Dear BLUE users,
BLUE continues to thrive. Our token achieved gains for a fourth week in a row! BLUE rose from $241.06 to $258.71 (USDT), for a gain of 7.34%.
You may also listen to this weekly update at our podcast BlueTeko.
What happened?
The US economy, which has a major influence on crypto prices, showed improvement. Unemployment rate fell to 3.5% (pre-covid numbers) and inflation retrieved to 8.5%) in the month of July, according to recently published government data.
Traditional financial markets raised with the news, with NASDAQ gaining 2.70%. Cryptocurrencies fared well, as their correlation to the stock market is still high.
Our largest gainer this week was Ethereum (AXAX), rising 16.51% against the US dollar. Ethereum continues to attract investment as the upgrade to Ethereum 2.0 grows near.
Bitcoin finally broke the $24,000 resistance level, and is aiming higher. It has been experiencing resistance now at $25,000.
What’s next?
Our short term expectations are positive, due to the breakout of Bitcoin past $24,000, and the upcoming Ethereum upgrade. If Bitcoin finds support at $24,000, then in combination with Ethereum upcoming upgrade, both could lift the entire market up.
BLUE starts this week at $258.71 (USDT), a gain of +553.81% since its inception.
<img border=”0″ data-original-height=”591″ data-original-width=”945″ height=”400″ src=”https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkzwWf8fJVS23WZm8jRJ-b9G78KVT4mXxPZgHnRTFCVqzyBIMmY9mdTSKlcFpJcp7GO-y3f0lSW5vMHwmQb-vlQtIIZTUgfuEaO_R4yhNxX4yM921kPtYoXXH1oGsDB4zIBYyTChlAAf794j5R9cASbnSv4sTguTBw0hEXxbw4dHHj4iWZwObwG_f4/w640-h400/chart%20(13).png” width=”640″>
“Buy when there is blood in the streets”
Baron Rothschild made a fortune buying in the panic that followed the Battle of Waterloo against Napoleon.Although insensitive, this phrase lives on as the basis of contrarian investing. Technical analysis shows BLUE at a support zone.
BLUE is currently 67% down since its all-time high. Is this a misfortune …or an opportunity?
*This blog post cannot be copied, used, taken or disseminated as investment advice.
