Fortune favours the bold or the brazen?

Documenting the ups and downs of my trading journey from

For heaven's sake this is not financial advice.

Trade Summary for july 2021 

There are effectively two tranches of buys. The first tranche lasted from the 2nd to the 9th of July. Bitcoin was hovering around the strong resistance at the USD 32k-33K mark. Binance Coin was also showering similar resistance at USD 300(same goes for the other altcoins).  Since Bitcoin had recently recovered from the major correction to 29.6K, pricing at 30K, I thought it was a good decision to start buying. 

The second tranche of buying started from the 14th to 20th of July. I noticed that Bitcoin had some showings of a downward trend after the initial tranche and continued to make lower lows confirming my suspicions of further drops. Once it hit the 30K level, a level that has shown strong resistance historically, I decided to start accumulating more in the hopes of offloading all my whole holding in the coming weeks. I had sold my holdings albeit slightly early as I had little confidence that Bitcoin would break the 42K level. BNB and BCH was sold later as they remained mostly sideways while BTC and ETH showed signs of recovery. BNB and BCH increased in price afterwards ( missed the 10% spike)

With a balance of SGD1.1K , my realised profits stood at SGD 193.  I will be monitoring closely in August in light of impending US regulations, the ETH London hardfork and FUD from China. 

early crypto christmas?

Thursday marked the end of my last paper for Semester 1 of my 2nd academic year and I was looking forward to a rather restful an uneventful weekend before the start of my next internship.

The serenity and peace that I so dearly longed for was brought to an abrupt end by Bitcoin’s precipitous drop to USD 46K levels on 4 December 2021 SGT; the first sub-50K level since its all-time high of 77K.

My first port of call was to consult the collective wisdom of Crypto Telegram for the most unpolished, unverified and unadulterated scoop. Amidst the screenshots of margin calls, liquidated positions, diamond hands and chants to "buy the dip"; an interesting piece of information was found which helped to shed some much needed light

Galaxy Digital Research reported a $1bn liquidation of bitcoin futures over the span of 24 hours.

The Wall Street Journal had also posited a hypothesis that the unwinding of heavily leveraged crypto derivatives could have accelerated Crypto’s capitulation. Other possible explanations include the Federal Reserve’s possible plans to taper and address the “not-so-transitory” inflation and the world’s pre-occupation with the Omicron variant.

In any case, explanations can only do so much when you are talking to the brick-wall of perpetual crypto optimism. The unending and unyielding hubris, bravado of crypto maximalist be succinctly summarised by the following tweet from El Salvador’s president Nayib Bukele.

All things considered, my opinion remains that there is still a strong bull case for cryptos in the coming years. If the growing consensus of a USD 100K Bitcoin is anything to show for, the bull thesis is upheld by trifecta pillars of strong institutional adoption (Microstrategy, El Savador), increasing regulations and mass adoption by the public in the absence of catastrophic regulatory changes such China’s recent crypto ban.