I rescind my previous "long" on crypto.
As we can see, the decoupling between crypto and equity has begun. Although I am not here to say how long it will happen, or exactly why it is happening, I know that as long as ETHUSD keeps falling, BTCUSD cannot compete with $SPY. A theory is because stable coins were crashing, and NFT's are doing the same. I mean, crypto was supposed to be an "Inflation Hedge", but now crypto is considered one more risk asset that "often moves with the stock market." (Forbes). Now that its not, it is reason for concern.
Equity markets HAVE found their temporary bottom as I've stated in my TA from 5/9, and now they are "ripping". It is concerning that crypto is not following. In fact, ETHUSD is currently falling. More to come later.
More mistrust within crypto + equity ripping up while Crypto is stable / falling is further explanation for what is happening as of now.
Unless BTC can push above 34,000's and hold, I see no hope for crypto in the near future.
Please Like and Comment to see more. Kind criticism, helpful feedback or praise is always welcome here :).
M
As we can see, the decoupling between crypto and equity has begun. Although I am not here to say how long it will happen, or exactly why it is happening, I know that as long as ETHUSD keeps falling, BTCUSD cannot compete with $SPY. A theory is because stable coins were crashing, and NFT's are doing the same. I mean, crypto was supposed to be an "Inflation Hedge", but now crypto is considered one more risk asset that "often moves with the stock market." (Forbes). Now that its not, it is reason for concern.
Equity markets HAVE found their temporary bottom as I've stated in my TA from 5/9, and now they are "ripping". It is concerning that crypto is not following. In fact, ETHUSD is currently falling. More to come later.
More mistrust within crypto + equity ripping up while Crypto is stable / falling is further explanation for what is happening as of now.
Unless BTC can push above 34,000's and hold, I see no hope for crypto in the near future.
Please Like and Comment to see more. Kind criticism, helpful feedback or praise is always welcome here :).
M