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The Wolf Den #583 - Greenpeace Wants War

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September 20 · Issue #583 · View online
The Wolf Den Crypto Newsletter
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In This Issue:
  1. Greenpeace Wants War
  2. Bitcoin Thoughts And Analysis
  3. Legacy Markets
  4. The Hike To End All Hikes
  5. Coinbase Gets Political
  6. Bitcoin Rainbow Chart Gets A New Color
  7. My Recommended Platforms And Tools
Greenpeace Wants War
I did some digging into Greenpeace’s new campaign against Bitcoin mining and am still attempting to pick my jaw up off of the floor. As you likely know, Greenpeace is an independently run global climate organization designed to protect the planet. Their overall mission is noble, but their stance on crypto is misguided.
Let’s take a look.
Immediately following Ethereum’s successful merge, Greenpeace co-opted the media with a new focus for their “Change the Code, Not the Climate” campaign. The organization praised Ethereum endlessly, and took the opportunity to aggressively slander Bitcoin. This was paid for and planned.
Here’s a statement from the campaign: “Bitcoin has become the outlier, defiantly refusing to accept its climate responsibility.” I’m all for miners cleaning up their operations, but that’s not what this campaign is actually about.
Greenpeace’s crypto campaign started in March, backed by crypto billionaire Chris Larson, Ripple’s executive chairman.
Ripple is funding the environmental campaign against Bitcoin.
You read that correctly.
According to Greenpeace’s press release, the campaign boasts funding of $1 million and is specifically targeting Fidelity, PayPal, and Block. Surprisingly, they are not targeting the actual miners, but rather the most notable institutions that believe deeply in Bitcoin.
Which makes no sense, unless you are strictly doing it for PR.
So the institutions are the problem, but not the miners that are actually emitting carbon? And do they truly believe that Jack Dorsey is ever going to push for a change in Bitcoin’s code? There is even a petition on the press release and website calling on Fidelity to “publicly support the call for a shift in Bitcoin’s code to an energy efficient protocol” and “phase out their business if change isn’t made.
I don’t know what they are smoking, but pass it this way.
It is likely that Greenpeace’s efforts are less about the environment and more about PR and money. Attacking Bitcoin is in vogue at the moment, and getting paid to do so is a big win for the organization.
Greenpeace fails to mention that Bitcoin miners can buy excess renewable energy from the grid and that it mitigates gas flaring emissions. They don’t discuss that most Bitcoin mining now uses renewable energy or that a new cohort of investors has been inspired to build environmentally conscious infrastructure to improve how energy is captured and spent. They don’t mention how miners can help secure the energy grid.
The Greenpeace effort will stir up drama and cause more division, which is likely the actual intent. There is no way that they truly believe they will change the consensus mechanism. Bitcoin’s code will never change and supporters will never give in to misinformed climate actors and Ripple’s backhanded tactics.
Ever.
Bitcoin Thoughts And Analysis
DAILY CHART
The crypto market saw promising daily candles print across almost all assets yesterday, with Bitcoin leading the way.
Bitcoin printed a hammer candle, which some would also identify as a dragonfly doji. Technically a dragon fly should have minimal to no real body, with the open and close at the same price.
Either way, when placed at the bottom of a downtrend, this candle indicates a potential reversal. The catch is that it requires confirmation in the form of a bullish candle during the next trading period. We do not have that for the moment. We want to see today close higher than yesterday or else this candle pattern is meaningless.
Yesterday’s rise was stifled right at $19,666 - the red line and highs of the 2017 bull market. That’s a key resistance.
Legacy Markets
Asia Stocks Set to Open Higher on Late US Rebound: Markets Wrap - Bloomberg
“Stocks fell, giving up early gains, as traders braced for another supersized US rate hike amid rising anxiety the Federal Reserve could overtighten and raise the odds of a hard landing.”
Key events this week:
  • US housing starts, Tuesday
  • EIA crude oil inventory report, Wednesday
  • US existing home sales, Wednesday
  • Federal Reserve decision, followed by a news conference with Chair Jerome Powell, Wednesday
  • Bank of Japan monetary policy decision, Thursday
  • The Bank of England interest rate decision, Thursday
  • US Conference Board leading index, initial jobless claims, Thursday
Some of the main moves in markets:
Stocks
  • The Stoxx Europe 600 fell 0.4% as of 10:19 a.m. London time
  • Futures on the S&P 500 fell 0.3%
  • Futures on the Nasdaq 100 fell 0.5%
  • Futures on the Dow Jones Industrial Average fell 0.2%
  • The MSCI Asia Pacific Index rose 0.7%
  • The MSCI Emerging Markets Index rose 0.9%
Currencies
  • The Bloomberg Dollar Spot Index rose 0.2%
  • The euro fell 0.2% to $1.0007
  • The Japanese yen fell 0.4% to 143.76 per dollar
  • The offshore yuan fell 0.3% to 7.0227 per dollar
  • The British pound was little changed at $1.1427
Bonds
  • The yield on 10-year Treasuries advanced four basis points to 3.53%
  • Germany’s 10-year yield advanced nine basis points to 1.90%
  • Britain’s 10-year yield advanced 10 basis points to 3.23%
Commodities
  • Brent crude rose 0.7% to $92.60 a barrel
  • Spot gold fell 0.5% to $1,667.80 an ounce
The Hike To End All Hikes
Federal Reserve to raise interest rates 0.75 points to fight inflation - The Washington Post
Wednesday’s FOMC meeting could be one for the record books.
Most pundits are anticipating a 75 bps hike, but now there is a real possibility that an unprecedented 100 bps hike is in the cards due to higher than expected inflation numbers. The decision this Wednesday sets the stage for what’s to come. Do they want a recession? Do they want to end inflation for good? Are they willing to hurt the job market, consumer spending, and house prices?
After creating this mess in the first place, the Fed is stuck dealing with the age-old conflict between raising interest rates and slowing down the economy or cutting rates to stimulate the economy. Considering the weakness in all markets this past week, the 75 bps hike seems to be priced in, leaving the 100 bps hike as the wild card - this will be a volatile week.
Coinbase Gets Political
Brian Armstrong
1/ Starting today, Coinbase will begin integrating our crypto policy efforts right into our app. These will help our 103M verified users get educated on the crypto positions held by political leaders where they live. https://t.co/3GqWZIioZQ
Coinbase has struggled to win the hearts and minds of the crypto space, but their new legislative action portal should be a fan favorite. Through the Coinbase platform, U.S. users can now see a list of where every elected representative (house and senate) stands on crypto. Based on publicly available data, members of congress are given a score based on their views.
Each profile includes public statements and bills signed or cosigned relating to crypto. Coinbase has found a creative way to get its users involved in government and keep tabs on our elected officials. As the issue grows, we will soon reach the point of no return where representatives will have to have an opinion or risk losing their seat.
Bitcoin Rainbow Chart Gets A New Color
🌈 Bitcoin Rainbow Chart (Live) - Blockchaincenter
Indigo has been added to the infamous Bitcoin Rainbow price chart, now representing, “1 BTC = 1 BTC” for the final color. Assuming all parameters remain in place, indigo will be the final color since it represents price action all the way to $0. In this sense, the Rainbow chart can now live forever, unbreakable, reminding us just how silly we all are.
Long live the Rainbow Chart.
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The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to “Buy,” “Sell,” or “Hold” an investment.
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