Crypto Creed

Chart of the Day

The U.S. stock market has staged an impressive comeback today, with all the major indices climbing by at least 2% after it was revealed that the Omicron variant may pose less of a threat to the global economy than previously thought. Surprisingly, the crypto market — which has been highly correlated with the traditional markets in recent times — did not respond in a similar fashion. BTC has been continuing its sideway movements above the $50k level with limited upside gains, while ETH has also been struggling to break out of its immediate resistance zone near the $4,400 level. Despite all these, however, on-chain metrics still currently paint a positive picture with regard to the future of BTC, as the balance of BTC on exchanges has just reached a three-year low. Even though the massive liquidation cascade that took place in May of this year did see huge net exchange inflows that kept the price moving sideways for a while, the current exchange balance exodus suggests that many investors are still HODL-ing BTC with conviction. Additionally, some altcoins have also been faring well even through the general market gloom. MATIC, for one, is actually up around 40% from two days ago amid mounting excitement over a huge announcement that the Polygon team will be making at the zk Summit on Dec. 9.