TL;DR
BTC simply swept $71k, ETH is again above $3.6k, Solana shot as much as $187 (the takeaway: market sentiment is shifting optimistic once more).
Full Story
Alright, time for one more bi-weekly (ish) examine in with the crypto markets.
Nearly all the things is up:
BTC simply blasted as much as $71k for the primary time since early April
ETH hockey-sticked to $3.6k on rumors an ETF could also be permitted
Whereas Solana shot as much as $187 (additionally for the primary time since early April)
…however why?
Outdoors of the ETH ETF rumors (which broke a number of hours after this pump had begun) — it’s not like there’s been any new developments because the newest CPI knowledge (aka: the price of ‘stuff we use on a regular basis’ knowledge) was launched final week.
From all the things we’ve learnt in our chronically-online state of being, there isn’t a direct information story to thank for this pump.
In truth, the reply seems to be a lot easier than that:
After the CPI print confirmed inflation to be reducing as anticipated, the market sentiment has shifted from “Oh, god, that is unhealthy!” again to “Up solely baaaaby!” and held there ever since.
For instance:
Costs held comparatively regular over the weekend (a time during which buying and selling quantity is at its lowest, typically permitting costs to slide).
The slight dip we did see in that point was rapidly purchased up Sunday night (ET), when buying and selling opened in Asian markets.
And as of yesterday morning, the onslaught of shopping for continued stateside.
All with none massive generalized information or narrative catalysts.
The one factor that modified, or slightly — stayed unchanged — was the Concern and Greed index, which bumped from ~52/100 to ~62/100 final week, and has hovered above 60 ever since.
(Indicating a rise in optimistic sentiment).
We’ll take it!
