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…Are We Back (It Feels Like We’re Back)?

TL;DR

  • BTC simply swept $71k, ETH is again above $3.6k, Solana shot as much as $187 (the takeaway: market sentiment is shifting constructive once more).

Full Story

Alright, time for one more bi-weekly (ish) test in with the crypto markets.

Nearly every little thing is up:

  1. BTC simply blasted as much as $71k for the primary time since early April

  2. ETH hockey-sticked to $3.6k on rumors an ETF could also be authorised

  3. Whereas Solana shot as much as $187 (additionally for the primary time since early April)

…however why?

Exterior of the ETH ETF rumors (which broke just a few hours after this pump had begun) — it’s not like there’s been any new developments for the reason that newest CPI information (aka: the price of ‘stuff we use on a regular basis’ information) was launched final week.

From every little thing we’ve learnt in our chronically-online state of being, there isn’t a direct information story to thank for this pump.

The truth is, the reply seems to be a lot easier than that:

After the CPI print confirmed inflation to be reducing as anticipated, the market sentiment has shifted from “Oh, god, that is unhealthy!” again to “Up solely baaaaby!” and held there ever since.

For instance:

  • Costs held comparatively regular over the weekend (a time through which buying and selling quantity is at its lowest, usually permitting costs to slide).

  • The slight dip we did see in that point was rapidly purchased up Sunday night (ET), when buying and selling opened in Asian markets.

  • And as of yesterday morning, the onslaught of shopping for continued stateside.

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All with none massive generalized information or narrative catalysts.

The one factor that modified, or quite — stayed unchanged — was the Worry and Greed index, which bumped from ~52/100 to ~62/100 final week, and has hovered above 60 ever since.

(Indicating a rise in constructive sentiment).

We’ll take it!

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