In the crypto space, along with the general market and yields retracing, we’re up.
BTC walked back on previous losses and marched on, rising almost 8% on the session. ETH rose over 8%, currently at its all-time high. But, as investors often do, buyers had cycled their capital from BTC to ETH, and now from ETH to other alts, where you see the real outperformance.
BCH is up by a spectacular 50%. ZEC rose a massive 20%. A flurry of other coins are making similar moves: XTZ, LTC, ADA, and DOT are up between 18% and 14%. As a result, the BTC Dominance index is edging even further down—as it’s been doing for the past months, now at 46.
This is all feeling positive and, in my opinion, a result of the positive fundamentals outlined in this very briefing throughout the past few weeks and months. BTC is up, ETH is up more, and alts are picking up in a substantial fashion. The stablecoin supply is at an all-time high, there are fewer coins being kept on-exchange, and people seem to be ‘hodling’ now more than ever… the set-up is clear.
Away from price action, let’s keep up with news in the crypto space:
Galaxy Digital, a massive firm that had already invested in cryptocurrencies and offers crypto services themselves, is set to buy custodian BitGo for $1.2B—the first intra-crypto billion dollar acquisition.
In a play from a more traditional player, Goldman Sachs is leading a $15 million Series B funding round for Coin Metrics.
More impactful in the short run, Latin American e-commerce giant MercadoLibre just disclosed a treasury Bitcoin buy, equivalent to $7.8 million. This is just another move from corporates looking to diversify some of their cash holdings into BTC.
By the way, CoinShares is tracking the inflow of capital into BTC and ETH ETFs: Last week alone saw $489 million pour in, the biggest weekly inflow since February.
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.