An alternative April
Cryptic ball: gold never fools us.
Another moderately funny April 1st is behind us: we had promises for literally putting dogecoin on the moon, the launch of a new Teletubbies token, and Peter Schiff - a notorious Bitcoin bear and gold bull - admitted he was wrong about the original cryptoasset. On a more serious note side, he forgot to remind us that one bitcoin is (currently) worth more than 1kg of gold!
And with the SP500 rising above 4,000 for the first time, it seems the US stock market has also left behind the panic caused by the at least $30 billion in margin calls missed by Archegos last Friday. This family fund imploded after their long-short strategy went wrong, in what's being called "one of the single greatest losses of personal wealth in history". And you thought BitMEX was bad for your health?
Chart art: ether is leading the way.
Market musings: alts tend to follow ether.
Market-wise, it seems crypto whales are busy eating their easter eggs before the right time, with the price of one BTC is seemingly stuck over the day. That's weird, given that more major banks are joining the bitwagon - with Morgan Stanley announcing it plans to expose 12 funds to BTC, while Blackrock declared it dipped its toes in crypto futures back in January. But weird isn't necessarily bad.
Because the cryptosphere's current consensus is that this sideways action also happened when bitcoin consolidated around $30k. But now, instead of a breakout to $100k, it could be that BTC remains fairly boring, giving space for alternative cryptoassets to reach the moon, as hinted by its diminishing dominance over alts in the past weeks. Keep following that indicator, do your own research before FOMOing into tokens which pumped 42% in a day, and look for ETH clearly breaking its all-time high - that would be the sign for alts.
Visual block: these fees can't go on.
Three things: listen to cousin Sam.
- Looking to buy BTC every time Elon Musk tweets about it? Check this bot.
- Looking for the best podcast episode you can listen to? Check Sam Bankman-Fried's interview with Bloomberg's Joe Weisenthal, it's a must!
- Looking to "trade crypto and be able to sleep at night? Check Daniel Brain's recommendations.