With some exceptions, Ethereum has been a pain trade throughout most of this cycle. Major rallies for Bitcoin, Solana and various meme coins saw the majority of gains this cycle. Ethereum is still up considerably from its 2022/23 lows but relatively less. But this was about to change, or so the expectation of many went. Ethereum Spot ETFs finally began trading on July 23rd. This marks a major milestone for the cryptocurrency market. Earlier this…
It is easy to tell the story of Bitcoin’s price movement this year. We first saw a nearly parabolic rise in price following the ETF approval. Bitcoin’s value then fluctuated between $60,000 and $70,000 for several months. Momentum was building up for a breakout either upwards or downwards. The more the traditionally slower summer months approached, the less likely another upward move became. Now that we have seen a clear break below $60,000, any bullish momentum is over. Now, patience…
The bull market of 2024 has lost steam. Bitcoin’s price, which was initially pushed up by ETF flow and the momentum surrounding its halving, has been slowly retreating since it briefly reached a new all-time high in March this year. Altcoins are mostly experiencing a depressing market in 2024. Except for a brief memecoin frenzy, the prices of most projects have steadily declined since early in the year. The market is slowing down. This is especially visible in the…
An Echo Bubble is not a concept familiar to traditional finance traders. In crypto, the concept was popularised by the famous trader GCR. It’s the idea that a mini-bubble ‘echoes’ a previous big bubble in a subsequent time period. In 2019, Crypto markets saw a short-lived echo bubble that followed the 2017 rally. Given how immense the 2021 market grew, many traders anticipated a significant Echo Bubble. Many expected a crypto echo bubble in 2024,…
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A day in crypto can be like a week in ‘normal life’. Since we last wrote this column, the SEC all but approved an ETH ETF. The first major bill to regulate Cryptocurrency, known as FIT21, went through Congress with bipartisan support. Republican Presidential Candidate Donald Trump started accepting donations in Cryptocurrency and publicly voiced support for the industry. President Biden’s administration, concerned to be alienating pro-cryptocurrency voters for no obvious gain, quickly followed suit…
A few weeks of limited volatility and ranging between the $60k and $67k range for Bitcoin price are keeping traders in suspense. This was well captured by a few days of relatively low inflows/outflows to the Bitcoin ETFs over the last week. Bitcoin price trend seems to have turned however since the bitcoin ETF was approved, as this week saw $726m of inflows so far. In times of little price action, crypto traders tend to…
After rallying to a new all-time high in March, the bitcoin market had looked without momentum for weeks. New catalysts such as an Ethereum ETF approval look very unlikely. The launch of new Bitcoin and Ethereum ETFs in Hong Kong has not attracted meaningful volumes. The much-anticipated announcement of the Eigenlayer token in the Ethereum ecosystem led to more disappointment than excitement. On the downside, increasing US government crackdowns against crypto privacy tech and decentralized…
When you are reading this, Bitcoin’s fourth halving is imminent. The reward that miners will receive for each block every 10 minutes will drop from 6.25 Bitcoins to 3.125 Bitcoins. Bitcoin’s halving will result in a reduction of the annual Bitcoin supply from 1.6% to 0.8%. But this halving will also bring the launch of the highly anticipated protocol and Bitcoin Token Standard “Runes”. Runes allows the creation and trading of altcoins on Bitcoin. Unlike Ordinals, which essentially are…
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