This won’t be a long-post, I have some “Crypto Housekeeping” to do.
It occurred to me that my housekeeping itself may be of value to my readers, so I’m quickly going to run through it with you. But first let’s look at the big names:
Metals and BTC:
Yesterday I spoke about a precious metals breakout. My criterion for the confirmation of a Gold breakout WAS met! Now I wish I had had more money to put into Gold earlier this year! The other precious metals I discussed also performed well yesterday – it looks like they may finally regain their rightful prices.
…speaking of which; Bitcoin also had an excellent day yesterday! With the $10k mark now firmly in sight, the market is palpably excited. We may still have a dip or two before BTC can break through $10k, we may also bounce off it as it acts as psychological resistance, or BTC could sail straight through $10k soon without breaking a sweat. Crypto volume (BTC in particular) is in uncharted territory. It is WAY HIGHER than it ever was during the 2017 bull run. I think people will be surprised by just how hard and how fast this bull is going to run! (Not to mention “how high”!)
I’m just looking at that incredible volume again as I post this chart; words fail me!
In the short-term, BTC may be forming a bull flag (as seen below). I remind you that a bull flag is a continuation pattern – meaning that BTC is about to climb higher (probably).
Longer term-charts are curved upwards on a logarithmic chart! (see chart below). This means that BTC is climbing faster than base 10 logarithmic growth – which is truly exceptional. It is impossible to say how long such a climb will last, when hype kicks in in the crypto world, then all bets are off. Above-logarithmic growth is unsustainable in the long-term, though it can continue to rejuvenate itself by making small dips during the climb – much as it did in 2017. This run could still carry on for days, months. Or years…
Interesting Housekeeping: (including hints)
Today I will be moving some fiat-bought Ether to KuCoin. So let’s start with KuCoin:
While the world is going mad for DEXs, especially after the “Binance can’t operate in the US from September” wake-up-call, KuCoin has silently done something else…
Don’t get me wrong, I LOVE DEXs too! My investment in Nash Exchange (NEX) has made me a small fortune in the last week or two:
Hint 1: Buy NEX – it’s still very cheap and I anticipate that it will revolutionise the crypto trading world:
Back to KuCoin: KuCoin has partnered with a company called Arwen. Together they started a trial in April. Arwen allows for non-custodial trading. As the article says:
Arwen is a new solution for traders and funds that are averse to holding their personal cryptocurrency assets on a centralized exchange. With Arwen, traders can securely self-custody their coins while they trade on a centralized exchange. Arwen trades are executed via a layer-two blockchain protocol that allows traders to benefit from the full liquidity and speed of the centralized exchange’s orderbook.
Or in the words of a related Forbes article:
Arwen has designed a protocol built on some of the same technology used in the Lightning Network to create a separate network specifically for traders and exchanges. The idea is to give traders the best of both worlds in terms of the liquidity and speed of centralized exchanges and the security of holding on to one’s own private keys.
This means that KuCoin is looking at a system which will give it the non-custodial benefits of a DEX with the speed and liquidity of a CEX.
Hint 2: Buy KuCoin Shares (KCS). They have also made me a small fortune in the wake of the Binance announcement.
KCS token once sold for over $20, today you can get them for a little over $2. With KuCoin having decimated the competition in this study of real vs reported trading volume, it’s a damn exchange to invest in – especially in a high volume bull market. It also just listed Binance Coin, deployed a KCS Ecosystem (bookmark that and check it out, it’s very informative), and launched an affiliate program were you could get sizeable referral rewards (I’ll be applying for that as part of my housekeeping).
Hint 3: if you blog about KuCoin, try becoming an affiliate.
The other thing I will be doing today is moving a few coins off and onto exchanges. There are important reasons for this:
WAX: When I visit KuCoin today, I will probably be buying more WAX. This is because WAX will be undergoing a token swap, starting from 30 June and running for a month. While KuCoin will support the swap, I will be swapping mine manually. This is because I want to stake my new WAX tokens. WAX has devised a three-year staking system. Every token you stake will slowly generate WAX for you. You can only stake tokens during the swap period, making this a once-off opportunity: if you miss it, you miss out. After three years your tokens will have doubled in number – not a bad way to generate passive income from a magnificent gaming coin! I don’t have to tell you again how bullish I am on gaming coins. The new WAX mainnet will be run on an independent EOS-type network. You will be able to access your WAX through a wallet like Scatter. Any tokens which are not claimed in the stake will be burnt. This means that by staking your tokens for the entire three years, you will hold a proportionally larger percentage of all the WAX tokens than before (because not everybody will stake their tokens).
Hint 4: Buy WAX before the staking hype hits the masses and drives up price.
Hint 5: Stake your WAX – preferably without touching it for 3 years (if you unstake a coin it can’t be restaked).
MyWish (WISH) is changing from an ERC-20 token to a BEP2 token. At the moment, both varieties of token are in circulation. Eventually ERC-20 WISH will vanish, so get yours converted while you still can. WISH has always been one of those very good, but hopelessly undervalued tokens. Take a look at it if you don’t know what it is. Now that it is on Binance DEX, it is getting more attention.
Hint 6: Convert ERC-20 WISH to BEP2 WISH. Since it is still extremely cheap (market cap $1 Mil), consider buying some if you don’t already have it.
Walton (WTC) will also be launching it’s own mainnet soon. Walton is an ERC-20 token. Since Binance is supporting the token swap and since I don’t have a lot of Walton, I will be sending mine to Binance to handle the swap for me (both Binance and KuCoin are very good about handling swaps, paying token dividends etc). No hint here, other than don’t forget about the Walton mainnet swap if you hold Walton.
Okay Bit Brainers, I have work to do. Hope this helps you and that you may consider using a few of my hints.
Yours in crypto
“The secret to success: find out where people are going and get there first”
~ Mark Twain
“Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful”
~ Bit Brain