Chart of the Day
$50k and Beyond. The monthly options contract is set to expire this Friday with the highest open interest by strike pinned at $50k, which is now ITM — yes, this week kicks off with Bitcoin starting a steady increase in Asian hours and surpassing the $50k psychological barrier. At the moment, the price remains well-bid and is making an attempt at the $50.5k resistance level. The spent outputs of coins aged between 6 months and 5 years, indicative of trading behaviors of mature holders, are making up a higher percentage of daily volume as price rallies. In recent cycles, mature market participants are no longer selling into market tops, but rather into pullbacks that follow a local peak. Look out for selling pressure should Bitcoin fail to climb above resistance and descends into minor corrections.
Talk of the Town
A 10-Year Bet. Deloitte’s annual global blockchain survey finds that 76% of financial professionals believe that digital assets will prove to be a strong alternative, if not entirely dethrone fiat in the next 5-10 years. What would you wager?
Fun Fact: Embedded into the 696969th Bitcoin block, which was mined on Aug. 22, was the message “dropgold”.