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Weekly Update: August 22nd – 28th

Dear BLUE users,
After four weeks of gains, BLUE unfortunately fell from $258.71 to $213.76, for a drop of 17.37%.

You may also listen to this weekly update at our podcast BlueTeko.

What happened?
The US American economy continues to drive cryptocurrency prices, and seems that interest rates will keep increasing to control inflation. There is a lot of uncertainty in traditional markets. Nasdaq and the S&P500 recorded losses last week, and opened with losses today as well. Investors are awaiting the Fed announcement on Friday, so all markets are experiencing volatility.

What’s next?

 

Crypto continues to be highly correlated to traditional risk-asset markets, so we expect volatility to continue. However, Bitcoin held once again above $20,000, so prices might recover from here, after all the noise from Fed announcement is over. Let’s remember Ethereum 2.0 will be live in September, which might help the market push upwards and break the correlation with traditional risk-assets.
BLUE starts this week at $213.76(USDT), a gain of +440.22% since its inception.

 

<img border=”0″ data-original-height=”591″ data-original-width=”945″ height=”400″ src=”https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQmW_ygcASSeEhBgskxo3eMGE324vRU2u0vvxHS0gQciJ865tojuTRaeOaTKjgOTslZQA226cRMeRbR9BflSS5G_cvwQuloOOaGMsO_Y038MCT-TTweEVyBEy4pI44yj1K31ukYksonW4Dglp0hvInOVssbwu6X-CfGV-1tDFycsETTwkcX2XOXIx8/w640-h400/chart%20(14).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 69% 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.

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