The bullish tilt was not only felt in crypto, but also outperformed relative to traditional assets, as it often does these days.
BTC is closing the day almost 6% up at $33,945, after an intraday high of $34,500—just inches away from the current all-time high.
Any alts holder is quite happy these days. While some coins are underperforming (BCH, DASH, LTC, DOT), we are definitely seeing enthusiasm, interest, and a healthy dose of upside volatility for others. ETH is up just 5%, decidedly above $1,000. LINK rose more than 7% and ADA is up a massive 14%. XLM was even more impressive, with a +17% session.
On a more fundamental note, plenty of positive news came through yesterday:
JP Morgan now says BTC could reach $146,000 in the long run—read all about it on Bloomberg.
In the aftermath of the XRP debacle, Grayscale is now delisting its XRP fund—no surprises there.
Coinbase reported handling a transaction for One River (an asset manager who entered the crypto space not too long ago). Apparently, it was one ‘of the largest digital asset trades in history.’ Institutions aren’t messing around.
Lastly, but more importantly, US regulators indicated that federally chartered banks can now facilitate stablecoin payments and issue their own. The importance of such a bold move favoring blockchain-based technology and the shift it could create for the crypto space cannot be overstated.
Today is one of those positive days in which any and all crypto holders will feel good. As we approach all-time highs, it will be fascinating to see whether traders hold and push higher or if the 35K resistance will be too tempting a level for profit taking.
Written by: Justin d'Anethan, Sales Manager
Yesterday's trading was mixed. Early in the session, even with reports of economic slowdown in the US, traders were still buying, maybe thinking it solidified the accommodative Fed policies.
Yesterday’s narrative was somewhat bittersweet. On the one hand, Fed policies remain hyper accommodating, which is positive. On the other hand, the accommodating stance is based on lingering concerns about the economic recovery in the US (and also globally).
Bitcoin has fallen back below $40,000 today, as the denial from Amazon of the impending acceptance of Bitcoin as a payment method came through. Prices returned to our support level of $36,500 before rallying once more, a sign that this move may be supported by more than just click-bait headlines.