Daily Bitcoin and Crypto Analysis

October 6 Daily Crypto Update: BTC up for a third straight session

October 6, 2021

Justin d'Anethan

With the previous session pushing equity indexes down, we’re now bouncing up thanks to positive manufacturing that hints at a better economic recovery.

Crude and commodities broadly rose. It’s worth noting that rates don’t seem to change course, though. Yesterday, the 10-year yield jumped back above 1.50%, and if they continue up, chances are stocks will suffer.

In this environment, it’s great to see BTC continue up for a third straight session. We’re currently hovering around $51,500. I’m not much for technical analysis, but it’s great to move further away from the 45K support and cross the 50K mark. However, I do suspect moving past the 52,000 resistance won’t be easy.

For diversified holders, the not-so-great news is that the BTC dominance rose strongly, currently at 43.5. So, you’ll see most alts in the green but just underperforming compared to BTC… for now.

It’s interesting to see some alts deeply in the red, though. DYDX, LUNA, WOO are down 4-5%. AVAX and STX are half a percent down.

If you’re wondering what caused the general crypto risk-on sentiment, the SEC chief said yesterday that the US wouldn’t ban cryptocurrencies. This could be looked over, but it is important for the future and the general involvement of credible players in the space. 

It’s also fascinating that the statement comes amid China banning any crypto-related activity. Will the US, so eager to be “number 1,” be the crypto/blockchain economy leader? 

By the way, a big thing that’s happened throughout the year is the migration of miners out of China, which ultimately isn’t bad for the decentralization of what is supposed to be a decentralized network. The point is that we can see the hashrate steadily ramping back up, meaning new operations were successfully relocated and are profiting.

Looking at ETH, I came across a great chart from CoinMetrics that looks at the daily net issuance and shows we’re sharply trending down. Ultimately, that’s good for investors since it reduces supply and therefore selling pressure. Hold on to your now scarcer coins.

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