Best of Crypto

So the SEC ruined the upward pressure yesterday by trying to sue Binance because they run a non registered securities exchange. Sounds familiar? Yes the same nonsense as with other exchanges. Binance has hardly a presence in the US, so there is almost no impact. It is a civil lawsuit so it might take years for any solution.

Litecoin chart looks so ready for a big move. Block reward halving is only a few weeks away and we are positioned for it being very supportive for Litecoins price.

In theory all the discussion about the US debt ceiling should be supportive for crypto, but at the moment we do not see much in terms of price increase. My take is that with higher yields and economic woes, people are still pulling money from DeFi and not all of it is reinvested in inflation resistant coins like Bitcoin, Litecoin, Dash and the likes. Lets see in the next days and weeks if things change.

So I think Jump Crypto and Jane Street are partly responsible for the sell off in many crypto assets in the past weeks. They were (shady) market makers in many assets out there and had to stop their business. I suspect they had to sell of many of their positions.

Meanwhile our largest position Litecoin is outperforming because in less than three months there is the miner reward "halvening" from 12.5 to 6.25 LTC per block. Usually this is a very supportive event for Coins

Let's hope for some positive price action, now that FED and ECB have stopped hiking rates. They still say they want to go higher, but in my view they are done. FED has already implemented some form of QE because they buy government bonds at 100% from banks, no matter how low they are trading. A lot of positive things are happening, but Crypto Twitter is full of negative posts. Ethereum is outperforming Bitcoin today so maybe most of the stakers that wanted to withdraw and sell are done now and on a net basis money is flowing back into the system.