stable. The consolidation period for crypto appears to be over. However, we need to see more signs for a push to the upside and return of the bulls..

• Developments in Ethereum, Bitcoin Cash, DeFi projects, and other top cryptocurrencies. Bitcoin remains stagnant in development terms and only adds patches to its software to justify the "donations" to the Bitcoin Core developers. Meanwhile, Ethereum, Bitcoin Cash, Cardano, and other cryptocurrencies are moving forward in the creation of digital financial networks that should be expected to become highly popular. Sidechains like SmartBCH will open up a whole new world of financial infrastructure.

• The bad news is almost over. A crackdown on crypto mining in China has reduced the hash rate of PoW blockchain networks but this event did not damage any blockchain. There was no 51% attack on any network for this reason and if this event was to be seen as a test, all cryptocurrencies successfully passed it.

• Rising retail interest. It is to be expected though. Retail didn't even enter this crypto cycle. It was all about institutional and accredited investors, insiders, bankers, and while millions of new users flocked to exchanges, there wasn't an exponential rise like in previous years. It is still less than 1% of the world population holding a decent amount of investment funds in Crypto.

• Interactive Brokers will introduce cryptocurrency trading on its platform (source). This is the largest online trading platform worldwide and is considered to be the most professional and reliable. This will be a huge boost to the cryptocurrency market and IB is expected to begin crypto trading services by the end of August.

• The Philippines Stock Exchange is planning cryptocurrency trading services (source). The Philippine government is also considering changing its stance to crypto.

• Vietnam is also changing its negative stance into a more neutral one (Source1, Source2).

• JPMorgan has stopped the FUD since the previous week. Literally, JPMorgan was bombarding us with daily reports about the bearish state of the market since mid-May. The latest reports coming from this bank have been bullish on Ethereum, while also leaving a hint that the trend can turn again to favor cryptocurrencies (Source1, Source2, Source3).

• Doge/Shiba Inu/Meme tokens are losing steam. It is a good sign to see any kind of useless cryptocurrencies that have very little to offer to drop since this was a market phase of irresponsibility and arrogance.

• El Salvador can also be considered positive news but was also met with skepticism for the approach towards BTC and for completely ignoring all other cryptocurrencies as a form of payment. Nevertheless, it provided short-term support for BTC that was much needed for the moment it was announced.

Ending Thoughts

We don't have the same vibes yet as last summer when everyone was locked and loaded in Crypto. Moreover, we don't see the same sentiment as with the summer of 2017 when again those that sold early were rebuying.

Many analysts still find this market to have a good chance of returning to extremely bullish sentiment, and some facts point to that. Sentiment in all markets can change quickly, and all that it takes is just one major event.

There are today many mixed feelings in the crypto community, as some express concerns, while others are still positive about the potential of this market cycle. There is a high probability the bullish cycle has not ended and many signs point to the fact that the market is just on stand-by and refueling at the moment.

We have to look at BTC price action as it is the precursor for the price action of the rest of cryptocurrencies. The crypto market is still attached to one asset, Bitcoin (BTC), and follows.

While this connection hasn't weakened a lot, it is expected that within the years, BTC will lose more of its dominance and this dynamic on the market will lessen. Ethereum for example still holds very well despite the recent drop.

For the moment, everything is still in standby mode. After the huge crash in May and another small drop in June, the market is waiting for the bearish sentiment to deplete completely before moving to higher grounds.

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Image of the day: A Sneak Peak Of Bitworkerss !

I present this screenshot as a sneak peak into Bitworkerss.Cash development. There are already a few major categories that also open subcategories when selected.

There are multiple advantages from such a platform and I don't remember seeing something similar in the Cryptoverse so far. I am certain that it could attract thousands into the Bitcoin Cash ecosystem, and also help the current user base.

Images:

• Lead Image from: Unsplash (by Salvador Martin Yeste)

• Second Image from: Unsplash (by Malhar Garud)

• Third Image from: Minds

• Lower Image Background: "Designed by starline / Freepik"(Modified)

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