12th November 2024 > > New ATH, reduced supply, & a reminder.

tl;dr

Five new ATHs in five days is not a bad run. A key piece of advice to take note of if you decide to realise some early profits from this potential banana zone.

Market Snap

Market Wrap

BTC came within $100 of breaching $90k on spot exchanges but breached that level on perps.

I have been working on the assumption that getting into six figures is going to be difficult simply because of the psychological importance of that large round number. But … BTC on centralised cryptocurrency exchanges is starting to suffer a supply shock:

On the downside that is a highly inflated perpetual futures funding rate. There is the risk of a significant long squeeze.

Host of COP 29 (now) – Azerbaijan

You can’t blame any of the 80,000 (yes, really!) attendees at COP 29 this week for using their private jets to get there. I know that on the face of it, it looks a touch hypocritical with all those extra carbon emissions. But give the slebs and the politicians a break. Have you ever flown Air Azerbaijani? If you did it once, and got away with it, you wouldn’t do it again.

Azeri President Ilham Aliyev has described the oil and gas reserves owned by the country as “a gift from God” and fully intends to exploit those resources as quickly and as best he can, regardless of the platitudes issued as a joint statement after the end of this farcical shindig.

Host of COP 30 (next year) – Brazil

President Lula da Silva has declared he wants Brazil to move from the eighth largest oil producer in the world to the fourth largest. His plans to do so do not rely upon any of the nations above Brazil in the oil producing league to reduce their own output.

All just another jolly at the taxpayers’ expense. That’s a “black hole” and a half, if such a concept can physically exist.

Ho hum.

Curious Cryptos’ meme corner

Curious Cryptos’ Commentary – Coinbase support

Coinbase is an excellent centralised cryptocurrency exchange. Their customer service has always been excellent. Until today:

Indicative of retail action, methinks.

But there is another lesson here too. After the recent ramp-up in DOGE the CC Treasury decided to take some early profits out of the 500% plus gain on the treasury investment in DOGE. A test transfer of 1 DOGE has failed, and now I have a wait time of nearly three hours to find out why.

This is another reminder to always, always, just move a small amount at first when executing a new transfer, just to be sure. Boring I know, but fat finger mistakes are too common and too painful to ignore.