I’m happy to report that in the crypto space, though, we’re decidedly up.
Following the previous strong session, BTC rose almost 2% yesterday, currently at $55,000. While it’s gaining, alts are gaining more. It’s absolutely fascinating to see the BTC Dominance index fall further, now essentially at 50. As a reminder, this means that BTC which at some point represented 100% or 75% of the crypto space, now only accounts for half of it.
Alts are raging on. ETH is up another 4.5% after an already bullish session previously. LINK, LTC and ADA are doing even better, rising over 5%. We’re also still seeing outperformance in newer/smaller altcoins, I’m thinking of AAVE, SNX, VET or GRT.
Away from market moves but definitely not unrelated, there’s a flurry of positive news coming through, with large players getting more involved in crypto.
Probably the biggest one, in my opinion, is Mastercard planning to launch a credit card with crypto reward. Again, this is not a new idea really, but with large players it can have a global impact and will mean more purchase of crypto.
Iran is set to allow money changers and banks to pay for imports using mined crypto. This again marks a step towards a more global and frequent use of crypto for international trades.
Third, we saw EIB (European Investment Bank) issue 2-year digital bonds on Ethereum through Goldman, Santander, and Societe Generale.
It was also great to hear yesterday that PayPal CEO qualified the cryptocurrency demand on their platform as “much higher than expected.”
Lastly, away from traditional finance getting into crypto, it’s great to see the massive pick-up on the Ethereum blockchain along with actually a decrease in fees, a direct result of the increased gas limit by miners. It’s looking positive not only for ETH, but also for the whole DeFi/DEX space.
Written by: Justin d'Anethan, Sales Manager
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.
Bitcoin has remained subdued today, with a tight $1,500 dollar trading range. Weekend trading sessions have been volatile as of late, which heighten awareness and interpretations of price action. We could well see fake out moves to both the upside and the downside this weekend, as the market looks for a move that doesn't transpire.
While global investors seem to believe we’re in a recovering economy, the inflation data that came through earlier today in the US, left most selling risk assets for now. Stocks retreated and bonds were bought, pushing the 10-year yield below 1.5%. Gold also edged lower.