In the current environment, it’s not only hard to sell and push things down, but it’s also hard to buy and expect a lot of upside. You can see the indecisiveness in yesterday’s session where everything stayed ‘as is.’
In the crypto space, there’s more movement and, fortunately, it’s bullish. BTC rose 2.75%, currently at $37,700.
The real performance is in the alts world, though, where most coins are in the green and doing as well or better than BTC. ETH is up 3%, which is nice. XTZ is up just as much. AAVE and VET gained 5-6%. The real leader was DOT, gaining a hefty 15% on the session and looking very well supported.
Looking at more fundamental data and news, it’s fascinating to observe the growing dominance of USDC over other stablecoins. As a reminder, this is the preferred onramp for institutions and shows they’re getting more involved. They triggered this rally and seem to be saving it. It might also be that a chunk of the market is migrating away from USDT on financial backing concerns.
Standard Chartered is reportedly launching a trading platform. Naturally, that highlights the interest of large institutions in the space and the desire to get a piece of a—growing?—pie.
Guggenheim also stepped in to register a fund that may seek exposure into Bitcoin. Looking at how those actions play out, it seems they very likely will be.
Another interesting development is Google revamped its ad policy for crypto exchanges and wallets, essentially removing a ban imposed three years ago. The change requires companies to meet certain regulatory standards, though.
Lastly, because we always need to have a colorful chart in, below is a chart from TheBlock. It shows the on-chain volume (transactions) happening on BTC and on ETH. A first observation is that ETH is a growing share of that volume, and secondly, that both are growing at an exponential rate and are showing no signs of abating.
Written by: Justin d'Anethan, Sales Manager
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.