21st July 2024 > > Liquidity, liquidations, & fiat.
tl;dr
As liquidity grows, counter-intuitively so does the liquidation of longs. The fiat onramp into crypto gets ever healthier.
Market Snap
Market Wrap
That is one very clear trend for fiat liquidity, driven by fiscally incontinent governments content to forever ramp up public spending regardless of the benefits or otherwise.
Money printer goes brrrrr, cryptos go up.
Curious Cryptos’ Commentary – Liquidation
This graph was recently brought to my attention:
This is telling us that since January this year – a period during which BTC increased from $42k to the new ATH of $73k and currently sits at $67k – the majority of futures liquidations happened to longs.
This is extraordinary, and not what one would expect.
What does this mean? Even if you get it right, using futures you can lose.
Stay in spot, folks.
Curious Cryptos’ Commentary – The fightback is underway
Despite the best (worst?) efforts of the charlatans behind Operation Choke Point 3.0, it is becoming ever easier to buy crypto using fiat.
Stripe has expanded its crypto product offering into Europe. Stripe customers in the EU and the US can now buy cryptos using their credit or debit cards, though here in the UK there is no sign that our politicians or regulators have any intention of allowing us similar financial freedoms.
The EU now commands over one-third of global cryptocurrency transaction value which is predicted to exceed $100 TRILLION this year alone. Ker-ching goes the tax cash register. This dominant position is down to the EU’s global leadership in crypto regulation embedded in MiCA (Markets in Crypto Assets) which has encouraged a three-fold increase in crypto activity in Europe in just two years.
And this is just the start.
MiCA is being implemented in stages. Some of the rules around stablecoins came into effect from June 30th this year, with further developments slated for December. Unlike most regulation, MiCA has the scope to be developed and enhanced in response to both experience and the rapidly changing crypto landscape. The worst excesses of the Brussels bureaucracy were defended and defeated during the process of creating MiCA giving us hope that the typical technocratic tendency to stifle innovation and hamper growth will gain no traction with regards to cryptos.
Europe is set fair to retain the mantle of global leadership for the crypto revolution, with all those juicy tax dollars as a just reward.
Recent Posts
See Alltl;dr Does another new ATH suggest an imminent Banana Zone? Resident techie Larry provides his insights for the CC community. Market Snap...
tl;dr Another ATH at $79.7k opens up some intriguing possibilities. I am dumping the Cosmos environment out of frustration. Norway gets...
tl;dr How important were cryptos to these elections? You might be surprised at the answer to that question. Market Snap Market Wrap...
Comments