Doc's Daily Commentary

Mind Of Mav

3 Reasons Why Bitcoin & Crypto Are Soaring Higher Right Now

Much has occurred in a short amount of time. Bitcoin’s price has surged to a three-month high in the last seven days alone, touching levels not seen since January 2nd.

We can see that the levels of “Greed” in the Fear and Greed index haven’t been this high since December 2021, but more accurately the market resembles conditions similar to the end of summer 2021, which precluded a few months of bullish action. I think we’re on the precipice of a similar event.

This brings the overall 7d gain to roughly 16%, since Bitcoin briefly traded above $48,000 earlier today. The total market capitalization of all cryptocurrencies increased by a remarkable $120 billion in the last 24 hours, and we examine three possible explanations for the recent advances. Here’s 3 recent events that have pushed up the prices:

Terra Buying Bitcoin

Without a doubt, Do Kwon’s Terra seems to be the key driver of the current spike in Bitcoin’s price, as their BTC purchases continue to flow in.

Do Kwon, co-founder and CEO of Terraform Labs, the firm behind the Terra system, disclosed plans to acquire a total of $10 billion in Bitcoin over time. While many took this lightly, Kwon also said that they “had $3 billion in cash on hand to seed this reserve.” Not long after, the Bitcoin purchases began to pour in. Terra has been purchasing in $125 million increments, leading some experts to worry that a supply shock is imminent.

The Supply Chain is Getting Squeezed

Remove 2.5–3k BTC of supply every day for an extended amount of time = massive effect. Those that are short must eventually cover higher as supply diminishes. What is rare gets much scarcer. 

In essence, the idea of a supply shock, in which demand significantly surpasses supply, is pressuring the price upward.

Additionally, market data indicated that bears were caught off guard by this move. As we previously reported, Bitcoin’s volatility has wiped out over $410 million in liquidations over the last 24 hours, with over 80% of them being short positions.

Market Sentiment Is Ready For A Bullish Turnaround

Bitcoin — and, by extension, the whole cryptocurrency industry — remain highly connected with Wall Street, regardless of how much local proponents want to distance themselves. Over the last five days, many of the top US indexes — including the S&P 500, Nasdaq, and Dow Jones Industrial Average — have all increased in value.

Additionally, technology businesses such as Tesla are seeing significant growth. Tesla’s stock is up for the ninth straight day, having gained a remarkable 35% in the same time frame.

This might imply that investors become more receptive to risk-on trades, of which Bitcoin is a perfect example.

Overall, it’s critical to exercise extreme caution, since the price is now hovering around the annual close, and it failed to close last time, despite being dangerously close.


The ReadySetCrypto "Three Token Pillars" Community Portfolio (V3)

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What is the goal of this portfolio?

The “Three Token Pillars” portfolio is democratically proportioned between the Three Pillars of the Token Economy & Interchain:

CryptoCurreny – Security Tokens (STO) – Decentralized Finance (DeFi)

With this portfolio, we will identify and take advantage of the opportunities within the Three
Pillars of ReadySetCrypto. We aim to Capitalise on the collective knowledge and experience of the RSC
community & build model portfolios containing the premier companies and projects
in the industry and manage risk allocation suitable for as many people as

The Second Phase of the RSC Community Portfolio V3 was to give us a general idea of the weightings people desire in each of the three pillars and also member’s risk tolerance. The Third Phase of the RSC Community Portfolio V3 has us closing in on a finalized portfolio allocation before we consolidated onto the highest quality projects.

Our Current Allocation As Of Phase Three:

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The ReadySetCrypto "Top Ten Crypto" Community Portfolio (V4)

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What is the goal of this portfolio? 

The “Top Ten Crypto” portfolio is a democratically proportioned portfolio balanced based on votes from members of the RSC community as to what they believe are the top 10 projects by potential.
This portfolio should be much more useful given the ever-changing market dynamics. In short, you rank the projects you believe deserve a spot in the top 10. It should represent a portfolio and rank that you believe will stand the test of time. Once we have a good cross-section, we can study and make an assessment as to where we see value and perhaps where some diamonds in the rough opportunities exist. In a perfect world, we will end up with a Pareto-style distribution that describes the largest value capture in the market.
To give an update on the position, each one listed in low to high relative risk:
SoV/money == BTC, DCR
Platforms == ETH, XTZ
Private Money == XMR / ZEC / ZEN
DeFi == MKR / SNX and stablecoins
It is the most realistic way for us to distill the entirety of what we have learned (and that includes the RSC community opinion). We have an array of articles that have gradually picked off one by one different projects, some of which end up being many thousands of words to come to this conclusion. It is not capitulation because we all remain in the market. It is simply a consolidation of quality. We seek the cream of the crop as the milk turns sour on aggregate.

Current Top 10 Rankings:



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