The U.S. is averaging more than 63,000 new Covid cases a day the last 7 days, according to the latest CDC data, near its highest level since April this year. The news and concerns about this delta variant naturally weighed on investors’ minds.
The 10-year yield is down at 1.18%, the dollar index is still constrained down and most equity indexes (in the US and globally) are trading slightly down.
In the crypto space, either because we had gone too high too fast or because the risk-off sentiment in traditional markets had an impact, BTC is down about 1% on the day, settling below the 40K mark, currently at $39,400.
The really interesting part is that the BTC Dominance index continues to fall, and pretty significantly. After rising to highs of 49, we’re now back down at 46.70. Alts have been gaining in the past three sessions. This is undeniably boosted by a certain enthusiasm from traders who then bet on more volatile/speculative coins.
Among the best performers, XTZ, LINK and STX rose about 5-6%. ETH and BCH are up about 2%. Other coins are just barely in the green but so definitely outperforming BTC which retraced further.
People are bullish on BTC, though. A large option trade popped up yesterday, with a Dec21 140k call and Dec21 200k call trading 2,000 times, suggesting a massive and insanely bullish call spread. Some serious money is betting on some serious upside.
Another supportive data point yesterday was the difficulty adjustment, increasing by 6% as miners rejoin the network and add computational power (and therefore security/legitimacy) to the network.
Glassnode also just published yet another chart showing exchanges’s reserves which seem to be diminishing -again- back to levels seen in March of this year, suggesting people are buying then taking coins off, to hodl.
Lastly, a quick information nugget: The Block published a chart showing the weekly trade volume of NFT’s and, believe it or not, they’ve been ramping up massively throughout July to reach new records, mostly bolstered by CryptoPunks sales.
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