Few things are better than waking up to green in the screen. 5% overnight pop reverses previous days dip under $10K. The heavier 200 DMA signal has panned out well so far as has the positive ichimoku cloud signal but the momentum trackers are showing signs of stress with Bitcoin tracing the upper bollinger band while RSI flirts at 71. Interesting how there has been limited liquidations on this leg up with both Bitmex & OKEx seeing $200mn uptick in open interest taking the total tally throwing distance away from $5bn.
Volumes have consistently punched above the 30 ADV as the gains continue to get ground out.
May I dare say, even the alt-coins look to moon as they become more receptive to the positive headlines. Hedera Hashgraph ($HBAR) takes the jersey with an eye watering +98% move as Google Cloud joins the governing council of the protocol as they setup a network node and Terra ($LUNA)+39.4% takes the baton from Icon ($ICX) +3.2% as the next Korean project to get pumped. Just thirteen of the top 100 market cap coins are in the red as BTC dominance dips below 63% for the first time in seven months. The tide is definitely lifting all the boats and if you’re boat ain’t floating, perhaps it’s time to let go of that bag already.
Even Ethereum is running. Getting an extra boost today from the JP Morgan’s Quorom / Consensys headline but surprised the sentiment has flipped so quickly given the upcoming Ethereum 2.0 hard fork (July 2020) and the countless times they’ve tried to implement (and failed).
Maker has held firm to its leader position in the world of defi where collateral locked in smart contracts has exceeded the $1bn mark.
I see this as a major use case after avoiding cross-border capital controls. We can try to figure out what interests we need to tap for mass adoption, or simply provide a better alternative to existing solutions. In a world where $16tn of debt yields negative rates and banks slapping you with an insult of a return for your deposit, mid to high single digit (in some cases even double) APRs must look like a welcome alternative. Suspect this figure has more legs as more outfits sort out the security or rather- the projection of it and give their users peace of mind. Is decentralized custody solutions the future? no doubt. Will traditional asset managers be willing to deal with these nascent, hack-prone solutions? hell no. USDC has essentially seen volumes more than double as they become eligible to NY residents and is one of two stable coins endorsed by Matrixport.
While the Ukrainian government has openly stated zero intentions to regulate crypto miners within her borders, the Germans now have 40 banks in the line looking for a BaFin license, the Swiss have stepped up AML policy policing, Fed Governor Lael Brainard has hinted of internal studies aiming for a digital currency, SEC Commissioner Hester Peirce went out on a limb proposing a three-year grace period for decentralized token projects and CME & Bakkt continue to see uptick in open interest. Sentiment can be oh so fickle but it really does feel like the final and most important cornerstone that is needed to trigger the insto stampede: namely clear cut regulations, is slowly coming into play. #CanYouHearTheHerd?
- Klaytn ($KLAY) +4.5% Huobi joins 28 member governance council
- Ethereum Classic ($ETC) +3.0% accepted as collateral on Fantom platform ($FTM) +9.6%
- Binance Coin (BNB) +4.9% offers P2P trading with RUB onramp
- OKB ($OKB) -0.2% pulls back post pop from DeX launch yesteday
- Tron ($TRX) +7.5% retains 50% of gains from Warren Buffett lunch post this tweet
- Ripple ($XRP) +5.6% ties up with Intermex to expand north-south American remittance presence and wins The Egyptian National Bank over
- Australian Government releases National Blockchain Roadmap
- Ant Financial owned Xiang Hu Bao blockchain based claims-sharing platform offers Coronavirus insurance at 100K/CNY ($14,320)
May the trend be your friend… Happy Trading!
