Thursday, 7 October 2021

Market Summary

Market Summary 7 October 2021

Make or Break For Crypto Markets

  • Today was starting to look despondent, with BTC seeming to have rejected a key trend line, and other crypto assets plunging. But towards the North American open, BTC posed a stern reversal (as you’ll see in this post) and pulled the rest of the market up with it. In other news, dog coins are all the rage again. SHIB price is up over 80% in the last 24 hours, and other dog coins have followed suit. The last time dog coins pumped, it was a sign of ridiculous froth and coincided with the April/May top. Do with that information what you will.
  • BTC/USD technicals flipped into bullish territory after breaking above a key trend line. The move was catalyzed by significant spot buying at the North American open.
  • As we’ve mentioned in the past, a break above upper trend lines doesn’t confirm a reversal on its own. Price needs to remain above the trend line and consolidate there for the break to be valid. Crypto markets are all too familiar with “fakeouts.”
  • The total market cap of crypto excluding BTC has been choppy over the first week of October. While this was happening, BTC dominance started to sneakily creep up. Watching capital rotation from one sector of crypto to another has been key to figuring out which assets are likely to outperform in the short-to-mid term.
  • Over the long term, BTC dominance is still trending downwards — and it’s very likely to continue trending down as other crypto assets attract capital. However, with BTC finding strength late into the day on significant spot purchases, the odds are in its favor for the up trend to manifest in the near-term.
  • DeFi assets are now the neglected child of crypto markets. After a strong rally into the year, DeFi has gotten battered when priced against ETH. And this is after taking ETH’s 60% drawdown in May into consideration.


MoneyGram looks to Stellar and USDC to enable local currency payouts

  • Money transfer firm MoneyGram is partnering with the Stellar Development Foundation to enable crypto payouts in local currencies for users, according to a Wednesday announcement.
  • The partnership will see MoneyGram utilize Circle’s USDC to settle payments and convert payouts to a user’s local currency. MoneyGram’s network will be integrated with the Stellar blockchain to settle the USDC transactions, and United Texas Bank will act as the settlement bank between Circle and MoneyGram. 


Bitcoin Is Soaring on Rumors SEC Will Approve BTC ETF in Two Weeks

  • The price of Bitcoin is rocketing—and some are putting it down to an imminent Bitcoin ETF approval from the SEC. 
  • A Bitcoin ETF, or exchange-traded fund, is an investment product that allows investors to buy shares that represent a digital asset without having to actually deal with the cryptocurrency themselves. One doesn’t yet exist in the U.S. because the SEC has repeatedly rejected applications for the product, citing concerns over price manipulation in the crypto market. 


Bitcoin’s market cap is back above $1 trillion

  • Bitcoin’s market capitalization has once again eclipsed $1 trillion. 
  • At the time of publication, Bitcoin was trading at $54,708, putting the market cap at approximately $1.03 trillion.
  • Bitcoin broke $50,000 for the first time in 100 days last month after a steep downturn to just below $30,000 in July. At that time, it was changing hands around $50,200, with market cap making its way towards the $1 trillion mark but never quite reaching it.


Bank of America identifies 20 high-profile US companies with crypto exposure

  • Walt Disney, Fox Corporation, and JP Morgan are among a list of 20 publicly traded United States companies with some level of exposure to crypto and digital assets, based on data by Bank of America, or BofA.
  • According to a BofA report published on Monday, companies like Morgan Stanley, Signature Bank and Warner Music Group also have some exposure to digital assets.

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