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Published on: Blog Posts | ChainMyne

ChainMyne takes on Miami

Here, in the GTA, we have seen several days of temperatures in the high 20’s even reaching into the 30’s but that couldn’t keep our team from joining one of the biggest events in crypto.

This year’s Bitcoin conference was hosted in Miami, a celebrated state in crypto space, and the Mayor of Miami himself set a personal goal, ‘to turn his tropical city into a Bitcoin savvy economy before 2022’ but the party was not exclusive to Miami. During the event, El Salvador voted to adopt Bitcoin as legal tender, and while many have been quick to point out El Salvador’s GDP, they may have missed the point of what it means for a nation to adopt a new form of currency. One which will help bank the bankless.

Still, there are plenty of potholes along the highway of innovation. As you can see here: international concerns are now looking to influence El Salvador in their decision on legalizing Bitcoin as legal tender. As it often happens, when emerging markets begin to take market share from traditional markets, those potholes often appear, and in this next instance lobbyists project the ‘illegal narrative’: “DeFi derivatives may be illegal” – CFTC Commissioner

Over the years, the crypto news cycle has reiterated the same old messages. As we find ourselves at a crossroads for TA, it is no coincidence that we learn China is cracking down on miners only to be told days later that the report was false. These conflicting narratives assure us that nobody knows exactly what can fuel the bears or the bulls so attempts are made in both directions leaving us to ask, ‘Who will win?’

Below the ETH:USD chart is presented to illustrate my interpretation of a month-long ‘cup and handle’ which may fuel 2021’s DeFi summer:

When you look at the bigger picture, Alt season may have just begun. See, when Bitcoin pumps, it moves alone, but when ETH pumps, the market follows. As you can see below, ETH may have just begun its move against BTC, and if it continues to take market share, ALT season will resume.

Here at ChainMyne, we are ready to help first time buyers enter the market through a safe exchange along with long term investors who are looking for reliable service. As a proud Canadian exchange, ChainMyne is building towards a new future of financial independence, transparency, trust and accessibility. Start trading with ChainMyne today and experience for yourself how we provide our clients with the best-in-class customer service, a tailored personalized experience, and easy access to building wealth … all through a secure and reliable platform! 

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