Alright Steemit? Welcome to another overnight wrap.
Here's the latest (massive) movements in ...
Crypto Markets
Bitcoin closed higher against the US Dollar yesterday, despite having plenty of room for consolidation. Pair traded as high as 2380, before finishing the day at 2302. We have even more for room for temporary weakness, so short-term direction is hard to call. I think consolidation is most likely, though can't rule out a break above 2400 either. Regardless, buying any weakness seems like a solid strategy:
ETHER! Damn son... recovery in full effect. Two massive up-days in a row and trend-resistance is breached. There is HUGE fundamental news behind this rally (see below). Still nearly 100% from the highs, so this could be a great margin long if it works out. Will Ether be the next bitcoin? I've had my doubts lately, but I'm willing to take one more chance it will live up to the hype.
Steem notched an up day yesterday too, but not as impressive as Ether and giving it back in Asian trade. Support remains solid - long-term mindset and patience are key here:
We are trading at 1.51 AUD this afternoon, up from $1.39 yesterday. Also up against the US Dollar: currently fetching $1.26, down from $1.08 Tuesday. Steem Dollars continue to trade at a slight discount, you can currently picked them up for 98c on the Dollar at Bittrex.
Crypto News
This is HUGE no two ways about it, Mastercard has joined the Ethereum alliance. No wonder Ether is up. 34 other new members too, including an Indian state government, but that's the big one. Visa will be next - just watch. Coindesk with the full story.
Market cap is back above 80 Billion as the across the board recovery continues. We are now only down 25% or so from the all time highs and up nearly 40% from the recent low. Coindesk again with that one.
Still not up to speed on Segwit2x, BIPxx's, hard forks, chain splits and all the rest? Coindesk have made a hub with a 101 and all their articles on the matter in one place. Well worth a look if you need to freshen up.
Aussie News
This one crossed the wires just after I finished yesterday's article: another Greens senator has resigned over holding dual citizenship. Bloody hell guys, starting to look a little hopeless here. Your legalize ice policy is a joke too ... yeah legalize weed, hell legalize MDMA - shit's beaut - no one throws king hits or pulls home invasions on the lovey stuff ... But Ice? It's a scourge. End of story. Think the party needs a major reality check - I'll be thinking twice before casting a green senate vote in the next election.
APRA have imposed tougher capital requirements on Australia's biggest lenders. Anything to make the system more resilient is good for stability, but at the end of the day, Aussie home owners will pay for this when the banks answer with a rate rise.
In other local econ news, the Productivity Commission has issued a warning regarding the dangers of protectionist policies, saying Australia could lose 100 000 jobs if we were to follow the global trend towards protectionism. I actually agree with them on this, but you really can't believe a word these fuckers say - they spew more unfounded dogma than the IPA on a bender. Remember, these are the hacks who recommended a pay cut for Australia's lowest paid workers, while economists from across the political spectrum were worrying about persistently low wage growth.
I'm quitting smoking - the overnight wraps might become overnight rants over the next few days. Hope you enjoyed!
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