The Saga begins
3 min read

The Saga begins

Cryptic ball: ether is leading.

This was a rather stable Friday, with markets continuing the recovery experienced over the week. This makes me feel the weekend will be smooth and that we won't experience the kind of black swan volatility seen last week. Why and what's next?

  • Stocks pumped hard today, even if crypto barely moved. Such a move came after inflation expectations in the US eased - thus implying the Fed wouldn't need to tighten the economy as hard as the markets are pricing in.
  • More interestingly, tech stonks led this rally - strengthening the confidence that it's difficult to disturb global risk assets like bitcoin and alts over the weekend. At least if nothing else surfaces in the Three Arrows Capital drama.
  • Meanwhile, bitcoin is trying to conquer the $21.7k level described yesterday, while ether has already printed a higher high than that achieved Monday, June 21st. In other words, it's very likely BTC will follow and pump more soon.
  • Zooming out, the latest Glassnode insights show us that we're also potentially experiencing a market bottom. After all, bitcoin wallets have only faced worse relative drawdowns in March 2020 and in November 2011, moving up since.

Lastly, the strength alts are showing can be an additional source of inspiration if bitcoin continues to recover. Let's just hope there's no more FUD to fuel bearish attacks because things will get ugly if $17.5k wasn't the bottom after all!

Chart art: onchain is informing.

Bitcoin wallets tend to record severe net losses, in BTC terms, during market bottoms, as you can see above. Well, if we haven't experienced the bottom already, we're surely near!

Three things: rumours are illuding.

Tweet tip: goldman is buying.

Let's see if this is true first!

Meme moment: context isn't forgiving.

Better than nothing, right?

FV Bank: back from Consensus.

Consensus brought together great minds from the crypto, blockchain and fintech world in one place! I can't wait for next year. See you there!

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Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of the guidance in the report will lead to any particular outcome or result.