China Bans Crypto Again!

Updated: Oct 5, 2021

In this week's Crypto Insight I discussed...

The latest news in crypto that China has made all crypto transactions illegal.

The market has digested the news fairly well, but we are testing the key supports at 38-41k for BTC and 2600-2900 in ETH. China FUD is not a new thing in crypto and the market is becoming less sensitive to it.

On-chain metrics show that we need to see more transaction activity to underpin a real bull run, which we haven’t seen since the May collapse. Short term circulating supply is at multi-year lows which could help fuel a supply squeeze if and when a positive catalyst arrives. Approval of ETFs in the US could be coming soon which would provide the spare needed to re-ignite a rally.

Volatility analysis shows an increase in implied volatility as we have reached a key inflection point despite realised remaining in check. Skew still remains for puts in the front end showing acute downside concerns and longer dated upside is still in favour.

We are using calendar structures to setup bullish trades for October which tend to be a strong seasonal period for crypto.

Filmed on on Tuesday 28th September 2021.


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