In the traditional space, there was a bit more activity over the last session, with: 1. Goldman Sachs getting fined after admitting its role in the 1MBD scandal, 2. Nancy Pelosi saying “we’re just about there,” 3. The global increase in virus cases, and 4. The FDA’s formal clearance for the antiviral therapy drug ‘Remdesivir’ by Gilead Sciences.
Bank stocks rose, pushing the S&P up half a percent but still short of recouping previous losses. Similarly, the dollar index closed green, but is still far off from where it was just a week ago. Treasuries continued their descent, pushing the 10-year yield past 0.85%. Gold fell a little over 1%, currently at $1,905.
Away from the murky environment that traditional assets present, crypto is a sea of green this morning. We talked yesterday about the momentum of such large moves, and BTC surpassed the 13K threshold once again, briefly touching upon $13,180 and closing at $13,000, for a +1.76% session.
We also touched upon the cyclical nature of crypto markets yesterday, and, as we hoped, alts moved and regained some lost territory — relative to BTC, anyway. The BTC Dominance Index retraced down only slightly, and is still at elevated levels: 61.9 at the time of writing.
ETH moved 5.8% on the session, currently at $413. LINK is up 10.3%, at $11.9. LTC has risen in the past two days by a massive 16%, and is now sitting at $54.4. ADA is up 4%. XMR, XTZ, XLM, BCH, and DOT are all rising around 3%.
What I liked about yesterday, despite the moves were not as dramatic, is the fact that there is no real news pushing crypto up, and no macro event (besides the already priced-in optimism about the US stimulus bill) catapulting the increase. Big upside volatility is enough for people to say “huh, while before you had my curiosity, now you have my attention.” With the growing supply of stablecoins, both the interest and capital for crypto trading and investing are there. Let’s sit back and see how, if/when, it materializes into further growth.
Video version -> https://youtu.be/45akEl9lUqY