With last week ending on a cautious note, it’s likely that this week will also be determined by investors' view on yields. Although they are elevated, this is balanced by the Fed’s accommodating stance on rates.
It was also interesting to see the Turkish Lira fall about 16% as Edrogran fired the central bank chief. This is a sober reminder that currencies can be—and are—very much impacted by politics.
On the decentralized side of currencies, we’re not falling 16%—that’s for sure. BTC stayed very steady (read: flat) over the weekend and we’re closing this Sunday’s session at the open of Friday’s session, at $57,600. It is interesting to see the 30D volatility decline recently.
Although the BTC Dominance Index indicates alts performed a tad better, they really just held steady, with some outperformance here and there. ETH, XTZ, LTC, and LINK are all closing about 1-2% up or down. XLM and DOT performed better. VET, a coin I mentioned earlier last week, continued to move 17% in both USD terms and BTC terms.
On a broader scale, a great chart from Glassnode below tracked the movement of coins older than 6 months. The previous cycles shown highlight the fact that we’re nowhere near those levels (meaning people are still ‘hodling’ instead of looking to sell).
... And one would/should feel the same when we’re hearing the dovish statements from the Fed.
It seems institutions have caught on. This is evident from the growth of USDC (as opposed to the more general USDT), which reached $10 billion, suggesting that institutions are getting involved and buying large amounts of stablecoins to trade BTC (and maybe alts?).
Just recently, Scaramucci’s SkyBridge filed an application for a BTC ETF: Something that was only attempted by a few a year back is starting to make sense to more large funds. Just last week, in Latin America, the first Bitcoin ETF in that region was approved, provided by QR Capital.
By the way, did you see that, over the weekend, after the Nigerian government tried to stop the trading of BTC and protests ensued, the Central Bank of Nigeria officially reiterated Nigerian residents are free to trade crypto? I see that as a win.
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