Daily Bitcoin and Crypto Analysis

Morning‌‌ ‌‌Update—Macro and Crypto Markets—March 4th

March 4, 2021
If you’ve been reading this briefing for a while, you’re aware of the link between bonds and equities. Yesterday, again, bonds were sold en-masse, pushing the 10-year yield close to 1.5%. Investors feel like they are due for a reopening of the economy and are cycling away from tech/growth stocks and onto more ‘real economy’ type of names.

The S&P dropped another 1.3% and the Nasdaq dropped more than 2.5%.

In the crypto space, while we’re far from being qualified as the ‘real economy,’ we seem to be enjoying a bullish tilt as well. BTC is back above $50,000, closing the session up more than 5%. The intraday high even took us back to $52,600.

Alts also had a great day, not only up in USD terms, but also outperforming BTC (for some). LTC is up almost 8%, ETH is closing the day up well over 7%, and LINK is up almost 7%. DOT and ADA, typically bold explorers, stayed put, with moderate 2-3% gains.

It’s worth noting that the supply of USDT, typically the conversion point from fiat onto different cryptocurrencies, has been rising steadily. This suggests that the appetite for crypto has not waned and, if anything, is growing insatiably.

Looking at other on-chain data, I’m loving some CryptoQuant data showing the mean inflow to exchanges along with the whale ratio (think large amount of coins about to be sold/traded). So far, we’re at relatively low levels, suggesting that large holders aren’t as present as they typically would be prior to large sell-off’s. This is supportive of decreased supply and increased demand (ie. higher prices).

Away from pure price action, we heard of yet another billionaire investor getting involved in crypto:  This time, Marc Lasry invested in the crypto firm BlockTower.

Maybe even more importantly, Ethereum is now available on Amazon Managed Blockchain service. This hints at not only transactions, but also a flurry of smart-contracts that could help Amazon’s merchants, users and partners. If this isn’t bullish, I don’t know what is.

Written by: Justin d'Anethan, Sales Manager

Morning‌‌ ‌‌Update—Macro and Crypto Markets—March 4th

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