We had a somewhat unenthusiastic session in the US overnight. Yellen reassured markets that a large stimulus package is on its way, but equity indexes still managed to close flat or down. Treasuries, which had previously been sold, remained on the spot. The dollar walked back on yesterday’s gains. Gold is staying put, currently at $1,775.
In the crypto space, there’s a tad more dynamism—there often is—but it’s more focused on altcoins. BTC is currently closing the day at $51,700, near the all-time high and the previous session’s close at 52K, which in itself is amazing. Futures open interest across exchanges reached an all-time high of $17.5 billion.
ETH is the true belle of the ball today, as the coin advanced throughout the session and to new all-time highs ($1,950). I think it’s safe to say both holders and traders are internally screaming “can we get to 2K, yet?”
A CryptoQuant chart also shows a very interesting difference between this ETH bull run and the previous 2017 one, namely significantly less inflows to exchanges and significantly higher outflows—meaning less people want to sell/trade, more people want to hold/save. That results in much less selling pressure and could potentially lead to much higher prices.
Other coins are mostly flat or losing some of the strong gains of the day before. DOT and LTC are taking a breather, but, BNB stands out by marching on. Some more exotic coins like SOL or MKR also managed to gain a few percentages.
Away from pure price action, the enthusiasm for BTC hasn’t waned. We heard of Motley Fool and their $5 million investment, but more importantly, the ETF listed in Canada had a great first trading day, with about $80 million pouring in within the first hour…
Let’s see how much more money can flow in the crypto space and crypto-linked products.
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