Daily Bitcoin and Crypto Analysis

Morning‌‌ ‌‌Update—June 11th—Macro and Crypto Markets

June 11, 2021
Yesterday, the US reported CPI data—an index calculating the price increase or decrease of a basket of goods. The number is higher than expected and indicates inflation is picking up.

Still, one could argue this is simply due to the lower prices during the weakened economy during covid, or maybe temporary supply shortages. Markets seem to have mostly shrugged it off. 

The S&P reached new record highs, and the Nasdaq marched closer to its all-time high while the Dow stayed flat. The 10-year yield slumped down, now back at 1.43%. 

Ultimately, this is positive for tangible assets. Gold price rises made the news. Bitcoin should also benefit long-term, but, on the session, you wouldn’t tell.

BTC is just down 1%, but after a massive up day so the reaction was tame. While this might reverse, right now, the chart shows lower highs and lower lows, the definition of a downtrend. This means we might need to retest the lower 30Ks— perhaps even the upper 20Ks—before any uptrend.

On the session, alts definitely underperformed. One can see the BTC Dominance jumping back to 44.

The thing I find shocking and maybe hyper bullish for traders is that there’s so much positive news coming through and prices aren’t reacting much.

In the past few days, El Salvador made BTC legal tender, and there are rumors that Tonga and other countries (like Paraguay) might follow. We saw several companies within the crypto space raise significant capital to expand. MicroStrategy raised the number of note offerings because the demand was overwhelmingly positive and higher than expected. Traditional funds and trading platforms are gaining exposure and looking to offer crypto. We’re picking up on more companies applying for crypto-linked products like ETFs, ETPs, and ETNs. State Street is setting up its crypto unit for custody and trading. Just yesterday, Texas greenlit state-chartered banks to custody crypto.

At some point, this will kick in and, in my opinion, trigger some significant move up.

Maybe the one cloud was Binance getting cut off by Silvergate, their USD banking partner, which naturally hints at a certain fear from the bank regarding Binance activity in and out of the US and potential investigation from regulators.

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Morning‌‌ ‌‌Update—June 15th—Macro and Crypto Markets

June 15, 2021

With investors looking at the next Fed monetary policy meeting, equity indexes rose yesterday. The S&P reached new records while the Nasdaq closed within 20bps of the all-time high.

Keep up with crypto through EQUOS!

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