Chart of the Day
Zoom Out. The broader markets rebounded on Wednesday as a strong upward move positioned the price of Bitcoin well above $31k, while eyeing to settle above resistance levels near $32.5k for more upside gains. Altcoins have collectively outperformed the largest cryptocurrency, while sectors such as NFT and DeFi are posting double-digit gains. Futures-wise, institutions are finally shifting towards net long after an extended period of massive shorting. The asymmetric spike in basis rate may be the harbinger of positive sentiments poised to reverse the month-long downward trend. The good news for those non-day-traders is that — if you zoom out, Bitcoin profitable days are currently at 95%. Sometimes, stepping back does help to gain some perspective.
Talk of the Town
The B word. Crypto markets are seeing a bit of a midweek motivation thanks in part to The B Word, an online conference featuring illustrious speakers such as Cathie Wood, Jack Dorsey, and the Technoking himself. During the day’s second panel, Elon Musk admitted that he has vested interests in promoting Bitcoin —”I do own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin”— though the exact amount is not disclosed. Musk also boasted Dogecoin as one of the only “three meaningful assets” he owns, alongside Bitcoin and Ether.