Earth, Wind & Fire (and sun too) 🌞
4 min read

Earth, Wind & Fire (and sun too) 🌞

B21 Crypto. We help you stomach cryptoassets.

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. Β 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".

Ether is just 8% away from May's ATH. Imagine how wild things are going to get once it overcomes that level. To be clear, we don't think we need to wait for September 21st for that, it's coming as soon as next week, if not this Sunday already.

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".

Bitcoin's dominance over the rest of the cryptoasset market is falling again towards this May's low. Things will start to feel toppy when dominance hits the red line from January 2018.

Three things: "while chasin' the clouds away".

Tweet tip: "our hearts were ringing".

Interesting, but note that OpenSea had $3 billion in volume. Although we all know that volume in NFTs mostly takes place between traders selling to themselves to inflate prices, right?

Meme moment: "in the key that our souls were singing".

Credit goes to Laura Shin's team on this one, so true!

New token on B21: welcome, Cardano!

Cardano has launched smart contracts functionality on its testnet, hitting a new ATH yesterday (as anticipated Wednesday). Keep following its roll-out as ADA tries to steal SOL's warm charm. Click on the image to learn more or follow this tweet.

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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 guidance in the report will lead to any particular outcome or result.