I look at traditional markets because I think the moves and risk appetite can have an impact on crypto markets. For now, equity indexes look steady and at elevated levels, but the inability to break higher worries me somewhat.
In the current environment, it’s hard to sell and push things down but it’s also hard to buy and expect a lot of upside. You can see the indecisiveness in yesterday’s session where everything stayed ‘as is’.
In the crypto space, there’s more movement and, fortunately, bullish movement. BTC rose 2.75%, currently at $37,700.
The real performance is found in alts, though, where most coins are in the green and doing as well or better than BTC. ETH is up 3%, which is nice. XTZ did as much. Then you saw AAVE and VET gaining 5-6%. Then the real leader was DOT, gaining a hefty 15% on the session and looking very well supported.
Looking at more fundamental data and news, it’s fascinating to observe the growing dominance of USDC over other stablecoins. As a reminder, this is the preferred onramp for institutions and shows they’re getting more involved. They triggered this rally and seem to be saving it. It might also be that a chunk of the market is migrating away from USDT on financial backing concerns.
A great piece of news is Standard Chartered reported to be launching a trading platform. Naturally, that highlights again the interest of large institutions into the space and the desire to get a piece of a -growing?- pie.
Guggenheim also stepped in to register a fund that may seek exposure to bitcoin. And looking at how those actions play out, it seems they very likely will be.
Another interesting development is Google apparently revamping its ad policy for crypto exchanges and wallets, essentially removing a ban imposed three years ago. The change requires companies to meet certain regulatory standards, though.
Lastly, because we always need to have a colorful chart in, below is a chart from TheBlock showing the on-chain volume (transactions) happening on BTC and on ETH. A first observation is that ETH is a growing share of that volume but, secondly, that both are growing at an exponential rate and show no sign of stopping or abating.
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