Well the current bear market has seen the primary token looking a bit unstable with it not able to sustain it’s previous support level, if the primary token goes below $17k market selling price that’s a problem which we certainly need to worry about be it traders or investors as the founder of bitMex says.
In the blog post the CEO is saying that the bitcoin price and it’s performance can be detrimental to the USD liquidity that tracks the quantity of United States Dollars in the system.
As we watch the gyrations of the USD liquidity index and its impulse, the Bitcoin level that longs should be worried about is $17,500. The most likely course of action is a re-test of that low. Whether it holds the line or not is entirely dependent on the trajectory of the USD liquidity index’s impulse.”
The monetary tightening which is been done by the US government will have a long way to way in influencing a bullish cycle for the second largest digital asset.
“I remain confident that the structural reduction in the supply of ETH will definitely lead to an outperformance against Bitcoin — but if the Fed and Treasury continue with their USD liquidity reduction plans, I have little confidence in ETH’s ability to get to Five Ducking Digits by year-end.”
If you seen this post on a Web2 ecosystem and you have no clue about what Leofinance is here is a brief definition;
LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.
Over here we refer to users as lions, so are you ready to be a lion here is my referral link
Also don’t forget in contributing to the pHBD-USDC pool, and from statistics it looks like we will be able to archive the set target in a few months, let’s do our own part in growing the pHBD-USDC liquidity and also take out time to participate in the Leo power up challenge which happens every 15th of each month.
Let’s also connect on some of the web2 platform.
Twitter:Hironakamura
Posted Using LeoFinance Beta
The rewards earned on this comment will go directly to the people( @hironakamura ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
Well am one of the strong believers of eth but for some reasons I don’t see it outperforming btc any time soon. I see the eth to be queen and btc to be king and as you know it is very very difficult for the queen to supersede the king in anything.
I used to believe eth could somehow do it but the past few weeks has shown to me that it is nearly impossible for eth to do that.
I can see the CEO’s confidence but nevertheless I still feel like no one can rightly predict the market.