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Daily Bitcoin and Crypto Analysis

Daily ‌‌Macro And Crypto Update: Mixed News Causes Pre All-Time High Jitters And Leverage

October 19, 2021

Justin d'Anethan

I can recognise that feeling. It’s the “we’re close to the all-time high” feeling.

I’m thinking of crypto. In traditional markets, things are boldly moving up but are further away from all-time highs. That’s just a function of the retracement we saw throughout September, but now about 80% of the S&P 500 companies have reported earnings that beat expectations, so you can imagine investors happily piling on.

The asset that isn’t gaining is gold, for some reason. That saddens me as a holder of the precious metal, but, voila, those are the ups and downs of market and investor moods.

Back in the crypto space, BTC is up just half a percent, closing a tad under $62,000. The BTC dominance, on the other hand, is boldly marching on, currently above 47. Essentially, that means that while BTC isn’t doing great, it’s still outperforming alts.

The exception is STX and WOO tokens that are having some great days recently. You can indeed see other coins feel less supported; I’m thinking of DYDX, AAVE, LINK, VET, and even ETH, all down between 3% and 8%. 

I’ve said in the previous briefings, and I’ll stick my neck out again: I think this period is a great opportunity to take some alts positions. Buy when there’s blood in the street, even if it’s your own. Then you can hold for a long-term outperformance or even just a quick profit, using limit orders.

Amongst things to take notice of, the funding rates across exchanges are getting high. This makes me nervous. It means people are getting very one-sided, very bullish, but also very leveraged. With a volatile asset and a sentiment-driven price action, things can turn nasty quickly. This is on the short-term, by the way; I remain bullish overall.

Away from technical factors and onto the news: It was amazing to hear that Interactive Brokers is introducing crypto trading for financial advisors in the US. So not full openness, it’s not for everybody, and it’s not everywhere, but it’s still a massive step in the right direction.

On the less fun side, the New York Attorney General directs unregistered crypto lending platforms to cease operations in New York. I suspect that might be Celsius and Nexo. But let’s see.


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