GB Market Commentary 21/09/2021
by Freddie Evans
Uncertainty grows both globally and nationally as Evergrande default fears spark Asian equities volatility and UK energy prices soar, putting the majority of energy providers at risk of insolvency as government ministers insist there are “no rewards for failure or mismanagement.”
Wall Street saw equally worrying falls as the S&P fell 1.7% yesterday, its worst trading day since May. Fears of a global economic correction have intensified over the last few months, andEvergrande might perhaps be the catalyst. However, this might be overexcitement and could create an exciting buying opportunity for crypto as prices hit recent lows. Many traders are buying the dip despite the uneasiness seen on stock markets.
As expected, crypto followed global markets. The technical indicators showed the market to be bearish over the last few days, with bitcoin down 5.78% in the previous 24 hours to $43,238, getting closer to the $40,000 support level. Ethereum is similar, with its seven-day change falling 8.16% to $3042. Almost all other coins are reflective of these changes, with alts down between 10-20% yesterday.
NFTs momentum continues as investors show confidence in their longevity as Sorare raised
$680 million in its series B round as they expand into the “unique world of NFT fantasy sport.”
This new round valued the company at $4.3 billion. They have reportedly sold $150 million
worth of collectable cards on their platform since January. So rare reflects the quickly
expanding NFT industry being only three years old with over 600,000 registered users.
The SECs battle against the crypto community has had its desired effects as Coinbase cancels
its lending product following SEC threats. The Lend product launch has been cancelled, but
this still comes with zero explanation from the SEC, and they have still not released an official
statement against the allegations made against it by Coinbase.