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November 8, 2021
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EllioTrades Daily Roundups

November 8, 2021

The Last Hurdle

Oliver Grah
Nov 8, 2021
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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…

Twitter avatar for @WClementeIIIWill 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.
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November 8th 2021

156 Retweets2,127 Likes
Twitter avatar for @rektcapitalRekt 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

November 8th 2021

83 Retweets790 Likes

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!

Source: CoinGecko
Twitter avatar for @Blockworks_Blockworks @Blockworks_
Crypto market cap Nov 2020: $400 billion Crypto market cap today: $3.01 trillion $2.6 trillion added in just 1 year

November 8th 2021

133 Retweets488 Likes
  • 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.

Twitter avatar for @gaborgurbacsGabor 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.

November 8th 2021

7 Likes
Twitter avatar for @CryptoMichNLMichaël 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.

November 8th 2021

26 Retweets385 Likes
Twitter avatar for @BitcoinBitcoin @Bitcoin
#Bitcoin is now more valuable than $TSLA, $FB and is the 6th largest asset in the world by market cap. Next up: $AMZN
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November 8th 2021

413 Retweets2,306 Likes
  • It’s clear who has been and will be benefitting the most from crypto: People in emerging economies and…

Twitter avatar for @gaborgurbacsGabor 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?
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November 8th 2021

7 Retweets26 Likes
Source: CoinTelegraph
  • … millennials (and Gen Z).

Source: WSJ

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”… 😪

Source: CoinDesk
  • Just in as well…

Twitter avatar for @BitcoinMagazineBitcoin Magazine @BitcoinMagazine
TODAY: Spain's Santander Bank to offer #Bitcoin-based ETF
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November 8th 2021

102 Retweets500 Likes

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.

Twitter avatar for @SquawkCNBCSquawk 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.

November 8th 2021

17 Retweets57 Likes
Twitter avatar for @twobitidiotRyan Selkis @twobitidiot
moon time imminent. then cash will be king one more time before it's irrelevant forever. have fun and stay safe!

November 8th 2021

15 Retweets187 Likes
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