In the crypto space, the pain seemed to linger.
BTC fell 5.4% on the session, from $57,000 to $54,000. Mind you, those are not bad levels to be at, but clearly a reaction to traditional market moves.
Interestingly enough, the BTC Dominance, which typically rises in sell-offs, continued to drop, now at 46.6. ETH is indeed holding up much better, falling about 3.9%, in its first ‘down day’ in about 10 sessions.
Alts offered a different, more varied picture, with some underperformance and some outperformance. LINK is boldly breaching new highs, rising 11% and getting freakishly close to $50. LTC rose about 6%. UNI gained as well. Other alts, such as STX, BCH or DOT, are more in line with ETH and BTC.
Away from pure price action, there’s plenty of interesting news to look at.
While less shocking, in very relevant news for cryptocurrency normalization, the S&P Dow Jones Indices is launching crypto indices for BTC, ETH, and a diversified large cap index.
It was interesting to see Deribit’s tweet on the growth of ETH’s options, saying: “We have no opinion on an ETH-BTC flippening but our ETH options volume did flip BTC options volume for the first time. $1.4B notional.”
Lastly, in regards to Ethereum and thanks to a Glassnode chart, we can see a large amount of coins presumably being directed from exchanges (where the reserves are diminishing) and into smart-contracts or DeFi (where supply is growing).
One last news nugget—did you hear about eBay’s CEO? Apparently, he’s exploring NTF’s and payment options, including cryptocurrencies. It seems like more and more people are jumping on the bandwagon.
Written by: Justin d'Anethan, Sales Manager
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.