BTC Tests $10k While FUD Surrounds the China Crackdown on Cryptos. The markets continue to stay volatile this week as BTCUSD tested 10k (again) before a significant dump, possibly a move in line with global equities. Long/short ratio is better balanced now with a slight dip in open interest; so bulls seem to be taking a breather.
Not exactly market related but a lot of speculation around the “accidental” $2m fees paid on a small ETH transaction. Could be a new scheme for laundering but most likely a coding mistake as it’s pretty difficult to ensure which pool will mine the tx and there’s no guarantees the miners will return the funds.
Biggest news this week is the launch of the first centrally cleared ETP via HANetf. It will trade on Deutsche Boerse, a more than legitimate exchange and also allow holders to redeem shares for actual BTC. Worth noting that products like Grayscale are settled bilaterally; thus higher counterparty risk.
Galaxy holding hands with Bakkt is also +ve for institutions looking for crypto exposure. They are offering a total solution that covers trading + custody.
In Asia, a lot of FUD around China’s crackdown on crypto trading. Can confirm thousands of accounts are being frozen + numerous arrests for handling scam-related RMB. If you’re trading in China, best to take a backseat and watch how this plays out.
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