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Crypto Update 8th July

Bitcoin (BTC) remains a hot topic on Twitter, but altcoins such as Tron (TRN) and Ethereum (ETH) are also being discussed widely today.


The Cryptomist expressed the view that it might be necessary to wait for one more major drop before buying into altcoins. He warned against the dangers of trying to catch a falling knife, i.e. buying into a price drop and not waiting until it has played itself out.


Here, tweeters discussed a crypto Ponzi scheme that Reddit users say used a fake derivative of the Tron name. It crashed, and some investors committed suicide. The account holder posted a Bitcoin chart showing a breakout and tweeted: “and there’s that breakout, happy days.”


On this channel, account @BitMooney tweeted that Bitcoin’s latest weekly close showed signs of a bull market, adding that it would be silly to short the cryptocurrency now. This was after @Salman78193095 tweeted that the short-term market was bullish, with the current triangle finding support at $11,000 and its top at $13,000.


Rekt Capital posted a chart of Ethereum that showed a breakout over the weekend. He said that this made it possible for a couple of other altcoins to also make a fairly strong move. An hour or two later, however, he made some decidedly negative remarks about the idea of a new altcoin season.


Here, account @lambopeppe predicted that if Bitcoin surges from here on, altcoins will fall by as much as 25%. This was after @SatoshiFlipper tweeted that Bitcoin’s recent breakout nearly destroyed altcoins, adding that altcoins currently comprise only 10% of his portfolio.


The Ponzi scheme in China that used a fake Tron name was hotly debated here. Referring to Bitcoin, the account holder tweeted that it was “Turning out to be a pretty bullish scenario.” Nevertheless, he said he would still buy more cheap altcoins soon.


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