Markets are interesting to look at these days. After a general risk-off move on Thursday, Friday closed last week with a strong bullish tilt on equities across the globe. The dollar unsurprisingly fell.
In the crypto space, though, things did not benefit from the risk-on approach. Over the weekend and still now, BTC is edging down further. Across different jurisdictions, regulators seem to be more active. For example, over the weekend, we saw Korea and Turkey attack exchanges on fraud charges.
Exception made of one green day, BTC has been going down straight for over ten days now. Over the weekend, we went from $51,000 to closing the current session a tad under $49,000, so down a bit over 4%. Intraday lows went as far as $47,000.
One thing to note and which has held true throughout last week is that the BTC Dominance index remains at low levels, currently at 51.30. To me that suggests crypto investors aren’t really seeing this as the ‘beginning of the end’ but rather a beautiful opportunity to load up on the coins poised to do well in the next leg up.
ETH is actually holding up beautifully, at $2,300, not that far down from its recent all-time high. Other good performers are newer, DeFi-focused coins, like SOL, AAVE, SNX, etc. Larger cap altcoins are actually edging down, just like BTC, I’m thinking of BCH, DASH, ADA, XTZ, LTC, and so on.
Away from pure price action, there are things to look at and feel bolstered by. For example Paxos has just become the latest crypto company to receive a bank charter by the US authorities, OCC.
Fascinating to see also that futures trading on ETH continues to gain momentum on the CME, hitting a new record end of last week.
While that’s happening, we’re also seeing Google searches for ‘how to buy crypto’ hit record high, suggesting that people are looking to allocate capital and, maybe, are seeing the current dip as a buying opportunity.
Last information nugget: if you’re wondering if the recent sell-off triggered higher reserves of BTC on exchange, they did not. Reserves are still declining showing a continuing ‘hodling’ trend as people transfer bitcoins to their private wallet.
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