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Is Bitcoin Heading For $10k?

Is Bitcoin heading for $10k? BTCUSD looks to be finally breaking out of the boring sideways pattern we were in. OI ticking up and LONGs are adding to their positions. US equities have performed well this week and I think it’s one of those moments where you just admit “don’t fight the liquidity” (referring to the Fed).

English Trader Insights

Genesis Block Head Trader – Charles

Cantonese Trader Insights

Genesis Block Trader – Jay

The Defi bull run is still hot and leaking into a variety of alts. Both Avalanche and mStable conducted very successful public sales. Avalanche is one of those Ethereum killers. While mStable has integrations with Balancer and etc., to promote use of their stablecoin, mUSD, and their native token, MTA.

In the big scheme of things there’s a lot of similarities with the 2017 bull run. You could say ICO performance was the main reason the crypto market grew as a whole; i.e. high utilization of ETH + taking profits into BTC as a base currency. DeFi is also heavily reliant on ETH (look at the insane gas fees) and although the extreme staking returns are probably not sustainable. A significant run upwards could play out in the mid-term nonetheless.

In other news, US regulators are giving the green light to national banks and savings associations to offer crypto custody services. Along with this comes clearer guidelines and definitions of what it means to custody crypto for a client. 

Over in Korea, the government has introduced a 20% tax rate on income from crypto trading. This may sound -ve but like the above, nations are giving more and more recognition to crypto as a legitimate asset class that has real value.

 

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