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Hi Everyone,
The pullback continues today, reverberating throughout the crypto markets and the popular brand name stocks.
As of the opening bell, Tesla was getting squashed, the Nasdaq index was down another 3% or so, and ether had dipped more than 33% from the peak last week to the lows this morning.
Is the party over? Is it time to take the money and run? Or is this just another regular bull market correction and time to buy the dip?
Well, nobody knows for certain, but we're more than willing to give some of the highlights on what's driving the price action at the moment and what the most likely scenarios are.
It's not like this downward pressure can be characterized as unexpected in any way, shape, of form.
Many market participants have probably been experiencing various levels of lockjaw over the last few weeks, due to the open-mouth gawking we've been doing, watching the markets climb to one high after another.
No doubt, there's only a certain amount of unrealistic gains that can be made in a single stretch without the market retracing back to normality.
Let's not forget that bitcoin's 200-day moving average is just now crossing $20,000. |
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Beware the Kraken
In this case, the prize for calling the top, and possibly causing it, goes to the worlds most successful influencer of market prices, Elon Musk, who as part of a riveting conversation with Peter Schiff, tweeted over the weekend that... |
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It should probably be pointed out that due to the decline in the price of bitcoin and Tesla shares lately, Musk is no longer the richest man in the world, as the title has now reverted back to Jeff Bezos.
Another interesting dynamic to see was what happened at Kraken yesterday, where it seems that the price of ether crashed below $1,000, even though the rest of the market on other exchanges held up much better than that.
Here we can see the massive dip from Kraken in purple, versus the price of Bitstamp in yellow. |
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What was even more interesting was watching Kraken CEO Jesse Powell addressing concerns about the crash in this interview.
One thing that was not mentioned was the price of cardano on Kraken, which at least according to TradingView charts, fell to as low as $0.06 per coin before returning back to $1, where it's trading now. |
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Settle down In the kind of markets we're seeing now, where fear overtakes greed in such a swift movement, it's difficult to take our eyes off the charts long enough to study what's happening in the news.
At any rate, I do hope that you weren't too preoccupied with the price moves to miss this groundbreaking update. ...
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Allegations that Tether is printing baseless money in order to prop up bitcoin may not have been completely assuaged today.
However, the settlement at least means that we don't have to worry about some sweeping action against Tether, action which up until this morning was a rather scary wild card hanging over the head of the markets.
So, as far as the fundamentals go, this is pretty solid news, but it'll be interesting to see where prices go from here.
Wishing you an awesome afternoon! |
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Mati Greenspan Analysis, Advisory, Money Management |
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