Bitcoin breaks $50,000 and is looking for the next move up.
The tug of war between bulls and bears has left a stagnation in price over the past few weeks. But the fight for the 200-day moving average on the bitcoin price will have a winner soon. The 200-day moving average is a key indicator for assessing the momentum of a given asset. Our Analysis leans towards the Bulls taking over soon, as psychological markers like 50k are significant signals in this maturing but still speculative market.
Visa Spends 150K on an NFT
Visa spent $150,000 on August 18th to buy an NFT. The NFT named CryptoPunk 7610, was purchased for 49.5 ETH (ethereum). Visa didn’t custody the Ether but used a licensed bank, Anchorage, to facilitate the deal, and just as newsworthy that bank became the first U.S. bank to custody this new and exciting asset class.
Instagram Targets Marijuana Accounts
Instagram is joining the big tech censorship crew of YouTube and Facebook. Colin Bambury, a marketer for MJ companies said that “This is one of the biggest pain points in my life,” highlighting Instagram’s intolerance for the marijuana industry. The image sharing app has a predilection for deactivating or flagging marijuana-related accounts. Bambury has worked with brands like Weedmaps, rapper Wiz Khalifa’s Khalifa Kush Enterprises (KKE) and Canada’s Supreme Cannabis.Despite some accounts having as many as 200,000 followers accounts Bambury managed have been flagged for content violations numerous times.
Gold Closes above $1,800
After a strong rally Monday Gold has broken above $1,800. The weakness of the US dollar may be helping XAU/USD gain momentum for the bulls. It is too early to tell if the market rally will continue through the week, but carts are looking mighty tasty for Gold Bugs.
Inflation is Here
CPI inflation report shows July had a profound rise in inflation. According to the Bureau of Labor Statistics (BLS) prices have climbed 0.9% last month with a trend of 5.4% year-over-year. Indexes for homes, food, energy and new automobiles were the main culprits for the inflation growth in July. These are all products that affect the middle class and will have an effect on their ability to spend on other items. Are we on course for a Black Swan Event? All signs seem to point to a cautionary yes.