Screen Shot 2016-01-18 at 14.22.33 It’s been a rough few days in the bitcoin space. A number of key fundamental developments, primarily driven by Mike Hearn’s now much publicized farewell essay, have put pressure on the bitcoin price, and action over the weekend reflected this pressure. A few weeks ago it looked as through we were on track for a $500 coin. I personally sold a few coins to cover some expenses in the $460 region, and remember thinking I was selling ahead of an up-rally, and that I would regret the (albeit necessary) sale a few days later. Turns out the opposite is true. In the weeks that followed my sale we fell through $450, down to $420, got a little bit of reprieve to recover around the $430 mark, then collapsed to trade just ahead of $400. Fundamental catalysts have since broken the $400 support level, and having carved out fresh annual lows to trade just ahead of $350 flat, we now sit at circa $380 a coin. All this volatility has been tough on longer term holders, but from an intraday perspective, it’s been pretty rewarding. The ability to set up against both sides of the market means that – short term at least – we can profit from both up and down action. With this in mind, the weakness we have seen as late has not been that damaging. In essence, our intraday strategies have served as a sort of hedge against the overarching downside momentum.
All this aside, the weekend is now over, and we are heading into a fresh week in Europe and the US. It’s MLK day in the US today, so volume on that side of the Atlantic might be a little light. Europe today, however, and Asia tonight, should be on […]
