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
It looks like crypto isn’t correlated to traditional markets, at least not during this past session.
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