I was tempted to copy-paste yesterday’s briefing for today. The 10-year yield hasn’t budged. The S&P and the Nasdaq inched up. The Dow continued to rise. Not much as changed. With very reassuring communication from the Fed, people’s expectations are that rates will remain low.
With the stimulus check reaching americans bank account, it was interesting to note that gold gained, though, while the dollar fell.
Maybe following that dynamic or just the risk-on tilt benefiting equities, the crypto space rose as well. BTC gained about 3% on the session, currently at $58,700.
Alts are doing fine. ADA is leading the charge, as it did yesterday, along with XTZ. ETH is definitely in the green as well, as is DOT.
I would also like to draw your attention to LINK, today. It’s a coin that was wild back in Q3 of last year and has been disregarded these days but fundamentals such as on exchange reserve seem to indicate a sharp drop in sellers. With Grayscale about to launch a LINK-linked fund, the right set-up for massive upside seems to be there.
Away from specific coins, a beautiful chart from Glassnode tracks exchange fees related to exchange transactions. While deposits initially seem to outpace withdrawals (which would be bad), because exchanges use transaction batching it’s likely that withdrawals actually represent a much bigger percentage and so that there are more coins leaving exchanges (to be held) than added in (to be sold).
If that wasn’t enough to support higher prices, Meitu (the HK listed company) purchased yet another batch of cryptocurrencies, 16,000 ETH and 386 BTC (around $50 million worth of crypto).
And this might just be the beginning, Morgan Stanely is now the first large US bank to offer its wealthy clients access to bitcoin funds. Did you load up already?
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