August 2023 - Market Overview - The Macro that just won’t go away. Have we seen the Crypto Highs for 2023?

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Before we crack into the fleshy parts of this week’s newsletter…

Crypto Twitter is the Gift that Keeps on Giving. Here is Twitter (X) meme of the week for laughs

BlackRock ETF
Wall Street behemoth, BlackRock, is the HOTLY anticipated entrant to the Bitcoin scene. Its submission for a Spot BTC ETF will be reviewed on the 2nd of September. Odds are that they will be delayed until October but we are all curious to see what happens as they are widely tipped to have the best chance of success for approval in the next 6 months.

All eyes on BNB token
Exchange token BNB has had a horrible month with major support levels broken and fears that a further fall of the token will cause an exchange collapse similar to FTX. Monitor this as it could spell trouble for the altcoin market and overall liquidity. We will go into depth on this in this edition.

FED’s Jackson Hole Summit
The annual Jackson Hole Symposium will give us clues to where the FED sees the US economy and will provide forward guidance on policy regarding a possible recession and future rate rises/cuts. This event takes place in the last days of August and any surprising announcements will move markets.

Welcome to our Market Update edition of the newsletter

In this issue, I’m looking forward to discussing…

- Bitcoin and Ethereum. The great reset and looking for a bottom
- BNB has the market on edge
- What’s going on with China and why it matters

 
I also cover…

- What technical indicator we are using to ground our short term trades.
- Bitcoin ETF remains elusive
- Is BlackRock the mysterious entity that has acquired X BTC in 3 months? (share random whale accumulation)


Let’s crack in!


Are you SCARED?!

Here’s why you shouldn’t be.

As someone who has been through Bitcoin Bull & Bear markets (and 50% drops in price!) Over many years with CCI it's easy for me now to tune out the periodic volatility of the most talked about asset on earth…you know the one that makes new all time highs every 4 years?

But for new people, the sudden price shifts, especially to downside, can feel like a gut-punch

The aggressiveness of the sell-off from $29k to $25k took many by surprise and highlighted the low liquid state of the market currently

Counterintuitively as an investor we WANT to hear, see, and feel fear. True bottoms, either local or macro, are built on people being utterly terrified that the market could continue to go 50% lower after a major drop

It didn’t help that the stability of Binance was once again in question. When is it not…?

Let’s talk about BNB baby…

The BNB token was and still appears to be sitting on a volume cliff.

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