The S&P is closing the session flat or slightly in the red, this comes as a result of some large funds forced liquidation on some media stock holdings. We also saw bank stocks like Nomura and Credit Suisse suffering. The Dow, on the other hand, closed yet again to new records, currently above 33,170. With the presumed recovery, bonds continue to be sold, keeping the 10-year yield above 1.715%. The dollar is gaining and gold is losing.

In the crypto space, we’re gaining. BTC rose almost 3.5% yesterday, to the session close now at $57,650. It’s interesting to see the BTC dominance edging down but never really dropping significantly, either this is a long build up, or, we’re forming a bottom and BTC is due to gain against alts.

Alts for now are doing splendidly. ETH and XTZ are leading the charge, rising 7% and 8% respectively. DOT, LTC and LINK are not far behind, gaining about 5-6%. Some moves in the DeFi space are also noteworthy, with CRV on an incessant rally, COMP, REN, SNX and AAVE also performing very well.

There was a flurry of good news coming through yesterday, supporting crypto markets.

The most important one is probably Visa, moving to allow payment settlement using cryptocurrency. They are talking about USDC, though, not BTC or various coins. The impact of such a move just can’t be overstated, though, this is like a large boat making a small deviation which, long term, will result in a very different path and destination.

In case you hadn’t seen it already, as interest in crypto rises (and maybe because of the previous piece of news), the stablecoin holdings across exchanges is hitting all-time highs (now at about $10 B). This again suggests plenty of dry-powder to push BTC and alts further up.

Also, thanks to an Arcane Research chart, we can see the dominance of the Grayscale fund decline sharply as more/new BTC-linked products become available. This is a good thing, it means the space is growing, options are more numerous and can cater to a broader range of investors -and so ultimately that more money can flow into the space.

Oh, by the way, yesterday we were still following the story of the ship blocking the Suez canal. It is now freed and operations have restarted. Let’s now follow the saga of how that boat’s insurance company handles the billions and billions in damages.

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