What to know, darling? Abu Dhabi’s Al Warda Investments just played the ultimate “I’ve got a bigger Bitcoin stake than you” game 🎲. They tripled their BlackRock’s IBIT ETF holdings by 230% in Q3, now owning nearly 8 million shares worth $517.6 million. Fancy, right? But let’s be real-this is just the emirate’s version of buying a second home in the Hamptons. 💸
Bitcoin’s playing dodgeball with market uncertainty and a lack of liquidity right now. Sure, liquidity’s supposed to be coming… eventually. The Fed is reportedly ending its quantitative tightening (how fancy!) and maybe even cutting rates soon. But, oh honey, will that be enough to save Bitcoin from its downward spiral? Probably not, but who knows? The market’s like a wild rollercoaster, and we’re all strapped in for the ride. 🎢
Yet, as DonAlt sighs into his Twitter scroll, this reprieve is but a bandage on a bleeding wound. The daily chart, he concedes, is “fixed”-a temporary truce. But lo! The weekly and monthly charts remain “under pressure,” their structures trembling like a spiderweb in a hurricane. Bitcoin, that fickle lover, must now sprint to $94,000 to spare the weekly chart from collapse and then cling to $95,000 by month’s end. Ten days. Ten days to prove it’s not just a crypto ghost haunting the ruins of 2024.
The 50-week moving average, that venerable line on a chart, was once the unshakable pillar of this cycle’s edifice. Now, it lies trampled, a fallen general in a financial war. The four-year cycle theorists, those soothsayers of the blockchain, cackle with grim satisfaction as BTC’s descent begins. Institutions, once bullish as a Cossack horde, now flee like rabbits, selling ETH with the enthusiasm of a drunkard selling his last shirt. The AI hype? A flickering candle in the wind. Rate cuts? A mirage. And if equities falter, BTC may plummet to $84,000-a price so absurd it could make a serf laugh. 🐾 But lo! Amid this chaos, the “smart money” scurries toward utility tokens, as if salvation lies in a neobank app and a Visa card. How poetic.
Ark Invest added $39.6 million to its holdings of three crypto company shares on Wednesday as the broader crypto market dropped. Because nothing says “confidence” like throwing money at a burning building. 🔥
The Basel Committee’s Chair, Pablo Hernández de Cos, recently warned that the global banking rules governing cryptocurrencies are hopelessly outdated. According to a report from the Financial Times, de Cos said that the framework adopted in 2022 is “so last year” in the fast-moving world of crypto. You see, digital assets evolve quicker than you can say “blockchain.”
Behold, the sage Peter Brandt, a man whose charts are as ominous as a storm cloud on the horizon, warns of a broadening top pattern-a harbinger of doom, if ever there was one. “The reversal began on November 11,” he proclaims, his voice dripping with the gravitas of a prophet. Lower highs, fading momentum-the signs are clear, though the masses remain blind to their fate. 🧙♂️
At press time, XRP languishes at $2.13, down 1.1% in the past 24 hours, a mere shadow of its former self, having shed 14% in the last week and 12% over the past month. Its July 18 all-time high of $3.65 remains a distant memory, a summer fling now faded into autumnal regret. 🍂💔
This breakout marks a turning point for the Layer-2 protocol, driven by increased staking demand and renewed interest in Zcash’s privacy innovations. However, pending token unlocks may test whether accumulation momentum withstands potential sell pressure. 🕵️♂️
