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Daily Bitcoin and Crypto Analysis

Morning‌‌ ‌‌Update—Macro and Crypto Markets—March 8th

March 8, 2021

Justin d'Anethan, Sales Manager

The reason I start this morning briefing with a recap of traditional markets is because it typically sets the macro environment for investors globally.

On Friday, after what had been a painful week, equities and other risk assets jumped. While the 10-year yield marched to above 1.6% (levels that force investors to reconsider high valuations), the S&P and the Nasdaq both fell then jumped to close higher. This morning in Asia, futures indicate some more bullishness to come. Of course, the almost $2 trillion relief bill in the US advanced to the Senate over the weekend.

Friday and Saturday were relatively tame, with some downside volatility but both closing the session about a percent up. On Sunday, though, while traditional markets prepared for a more bullish week, BTC rose 4.5%. We’re now closing the session at around $51,000.

 


The more interesting story was ETH, though, rising boldly by more than 12% over Saturday and Sunday, currently above 1,700. Naturally, every crypto investor is wondering if/how soon we’ll reach $2,000 again.

 

The Bitcoin Dominance remains at around 61.5, suggesting that other alts didn’t outperform and just held gains, such as LINK, DOT, LTC, ADA, etc. 

 

The end of the week was also interesting for GBTC. Unlike an ETF, the Grayscale fund doesn’t arbitrage discount/premium by changing its holdings. That means that as buyers go into the fund, they buy BTC, but, when they exit, the BTC remains. Eventually, you end up with more BTC than the trading price of the fund. The discount reached almost 12% and was a golden opportunity for any curious investor to get cheap BTC.

 

Thanks to data from Glassnode, we can also see that hodlers continue to… well, ‘hodl’, even during market downturns. Check out their SOPR chart.

 

Away for pure price action, two pieces of news came through over the weekend and are as supportive as ever for the crypto space: MicroStrategy has purchased an additional $10 million worth of BTC at an average price of ~$48,888 per Bitcoin. Then Meitu, the large Chinese app provider, announced they purchased $40 million worth of BTC over the weekend.

 

Those amounts are non-negligible and yet they’re becoming the norm as more corporations pour in. Did you load up already?


Written by: Justin d'Anethan, Sales Manager



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