On what is turning out to be a very sad day on Wall Street given the massive Deutsche Bank layoffs, it’s been a walk in the park for the crypto community. The bitcoin price is barreling toward $12,000 once again, having tacked on five percent in the last 24 hours, and nobody is losing their job.
One former Deutsche Bank employee was astute enough to see the writing on the wall, saying on Twitter that he left his previous employer a year ago for crypto. According to his LinkedIn profile, Medio Demarco was employed by the Wall Street bank for two years. Now Demarco is the co-founder of Delphi Digital, which provides research and analysis on crypto. Perhaps he will be receiving some knocks on his door now that 18,000 jobs are at risk.
When I left Deutsche Bank last year I’m sure many of my co-workers thought I was taking too big of a risk going into crypto. I thought they were taking the greater risk by staying. https://t.co/Q2YxLkZIy3
— Medio Demarco (@mediodelphi) July 8, 2019
Bitcoin’s Technical Stars Align
Meanwhile, all is well in crypto land, with both the fundamentals and technical signals looking strong for bitcoin. A Bloomberg report points to a technical indicator known as the Vera band limit, which is a reflection of trends and is extremely bullish at the moment. Oanda Corp’s Edward Moya told Bloomberg:
“Bitcoin looks like it could be coiling for a big breakout as institutional interest for blockchain technology shows no signs of slowing down. The bubble-like gains this time are driven on solid institutional interest and while security is still a big risk, it appears bitcoin has overcome many of its initial growing pains.”
What’s happening at Deutsche Bank, which is leaving thousands of equity traders out in the cold, could potentially create a wave of new entrants into the crypto trading space. There are already professional traders straddling both stocks and the crypto market, and this latest turmoil could inspire a proliferation of that trend.
It wasn’t too long ago that the Financial Crisis of 2008 gave us Satoshi Nakamoto and bitcoin. The demise of Lehman Brothers set off that fateful chain of events, and it’s very possible that troubled Deutsche Bank could be yet another inflection point in the evolution of crypto.