Best or beast?
3 min read

Best or beast?

Cryptic ball: week or weak?

It's a pity that cryptoassets and equities are losing their strong correlation in such a way. While the S&P 500 and the Nasdaq kept bouncing into potential recovery territory, bitcoin and ether, as well as most alts, remained lacklustre. Why?

  • Firstly, note the average cryptoasset barely moved this Friday. Bitcoin hovered between $28k and $29k while ether also fell a bit, being mostly stuck between $1.7k and $1.8k. Only DOGE followed equities, experiencing a minor uprise.
  • Conversely, EU and US stocks closed the week in the green, in what can be called "the best week since November 2020". This was the relief rally I told you about Monday, but I was expecting it to play out across the board!
  • Instead, cryptoassets weren't baffled by these nice winds that were even able to lift overhyped software companies in the Web2 world. My explanation concerns the lack of demand from retail and institutions alike.
  • After all, some OTC desks have been reporting lighter institutional flows this week, with just some smaller firms trading the current range. On the other hand, it's also clear retail isn't interested in buying crypto right now.

As Alex Krüger and Chris Burniske put it, the crypto sentiment was harmed by the Luna crash and one can only agree and wait for traders to complete capitulation. Let's see how Monday opens and if May's monthly close brings further negativity!

Chart art: liquidity or litquidity?

The ECB shows how the COVID pump was done and how it has come to an end.

Three things: PoW or PoS?

Tweet tip: up or cusp.

Alex believes the Terra / LUNA downfall is to blame and I agree.

Meme moment: tweet or twat?

Twitter > YouTube.

FV Bank: talk or tak?

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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.