We have had an insane run across all subsectors of the crypto markets, not so much for privacy coins that have had a rather tough couple of weeks due to delistings across major exchanges.
Governments around the world are struggling to first understand and keep up with this market before trying to regulate it, the onerous responsibility now lies with the new US administration.
Treasure Secretary Janet Yellen in a written testimony admits cryptocurrencies can be seen as both an opportunity and a challenge to the US financial system, other top appointees that will have an influence on the market are Gary Gensler, the new head of the SEC, and Chris Brummer, who’d be heading the CFTC. Market analysts are investors view these appointments as positive for the future growth of the market. Will we have an ETF approved this year? Who knows? Who needs an ETF anyway? We have Uniswap and Sushiwap.
I think the market will range here for a while, its time to sit on your hands, don’t be tempted to do anything crazy, it’s either we’re loading up and entering new positions, taking advantage of the market volatility, and adding to an existing position, as we did with AAVE and Akropolis or we are reanalyzing our Q3-Q4 profit-taking strategies. Sometimes you need to shut the trading systems down, close the PCs, and go out, go take some fresh air, spend some quality time with family, the time for degeneracy will be back, trust me, the degens will be back.
We expect some volatility this week, the August 3rd, 2020 CME futures contracts roll over this week.
Although we expect the market to remain choppy, the DeFi subsector will continue to show strength. 70% of the funds investments remain in this sector with the largest investments in AAVE.
Buy the dip friends
