A quick take on the current stake of crypto as we start a fresh week in the wonderful and whacky world of digital assets.
To start the week off the markets are pretty much green across the board, just what I like to see as I sip my coffee and get a pulse on the markets.
Current State of the Market
I would describe the current state as a sort of holding pattern until we either see some continued positive momentum or the unfortunate possibility that the markets are rocked again by some FUD or an impulsive tweet from the so called "dogefather".
Greed Vs Fear
According to multifactorial crypto market sentiment analysis we're currently in a state of Extreme Fear. Well that's unfortunate, and honestly not exactly how I feel at the current moment possibly because this isn't my first rodeo.
That said until we see this indicator tick higher I'll understand that the average retail investor and living in a perpetual state of "mouse hovering over the sell button". That's no way to live, but I get it the future seems uncertain.
I'm looking for another week or two of gains, a sort of return to normal to see this needle move. I mean last week was good for the most part, we had that whacky Miami bitcoin conference, and then minus a certain tweet from a certain someone.
Positive News making Headlines
Major positive news right now would be the likes of El Salvador considering accepting Bitcoin as a currency.
El Salvador might become the first country to formally accept a well-known cryptocurrency. According to CNBC, President Nayib Bukele said he would propose a bill that makes Bitcoin legal tender alongside the US dollar.
Yeah that's a big deal, it's good news, it's interesting and encouraging even if it is only El Salvador. I'm sure neighboring countries would take notice.
In addition the good news out of El Salvador we had the Miami Bitcoin Conference which is cool, seemed like a bit of a meme factory to me but I think it came at a good time for a little boost in the arm to crypto market sentiment.
Bitcoin Conference 2021 Miami - Michael Saylor & Max Keiser Highlights
The FUD Making the Rounds
It wouldn't be another week in crypto without some more FUD and unfortunately we've seen some more China FUD return, just when we thought we're ready to move on from this phase of the bull market. Apparently we're not done yet.
Probably the main headlines right now would be Weibo purging cryptocurrency accounts, not what we need right now but not unexpected imo.
Microblogging platform Weibo banned at least a dozen popular cryptocurrency accounts on Saturday
BTC Dominance snapshot
Last but not least we've got Bitcoin dominance currently hovering around the 42% mark, will it hold?
Not likely if you ask me, but hopefully we will see a flow of capital from large market caps into more medium and small cap coins with the emergence of a beauty alt season.
Ciao for now,
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