Market On Close, Tuesday 9 December
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Afterburner x Ether
by Alex King, CEO, Cestrian Capital Research, Inc
Today was another choppy pre-FOMC market with the winners being Citadel, Jane Street and any other market maker trying their hand at shaking out panicans of both the long and short variety. The exception was crypto, rather strangely. Normally when equities are listless and directionless, crypto takes a bath. Not today. The biggest moves up were in the Ether complex - from the BlackRock Ether ETF $ETHA (the thinking person’s way to own Ether - some fees, yes, but much less chance of a home invasion, pretty good compromise if you ask me) to the much-underrated treasury company SharpLink Gaming ($SBET).
Why? Well, who really knows why, but the backdrop has been leaning bullish for a few days after the recent crypto dump. We plotted the potential upside run a couple weeks back in our What On Earth Is Going On In Crypto note, here.
Alex King
And thus far that is playing out, more or less. A big move up in Ether today also reflects, I think, increasing certainty around CFTC (the Commodity Futures Trading Comission) regulation. Bitcoin and Ether are shaping up to be Wall Street creatures at present, and for Wall Street to thrive, clear legal boundaries and rules are a precondition.
We look at the latest charts of Ether and Bitcoin in the note below, together with equities, bonds, volality, oil, gold and more.
Oh - and speaking of commodities -
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