BTC edged down 1.7%, now at $56,400. ETH on the other hand ventured to record levels (intraday); the new all-time high is $3,610. On the session, though, we ended up closing 0.5% below the open.
The BTC Dominance -inexorably- continues to fall, now at 45.5. It’s not just ETH that’s outperforming, though. XTZ is up a massive 16%. ADA is up 14%. ZEC up 7%. DOT is now picking up after some disappointing performance, gaining about 5%.
Let’s talk about the news but after there’s some market data I want to look at.
Goldman Sachs is now offering bitcoin derivatives to wall street investors; this will be an open door for a flurry of large investors to get involved in crypto.
Even now we can already see retail investors pouring in with Square reporting $3.51 Bn in bitcoin revenue via its Cash app, for the first quarter of 2021.
To look at more on-chain and exchange data, thanks to a CryptoQuant chart, we can see the on-exchange reserves at below the levels seen during 2017 high. This is noteworthy because, since then, about 2,000,000 more bitcoins have been mined. The set-up is very supportive to higher prices, showing that holders are not in trading/selling mode.
This is highlighted on a shorter-term basis by this other CryptoQuant chart, showing deeply negative exchange netflows (on the chart on a 30-day moving average), this shows that instead of adding coins to exchanges when prices rose (to take profit and sell), more people withdrew to store and hold. Naturally, this greatly reduces immediate selling pressure and so hints at another leg up.
Are you holding as well?
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.