Daily Bitcoin and Crypto Analysis

Morning‌‌ ‌‌Update—Macro and Crypto Markets—June 8th

June 8, 2021
Many investors in macro markets are facing the conundrum of a better/recovering economy (good for valuations) and potentially higher interest rates (weighing down on valuations). Yesterday, both expectations fought as the S&P stagnated close to record highs. The Nasdaq rose and the Dow fell. It will be fascinating to see if we break higher… or not.

In the crypto space, we definitely moved lower yesterday. BTC fell over 5%, from a bit under $36,000 to now a bit under $34,000. The BTC Dominance index went down as alts continue to hold up better.

Everything is still in the red, by the way. ETH and MATIC are both down 3.5%, but still ended up being the better performers. ADA and AAVE fell a good 5%. DOT fell a hefty 7%.

Besides price action, it’s worth checking out a few of Glassnode’s report charts.

One shows a move from very liquid supply into simply liquid supply. That’s supportive and shows that despite the sell-off, a chunk of traders moved their coins away from exchanges.

On a less supportive note, a chart showing the number of entities with a non-zero BTC holding illustrates that, well, there are fewer of them. This suggests less enthusiasm, less participants, and less capital. The pattern also resembles the sell off that followed 2017’s high. 

A third chart shows the long-term holder behavior, which is maybe a more significant piece of  data. It shows that they have been holding and accumulating. Naturally, if prices were to drop further, you’d see that faith and commitment tested, but, for now, long-term investors are confident in these levels.

Onto recent news and articles: Over the weekend, El Salvador moved forward to make BTC a legal tender, and now, there are rumors that Paraguay might do the same. Even more outlandish, maybe Brazil will, too.

It was also interesting to see MicroStrategy announce a proposed private offering of $400 million of senior secured notes to buy BTC. This is a move that might help MicroStrategy, which has been suffering significant fluctuations (aka dollar losses) quarter-to-quarter. Of course, it might also help the crypto space.

Oh, and did you hear that US regulators successfully recovered millions in cryptocurrencies paid to the Colonial Pipeline ransomware hackers?

Written by: Justin d'Anethan, Sales Manager

Morning‌‌ ‌‌Update—Macro and Crypto Markets—June 8th

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