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20th August 2021 > > Coinbase.


tl;dr

Coinbase Treasury is buying up BTC.


Market Snap






Market Wrap

For those who have not been paying attention, there is a bearish divergence forming on the 4-hour chart and the daily chart.


If you are a techie naysayer and want to point out that there is no such bearish divergence on the 7-hour 36-minute chart and whatever time frame you want to compare it to, then I will not be arguing with you.


Meanwhile, investor confidence for a price at least in the mid-40s looks stronger by the day.


Occasional Series – Civil servants' bumbling bureaucracy

Sir Philip Barton, Matthew Rycroft and David Williams, permanent secretaries at the Foreign Office, the Home Office, and the Ministry of Defence, all recently went on holiday. None have so far returned to work.


I can’t think of any world events that would require the urgent attention of the Foreign Office, the Home Office, and the Ministry of Defence. If you have any suggestions, please let me know.


Curious Cryptos’ Commentary – DOGE

Just a couple of days ago, I commented that perhaps we need to start taking DOGE more seriously rather than just thinking about it as a punt on the next Elon Musk tweet.


The retail trading app, Robinhood, which is very popular amongst younger, inexperienced investors with an overwhelming interest in meme stocks (not a particularly comforting combination) released its Q2 results.


Crypto trading within the Robinhood environment has grown dramatically, now responsible for 41% of Q2’s revenue. Of that total DOGE trading by the uninitiated was responsible for a whopping 62%.


We really do NOT need to take DOGE seriously. Sorry for the false alarm.


Curious Cryptos’ Commentary – Corporate Treasury and cryptos

The latest Corporate Treasury department to announce crypto involvement is Coinbase who have bought $500mm of digital assets – BTC, ETH, and other coins – and who will invest 10% of profits into cryptos going forward.


The sceptical amongst you might legitimately point out that Coinbase investing in cryptos is the least surprising news for a long time, and you have a fair point.


But I look at it slightly differently. If they weren’t investing their own resources into cryptos, that would send a very bad signal to all other Corporate Treasury departments thinking of going down this route.


All grist to the mill of institutional crypto adoption.

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