Crypto Market Overview
The last two weeks have been a crazy time in crypto markets. I say that every two weeks though…
The beginning of last week saw the largest NASDAQ selloff ever recorded with VIX (an index which measures volatility) breaking its previous record. As always, when the sky is falling in traditional assets, on-risk assets generally suffer more. You guessed it, crypto is still widely considered an on-risk asset class so BTC and ETH both has some drastic downward movements.
To my comments in a newsletter gone by, there continues to be many investors sidelining waiting for cheap BTC. Be it institutions or individuals (likely both), when BTC approached the $50k mark buyers took over sending the price back to US$60k where it roughly sits today. ETH’s recovery hasn’t been as smooth which is interesting considering there is such a large portion (25%+) staked, or illiquid.
One final interesting thing out of the last fortnight was the Solana ETF applications in Brazil being approved. This is a strange move as the same applications around the world haven’t gathered much momentum but a potentially encouraging sign for the ‘ETH-killer’.
Global macro factors still look uncertain with unrest continuing to bubble up and the elephant in the room being the US election. Investors remain cautious but if rumours of the US buying back bonds prove to be true there could be some positive movement in the near future.
As always, don’t rely on any single source of information and please do your own research before making a trading decision.
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.
