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Turn on the TV, watch it on your app, set up your DVRs, do whatever people do these days, but at 2 p.m. ET we’re having a special “Crypto” hour full of “Power Lunch”.
Frankly, we could have filled three or four hours with all the segments we wanted to book. There are so many areas to explore – all the different blockchains, NFTs, each different coin’s monetary policy, regulatory and ransomware issues, mining and environmental concerns, etc. etc. I would ask your questions, but I think we already have too many!
So we will put what we can today. And since we’re a pretty self-aware bunch, yes, we do realize that an hour-long special like this is usually a pretty “toppy” sign. That said, so nearly half of Millennial Millionaires have over 25% of their net worth in crypto, well, there’s a lot at stake in the way Bitcoin and Ether and everyone else trades from here. .
As recently as yesterday, JP Morgan warned that “the move from Bitcoin futures to the offsetting is a bearish signal echoing 2018” (this is the Panigirtzoglou team). Apparently, Bitcoin and Ether haven’t been in such a position (when longer-term futures involve a lower price than short-term ones) since then.
“This is an unusual development and a reflection of the current weakness in demand for Bitcoin from institutional investors” who tend to use such contracts, the team wrote. Are these investors cold-eyed? How many large institutions – including insurance companies and pension funds – will actually transfer a small percentage of their wallets to Bitcoin or other cryptos in the future?
This answer (which is partly dependent on the price of Bitcoin, in a self-fulfilling way) will help determine how high Bitcoin prices can stay from here on out. And if Bitcoin falls below the average purchase price of $ 21,000 (at least among Coinbase users) that Mizuho identified in his survey a few weeks ago, will the retail base continue to fall? Will “hodl” or his “diamond hands” be a thing of the past? Bitcoin’s supply may be fixed, but there are plenty of other cryptos to choose from these days – and more can be created seemingly at any time. Will they all keep going up and down together, or not?
So many questions, so little time. See you at 1 p.m.!
Kelly
Twitter: @KellyCNBC
Instagram: @realkellyevans
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