Indeed, it seems that Bitcoin may have taken heed of the tightening monetary policy, whilst stocks languish in a state of ignorance, exposed to the latest macroeconomic shocks, as noted by our esteemed friends at Bitwise.
David Duong, Global Head of Institutional Research at Coinbase, calls it a total misunderstanding, especially for Ethereum.
Apparently, the world is ready to ditch its cash and cards for something a little more… digital. Binance CEO Richard Teng (not to be confused with a certain Mean Girls character) dropped the news on X this week: 21 million merchants are now accepting Binance payments. That’s more than the number of times I’ve rewatched 30 Rock. Teng said:
CryptoQuant, ce curieux carnet d’affaires de la Crypto, révèle un mythe économique : le caban où XRP se trouve a presque vidé son sac à dos. Les épargnants, exploitants et ajoutateurs d’étincelles sont désormais à la recherche d’un nouveau talon de chaussure, ce qui semble raisonnable, puisqu’il y avait déjà un petit problème de stockage.
Picture this: the XRP/USDT chart depicts our protagonist trading around $1.34, just a hair above the $1.20 support zone-an area it has embraced like a weary traveler clutching a lifeline. In a feeble attempt at recovery, XRP remains trapped within its descending channel, sulking below the 100-day and 200-day moving averages, which languish at $1.80 and $2.10, respectively. The bearish structure persists, an ever-present specter haunting hopeful buyers.
Attempts at peace resemble a noble knight’s quest-filled with valiant efforts yet ultimately thwarted, leaving chaos to reign supreme over the crypto realm. Yet, amidst the theatrical display, our brave BTC and Ethereum stand resilient like two knights in shining armor!
Experts, like Geoffrey Kendrick at Standard Chartered, believe the final decision from regulators could significantly impact XRP, acting as a major turning point for the cryptocurrency.
Of course, the larger-cap alts, ever the loyal sidekicks, followed suit. ETH dipped below $2,000 (gasp!), XRP tested the $1.30 resistance (spoiler: it didn’t pass), and BNB took a nosedive to $610. It’s like they all got the memo: “Let’s make this weekend miserable for everyone.”
In a riveting new post on the social media extravaganza known as X, CryptoQuant’s Head of Research, Julio Moreno, decided to drop some knowledge about why Bitcoin is behaving like a deflating balloon at a birthday party. Despite all the institutional investors throwing cash around like confetti, our dear Bitcoin just can’t seem to catch a break.
In this grand ballet of regulation, each step is a stumble, each measure a misstep. Together, they paint a portrait of a crypto future where the only certainty is uncertainty – and the only losers are those who believed in clarity.
