Gold still looks bad. A few rebounds here and there, but the metal is definitely trending down sharply.
In the crypto space, we’re up. BTC felt temperamental yesterday, falling to as low as $53,000, only to pick back up during the US session to highs of $57,300. We’re now closing the day 2% up, $56,000.
The BTC dominance index jumped up, from below 61 to above 62. During the tumultuous day, alts fell but didn’t enjoy the late session rebound. ETH is down 3%, XTZ about as much, other alts are closing almost flat but so definitely underperforming relative to King Coin.
What do I think of that? Well, people cycle in and out of risk, in and out of assets that appear more speculative or safer. Some days, people focus on BTC, other times they take a shot on more upside or the advance on some specific project. My view is still bullish on crypto as a whole, and that includes alts.
For now, it does seem that large players look at BTC first. Israeli pension fund giant poured $100 million into GBTC (enjoying the current discount?). If that doesn’t scream institutional and mainstream adoption, I don’t know what does.
Speaking of the GBTC discount, it went as low as 15% and Grayscale had to momentarily halt new investments, to correct the situation.
Lastly and still on a bullish note for the crypto space, about 1,000,000,000 USDT were recently minted. Now, at EQUOS and even personally, we prefer USDC to USDT but, regardless, that amount of demand and that amount of dry-powder for crypto purchases is heart-warming. Let’s see how far we go.
Written by: Justin d'Anethan, Sales Manager
BTC rose another 3% yesterday, currently at $44,600 and tantalizingly close to the 45K resistance/support.
Bitcoin has enjoyed a positive trading session today, with prices up 7% post this morning's news that China had taken some small steps to avoid an immediate default from Evergrande. The addition of liquidity to the banking system may just be a shock absorber for next week's action, or it could be the first shot in a sustained program to assist with Evegrande's woes.