Earth, Wind & Fire (and sun too) 🌞
Cryptic ball: "do you remember".
What have we told you? FTT's pump mainly stalled since Wednesday, proving it was a good time to take profits or tighten one's stops. Meanwhile, bitcoin broke above that triangle but is still hovering around $50k. And ether is finally waking up signs of leadership and is up 6%, trying to overcome the symbolic $4k level - surely triggered by its competitor, SOL, which keeps defying gravity.
What next for the weekend ahead? Well, the whole September will likely be UpOnly mode, but that doesn't mean we won't see an increase in volatility as BTC and ETH approach their all-time high levels - in a similar fashion to what happened this morning, UTC time, where many alts dumped nearly 15% as leveraged traders got hunted. This means you should have a trading plan in place, manage your risk, and be ready to stomach the swings!
Chart art: "the 21st night of September".
Market musings: "love was changing".
Yesterday, US equities continued to pump towards a new ATH. As often explained here, keep following S&P 500 and the Nasdaq as cryptoassets will continue to rise as long as global investors are happy with their stonks. What could disturb this relationship is if US regulators effectively crack-down on DeFi and decentralised trading, with the SEC just announcing it was "investigating" Uniswap Labs.
That's a startup behind the world's largest "decentralised" exchange. The SEC's chairman has recently claimed they can find centralised links in decentralised projects, so let's see how that goes and if the rest of the market ignore the FUD or feels the fear. The plan is to keep following bitcoin and ether: we want BTC to consolidate and slowly climb the charts, while ether leads the way for this alt season to continue undisturbed. Check the dominance chart below for more!
Visual block: "the minds of pretenders".
Three things: "while chasin' the clouds away".
- Bloomberg's Justina Lee covers the NFT hype, explaining how meme stocks traders have moved to collectible tokens. Good overview of the mania.
- Kraken Intelligence's latest report covers Polkadot and Kusama, its "canary network". A must-read about these top projects and their parachains.
- The Defiant's Brian Huang goes deep in "leveraged yield farming strategies", from simple trading to sophisticated, market-neutral approaches!