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27th February 2024 > > Demand shock & the UK.


tl;dr

I suspect the long-awaited demand shock is just getting going. The UK authorities once again prove their antagonism towards all things crypto.


Market Snap








Market Wrap

This jolly exciting rally started bang on NY open, as the ETFs began this week’s buying spree with a record volume for one day of $2.4bn, double the recent daily average. Perhaps those RIAs we discussed yesterday are rushing to come on board.


Resident Techie Larry has christened it FOMOnday. Let’s hope it’s a trend.


But that move in perpetual futures funding rates is extraordinary. And extraordinarily bad. That has to be an all-time high and is replicated across the board for all major coins, with the exception of BNB which has attracted significant shorts.


The risk of a long squeeze of epic proportions resulting in a very quick, very sharp correction (that won’t last long) to the downside has never been greater. Remember the golden rule that markets will cause the maximum amount of pain to the maximum number of people. Those leveraged longs will either willingly close out, or they will be liquidated.


Curious Cryptos’ Commentary – MSTR + ETFs = a tsunami of demand

MicroStrategy is at it again, adding another 3,000 BTC to make its total stash now 193,000 BTC, very close to 1% of all coins currently in existence. And it looks like the ETFs are just getting going.


Crypto Tea on X has a concise way of explaining stuff:






















Curious Cryptos’ Commentary – The UK

Rishi Sunak, Prime Minister, once made the duplicitous claim that:


“It’s my ambition to make the U.K. a global hub for crypto-asset technology.”


We now know that quote is yet another demonstration of all politicians’ aversion to truth and honesty.


But perhaps something a little more sinister (an adjective that is set to be cancelled just in case those who are left-handed feel they have been slighted) is afoot. Software developer CryptoGrab (the clue is in the name) has been registered at Companies House:
















CryptoGrab has explained that this makes the company more respectable and, crucially, will help it to obtain EV SSL certificates, essentially allowing it to bypass various security protocols employed by anti-virus and anti-phishing software.


Which would be noble if it was not for the fact that CryptoGrab is a developer of Nova Drainer, advertised as software that steals cryptos:



 




















I told you the clue was in the name.


The UK authorities have been informed, but are failing to act on the information, which is an interestingly dramatic contrast to their usual response when faced with legitimate crypto activities.

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