Market Update - August 7, 2024

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Mark, in your last update, you talked about another move lower to flush out sellers and clear the decks for a move higher. Is that what we just got?

No, not the sudden drop we saw last week, but yes in the sense of something like that with the same result.

Last week’s drop is normal market volatility, the continuation of the sideways/down price action we’ve seen for months.

As for the cause of that drop?

Some say Jump is liquidating. Others say Israel/Iran tensions spooked investors. I’ve heard rumors say the Yen carry trade’s unraveling. Maybe Justin Sun’s about to get arrested or miners are finally dumping at the end of their capitulation.

All seem reasonable and some have evidence to support some of those.

They don’t change my general expectation. We’ll continue to go sideways and down until the circumstances change enough to shift that trend.

As always, no timeframe or price targets. You know what I’m looking for before we can get excited about any upswings. Until then, continue to respect the trendline.

Topics for this update:

• The plan

• Miners’ final dump?

• Traders and OGs

• ETFs and stablecoins

• Expectations

No video this time. I’m traveling and don’t have my normal set up.

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