Only the dead-cat bounce from earlier in the week is keeping BTC and alt-coins off yearly lows. As a trader, we used to write “Week in Reviews” and even though crypto markets never technically open or close, it’s “Friday 5:00 somewhere” and so a 7-day recap seems in order.
Bitcoin and Friends have fallen completely out of favor and the trend lower continues to be safely intact for now. Some crypto day trader called me a “demon” for stating the obvious recently; this is comical. You don’t “Shoot the Messenger” when it’s the market itself that is broken. I’m not taking sides. I just observe what I hear, see & read.
The tone of the market is unhealthy as it’s been all year. On the positive, I don’t think Fidelity and Bakkt are launching businesses in this space because digital assets are dying; on the other hand, let’s be honest, even big companies make mistakes and open their doors for new businesses that fail. Unless these big players can find a way for their clients to transact business on their platforms, I don’t see how their entrance to the space changes much as volumes are pitiful and interest is waning. Then again, things move so quickly in blockchain this entire 11-month rout could end up being a blip on a chart someday.
In 10 minutes, it will be 5 PM in Caracas. Salud!