Today I’m looking at the Nasdaq futures daily chart – a simple and short view. Nasdaq is still highly correlated with crypto (94% with Ethereum and 78% with Bitcoin from mid-June).
We are very close to an 80-day cycle low in Nasdaq and a rally should be imminent. Notice that the June low was significant, at least a 40-week cycle trough, which means the upward force of this big and relatively new cycle is still present and bullish. Get ready to reposition.
BTC has soared past US$21,000. Also, Justin Sun is looking to spend a billion dollars on DCG's assets, India's RBI head is calling for a complete ban on crypto, and more.
There were US$433 million entering digital asset products last year, down 95% and 90% from US$9.1 billion in 2021 and US$6.6 billion in 2020 respectively.
There has been little action around the two main cryptocurrencies in the past month, and Bitcoin’s dominance of the crypto market still stands at 40.15%. The question on everyone’s minds is whether the crypto market has bottomed, and how long it will take for confidence to return.
2022 has been a tale of two halves for the crypto industry. Here are the most inspiring quotes from crypto industry leaders that haven’t exactly aged well.
Trump’s proposed crypto advisory council draws interest from Ripple, Kraken, and Coinbase, aiming to shape transparent crypto regulations
Gary Gensler resigns to the delight of the crypto world, which also eagerly anticipates Solana ETFs
Bitwise joins the Solana ETF race as Cboe BZX files 19b-4 filings
With the banana now under his ownership, Sun has added another layer to Comedian’s narrative—a piece that began as a satirical commentary on art market excess has itself become a testament to that very phenomenon.
