Daily Bitcoin and Crypto Analysis

Morning‌‌ ‌‌Update—Macro and Crypto Markets—March 18th

March 18, 2021
I was tempted to copy-paste yesterday’s briefing for today. The 10-year yield hasn’t budged. The S&P and the Nasdaq inched up. The Dow continued to rise. Not much as changed. With very reassuring communication from the Fed, people’s expectations are that rates will remain low.

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 

Morning‌‌ ‌‌Update—Macro and Crypto Markets—March 18th

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