Cryptic ball: Goldman to start selling sats, soon.
The cryptosphere is lit with jokes following an informal announcement by Goldman Sachs PWM's global head of digital assets. It seems that the private wealth management division will offer a “full spectrum” of investments in bitcoin and digital assets to its richest clients in the next three months! The joke revolves around the fact the investment bank had shunned BTC as an asset class last year.
So, the only thing we can predict here is that other big banks will follow. After all, "some Goldman clients feel like we’re sitting at the dawn of a new Internet". A bit late to the party, as usual. But not too late. With bitcoin continuing to circle around $59k, when pump is the question that matters. Read ahead for that!
Chart art: hey, that bitcoin is mine.
Market musings: don't fall for April Fools.
Not much changed in the bitcoin charts since yesterday, apart from two failed tests of $60k. And you know how they say third time is a charm. But it seems this recent bullish leg has been driven by leverage and not real interest. Even though the miner's data above isn't updated to this day, it's clear the markets are smoother now. Moreover, we're starting to see funding rates rise in exchanges which charge for traders to margin trade, i.e. trade with borrowed funds, implying that the market is being driven by futures markets, and not real spot market buying.
That's further corroborated today's violent dumps near $60k, which liquidated more leveraged longs than any day since last Wednesday. But were they enough? Your correspondent thinks not. But no need for despair. Even if bitcoin dumps instead of assertively breaking through to a new all-time high, it seems we have strong support around $46k, as Willy Woo's analysis nicely explains here. So, consider the markets may deceive you tomorrow, but it's just April Fools.
Visual block: it's really that simple, for now.
Three things: energy FUD conservation law.
- Charlie Morries explains what's really driving Bitcoin. Another must-read.
- Nic Carter explains why NFTs are hard to explain: it's a bundle of concepts.
- Daniel Jeffries explains why people still don’t get cryptocurrency. Do you?