Oct 11 • General discussion
Blood bath in crypto and capital markets
This morning we woke up to the announcement of several top global banks planning to unify their stable coin efforts. This could be disruptive to existing stablecoins, especially USD-pegged coins. USDT is a risk because of it lack of full transparency and could cause contagion to much of crypto. USDT is restricted on many European exchanges.
I have always said the banks are realizing that crypto and stable coins present them with a "If you can't beat them - join them" scenario. This could be a plan to compete with crypto. Let's all keep an eye on this.
The crypto market handled it well, but later in the day, the trade war with China officially began. If the stock market hadn't closed, it most likely would not have been good. We'll see how it plays out over the weekend and into Monday market open.
Bitcoin had a $10,000 candle on the daily. It dropped to $105k and quickly recovered back over 110k.
Do you see this as a buying opportunity?
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Blood bath in crypto and capital markets
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