Morning Traders,
Although we think that top-down intervention will stop a proper market sell-off, risk was taken off overnight and inflation also ticked up. Digital assets, especially decentralised finance projects, were sold with it.
Gold and Bitcoin were bid, although potentially still a little muted. Bitcoin may be forced to choose what it wants to be and gold could be doing its job in institutional portfolios at the moment.
In looking at the charts though, the two large-cap digital assets, Bitcoin and Ethereum have now both broken out of their resistance trend strongly and are being bid.
Bitcoin
Bitcoin has traded higher, and is consolidating there. It might be a case of slowly creeping upto the critical $10k level while looking uncommitted the whole time, before everybody has to hit the exit at the same time.
It didn’t weaken with the risk off trade, which it had been, which is encouraging.
Bitcoin last traded at $9,614
24 hr high: $ 9,689
24 hr low: $ 9,453
Bitcoin USD Chart
Bitcoin Chart
Ethereum
As expected, Eth is the more volatile asset and is being bid very convincingly.
24 hr high: $ 280
24 hr low: $ 260
Ethereum USD Chart
Digital Assets
ChainLink and Tezos had buyers overnight while digital assets were quite weak by comparison, perhaps trading with risk assets overnight.
- Aave: $ 0.285
- Algorand: $ 0.328
- Cardano: $ 0.1238
- Chainlink: $ 7.87
- Compound: $ 157.52
- Maker: $ 529.16
- Ren: $ 0.162
- Reserve Rights: $ 0.0114
- Stellar: $ 0.0982
- Synthetix: $ 3.34
- Tezos: $ 3.17
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