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The tug of war between markets and the US dollar continues to interest crypto traders, with Bitcoin reclaiming $US19,500 again as the US Dollar Index (DXY) takes a breather. Meanwhile big-shot US investor Stanley Druckenmiller thinks a crypto “renaissance” could be on the cards.
For now at least, the all-conquering US dollar seems to have topped, having finally been rejected up near 115.
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At the time of writing it’s had a Bitcoin-pleasing stumble back down near 112, while the leading crypto asset has bounced back up with about a $US1,000 gain from this time yesterday, bringing a fair chunk of the crypto market cautiously along with it.
That’s all well and good, but we’ll see what the monthly close for the OG crypto asset brings in roughly a day’s time.
Bitcoin charters seem to think holding the sort of level BTC is at now is significant.
Let’s check in with a prominent Crypto Twitter-posting analyst, Justin Bennett, who’s been posting some pretty gloomy stuff lately. What’s he reading in the B-shaped tea leaves?
That’s quite a bit more positive than this column expected.
It appears if the US dollar continues to falter in the short term, Bennett thinks it could help spur a Bitcoin rally back to slightly north of $US26,000.
Are we in for an “Uptober”? The Fed’s next party-pooping FOMC meeting isn’t until November 1-2, so it’s not out of the completely out of the question.
Druckenmiller’s crypto ‘renaissance’
Famed US multi-billionaire investor Druckenmiller today delivered some harsh macroeconomic reality but also a potential crypto silver lining.
Speaking at CNBC’s Delivering Alpha conference on Wednesday (US time), Druckenmiller said he thought the US economy could suffer from a “hard landing” in the medium-term, adding that he would be “stunned if we don’t have recession in 2023”.
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Despite this, though, the Duquesne Family Office chairman and CEO indicated he believed the crypto industry could see a bounce even as the global economic situation moved further up a crap-filled creek with no paddle in sight.
“I could see cryptocurrency having a big role in a renaissance because people just aren’t going to trust the central banks,” Druckenmiller said.
On to some daily price action and other happenings.
Top 10 overview
With the overall crypto market cap at $US984 billion and up about 1.4 per cent since yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
Another factor that might have something to do with Bitcoin and crypto’s price-slide arrest and mild about-face is the news from the Bank of England that it’s pausing it’s tightening policy to start purchasing government bonds again.
This is being seen as a bit of a “what the hell (or something like that)” moment in this current economic climate. Here are some quick Crypto Twitter takes …
Uppers and downers: 11–100
Sweeping a market-cap range of about $US7.4 billion to about $US400 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
DAILY PUMPERS
• Helium (HNT), (market cap: $US676 million) +11 per cent
• Synthetix Network (SNX), (mc: $US587 million) +9 per cent
• Kava (KAVA), (mc: $US448 million) +6 per cent
• Ethereum Name Service (ENS), (mc: $US409 million) +2 per cent
• Chain (XCN), (mc: $US1.6 billion) +2 per cent
DAILY SLUMPERS
• Evmos (EVMOS), (market cap: $US548 million) -6 per cent
• Cosmos Hub (ATOM), (mc: $US3.8 billion) -5 per cent
• IOTA (MIOTA), (mc: $US825 million) -4 per cent
• Chainlink (LINK), (mc: $US3.85 billion) -4 per cent
• STEPN (GMT), (mc: $US404 million) -3 per cent
Around the blocks
A selection of randomness and pertinence that stuck with us on our morning moves through the Crypto Twitterverse …
This content first appeared on stockhead.com.au
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