The howls of laughter heard on trading desks when he’d explain in riveting fashion a sharp rally in stocks: “There are more buyers than sellers.”
Simple – but genius.
But it’s the only explanation I can give you for this sudden, out-of-nowhere, unexpected spike in digital assets. Litecoin surged almost 20%, EOS kicked in your garden-variety 10% gain. Together, that’s about $600 million. It’s something. A SEC commissioner last night indicated he believed someday ETFs would gain approval – but aside from that I can’t offer any explanation for this surprise move. Please do your own research; this isn’t financial advice.
Crypto exchanges by & large aren’t very good. I’m talking about 2nd- and 3rd-tier ones. A day of reckoning is likely coming as not only will the strong, incumbents press their lead, but also well-funded new entrants are on their way with lower fees, better tech & cold storage/custodianship options. Mom and Pop crypto exchanges won’t stand a chance. A wave of mergers and bankruptcies amid fee wars is expected.
There have been too many sellers and not enough buyers for too many months now so this relief rally is a welcome sight to crypto bugs. Bitcoin is still trapped in a tight one-month range, as Bob Pisani fans everywhere wait & watch.