November 8, 2021

The Last Hurdle

Nov 8, 2021

Introduction

Well, what a weekend it has been: After the dip on Saturday made many on Crypto Twitter nervous, the markets have turned around yesterday, with BTC and ETH leading the pack.

While ETH has broken to new highs today, BTC had its highest weekly close ever and is now facing its last resistance before entering price discovery mode: October’s all-time high at approximately $76k. “What’s next?” is obviously on everyone’s mind right now…

Will Clemente @WClementeIII

During the last 3 vol squeezes BTC has undergone, it first faked out to grab liquidity from breakout traders before reversing. Is this time different? I hope so. Just trying to stay level-headed.

Rekt Capital @rektcapital

The second part of the #BTC cycle will be much more parabolic than the first So the emotions you will experience on the way up (and on the inevitable dips & corrections) will also be extreme We’re ushering into an era in the cycle where emotions will reach fever pitch #Bitcoin

Crypto Surpassing $3 Trillion in Market Cap

BTC’s and ETH’s price rises over the last 24 hours have pulled a lot of capital into the crypto markets (which is obviously great for altcoins later on). Consequentially, the total crypto market capitalization surpassed the psychologically significant $3 trillion mark – smashing the old highs from May!

Blockworks @Blockworks_

Crypto market cap Nov 2020: $400 billion Crypto market cap today: $3.01 trillion $2.6 trillion added in just 1 year

Every trillion that the crypto markets gain is an additional argument for legacy finance and the mainstream to stop ignoring this exponentially rising asset class.

Gabor Gurbacs @gaborgurbacs

@Kris_HK At $3 Trillion, there is no excuse not to take the space seriously. Even large banks, pension funds and sovereign wealth funds are exploring ways to engage.

Michaël van de Poppe @CryptoMichNL

$3 trillion is still not much compared to other markets. The real acceleration of this cycle is still ready to come.

Bitcoin @Bitcoin

#Bitcoin is now more valuable than $TSLA, $FB and is the 6th largest asset in the world by market cap. Next up: $AMZN

It’s clear who has been and will be benefitting the most from crypto: People in emerging economies and…

Gabor Gurbacs @gaborgurbacs

Crypto users worldwide hit $300 million users, more than half (160 million) in Asia, 38 million in Europe, 32 million in Africa, 28 million in North America, 24 million in South America, 1 million in Oceania. Time to take the space seriously?

… millennials (and Gen Z).

Wealthy young investors don’t see much use for the wealth-management firms their parents rely on. They would rather pick their own stocks or plow their money into crypto.

One Bank After the Other Is Fomoing into Crypto

Is it even news anymore when the 5th largest US bank plans to offer crypto services to its customers after we have seen one bank after the other announced their crypto plans recently? Well, just a year ago, such a headline would have propelled crypto prices to the moon – today it’s just “meh”… 😪

Just in as well…

Bitcoin Magazine @BitcoinMagazine

TODAY: Spain's Santander Bank to offer #Bitcoin-based ETF

A Macro Storm Is Brewing

While things are looking rosy in both crypto and stock markets right now, there are reasons to be cautious and alert to what is going on in the macroeconomy. Unfortunately, we live in a world where the prices of assets depend to a large extent on the decisions of a few powerful people – namely central bankers.
With inflation proving not to be transitory and central banks around the globe starting to raise interest rates, the scenario of a “global tightening” is starting to become a reality. For now, the three most important central banks, the Fed, the EZB, and the Bank of England, are almost the only ones resisting tightening their monetary policy… for now.
The next months will be crucial to determine if rising inflation forces the hand of even the most dovish central bankers, with a potentially catastrophic impact on the markets – or not. Meanwhile, diversification is probably the best approach to protect ourselves from different outcomes.

Squawk Box @SquawkCNBC

"What would be this big shock that we have to avoid? A policy mistake. For example the Fed being too slow ... we don't have a historical experience where the Fed has been late in tightening and hasn't sent us into recession," says @elerianm on risks to the market.

Ryan Selkis @twobitidiot

moon time imminent. then cash will be king one more time before it's irrelevant forever. have fun and stay safe!

EllioTrades