After the run up, Bitcoin dominance in the crypto market remains intact. Most altcoins have more volatility than BTC, so prices are now cooling off.
With BTC back to ~$60k, the bullrun has not yet started even though the US, China and the EU are increasing liquidity. New crypto ETFs are also coming online and Blackrock mentioned Bitcoin as “a unique portfolio diversifier”.
Yet, prices are not moving up.
Yesterday US ports on the East Coast decided to begin their strike. The issue is the planned automation of port operations through robotics and AI. When ports shut down even for a couple of weeks, this moves markets. With the upcoming elections in a little over a month, the timing of the strike is not a coincidence.
Stock markets and overall financial markets could potentially be looking at a collapse in October 2024. This will determine when the crypto bull market begins. Any liquidity shock will lead to more money printing. This is reflected most in commodities markets.
Goldman Sachs released a report identifying or revealing “secret buyers” in the gold market. The crypto market also has secret and not so secret buyers.