TL;DR
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BTC just swept $71k, ETH is back above $3.6k, Solana shot up to $187 (the takeaway: market sentiment is shifting positive again).
Full Story
Alright, time for another bi-weekly (ish) check in with the crypto markets.
Just about everything is up:
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BTC just blasted up to $71k for the first time since early April
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ETH hockey-sticked to $3.6k on rumors an ETF may be approved
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While Solana shot up to $187 (also for the first time since early April)
…but why?
Outside of the ETH ETF rumors (which broke a few hours after this pump had begun) — it’s not like there’s been any new developments since the latest CPI data (aka: the cost of ‘stuff we use everyday’ data) was released last week.
From everything we’ve learnt in our chronically-online state of being, there isn’t a direct news story to thank for this pump.
In fact, the answer appears to be much simpler than that:
After the CPI print showed inflation to be lowering as expected, the market sentiment has shifted from “Oh, god, this is bad!” back to “Up only baaaaby!” and held there ever since.
For example:
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Prices held relatively steady over the weekend (a time in which trading volume is at its lowest, often allowing prices to slip).
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The slight dip we did see in that time was quickly bought up Sunday evening (ET), when trading opened in Asian markets.
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And as of yesterday morning, the onslaught of buying continued stateside.
All without any big generalized news or narrative catalysts.
The only thing that changed, or rather — stayed unchanged — was the Fear and Greed index, which bumped from ~52/100 to ~62/100 last week, and has hovered above 60 ever since.
(Indicating an increase in positive sentiment).
We’ll take it!
