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October 5, 2021
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EllioTrades Daily Roundups

October 5, 2021

Bitcoin at $50k... Again

Oliver Grah
Oct 5, 2021
1
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October 5, 2021
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Introduction

On the day Circle announces an SEC investigation against itself, Bitcoin makes – as if there was nothing to fear – its way back above the $50k mark. Will BTC break the macro consolidation pattern outlined below and kick off a glorious Q4 bull run? Or will the first attempt fail with more short-term downside and consolidation? The stage is set for an imminent decision.

Twitter avatar for @RaoulGMIRaoul Pal @RaoulGMI
No idea if BTC breaks out on first attempt or corrects again first but this is one hell of a pattern.... the on chain analysis also suggests a breakout, along with S2F.
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October 5th 2021

268 Retweets1,932 Likes
Twitter avatar for @rektcapitalRekt Capital @rektcapital
This #BTC macro Flagging Structure represents a period of extended consolidation Overall, this Flag represents a re-accumulation range A breakout from this market structure should precede a new macro uptrend for Bitcoin $BTC #Crypto #Bitcoin
Image

October 5th 2021

20 Retweets158 Likes

Crypto Behaving in a Non-Correlated Way – Once Again

  • It’s always nice to see the crypto markets in positive territory. But it’s even better when crypto is behaving in the non-correlated way it is supposed to – to be fair, that hasn’t happened too often lately.

  • In the last few months, we have seen the crypto correlate strongly with other risk assets (aka stocks) when uncertainty and no strong trend prevail. However in times of extreme bullishness (such as in January and February) or fear (Elon & China FUD), crypto tends to decouple at least partially from other markets.

Twitter avatar for @INArteCarloDossGirolamo Pandolfi da Casio ditto Carlo Dossi Erba @INArteCarloDoss
Love it or hate it, #bitcoin ‘s short term correlation to risk was negative throughout this recent sell-off. If you don’t recognize this and accept it, you are no less a maximalist, an anti-Bitcoin maximalist. Bonds, Gold, and even $ did not achieve same diversification benefit

October 5th 2021

74 Retweets876 Likes
Twitter avatar for @ExanteDataExante Data @ExanteData
As US equity markets trade lower today, #Bitcoin's median rolling beta to the S&P 500 remains elevated during equity down days. $SPY $VOO $BTC
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October 4th 2021

1 Retweet3 Likes

Circle Investigated by the SEC

  • In not very surprising but nonetheless important news: USDC-issuer Circle disclosed yesterday that the company is under investigation by the SEC – notably already since July of this year.

  • While we don’t know many details at this point, the SEC investigation could target Circle’s main product, the USDC stablecoin, but also Circle’s high-interest yield product, which the company announced just a month before the subpoena. Of course, there is also the worst case, where the SEC is investigating both USDC and Circle’s yield product…

  • It’s important to know that this isn’t the first encounter of Circle with the SEC: In August the company agreed to settle charges with the SEC after being accused of operating an unregistered digital asset exchange… and Circle paid a mere $10 million. Let’s hope that the current case will end similarly lenient!

Twitter avatar for @CoinDeskCoinDesk @CoinDesk
JUST IN: $USDC backer @circlepay is cooperating with an @SECGov investigation, filings show. @realDannyNelson reports
SEC Subpoenas USDC Stablecoin Backer CircleCircle said it is “fully cooperating” with the investigation but has declined to elaborate on its scope.trib.al

October 5th 2021

205 Retweets599 Likes
  • One way or another, it has become clear that the time for the crypto community to stand together and fight for its future has come. Luckily, we have influential players such as FTX and Coincenter who are taking the lead.

    Twitter avatar for @tier10kdb @tier10k
    Cryptocurrency giant FTX is planning to advocate for crypto interests in Washington, DC, with the launch of a Political Action Committee, or PAC, according to two sources familiar with the matter. - Decrypt

    October 4th 2021

    73 Retweets781 Likes

The 5th Largest US Bank Now Offers Crypto Custody

  • Meanwhile, the race to serve institutional investors in the US who want to trade cryptocurrencies is heating up. After several announcements by banks earlier this year, we now see crypto services actually going live, which is a big deal for the entire crypto space.

Twitter avatar for @tier10kdb @tier10k
US Bank press release after CNBC report U.S. Bank announces new cryptocurrency custody services for institutional investment managers
U.S. Bank announces new cryptocurrency custody services for institutional investment managersU.S. Bank announced today that its cryptocurrency custody services are now live and available to their Global Fund Services clients.ift.tt

October 5th 2021

3 Retweets13 Likes
Twitter avatar for @sellvolbuyteslasellvolbuytesla @sellvolbuytesla
*U.S. BANK'S CRYPTOCURRENCY CUSTODY SERVICES NOW LIVE

October 5th 2021

The Facebook Outage – an Advertisement for Web3

  • Yesterday, the hours of downtime of many Facebook-owned services was the talk of the day. It showed clearly how vulnerable today’s online world is: One centralized piece fails and a whole communication network goes offline.

  • For crypto-natives it has been painfully obvious for a long time that Web3 and decentralized infrastructure are the future. But yesterday’s Facebook outage made the necessity to build towards a decentralized future even more apparent.

Twitter avatar for @MartiWedMartiWed - #BAYC 6996 @MartiWed
Facebook is down Instagram is down Whatsapp is down Web3 ecosystem is up Bitcoin is up NFTs are up Web3 decentralization is the future.

October 4th 2021

428 Retweets2,004 Likes
Twitter avatar for @gavofyorkGavin Wood @gavofyork
Kudos to @Facebook for giving us a very real demonstration of why the move to a decentralised Web 3 is necessary and, indeed, inevitable.

October 4th 2021

4,069 Retweets15,888 Likes
  • Of course, central Web3 infrastructure pieces are decentralized hosting and data storage, two areas we have touched on several times in the past but whose time to shine is yet to come. Even Bust Rhymes agrees that decentralization is the way to go (while of course, not understanding all technicalities yet 😄)

Twitter avatar for @BrantlyMilleganbrantly.eth @BrantlyMillegan
feeling like ENS miiigght be hitting a cultural tipping point woooww 🤯

Busta Rhymes @BustaRhymes

So would this be a good time for https://t.co/5D2i75iL8Y to become facebook.eth ?

October 5th 2021

23 Retweets247 Likes

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