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.
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.
Welcome to the Weekender: Your weekly round up of the most viewed stories of the week, as voted by you, our readers. This week has seen the negative news flow replaced with tales of adoption, it appears the central bankers, country leaders, and the financial institutions have all agreed: Digital finance is here to stay.
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.