TL; DR
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BTC just gained $70,000, ETH is back above $3,000, Solana shot up to $185 (the conclusion: market sentiment is turning positive again).
Full story
Okay, time for another bi-weekly(ish) check-in on the crypto markets.
Just about everything is on:
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BTC just rose to $70,000 for the first time since early April
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ETH hockey stayed at $3.4k based on rumors that an ETF might be approved
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While Solana rocketed to $185 (also for the first time since early April)
…but why?
Aside from the ETH ETF rumors (which are Ethereum specific), there haven’t been any new developments since the latest CPI data (aka: the cost of ‘things we use every day’) was released last week. released.
Of everything we’ve learned in our chronically online state of being, there isn’t a direct news story that owes this pump.
In fact, the answer seems much simpler than that:
After the CPI print showed inflation falling as expected, market sentiment has shifted from “Oh god, this is bad!” back to “Just baaaaby!” and kept there ever since.
For example:
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Prices remained relatively stable this past weekend (a time when trading volume is at its lowest, which can often cause prices to drop).
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The slight dip we saw at that time was quickly bought up Sunday evening (ET) when trading opened in the Asian markets.
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And as of yesterday morning, the buying spree continued in the United States.
All without any big general news or narrative catalysts.
The only thing that changed, or rather: remained unchanged – was the Fear and Greed index, which rose from ~52/100 to ~62/100 last week, and has been hovering above 60 ever since.
(Signaling an increase in positive sentiment).
We’ll take it!
