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Mati Greenspan on the Technical and Macro Roots of Bitcoin's Price Surge
As BTC surges, is it fundamentals, technicals or macro context? Former eToro analyst Mati Greenspan breaks it down.
Updated Sep 13, 2021, 12:08 p.m. Published Jan 14, 2020, 8:00 p.m.
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Bitcoin is up more than 8 percent in the last 24 hours. BSV, meanwhile, is up nearly a whopping 100 percent. The question is, of course, why? Is it some larger macro context? A pump-and-dump? Or just the crypto markets being as crazy as they are. The Breakdown invited guest Mati Greenspan, former eToro analyst and now founder of Quantum Economics, to give his take.
We also look at two stories around the growing crypto derivatives markets: the launch of the CME’s options on bitcoin futures and CFTC Chair Heath Tarbert’s comments Monday that regulated derivatives will bring legitimacy to the space. Finally, we look at a just-released Investor Alert from the U.S. Securities and Exchange Commission on IEOs.
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Bitcoin steadies near $67,000 as traders pay for crash protection
The average bitcoin ETF investor now sits on a 20% paper loss, leaving the market vulnerable to capitulation selling if prices slide further, a Wintermute trader said.
What to know:
- Bitcoin stabilized around $67,000, avoiding a further breakdown for the moment, while altcoins lagged.
- Policy talks at the White House on the crypto market structure bill showed incremental progress, but strains in private credit markets and potential U.S. military action against Iran loom large over risky assets
- Crypto derivatives traders are playing defense, buying downside protection against a potential drop, the head of OTC at Wintermute noted.
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