The US session was marked by rising interest rates with the 10-year yield notching a 14-month high, at 1.77%. Equities across the board were flat or slightly down, notably the Dow which fell off from the all-time highs, reached on Monday.
Gold fell about 1.7% yesterday on the session but now at what chartists would recognise as a support level, at around $1,680. Let’s see if we bounce up or pierce down.
In the crypto space, there’s plenty of positive news coming through, and it shows in prices. BTC is closing the day at $58,600, up almost 2%. Along with the strong advance, one can also see the hashrate hitting new all-time high, a measure always seen as supportive of an active, secure and solid ecosystem.
Alts are holding up well. ETH up about as much as BTC. XMR is outperforming with a 4.5% gain. Other coins are up about 0.5%-1.5% across the board. Only DOT and LINK seem to be truly underperforming, falling about 0.5%.
A great news that came through was Tether’s release of an assurance report showing its stablecoins are fully backed. I’m sure there’ll be plenty of polemic around it but the news is undeniably a boost for crypto investors all-around.
Away from pure trading, two pieces of news came through:
PayPal is launching a crypto checkout service. This is different from simply enabling users to purchase or transfer cryptocurrencies, it means vendors/consumers can actually pay/be paid online with cryptocurrencies -and so that commercial transactions are actually happening in crypto from start to finish.
Almost as if they had planned it, Bakkt, the crypto arm of the ICE exchange, launched its crypto consumer app. This has been a long-time in the making but it’s massive. Their crypto custody solution linked to maybe the largest exchange (and so the sheer amount of transactions and trades they process) means that the network and reliability they offer to the space is gigantic.
If successful, both Bakkt and PayPal succeed even in the slightest, this can have a long-lasting impact on crypto adoption globally.
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