Following on yesterday’s concerns about the economic recovery, employment data and infections rates ticking higher, investors sold risk en masse. Bonds didn’t gain much and the 10-year yield just barely inched lower. The dollar mostly and also gold benefitted.
In the crypto space, not impervious to macro market moves, most coins are down as well. BTC is closing 2.75% down after what was supposed to be a rather strong session. With intraday highs above 57K, we’re now ending the session in the mid 52K’s.
The BTC Dominance clearly rose as alts -more volatile- underperformed. Pretty much all coins out there are deeply in the red: DOT and LINK fell 10% and 6% respectively. DASH and ZEC (the privacy coins) fell over 5%. ETH and ADA fell 4% and 6% respectively.
Whenever we see a dip, friends and clients inevitably reach out to understand the trigger. I’m a firm believer that, as the crypto space matures and more sophisticated funds get involved, the correlation with the risk appetite in global markets will influence crypto markets. Right now, there’s a cycling to -the perceived safety- of cash.
The incessant interest and actual buying from large institutions doesn’t seem to have waned in the slightest. Just recently we saw reports from NYDIG, a crypto-focused firm, saying they were approached by sovereign funds. Let that sink in.
Yesterday, Elon Musk, tweeted that Bitcoin payment options were now available for Tesla purchases. While it was announced, it’s being followed up on. It’s also worth noting that he clarified that those payments will not be converted into fiat but kept as BTC. Just another move towards more adoption.
There’s a shift happening, surely with ups and downs along the way but still in an upwards trend.
By the way, if you want to learn more about industry trends, what EQUOS is doing to drive that change forward and also get an update on our new exchange token EQO, please tune in on our Webinar this evening HKT with the CryptoDiffer Community and also, on Friday, our Clubhouse event. All details to be found on our EQUOS Twitter page.
Sign up on EQUOS via: https://tinyurl.com/ybdvmu3z
Sign up on YouTube via: https://www.youtube.com/c/JustindAnethan
