On February 6, gold tiptoed near the $5,000 mark, its most dramatic entrance in years. Father of the Space, a market commentator who probably knows more about charts than he does about actual space, says gold’s current mood is “bullish but slightly dramatic.” If it stays above $4,870, he claims, the party continues. Otherwise, it’ll sulk like a toddler denied candy.
In one thread, law enforcement coughed up a request and, suddenly, assets froze like a suspicious passport at customs. In the other, fresh USDT surfaced on the markets just as Bitcoin decided to audition for a fall recap, which is to say, it didn’t.
This ritual of destruction began earlier this week, when 25,014,695 RLUSD were ceremoniously burned. Of these, 15,014,695 met their fate on Ethereum, while 10,000,000 were sacrificed on the XRP Ledger. One might call it a balancing act, if not for the fact that just days prior, 28 million RLUSD were minted in a frenzy of creation. Such is the yin and yang of crypto.
Hayes maintains that the hedges of dealers-those burly, overcoat‑clad contraptions tethered to IBIT and its ilk-can whip the market into a mechanical, almost parodic, selling spree whenever the stage directions tilt against those precarious positions.
In a twist of fate worthy of a gripping novel, 21Shares has presented its Form S-1 registration statement to the U.S. Securities and Exchange Commission, aspiring to unleash an ONDO ETF into the wild financial world.
Crypto Chiefs is all like, “Oh, look at this descending trendline near $2,150!” Big deal. Sellers keep showing up there like uninvited guests at a party. Break above it? Sure, maybe we’ll hit $2,220 or $2,300. But until then, it’s just more volatility-like my mood when the Wi-Fi’s slow.
Public inquiries into Bitcoin have lately proliferated, for the asset displayed sudden and considerable movements. The record is clear: the general mind seeks information with unusual alacrity when fortune wavers.
In case you missed it, Bitcoin tanked this week, and everyone suddenly became an expert on why it happened. Arthur Hayes, who co-founded BitMEX (because why not start your own exchange?), said it’s all about dealer hedging related to $IBIT. Sounds fancy, right?
Ah, but what of the altcoins? Most of them basked in the warm embrace of green, at least for the day, while the weekly charts resembled the aftermath of a particularly rowdy soirée. Yet, amid this chaos, some managed to claw their way back from the abyss of multi-year lows, emerging, if only slightly, from the shadows of despair.
The aim, one might say, is to coax the stalled legislation to curtsy. Officials seek to narrow disagreements over the rules for stablecoins and the architecture of the market, all while pretending it is merely a minor improvisation in a grand opera.