In my days as an Asian equity fund manager, several summer holidays were marmalised by big dislocations in markets. 2024 is starting to look at bit like those grim months in 2008, 2011 and 2015.
In this edition we examine some of the reasons. At the core is a slowing global economy and a central banking cabal who are behind the curve. Again. We also re-visit the Japanese Yen which has made a huge move, and the possible implications of that. These could include a waning appetite for US sovereign debt. Against that, Tether could play an important role in filling the gap. Its latest numbers are hugely impressive.
We comment on the latest bailout in Pakistan. This serves as a reminder of the broken nature of the US dollar reserve currency system. Bitcoin seeks to provide a better alternative for all the above.
In the short term, however, bitcoin will be tested by broader system liquidity. How it holds up over the next few weeks will therefore have important ramifications in terms of its acceptance as a legitimate and investable financial asset. So far, so good, although we suspect altcoins will find the going tougher.
Widespread crypto adoption can only happen if the user experience is better. In the Cryptoverse section we look at the Proton wallet, which aims to make bitcoin payments as easy as sending an email, without compromising on security or privacy. We also highlight a rising star on the Solana ecosystem, Raydium.
Finally, as we navigate through this sell-off, it should be remembered that it’s not only macro that has put pressure on BTC. There have also been substantial overhangs to negotiate. The first was selling by the German government. The second is the residue from Mt Gox, and we observe that this has now largely run its course.
- Technical Still consolidating, BTC dominance rising, altcoins weak
- On-Chain Value transacted recovers, new address growth picks up
- Macro Yen strength and implications, Tether, the plight of Pakistan, US politicians suck up to crypto
- Cryptoverse Proton wallet, Raydium and the latest from Mt Gox
