Gains stay as McRib trumps bad news
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. EST 11th October 2023.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.
What’s up
Crypto Markets Calm Despite Geopolitical Fears
Ethereum (ETH) was able to hang onto modest gains for the trailing 24 hours, trading up by 0.20%.
Gold prices rose by 0.51% in overnight trading in NY as speculators wager that the Federal Reserve will be unable to completely defeat inflation and that geopolitical turmoil will drive a flight to safety among international investors.
MakerDAO (MKR) rose by over 3% over the past 24 hours of trading, capping a return across the trailing month of 29%. The move helps solidify MKR as a primary DeFi positive story following the introduction of the SubDAO governance approach.
The return of the beloved McDonalds McRib - a fast-food item that commands a large cult following among fast-food aficionados, has been seized upon as a (tongue in cheek) market sentiment indicator by numerous forecasters. Nick Magguilli of Ritholtz Wealth Management tied past reintroductions of the rib-shaped pork sandwich with past equity bull markets, while numerous social media posts pointed out that the menu item has also preceded positive one-year returns for BTC.
What's down
SBF Trial Unlikely To Lead To New Regulation
Bitcoin, the largest cryptocurrency by market capitalization, traded down this morning, New York Time, pulling back by -0.31% for the trailing 24 hours. ETH held onto modest gains.
The trial of Sam Bankman-Fried continued to be headline news in major financial media outlets overnight. The Wall Street Journal today reported that courtroom drama is unlikely to spark a major shift in US regulation as the maturing crypto market is perceived to carry risk for traders rather than present a systemic threat to the entire financial system.
The volatile situation in Israel and the neighboring region continued to dominate market narratives for traditional financial assets. WTI crude oil futures declined by over 1% in overnight trading as concerns over the geopolitical crisis were offset by demand destruction worries.
Kaspa (KAS) pulled back by more than 3% overnight, continuing the sharp selloff in recent days. In the past week the coin is down by nearly 15% after a massive rally in preceding months.
What's next
One Signal Points Toward Bitcoin Gaining Strength
An on-chain indicator is suggesting that, despite global macroeconomic tumult, Bitcoin is gaining strength and could be poised to pop.
According to The Daily Hodl, a Glassnode analyst known as Checkmate has flagged a change in the "profit/loss momentum" metric for short-term holders, or those holding BTC held for less than 155 days. This particular analytics tool measures the ratio between realized profit/loss, and BTC's one-year moving average, so as to provide a snapshot of inflection points.
Checkmate took to X on Tuesday to tout the short-term holders' metric being back in the green again after a stint in the red.
“The bears took it negative to $26K but failed to take it lower, despite significant losses," Checkmate said.
As of Tuesday afternoon, BTC was roughly $27,400.
A green reversal can be interpreted in one of two ways. The first way is that it shows a "return of strength."
Checkmate insists that this is the more likely interpretation of the two, considering how the largest crypto has held up sturdily during a tumultuous period.
Although the other interpretation of a green reversal of the short-term profit/loss momentum metric is "final profit-taking before doom."
