Eaglecoin Touted As USA’s Own Stablecoin And Will Bitcoin Post A Golden Cross?
Two interesting developments in the world of crypto this weekend which I felt needed to be shared. The first one is a term probably already trademarked by marketing professor Scott Galloway and the second is the importance of Bitcoin posting a so-called Golden Cross.
Scott Galloway is an author, podcaster and professor at New York University. In the mainstream media he’s mostly known for co-hosting Pivot with legendary Silicon Valley journalist Kara Swisher. The duo entertainingly discusses all things tech on a weekly basis. A must listen.
Ahhhhh 🎧🧘🏻♂️☺️ it feels so good to spend a Friday morning plugged in to @PivotPod with the jungle cat @karaswisher AND the newly rested/refreshed/returned big dawg 🐶 @profgalloway 👏👏👏 fun informed banter 🙌— Rob Ryan (@IAmRobRyan) September 10, 2021
This week they let their light shine on the launch of Bitcoin in El Salvador and she asked him whether he felt the US needed its own stablecoin, just like China is due to officially present to the world next year. Scott said that would be a good idea and proposed they should name it Eaglecoin, which couldn’t be more American. Only problem is that there’s already a cryptocoin with that name. Ouch.
Bitcoin Golden Cross
A few months ago, the cryptoworld was abuzz with the term Death Cross as Bitcoin was seen correcting after reaching an all-time-high of $64,000. When the ESG crowd started waggling its finger and the Chinese crypto crackdown started, Bitcoin fell to $29,000.
In the past month however, Bitcoin has been back on the rise and a Golden Cross (where the rising 50-day moving average crossing above the 200-day moving average) was about to be put on the board.
Decentrader’s Filbfilb now fears that because of this week’s corrective move, the setting of a Golden Cross could be delayed.
The selloff came amidst a pending ‘Golden Cross’ where the 50 DMA crosses above the 200 DMA. This is often seen as being a very bullish sign for the market and typically for Bitcoin, we see dumps into ‘Golden Crosses’ and pumps into ‘Death Crosses’, So on this basis alone, the pullback wasn’t too much of a surprise.
Market update time!— f i l ₿ f i l ₿ (@filbfilb) September 10, 2021
I've just finished a state-of-the-market update for Bitcoin & Crypto, with a forecast to the end of the year
- it took a while so I hope you enjoy it! https://t.co/xGE1WJd92I
He still keeps his Q4 projection though, stating:
We are anticipating the $60k level to be retested sometime early in Q4, which will likely provide another correction with a final push to all-time highs towards the end of the year.