Recurring market commentary on what’s happening in the crypto markets, summarized by the Crypto Broker team at Crypto Finance AG.
The trading week was more or less marked by a $4,000 trading range in Bitcoin (BTC) with a great deal of intraday up and down movements.
Bitcoin defends support despite China news
Despite all of the negative news out of China recently, BTC managed to protect the important support of $40,000 (blue line) rather impressively and made several attempts to detach itself from the lower levels. The general trust in the market is slowly returning as the perpetual, term, and funding premiums are slowly increasing again. The Ethereum / Bitcoin (ETHBTC) spread has not changed much, and trading remains close to the resistance of 0.07.
The Alt-, Mid-, and Shit Indices have underperformed BTC slightly over the week. It seems like the entire market has taken a breather and that investors are reorienting and preparing themselves for the last quarter of the year. The influx of news and surprises will definitively continue towards year-end – and beyond.
NFT hype somewhat weakened
The NFT hype has slowed a bit, but the valuation of the infamous crypto punks, for example, remains at $4bn for the 10,000 punks still out there. In other news, Ripple has launched a $250m creator fund for NFT projects. Ripple has also responded to Senator Toomey on XRP, and the SEC on how to do better. Senator Toomey stated that China’s crackdown on crypto is a reminder of our huge structural advantage over China.
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