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As a quick recap, last Thursday, while most equity indexes were around record highs, prices fell sharply as investors feared for the economic recovery. On Friday, though, they erased those losses and, for US indexes, marched on to new record highs. The move comes ahead of earnings season kicking off this week. In Asia, this morning, futures look flat as everyone awaits results.
In the crypto space, things look rather flat as well but probably for different reasons. BTC is still very much range-bound, currently at the point of the pennant that’s been forming for the past few weeks, at $34,300.
While one could’ve expected that this range-bound action would’ve been the perfect time to trade alts, it seems that the uncertainty about who will win -buyers or sellers- has left most investors going back to BTC.
Exceptions made of STX, LUNA, AAVE and COMP, a lot of the alts have underperformed BTC. I’m thinking of ETH, DOT, ADA, MATIC and VET.
Away from price action and onto the news, quite a lot has happened.
On the more bearish side, besides China’s renewed concerns about cryptocurrencies and especially stablecoin, the social app TikTok has banned influencers from promoting cryptocurrencies.
Paraguay recently announced that they will introduce a bitcoin regulation bill next week and, while it remains to be seen if it goes through, the intention itself is positive.
It was also very interesting to hear of Capital International purchasing $600M of MicroStrategy stock which, undeniably, has now become a full-on Bitcoin play.
Lastly and still very much supportive, the amount of capital flowing into the space endures in other ways. A chart from TheBlock shows the venture funding in Q2 of this year absolutely outpacing any other time in the past two years, highlighting a strong interest in crypto/blockchain technology.
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