Crypto market volatility kicked up Monday following a withdrawal freeze announcement by lending platform Celsius.
Still, the broader macro-economic backdrop is likely what is in the driver's seat of the crypto market — not Celsius. As Goldman Sachs pointed out in a recent research note:"Surprisingly strong CPI data reaffirm our view that the Fed's battle with inflation has put a ceiling on equity valuations.""Despite the 18% YTD S&P 500 decline, equity valuations remain far from depress. The median S&P 500 constituent's P/E ratio of 18x ranks in the 87th percentile since 1976."
This picture ain't a colored one.
Without clicking on this article does it have Dudas completely owning the CEO of Celsius? Dudas doesn’t get a lot right so we should really celebrate those times where he dunks.
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Celsius turmoil is part of a broader macro picture, traders saySome of the institutional crypto world's power brokers say that crypto markets would be trading lower even if Celsius hadn't paused withdrawals. fintechfrank this is why bitcoin crashed fintechfrank Crypto and broader macro ain’t correlated yet. So it can’t outside a derivative effect from less-money. Crypto proved to be the systemic risk this go around cause of arrogant defi projects
Source: TheBlock__ - 🏆 464. / 53 Read more »
Market Wrap: Bitcoin Tumbles Most in 1 Year as Crypto Cracks AppearMARKET WRAP: Bitcoin (BTC) slumped to about $23,000 after the Celsius withdrawal halt combined with a sell-off in traditional markets to sour trader spirits. liqquidity reports Liqquidity Wtf has Celsius to do with this (I know). Constantly looking for 'excuses/reasons' for dumps. BTC can't go up only. ALTs can't go up only. Lot's of billion coins are empty, their only utility is the trading itself. New money has to come (and stables to go for BTC and them). Only invest what you can afford to lose Liqquidity Just wait til USDT collapses and loses its peg…
Source: CoinDesk - 🏆 291. / 63 Read more »