While this is happening, one won’t be surprised to see the dollar losing value against its peers.
If you’re a diversified crypto holder, you are richer today than you were on Friday. This is to say, most coins are either steady or doing well.
ETH rose 12% over the weekend, breaching record levels. The new all-time high is $3,985. If you’ve been reading/watching this update for a while, you’ll know we were looking at 4K even before we crossed the 3K mark. The fundamentals are as supportive as ever for ETH and point at even higher levels.
BTC is also up, over the weekend, but just by 3-4%, back at $58,400. The BTC dominance seems to be settling in at 45.50, a very low level. Don’t underestimate the possibility of a bounce back up (in this case, BTC gaining strength over alts). This is either a profit taking opportunity (from alts into BTC) or, for more aggressive investors, an alt buying opportunity, later, if/when BTC gains.
Looking at alts, LTC is performing surprisingly well, alongside ADA. It’s also a pleasure to see LINK breaching new highs and closing above $50.
Away from price action and to look at the news:
Goldman launched a crypto trading team (it was a long time coming but now it’s public). Citi bank reports thinking about doing the same along with launching custody services.
BitFarms, a Canadian bitcoin miner, is approved for a Nasdaq market listing.
Lastly, but maybe more important, VanEck (the ETF provider) has filed an application for an Ethereum ETF.
Speaking of ETH, which really seems to be the belle of the ball these days, the Block is tracking search volumes. Right now it hit an unprecedented high. Is this too much excitement or the beginning of even more capital flowing in?
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.