Daily Bitcoin and Crypto Analysis

Morning‌‌ ‌‌Update—Macro and Crypto Markets—March 17th

March 17, 2021
Many countries are aggressively rolling-out vaccines to bolster economic recovery and it seems to be working. At least investors are optimistic and most risk assets are doing well. Yesterday, though, after several winning sessions, the buying paused.

The S&P closed barely in the red and still around record highs. The Nasdaq closed flat. The Dow closed down slightly. The 10-year yield remained at 1.62%. The dollar and gold are both flat.

BTC, after ending two days down on the session, went the other way. While the session had some traders worried, with many longs liquidated and prices touching intraday lows of around 53K, we eventually closed yesterday’s session up by 1.5%. 

As touched upon yesterday, it was fascinating to see the BTC Dominance index go down during BTC’s downward action, as typically, it’s the other way around. Even more interesting was the fact that even as BTC recouped, the dominance index still closed down. Investors are undeniably allocating either fresh capital or some of their BTC holdings/profits to alts.

ADA and XTZ are outperforming in USD terms and BTC terms. ZEC and XMR, two privacy coins, also gained on both fronts.

On a broader scale, while the on-exchange reserve of coins is still at historically low levels (which is good for prices), I am seeing hints of a change, one in which the supply grows slightly throughout the past few days. While this might be a temporary move, I still think this is an interesting point to make.

For more macro news, it was fascinating to see a flurry of news come through, all pretty supportive of the industry:

  • eToro and Kraken are the new/next companies to think of a public listing,

  • Four firms have filed for BTC ETF’s in the past three months (VanEck, Valkyrie, NYDIG, WisdomTree), and,

  • The BOJ will begin to experiment with their own CBDC (central bank digital currency) in spring of this year. Let’s see how that goes.

Written by: Justin d'Anethan, Sales Manager

Morning‌‌ ‌‌Update—Macro and Crypto Markets—March 17th

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