While we’re not quite in bull mode yet, ETH has shown remarkable fortitude as it wrestles with extreme drawdowns. This steadfastness has piqued the interest of both retail and institutional investors, who are probably just as confused as the rest of us.
Bitcoin, that elusive creature, soared above $108,000 in the U.S. morning light, only to slide back to $106,500 as profit-takers swooped in like vultures. But fear not! Buying activity later nudged prices back above $107,000 during the Asian morning hours on Tuesday.
BTC ETFs, those delightful little cushions, welcomed $1.4 billion in net inflows over the past week, proving their worth as price shock absorbers even amidst broader pullbacks. Who knew they could be so resilient?
DOGE’s candlesticks now sketch a staircase for rodents: those “higher-lows and higher-highs” beloved of technical tea-leaf readers. The $0.177 level was thrashed multiple times, as if DOGE were knocking on the gates of canine Valhalla. At one point, our hero even nibbled 18 cents before shying from a “head-and-shoulders” cliff—sellers pounced, no bones about it.
And what could possibly be driving this mass exodus? Oh, just the little matter of uncertainty surrounding the US Federal Reserve’s interest rate cuts—or rather, the lack thereof. James Butterfill, Head of Research at CoinShares, suspects this is the root of all evil, feeding investor jitters and sending them fleeing in panic. Ah, the sweet taste of economic instability.
If the notion of a blockchain making its debut amongst the aristocracy of investors seems odd, you are forgiven. Still, this may yet be the slyest stablecoin infrastructure play since a Tsar first heard of indoor plumbing. The new vessel, poised for public eyes, offers wanderers in the equity bazaars a chance to own the rails upon which 30% of all stablecoin processions wander, and where half of all USDT sleeps—according to the oracle known as DeFi Llama.
But let’s not kid ourselves; this is not a new episode in the Bitcoin saga. Since mid-May, BTC’s 1D chart has resembled a rollercoaster designed by a mad scientist, where sharp liquidity sweeps trigger dips that lure in value hunters, only to be met with macro-driven FUD that erases weekly gains faster than you can say “volatile market.” 🎢
Our hero, the market expert dubbed Crypto Eri (who surely chooses this name to shield her soul from the terrors of digital anonymity), submits that if Ripple clutches at 14% of SWIFT’s annual volume—some $4.2 trillion—it would require a minuscule morsel of XRP’s supply. But truly, what is a morsel in the bottomless appetite of global finance?
With today’s little bounce, the traders are feeling a surge of optimism, which, let’s be honest, is just a fancy way of saying they’re getting greedier. The cryptocurrency market, like a well-fed cat, is poised to benefit from the rising global money supply, thanks to the anticipated Quantitative Easing (QE) in the United States. More money? Yes, please! 💰
Behold the hourly chart of Open Interest, a tale of consolidation after a swift descent from lofty heights. Our brave OP found a temporary refuge at around USDT 0.56, before daring to venture into the current trading range of USDT 0.611. A steady recovery, you say? Indeed! Higher lows are forming, signaling a shift in sentiment as buyers cautiously step into the arena. The asset is making valiant attempts to breach immediate resistance zones, paving the way for further ascension if momentum holds. 🏔️
