After Trump supported the democratic push for a $2000 pandemic support pay-out, the Senate seemingly blocked the bill. Markets naturally turned risk off with equities (S&P down 0.6%, Nasdaq down 1%). Treasuries and gold remained flat while the dollar inched closer to a multi-year low. While risk assets and the dollar loses, BTC wins, it seems.
For a third consecutive session, BTC is up, closing at $27,385. The candle is short, though, and the performance is to be found in selected alts.
ETH followed BTC for a green but tame session. LTC and LINK underperformed. However, DOT (+14%), and ADA and BNB both up 8% are outperforming.
Away from price action, there’s plenty of news coming through as we approach the close of the year:
Anthony Scaramucci’s SkyBridge fund has invested $182 million into BTC.
Greenpro Capital (NASDAQ:GRNQ) announced it’s setting up a bitcoin fund for investment, believing in mass adoption by banks, hedge funds, insurance companies and institutions.
Lastly, and I believe much more supportive for the crypto space, Glassnode released several charts studying the liquidity of Bitcoins relative to the demand. Spoiler alert: in a world of QE, the limited supply of BTC stands out dramatically. There just aren’t a lot of bitcoins to go around and, it seems, when people/institutions buy, they aren’t looking to sell anytime soon. Will there be enough to go around?
Written by: Justin d'Anethan, Sales Manager
The natural ebb-and-flow of price, has replaced the bullish moves seen through October and early November
It looks like crypto isn’t correlated to traditional markets, at least not during this past session.
Investors aren’t ready to give up on equities yet.
One of the big factors contributing to bitcoin’s expansion over gold is that millennials are becoming more knowledgeable of the investing world.
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