The company negotiated with its clearing house, the Chinese government pumped billions of renminbi into interbank markets, and local loan rates remain unchanged.
On the news, global markets rebounded. Equities walked back on some of the losses experienced in the past sessions; bonds and gold went the other way and retraced slightly.
We can also see a clear shift in risk outlook in crypto markets. BTC bounced away from the 40K support, rose 7%+, and now hovers around $43,500. As a mirror of the previous sessions, with the positive sentiment, the BTC dominance fell sharply, back to 41.5, as alts gained market share.
Among the best performers and in order, LUNA is up almost 30%, closely followed by ATOM and AVAX, which both gained more than 20%. It’s also great to see DOT, SOL, XTZ, and MATIC gaining between 10% and 20%. In fact, any altcoin you’d be looking at right now is probably in the green.
It’s also very interesting to see that despite the market volatility, the search interest, while relatively lower than before, is still around December 2020 when we were in the midst (some would say at the start) of a massive bull run. I interpret that as “we’re not done yet. If anything, we might be gearing up for another leg up.”
A Reuters article reports that the UAE financial regulator is open to crypto trading and will be putting in place laws to enable legitimate operations to offer digital assets services. It will take time, probably several months, but is nevertheless supportive of crypto adoption.
In Europe, there’s also movement with the news that Nexi (a large payment provider headquartered in Italy) is working with the European Central Bank to issue a digital (blockchain-based) Euro.
In the US, Jerome Powell hinted at a paper on a CBDC as well, as if it were a coordinated move.
No surprise here, right. We’ve been talking and expecting new all-time highs for the past few days.
You can probably feel it, see it, hear it. Crypto markets are higher. We haven’t reached new all-time highs but, boy, are we close!