tl;dr
Price action is a touch on the gloomy side. Adding insult to injury, Zhao gets off very lightly, to the disappointment of us all.
Market Snap
Market Wrap
That’s a painful movement in crypto prices. According to Glassnode, much of the selling pressure is from very short-term holders, who are speculative by nature rather than being investors. Negative price action is an encouragement to speculators to sell. I remain unsure about the wisdom behind the plan to buy high and sell low, but perhaps I will understand it one day.
Liquidations of leveraged longs are picking up some pace, putting further downward pressure on prices.
I suspect we have to wait until the usual suspects (Schiff, EU, World Bank, Warren, FT, Cramer etc.) declare once more that BTC is dead before prices make a meaningful recovery.
Curious Cryptos’ Commentary – Hong Kong ETFs
It would be fair to describe the launch of BTC and ETH ETFs yesterday in Hong Kong as having been met with a muted response.
Curious Cryptos’ Commentary –Changpeng Zhao
The CCC was long critical of man-child Zhao’s unacceptably immature and lax approach to compliance with rules and regulations by the firm he founded, Binance. For a long time, he maintained that as Binance did not have a head office, it need not answer to any regulator anywhere in the world.
Having pleaded guilty to violation of money-laundering laws, Zhao was sentenced yesterday. Though was given a custodial sentence, he got off extremely lightly with a mere four months rather than the three years the prosecutors were aiming for. Having been detained since before Christmas, I guess he gets to go home straight away, to spend quality time with his many billions of dollars gained by breaking the law.