Trader Top 9: Bitcoin Corrects but Companies Keep Buying

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Welcome back to another jam-packed Trader Top 9!  This is our 50th Trader Top 9 and we couldn't have done it without your support.  A big thanks from all of us at Cove Markets and we hope you stick with us for the next 50 as we maintain our laser eyes focus on providing you with the most interesting developments in crypto.

This week may not have seen the barrage of bull signals that the last few weeks did, but boy it was still interesting.  

9. First, we have to talk about the price reset of Monday and Tuesday.  Honestly, it was almost a relief after the straight ascent up.  Qiao's observation is spot on:

8. One of the potential reasons for the sell-off was negative comments from Treasury Secretary Yellen.

7. Still, most insiders in the industry pointed more to technical factors (cough, cough, leverage!)

6. If you thought that was going to keep us down long though, well, lol.  First of all, there are other big things happening in crypto.  Check out Mark Cuban waxing about NFTs for one such example.

5. Also, the New York Attorney General settled its case with Tether, ending one of the most pernicious FUD campaigns and (theoretical) systemic risks to Bitcoin.

4. Then the good news started rolling in once again.  Square reported that it had purchased $170m more in Bitcoin during Q4 2020.  

3. Michael Saylor, the absolute madman, announced that MicroStrategy had purchased another 19,000 or so Bitcoin, bringing the company's total to more than 90,000!

2. The Fed's main money system went down, seemingly to rub Yellen's comments about Bitcoin's inefficiency right in her face.

1. ...And making it perhaps a little ironic that Jerome Powell announced that this would be the year they dug into a digital dollar...  The excitement never ends!

🔥 Cove Markets now has a Telegram group and a Reddit community page.  Please stop by and let us know what you thought about this week's Trader Top 9! 🔥


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