It’s yet another down day in the stock market. We’re still at elevated levels, mind you, but since the record highs of last week, equity indexes have retraced. Yesterday, it was Netflix and a cooling down in subscribers growth that pulled the company and the rest of the tech space lower. Gold, on the other hand, is showing some strength.
Crypto also did well. Rather, it rose back after some pretty strong moves down. BTC is closing the session 1.5% up, currently at $56,400.
Once again, investors seem to be more passionate about alts these days. The BTC Dominance index continues to go down. I will repeat it: I haven’t seen those levels since mid-2019; that was a while ago.
ETH is up almost 8% on the session. LINK recouped from yesterday’s losses, up 10%. ADA is up 6%. It is somewhat disappointing to see coins like DOT, LTC, XTZ or XLM not move much -but up in any case. XMR continues an unexplained ascension, up by 11% today.
If you’re wondering why people might be looking more into alts these days, three ETH ETFs will soon begin trading on the Toronto stock exchange and, clearly, shows a shift towards exploring non-BTC coins.
We’re also seeing, as always it seems, positive news supporting the crypto space.
PayPal’s Venmo will allow customers to buy, hold, sell cryptocurrencies directly within the app. That’s again a very significant and impactful move for the space, and also means much more capital can flow in.
Great to hear that one of the former top bank regulators was just hired to become the Binance US CEO. This highlights a shift a lot of exchanges nowadays are making, towards being more compliant. Long term, that’s definitely a positive for the space.
WeWork also just announced that they will start utilising crypto as a form of payment and hold crypto on its balance sheet.
By the way, as a last information nugget. Did you see that the discount on Grayscale’s BTC fund sank to a record 17.8%.... Is that the opportunity to get some very cheap BTC?
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