Bitcoin (and the crypto market on the whole) is copy trading Wall Street again, wobbling back down to the $29k hall of mirrors to have a good, hard look at itself.

Why did Wall Street trading dip? We can’t ask Patrick Bateman as we removed him from our speed dial ever since he invited us over to listen to Phil Collins, which seemed like a red flag.

But we can tell you that it almost certainly was an inverse correlation to the US Dollar Index (DXY) surging again, this time on the back of the US domestic product (GDP) print for Q2, which came in overnight better than analysts had anticipated.

We’re led to believe, however, that this might turn out to be a good thing for the performance of stonks (and therefore also risky risk assets including crypto), and that’s because it plays into the whole economic soft-landing narrative that is getting a run around campfires once again – both in the US and here.

Macro analytical eyes are now turning to the upcoming (this evening, AEST) Personal Consumption Expenditures (PCE) Index release to see if the US of A can showboat further signs of economic growth, which maybe someone like Mitch McConnell can facially emote for us.

 

Top 10 overview

With the overall crypto market cap at US$1.23 trillion, up 0.6% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

It’s pretty flat for Bitcoin still and across the majors. But… let’s do what every bored crypto investor must do to make themselves feel better in the face of such meh-inducing… ness. And that’s zoom out. 

As our very own non-fungible Eddy Sunarto reported in his Market Highlights wrap early doors, Mark Yusko, a prominent investor/analyst/hedge fund manager and founder of Morgan Creek Capital, believes Bitcoin may reach US$300k by 2028.

Yusko has long been a Bitcoin proponent, comparing it with gold as a store of value, but preferring it as an asset due to its divisibility.

“The monetary value of gold is about 6 trillion, I think bitcoin can replace all of that, the monetary equivalent of $6 trillion is about a 10X from here, which gives us a price of about $300K,” Yusko told Coindesk in an interview yesterday.

 

Uppers and downers

Some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)

PUMPERS (11-100 market cap position)

• Casper Network (CSPR), (market cap: US$449 million) +6%

• Stellar (XLM), (market cap: US$4.49 million) +5%

• Internet Computer (ICP), (market cap: US$1.87 billion) +4%

• Chainlink (LINK), (market cap: US$4.32 billion) +3%

• ImmutableX (IMX), (market cap: US$793 million) +2%

 

SLUMPERS (11-100 market cap position)

• FLEX Coin (FLEX), (market cap: US$410 billion) -15%

• Theta Network (THETA), (market cap: US$785 million) -5%

• Kaspa (KAS), (market cap: US$738 million) -4%

 

Around the blocks

Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.

Finally, this is extremely horrible, but just a reminder to any newly (or otherwise) minted crypto millionaires. You do you, but playing it cool about all your new-found wealth might be something to consider?

 

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