Best of Crypto

The US managed to avoid a shutdown for now, but only pushed the discussion out by 45 days. Crypto reacted positively this morning, but it looks a bit like a pump in the illiquid overnight market. Yields are rising and central banks and governments seem not to care about the economic downturn. I think equity markets need to become rough in the US for them to change their mind. That moment might not be far away anymore

Coinbase Bitcoin premium is massive in the past 24 hours. Usually a good sign for markets as it indicates strong buying of Bitcoin on their platform. Hope it also works this time, we really deserve a new crypto bull market!

The crypto market is in a world of its own. Few people seem interested although prices are extremely cheap again and the bear market is now one of the longest in history. Lots of progress has been made in terms of regulation and the removal of fraudulent players. I am patiently waiting for prices to reflect the Positives again.

So far, a week to forget. Yesterday evening, after the close of the stocks and futures markets, someone dumped a large amount of BTC and ETH and caused a liquidation cascade in the most illiquid market time. We are still waiting for the news around the Bitcoin ETF. The timing is uncertain, but I would say the chance to get the approval is much higher this time as players like Blackrock have made the right adjustments to their proposals, so that an approval is likely. We will see...

So in the past two weeks, Curve Finance was hacked, Celsius holdings were sold to fiat, stocks corrected and crypto hardly moved. On the positive side, an ETF approval next week is possible, Paypal launched its stablecoin, institutional investors are buying via BTC funds and from centralized exchanges according to flow data. Also other Fundamentals data are now so healthy that I expect a very big move for the next months.