Chart of the Day
Bullish news against a bruising backdrop — If last week’s BTC chart were a hill you were biking on, chances are, you hadn’t had to pedal much. In another turbulent week for the cryptocurrency market, we saw the price of BTC drop sharply within a matter of days, evoking massive panic sell-off across the board. As of the time of writing, the price of BTC has recovered from a swing low of $43,000 and has been repeatedly charging towards $47,000, a key resistance level imposed by the 100 hourly moving average. Pressure from the supply side was let off a little, as miners have become more inclined to hold their coins — a bullish sign in the long term, no doubt.
Talk of the Town
Turning Gray: This is going to sound all too familiar — the shares of Grayscale Ethereum Trust (ETHE) are, too, trading at a discount for the first time since its inception. Once trading at a staggering 1,000% premium, the premium of ETHE shares has stabilized at around 30% before plunging headlong below zero. Grayscale’s BTC fund sell-off last week has raised questions about Bitcoin’s efficacy as a hedge against inflation — the key narrative that fueled BTC’s strong rally. Meanwhile, the impressive first-week growth of Toronto-listed Bitcoin ETF has slowed down in the wake of Bitcoin’s price pullback.