As the month of June comes to a close, it seems the latest downward leg of the crypto cycle has come to an end and that a new positivity is blooming once again. Of course, these kinds of predictions have a way of being completely wrong but there is no denying a fresh energy bubbling up in the markets.
Many people realised that prices in the region of $60 000 for Bitcoin were too high, and expected a correction…but this dip has gone lower and longer than what we had hoped for. On the 22nd of June, the price hit a low of $30 000 but has climbed back up to $35 000 in recent days. But, what they say about the weather in Cape Town can also be said for Bitcoin prices…if you don’t like it, just wait five minutes and it’ll change.
Aside from the crazy price gyrations, there is a lot of innovation and impetus still driving the market forward.
Billionaires continue to drive the market. This time it’s not Elon Musk who is making waves, it’s Twitter founder and CEO Jack Dorsey who recently hosted a live Twitter Spaces conversation with mogul / musician Jay-Z about Twitter’s acquisition of Tidal.
Tidal is a music streaming service that was founded by Jay-Z with an emphasis on giving more back to musicians than Apple Music or Spotify do. Twitter recently acquired the company and, with Dorsey being a huge Bitcoin evangelist, there was a lot of discussion about how crypto could be used in the streaming media world going forward.
CoinTelegraph wrote that ‘Jay-Z and Jack Dorsey have hinted that their music streaming service, Tidal, could be eyeing integrations supporting NFTs and smart contracts. They believe they can capture significant market share by using blockchain technologies to offer empowering tools to artists.’
It’s not too hard to imagine some new kind of product where music, twitter and cryptocurrencies come together to provide something new and exciting for the market and help musicians rebuild after the devastating loss of touring revenue from the pandemic.
At the time of writing, many crypto enthusiasts are waiting (im)patiently for the launch of the Spark token from the Flare Networks. This company is bringing the next generation of smart contracts to the integrated blockchain, and mayn of those in the know say that they are really getting it right. Flare’s token, known as #Spark, is going live any day now, and is being handed out to all XRP holders who had a positive XRP balance in December of 2020. No-one is quite sure yet what each Spark token will be worth, but for many XRP holders, this could be just the kind of boost they need to make up for the big losses that have occurred over the last few weeks.
Right now, up and down in the markets just feels like business as usual. Our only advice is to HODL and to keep building your portfolio with CapeCrypto. See you soon!