TL; DR
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BTC just gained $71k, ETH is back above $3.6k, Solana shot up to $187 (the conclusion: market sentiment is turning positive again).
Full story
Okay, time for another bi-weekly(ish) check-in on the crypto markets.
Just about everything is on:
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BTC just rose to $71,000 for the first time since early April
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ETH hockey was stuck at $3.6k due to rumors that an ETF might be approved
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While Solana rocketed to $187 (also for the first time since early April)
…but why?
Outside of the ETH ETF rumors (which broke a few hours ago after this pump had started) – it’s not like there have been any new developments since the last CPI (aka: the cost of ‘things we use every day’) data was released last week.
Of everything we’ve learned in our chronically online state of being, there isn’t a direct news story that owes this pump.
In fact, the answer seems much simpler than that:
After the CPI print showed inflation falling as expected, market sentiment has shifted from “Oh god, this is bad!” back to “Just baaaaby!” and kept there ever since.
For example:
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Prices remained relatively stable this past weekend (a time when trading volume is at its lowest, which can often cause prices to drop).
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The slight dip we saw at that time was quickly bought up Sunday evening (ET) when trading opened in the Asian markets.
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And as of yesterday morning, the buying spree continued in the United States.
All without any big general news or narrative catalysts.
The only thing that changed, or rather: remained unchanged – was the Fear and Greed index, which rose from ~52/100 to ~62/100 last week, and has been hovering above 60 ever since.
(Signaling an increase in positive sentiment).
We’ll take it!