The US Election is Still Dominating The Media

With a strong break above 14k resistance, there was no question 16k was in play. Assuming macro sentiments don’t reverse, I can’t imagine anyone wants to sell until we reach new ATHs. It’s now really a waiting game of when whales want to squeeze. Market is 75% long + OI is creeping back up to $6b. The caveats here are 1) BitMEX KYC discourages manipulative activity, 2) OKEX withdrawals still on hold; i.e. a coordinated dump is not as easy as it was back in ‘17.

In HK, crypto companies are furious, to say the least, about the SFC’s intention to ban retail from crypto trading. Worst-case scenario is everything requires a license EXCEPT non-custodial wallets and maybe non-custodial P2P exchanges. It’s also a massive overreach considering global consensus says BTC is NOT a security. It’s still early days, so we’re still optimistic of a less extreme outcome. Crypto lawyers licking their chops..