Chart of the Day
Bitcoin started the week strong with a 7-day increase of more than 13%. Sentiments across markets are turning bullish as the U.S. financial watchdog took a tiny step towards the approval of a Bitcoin futures-backed exchange-traded fund (ETF). Funding rates momentarily surged last Thursday but have since returned to the neutral zone; we will continue to monitor the sentiment meter for when the market becomes overheated. At the moment, on-chain metrics also lean bullish, as the percentage of the dollar amount of coins transferred daily to the realized cap finds support near 3% — a threshold that historically signals the beginning of a bullish phase.
Talk of the Town
Michael Dell, the founder of Dell Technologies, told the New York Times in an interview that blockchain, the technology that powers cryptocurrencies, is “probably underrated”, though he expressed some reservations about Bitcoin. However, the computer company was among the first tech giants to accept Bitcoin payments back in 2014 when the price of a BTC was around $620. The payments arrangement ceased in October 2017 due to low demand — less than two months before the price of Bitcoin took off, and the rest is history.