Welcome back to the Trader Top 9 - a narrative look at the most important tweets and discussions from the crypto trading and investor community. This week we got more bad news in the Jobless claims report and further state shutdowns. The economic reality out there is terrible for so many. For our bitcoin and crypto community, however, not all the news is bad. On this week’s Trader Top 9, we look at some of the positive developments.
Before we get started, let’s share this week’s trader tricks. Using CoveTrader, you can anticipate where markets might move next.
9. First things first, let’s start with an analysis of how we got here. The Coronavirus has been a cataclysmic, unpredicted event. But it came into a market structure that was already much more fragile than it seemed.
8. As markets have crashed, investors have flocked to US dollars. We’ve seen that not only in “regular” dollars but in their stablecoin equivalents like Tether.
Independent researcher Hasu analyzed how USDT and other stablecoins are benefitting from larger demand for dollars even from traditional markets
7. As wild as some of the bitcoin moves have been this month (Black Thursday, anyone?), bitcoin was actually less volatile recently than stocks.
6. What’s more, although bitcoin didn’t have a good quarter, it didn’t perform nearly as badly as stocks, which had their worst Q1 ever.
5. Indeed, stock market investors are having an extremely hard time pricing assets by any conventional valuation metric. This might benefit crypto investors who are used to this very different type of trading.
4. There is some evidence that, in these volatile times, there is growing excitement around bitcoin and crypto. Kraken saw an 83% rise in signups, for example.
3. Coinbase also reported that their users had been officially - not just anecdotally - buying the dip.
2. Another part of confidence has to do with larger market activity like M&A. Well, we got a big one this week with Binance acquiring CoinMarketCap in a deal worth at least $300m.
1. Add all this and more up and you have what could be a promising quarter for bitcoin and crypto ahead.
Bonus - and if nothing else, at least we get to watch Barstool Finance now.