It's just like September 2017
4 min read

It's just like September 2017

B21 Crypto. We help you stomach cryptoassets.

Cryptic ball: just fear, uncertainty, and doubt.

Like in 2017, sophisticated players know that Q4 has all the conditions of an epic ride in the cryptoasset rollercoaster. And, like in 2017, everyone feels like they haven't been able to load their bags as much as they wanted. Cue the FUD so that prices drop and you have one last dip to buy before euphoria goes through the roof. Did you take the opportunity? Or did you fall for the 1000th China ban?

You likely fell for it. After all, even Bloomberg reported today that "China’s central bank says crypto transactions are illegal". But the official memo was published on September 15th, and, as usual, it is just a restatement of the multiple bans China has tried before. Naturally, the very correlated BTC and ETH dumped 10% to 12% this morning, complicating yesterday's specular bounce. What next?

Chart art: just stocks and bitcoin sitting in a treeth.

This correlation is evidence of the institutional adoption of cryptoassets.
And this is evidence of ether's maturity among institutional players.

Market musings: just wake me up when September closes.

So far, a clear higher low was printed, which makes us feel like Tuesday's low was the week's bottom. But we need bitcoin to close the weekend above $42k, and ideally in the green, i.e. above $47k, to be more confident - especially given that the monthly close is next Thursday. After that, what we wrote Wednesday remains: crypto will continue to pump as long as western equities remain hot.

That's even more clear now that everyone outside conspiracy circles has moved on over the Evergrand debacle. Moreover, it's clear the NFT bubble hasn't popped - yet. And even though funding rates recently turned negative, a sign of bearishness, it looks like this is just an effect of the FUD, with slow traders try to short an already deflated market. To conclude, as Bleeding Crypto reminds us, don't forget China also banned bitcoin in September 2017, before it pumped 6x in Q4.

Visual block: just remember how history rhymes.

Kudos to @Bleeding_Crypto for the memory. Now note that BTC and ETH are likely to pump less this time, compared to 2017, as they are more mature assets now. But you have a whole market of sh*tcoins out there to explore, right?

Three things: just buy the tip.

Tweet tip: just invest in these bans.

The power of decentralisation.

Meme moment: just laugh at arrogant regulators.

Credit goes to Rob Paone.

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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.