Hey Guys
Last couple of days we see BTC Correcting. I don't believe we are seeing the unraveling of a bull trap or something like that ( Unless of course something unpredictable happens ).
Generally Correction and a period of consolidation is a really healthy period for the markets, everybody want's to take profit at some point so the selling pressure drives the price lower where we find support and hopefully we consolidate make supports stronger and getting ready for the next leg up.
But let's see some of the recent news that propelled that correction.
Two days ago rumors stated spreading that the SEC will like to ban crypto staking in the US for retail costumers that was the first alarm in the markets ( I saw it in hive first before twitter by @lordbutterfly post @lordbutterfly/sec-wants-to-ban-staking-according-to-coinbase )
https://twitter.com/brian_armstrong/status/1623459203150131201?s=20&t=3GmhlwPBk_xYEDSOeLkIkw
- brian_armstrong
Later that day the second alarm went off and that news started spreading Kraken to shutdown staking operations The Securities and Exchange Commission settled a case with a cryptocurrency exchange and clamped down on one of its business practices.
The crypto exchange Kraken agreed to shut down its cryptocurrency staking service and pay $30 million in penalties to settle charges that it failed to register the program, the agency said on Thursday.
The move could become a problem for platforms with similar offerings.
Staking lets customers earn a yield by temporarily handing their crypto tokens over to an intermediary or a cryptocurrency network.
https://finance.yahoo.com/news/crypto-exchange-shutdown-staking-sec-072722066.html?guccounter=1
Well probably that was the news and not a catholic ban in staking but after the news hit the whole market took a little hit.
And finally the last thing that peaked my interest and i find it a bit alarming was that On Tuesday, a trader purchased $18 million worth of interest-rate options expiring in September that targets a peak interest rate of 6%. This bet would net $135 million if successful. This bet is for a rate almost 1% higher than the current consensus.
https://twitter.com/Barchart/status/1623524751888257024?s=20&t=0c2AFOPVbhpI60iVh-07eg
- Barchart
