Daily Bitcoin and Crypto Analysis

Morning‌‌ ‌‌Update—June 7th—Macro and Crypto Markets

June 7, 2021

Justin d'Anethan

With optimism about economic recovery, most equity markets finished up last week. The VIX dropped sharply while the S&P and the DOW gained, and the 10-year yield fell. Gold gained as well but not enough to erase the massive loss endured on Thursday.

In the crypto space, we seem to be somewhat range-bound. Over the past three days, we’ve had Elon Musk tweeting a broken heart and BTC emoji, the Miami conference, the Chinese social media platform ‘Weibo’ suspend crypto influencer’s account, and, more recently, El Salvador proposing to make BTC legal tender.

BTC fell almost 10% over the weekend, from the mid-39K’s to the current $35,500. Interestingly, during this bearish move, the BTC dominance edges down further instead of bouncing.

Alts must be doing better and, indeed, we can see ETH holding better, down just 5.3%, currently at $2,700. There are also coins like SOL, AAVE, MKR, or THETA holding on or gaining in USD terms and definitely outperforming.

Away from price action, well, the important stories moving markets are:

The Weibo crypto suspension which seems to say that China is serious about stopping or dampening the rise of cryptocurrencies in the country.

Conversely, the move by El Salvador to potentially make BTC legal tender would stop capital gains tax on the asset and legitimize and enable individuals and corporates to use it for traditional transactions.

It’s also interesting to hear, on the corporate side, that over 300 companies (including Google and Alibaba) are seeking a Singapore crypto license. For me, this is probably the more significant news as it means tech giants are serious about some kind of crypto offering.

As a last information nugget and, interestingly enough, totally uncorrelated to the flurry of news, EQO, EQUOS’ exchange token, has been on a massive and incessant ramp up. I mentioned it when it started trading at $0.50, then later when it was gaining in the $0.80, now it’s trading 3X higher, at $1.50. I hope you loaded up.

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Keep up with crypto through EQUOS!

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