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The last six days can really be divided into two phases. During the end of last week, which by the way coincided with the end of the third quarter of the year, the price of bitcoin really struggled against all odds to stay in its consolidation channel, the American stock indices are swimming. at the lowest levels of 2022. The new quarter begins with a bang for the US stock exchanges, with the cryptocurrency market on the rise. However, it may not have the strength of the stock market rebound, at least for now. Let’s whisper it, but the bitcoin price has had more gold-like action in recent weeks. The question that arises is undoubtedly: is the correlation with the stock market crumbling?
Gemini’s Cameron Winklevoss asked this same question last week. “Bitcoin has held up very well in recent weeks as the exchange has lost trillions of dollars. I don’t know if that’s the bottom of the wave, but there has been a curious decoupling. People are starting to reexamine the insurance thesis.” against disasters “?”
According to the correlation matrix produced by in the blockthe latter still exists, although it has declined slightly in recent weeks.
“Correlations to equities have indeed declined in recent weeks, but still remain quite high,” said Lucas Outumuro, director of research at the same research firm. The latter is of the opinion that it is still too early to think about the cancellation of this correlation, stating that it could indeed strengthen again, citing “risks of reduced liquidity due to the rise in interest rates. [de l’assouplissement quantitatif] continue to put pressure on risky assets, including cryptocurrencies.
“The correlation between BTC and S & P500 has reached all-time highs since March 2022 as both markets have been impacted by the Fed’s stocks and other macro events,” said Nate Maddrey, director of research at Coin Metrics. “Historically, BTC has not been highly correlated to the stock market, so it is always possible for the tides to start turning towards a lower correlation. But at this stage the data show no significant gap ”.
Not a week goes by without new information about the saga of cryptocurrency lending company Celsius coming to light. According to the Financial Times, former Celsius CEO Alex Mashinsky withdrew $ 10 million from the company’s account in May, weeks before the defunct company blocked customer withdrawals. Prior to this large withdrawal, Mashinsky reportedly withdrew small amounts of cryptocurrency to pay taxes. The company’s remaining assets will soon be auctioned. The timing of the sale of the Celsius asset was revealed according to a United States Bankruptcy Court document for the Southern District of New York. The deadline for submitting bids is October 17 and, if necessary, an auction will take place on October 20, 2022. The filing indicates that the court has a large number of expected participants. While nothing has been made official yet, FTX CEO Sam Bankman-Fried is expected to be among the most active during this auction.
According to a CNBC report, the payment giant MasterCard will be launched today CryptoSecure, new software designed to help banks and other card issuers identify and block suspicious transactions from cryptocurrency exchanges. A similar system is already in place for MasterCard’s domestic currency transactions, with the technology now extending to bitcoin and other major cryptocurrencies.
After rising sharply throughout the year, the US dollar strength index has dropped a few percentage points in the past few days. Parallel to a stock market rebound, the context looks set for bitcoin to move back north of $ 20,000. In order for the move to have sufficient traction and can continue to rise to the resistance at 22k-23k, it will have to break through the 50-day moving average sharply and with the volume to become support.
Chain data shows that whales, those entities that have at least 1,000 BTC, have withdrawn their assets from trading at a level not seen in four years. This is often a bullish sign, with cryptocurrencies putting their cryptocurrencies in long-term holding mode rather than ready for trading.
Finally, note that the bitcoin dominance index is also trying to break the resistance level established during the month after dropping below 40% in late summer. If it gets there, the chances of BTC leading the rebound are even greater.
As a result, the fund is currently fully invested in BTC.
This article was brought to you by Fonds Rivemont. The Rivemont cryptocurrency fund is the first and only actively managed cryptocurrency fund in Canada. Suitable for RRSP and TFSA. Accredited investors can find out more here.
Disclaimer: This column does not necessarily reflect the opinion of CryptonewsFR and does not constitute investment advice or trading instructions..
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