With the stimulus check reaching american bank accounts, it was interesting to watch gold rise and the dollar fall.
Following that dynamic (or is it just the risk-on tilt benefiting equities?), the crypto space rose as well. BTC gained about 3% on the session, currently at $58,700.
Alts are doing fine. ADA is leading the charge, as it did yesterday, along with XTZ. ETH and DOT are both in the green as well.
I would also like to draw your attention to LINK today. It’s a coin that was wild back in Q3 of last year and is nowadays disregarded, but fundamentals such as on-exchange reserves seem to indicate a sharp drop in sellers. With Grayscale about to launch a LINK-linked fund, the right set-up for massive upside seems to be there.
Away from specific coins, a beautiful chart from Glassnode tracked exchange fees related to exchange transactions. While deposits initially seemed to outpace withdrawals (which would be bad because exchanges use transaction batching), it’s likely that withdrawals actually represent a much bigger percentage, meaning there are more coins leaving exchanges (to be held) than there are being added in (to be sold).
If that wasn’t enough to support higher prices, Meitu (the HK listed company) purchased yet another batch of cryptocurrencies, 16,000 ETH and 386 BTC (around $50 million worth of crypto).
And this might just be the beginning: Morgan Stanley is now the first large US bank to offer its wealthy clients access to Bitcoin funds. Did you load up already?
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.