Crypto Market Overview
Don’t say it's been a crazy two weeks again, don’t say it, don’t say it…
So, it’s been a crazy two weeks in crypto with SEC Chair Gary Gensler hinting that rates will come down, sending crypto skyward. Turns out, a large portion of that upward momentum was driven by leverage traders as the moment the market inevitably cooled over $300m of long trades were liquidated sending BTC and alts back to where they started. The silver lining here is that there is clear demand once there is some certainty around central bank interest rates actually being reduced.
Domestically, Block Earner held a community event in conjunction with Coinbase, Upside and CryptoTaxCalculator to bring like-minded people together and learn about what happens behind the curtain at some of the nation’s leading brands. Almost 100 people showed up! If you missed out, keep an eye on our LinkedIn and X pages for an invite to the next one.
A final nugget of information for you, crypto and tech stocks are rather correlated when you look back at the last 24 months. Nvidia (the godfather of AI) is poised to announce their quarterly earnings this week (for context, they over delivered by almost 10% with US$26bn last quarter), if you believe that there is correlation and not causation between tech stocks and crypto prices, this is one to watch very closely.
Stay safe out there and see you soon!
DISCLAIMER: The information on this blog post is for general information purposes only. It is not intended as legal, financial or investment advice and should not be construed or relied on as such. Before making any commitment of a legal or financial nature you should seek advice from a qualified and registered legal practitioner or financial or investment adviser. No material contained within this website should be construed or relied upon as providing recommendations in relation to any legal or financial product. Block Earner does not recommend or endorse any particular token.
