Spring has sprung and so has crypto so without further ado.
It’s not about the size of the dog(e) in the fight but the size of the fight in the dog(e). Some investors and influencers were left disappointed after everyone’s favourite Dogecoin retraced 68% from the incredible gains it experienced at the end of last week. However it’s since had a mini-resurgence and is currently sitting just under $0.04. I’ve said it before and I’ll say it again- go dog(e), go!
Bitcoin has experienced a similar retrace after the price pump caused by Elon’s twitter bio, pulling back to around $32k. This morning has seen some further gains though and it currently sits at $34,575.32. If you ask me, it’s never a bad time to buy bitcoin but then again, I wouldn’t ask me.
Arguably the most intriguing story this morning when it comes to prices is that of XRP. The much maligned but also much adored cryptocurrency/security/scam/future of money (depending on your perspective) has experienced a price rally as a result of a coordinated community effort, inspired by the recent r/WallStreetBets action. Although unpopular with many crypto purists, XRP is known for having a dedicated army of followers who have activated the community impressively on reddit and telegram. This community mobilisation combined with Ripple recently filing a response in its case with the SEC mean things may be looking up for Brad Garlinghouse and co. Hey, if XRP is good enough for Gene Simmons, it’s good enough for me. Whatever your opinion on XRP this incident adds to the whole fascinating episode unfolding before us in the wake of the r/WallStreetBets incident with GameStop. Expect further developments to continue for a long time- we’re only getting warmed up here. XRP is currently sitting at just under $0.66 cent after starting the weekend under $0.30.
In somewhat worrying news India may be proposing a ban on private cryptocurrency holdings in anticipation of launching its own central bank digital currency. The Indian government has a somewhat checkered history with cryptocurrency having previously considered banning cryptocurrencies in 2018. Some are hopeful the bill will focus on regulation rather than prohibition. Any country which attempts to fight the emerging technology would be met with obstinate opposition or outright defection from its citizens who are in possession of cryptocurrency so this could be an interesting one.
Right, that’s your lot. Have a great week.
marklar.substack.com