It’s beautiful to see so much strength in markets right now. Sure, I’m thinking of traditional markets where the Dow, the S&P, the Nasdaq, even the Russell 2000 are reaching new records. This earnings season has been grandiose and people are buyers or risk.
On the other hand, we’re waiting for the Fed to comment on their tapering program and any plans to raise rates in the near or distant future, that might end up being a bit of a cold shower -although I never expect the Fed to take the harder approach anyway.
In crypto, holly molly, if you’re a diversified holder, you are richer today than you were the day before. While BTC is currently up over 3% on the session, a tad under 63K, we can see the BTC Dominance index go further down, as alts outperform.
Amongst the coins you’d want to be holding: ETH breaking new highs with a massive 6% green candle (by the way, the new allt-ime high is $4,600). There’s also DOT breaking new highs, now decidedly above $50 and topping $53 intraday. We’ve also seen SOL and AVAX gaining about 3-5% on the day.
To look at some colourful charts, which I know you guys like, the one that I picked up on is from CryptoQuant and shows the rising Coinbase Premium on BTC and ETH markets, so the slight higher price on that platform versus exchanges that might have more retail flow; this essentially hints at institutions loading up.
It’s also interesting to look at Glassnode showing the funding rate on BTC perps. You can see that while we’re at similar levels to March-April -when we first got to 60K- the leverage and bullishness is actually tamer. From my perspective, that’s a great thing, it means that to get to where we are now, we didn’t need that much craziness or FOMO-ing, it feels a bit more poised. And maybe craziness will ensue later on and push us much higher.
Yet another bullish signal that most BTC investors will be looking at is the mining difficulty adjustment which has increased for the 8th time now and suggests more computational power and therefore more security.
By the way, last information nugget, more banks are jumping on the band-wagon. Yesterday, CBA became the 1st Australian bank to offer crypto services. It’s starting.
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