On the losing side of that equation were small caps with the Russell 2000 retreating and gold.
Crypto also suffered. BTC had intraday lows of about 4.2% and is currently closing the session down 2.5%, currently at $56,500. Those levels are still great to be at, but, as we were nearing all-time highs, traders felt worried at the sudden pull-back.
Even more pain was felt amongst alts holders. The BTC Dominance index remains at historically very low levels, currently at 57, but higher than it was the day before, suggesting that alts underperformed on the session.
ETH is down more than 5% and even briefly fell below $2,000. LINK, which had gained throughout the Easter weekend, fell about 8%. DOT is down 7%. ADA down 5%. You get the picture, if yesterday was a field of green, today is a sea of red.
Away from pure price action and looking at longer term and more fundamental data:
It’s fascinating to see that miners continue to ‘hodl’, this is very supportive and shows a confidence in higher price and for us -mere mortals- less selling pressure in the markets.
Yesterday, during the day, the Kimchi premium which I had mentioned fell sharply and might have been a trigger for the pullback. It went from 22% to 11%, suggesting some cool down on BTC and ETH.
Lastly, for all EQUOS users, today is an important day as we will release an order book for EQO tokens, our own exchange coin. If you’ve been trading, you’ve been earning them and now they will actually be available to buy and sell. EQO holders benefit from lower fees, can stake those tokens to simply earn more, will be able to use them as collateral for derivatives trades and will also be eligible for airdrops and future services. It’ll be fascinating to see how users -the market- price those, if current holders will be ok to part with those, how eager non-holders will be to get some, etc. Stay tuned!
Written by: Justin d'Anethan, Sales Manager
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