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No immediate catalyst beyond the recent list of potential narratives (from the infrastructure bill’s crypto clause to “selling the news” on Taproot and comments from Twitter’s CFO), but the cryptos are in. getting hammered this morning.
Some traders have pointed to comments from the IRS Chief Criminal Investigations this morning, who noted that the new infrastructure bill gives the IRS more visibility over crypto trading.
The IRS seized $ 3.5 billion worth of cryptocurrency in fiscal 2021, a figure that represented 93% of all assets seized by law enforcement that year, and the chief of the The agency said it could seize cryptocurrencies valued at billions of dollars linked to tax evasion. and other crimes over the coming year.
Bitcoin is back below $ 60,000, trading at its lowest for two months …
Broken below its 50DMA …
As Ethereum is lowering the test from the key level of $ 4,000 …
What happens next?
h / t Raoul Pal
And forward inflation swaps are declining, but still indicate upward pressure on ETH …
Highlighting the lack of fear in sentiment, trader and analyst Rekt Capital was sober about the likelihood of a total trend reversal.
It doesn’t appear that BTC investors are afraid of the price enough for this retracement to be over just yet, he warned.
It is extreme fear that precedes maximum financial opportunity, not neutrality.
The Crypto Fear & Greed Index stood at 54/100 on Thursday, neutral territory having reached local highs of 84/100 on November 9.
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Sources 2/ https://www.zerohedge.com/crypto/crypto-carnage-continues The mention sources can contact us to remove/changing this article |
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