It will be an interesting week for trading in Asia, as most will look at the economic data coming out of China in the coming days. Last Friday, global indexes fell by about 1% across the board, and this morning, futures look set to follow.
Looking at crypto, the weekend was naturally more eventful—it was open for trading, for one. Prices kept falling on Friday, Saturday, and even Sunday. The latter saw an end-of-session bounce, however, which seemingly saved us.
As prices retested lows of $33,800, many were looking at the 30K mark (or even sub-30K level) as the stop. Prices, on the other hand, are now back at $36,400 in what seems to be a bullish pennant.
While this is happening, alts are performing beautifully. Most of the large cap coins are outperforming. I’m thinking of ETH: while it did not make stellar moves, it stayed put while BTC struggled over the weekend. LINK is up around 30% since Friday. DOT is up about as much over the weekend. ADA rose more than 25%. We also saw XTZ up 18%. Can you spot the connecting theme?
Away from pure price action, there are interesting news and data points.
Goldman Sachs is said to enter the crypto market “soon” with a custody play.
It was also very interesting to see that CoinLab has reached a deal with Mt. Gox (the infamously hacked exchange, back in 2014) for a certain share of the recovered coins. What would happen if/when those coins are sold?
Lastly, and on a more hopeful note, it’s amazing to see the volume on spot exchanges (real money, real coins) growing at a very steady pace. Only halfway through the month and we’ve already surpassed the entire previous month’s record. The interest is undeniably there.