Morning‌‌ ‌‌Update—June 29th—Macro and Crypto Markets

With the dismissal of an antitrust lawsuit against Facebook, a lot of the tech sector rose. The S&P reached new records -again- and the Nasdaq also breached new all-time highs -again. Bonds were bought, pushing the 10-year yield lower, probably supporting equities advances upwards. It’s interesting to see both the dollar and gold pretty much stuck in their current range.

BTC has moved quite a lot in the past few sessions, revisiting the lower 30K’s then rising to about 35K. On this session, though, we’re staying on the spot, at around $34,500. It’s interesting to see that the BTC dominance on the other hand retraced below 47, highlighting an outperformance from alts.

COMP is on an unstoppable ramp up in the past few days, rising 20% during this session alone. AAVE is up about 12%. ETH, DOT and MKR are up around 6%. Other alts are up just a few percent but so still doing better than BTC.

There’s plenty of positives for bitcoin and the crypto space. People feel more confident betting on more volatile coins when they feel the space as a whole is well supported.

I’m super excited to see ARK Invest (managed by Cathie Wood) file for a BTC ETF. We also just came across a report confirming that Germany is granting COINBASE a licence for crypto custody services. In Iran, the ministry of industry issued 30 licenses to crypto mining farms.

On the other hand, Chinese exchanges seem to be suffering, not just in China by the way. Huobi is banning Chinese residents from trading derivatives -that’s a huge chunk of their user base. More to the West, users of BINANCE in the UK find themselves unable to withdraw funds as the FCA continues to probe into the exchange’s operations; they find it concerning that the company doesn’t have a set headquarter to manage its business.

To finish with some interesting on-chain data and on a supportive note. A report from Glassnode shows a series of charts hinting at less selling pressure, namely across OTC desks, and with regards to miners outflows and also Coinbase’s coin reserves. They’re all pointing down and suggest people aren’t eager or setting themselves up to sell at this moment and at this price point. 

I’m thinking we might be in the long and painful process of just forming a base, here, in the lower 30K’s before we can go higher. What do you think?

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