Altcoins are staging a minor recovery this morning, outperforming bitcoin which continues to hold USD 8,000 after last week's sell-off. Volumes remain above levels from earlier last week at ~1.5x the 30-day average.
A major crypto liquidation has taken place over the last 18-hours with some Top 10 altcoins declining over 30% at times. Volumes have jumped with 24-hour activity nearly 7x the 30-day average.
While an approved bitcoin ETF would be a positive headline for sentiment, we do not think it is necessary for bitcoin and crypto to see broad-based investment adoption.
Crypto prices mixed again this morning with only bitcoin (BTC), Ether (ETH) and Monero (XMR) positive in the Top 10. Exchange volumes are back to some of the lowest levels we've seen this year.
Crypto was marginally lower this evening as bitcoin (BTC) continues to consolidate. Markets are quiet with volumes only 80% of a shrinking 30-day average.
Crypto is higher this morning with bitcoin back to the top end of last week's band. Volumes are up on the move and have finally returned to about the 30-day average.
