🪙Crypto Market Overview
😀Market decline - analyzing what happened. Looking at the liquidity map, combined with the rise in open interest in futures, it all seems like manipulation. There were also minor fundamental reasons behind this (see the TradFi section).
BTC fell below the channel boundary on the daily timeframe, and most altcoins entered a correction.
One concerning factor in this rise was the very low spot trading volumes, both on Binance and Coinbase. Most of the heat seems to be concentrated in futures. This is not a good sign.
TON is still holding up relatively well.
Regarding HMSTR, I was wrong yesterday, not realizing that the Binance listing had already taken place. It could drop to $0.002, and from there, we’ll see how things play out.
😀TradFi
Today, Powell, the head of the Fed, entered the scene. At first, he didn’t say anything new, but during the Q&A session, he began to undermine hopes for a 0.5% rate cut at the next meeting. This led to the market taking a final plunge. However, after his speech, a rebound began.
😀News
Ethena has put forward a proposal to launch a spot exchange based on USDe. This sounds promising.
Bithumb, the second-largest cryptocurrency exchange in South Korea, announced that it is considering a listing on Nasdaq. This is a long-term positive development.
On the perp exchange Hyperliquid, one user holds a BTC long position worth $200 million, which is larger than all perp DEX longs combined.
😀Base Scenario
We will likely see some growth, but from the current levels, there might be a rehearsal, with the main growth wave starting from around $62,500 - $62,700.
In many altcoins, I expect the upward movement to start fading soon.
😀What to Long Today
MOODENG saw a significant drop today, but ByBit is already hinting at an upcoming token listing.
PHB (the native token of the Phoenix exchange) is showing movement similar to what OKX’s native token experienced last year — a long and relentless rise. The new token EIGEN also looks strong.
