Daily Bitcoin and Crypto Analysis

Morning‌‌ ‌‌Update—Macro and Crypto Markets—June 4th

June 4, 2021
We’re seeing a very clear market dynamic: Yesterday, the dollar rose and, conversely, equities were sold. The S&P, the Nasdaq, and the Dow are down. Gold and silver are most definitely down, both losing around 2% on the session.

In the crypto space, ignoring the dollar’s gains, most coins are up. BTC gained 4% on the day, currently trading a touch above $39,000. Despite the positive move, the BTC Dominance index continues to edge lower (now at 42.2), as alts are outperforming slightly. 

ETH and LINK are both up about 5%. ADA is also doing well, gaining 6%. Some more exotic coins are outperforming further, such as VET, LUNA, NANO, and GRT.

For users of, by the way, it’s worth noting that our exchange coin, EQO, has been on an incessant and steady ramp up in the past two months, despite recent volatility. If you bought at $0.45, congratulations: We’re now trading at $0.93 and you’ve doubled your money.

Moving onto onchain data, there’s still a lot of supportive info coming through. A chart by CryptoQuant, for example, shows the miners' exchange flows which, currently, are at extremely low levels and seem to be saying that they’re holding onto their coins instead of selling.

The BTC SSR (stablecoin supply ratio) continues to go lower, which is also good. It means there’s a lot of buying power relative to the Bitcoin market cap.

Another great chart comes from Glassnode and shows the network fees on both BTC and ETH. They’re currently back to levels last seen in January of this year and also September of last year, during the so-called ‘DeFi Summer’. Naturally, people look at that thinking we might have reached a good base to bounce higher, not only in transaction costs, but also in pure coin price.

To also talk about the daily news, a comment from a Chinese government official seems to convey the message that people have the freedom to trade Bitcoin—at their own risk. This is the usual back-and-forth we’ve seen time and time again from China.

Oh, and following Binance, FTX just launched an NFT marketplace. It’s impressive to see more and more players looking to cater to the NFT space—maybe something to look into.

Written by: Justin d'Anethan, Sales Manager

Morning‌‌ ‌‌Update—Macro and Crypto Markets—June 4th

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